Everyone is your Customer?
There is an old saying widely used by marketing professionals: ‘If everyone’s your customer, then no-one is your customer’. This saying makes the point about being able, as precisely as possible, to define who the customers for your product or service really are.
Your first job when profiling your target market is to identify precisely who your ideal or potential customers are. Can you describe their characteristics accurately? Which customers currently spend the most with you, or who spends the most with your competitors? Why do they do this? If you don’t know the answers to these questions, you need to find out by undertaking more detailed and thorough market research.
Test your idea with your ideal market to make sure that the assumptions you have made about the offer are correct. You will waste valuable time and marketing budget if you launch a campaign before you have accurately identified who your target customers are and why they would buy from you instead of your competitors. By testing, you can either confirm that your profiling was right, or you can adjust your offering until you get it right.
When you analyse your primary research – do it with an open mind. We all think our babies are the most beautiful looking creatures in the world and can have selective hearing of anything said to the contrary.
Make sure that your prospect list is drawn right from the centre of your target market. Don’t waste your time and budget buying into a ‘spray and pray’ list of thousands of unknown prospects. Having a precisely targeted list will lead to more sales, a faster take-up, and more profit over the longer term.