Target your market with pinpoint accuracy

I've had many business owners tell me their target market is any person who's breathing - with money! That's a lot of people, making it nigh on impossible to focus your marketing efforts.

Another term for target market is ideal customer group. In your business and marketing plan (and way before you hit the promotions trail), you need to paint a picture of your ideal customer group or groups. You need to describe them in detail according to demographics (age, sex, income), industry, location, buying behaviours and stage of life. You need to work out who they are, where they are and how to get to them and most importantly why they need you.

Conversely, it pays to work out who you don't want as customers. When business is slow you may be tempted to take on any customer at any price. Don't fall into this trap. You may find in the long run these customers end up costing you money. A case of short-term gain for long term pain!

Identifying your target market is an art and a science, and necessary to help you market directly to the people most likely to buy from you. Start by asking yourself these questions;

• What groups of customers have I served in the past?
• Which kinds of customers do I like working with?
• Which ones don't I like working with?
• Who really needs and wants my services/products?
• Who's willing and able to pay for my services?
• Which ones are the most profitable?
• Who will be the most loyal and greatest advocates?
• Where are my networks and contacts already?
• How does my expertise and work history affect the types of customers I should serve?

If you can't describe your ideal client, then now is the time to really nut it out before you waste money on marketing to the wrong people. If you'd like some hands on practical advice on how to target your ideal market with pinpoint accuracy, please consider attending my forthcoming and last ever Small Business Big Brand Marketing Workshop on Wednesday 4 August in Sydney. I hope to see you there.