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Before you can increase your sales, you have to know who you're selling to.
“I'm selling to anyone who will buy my product/service.”
Wrong answer. By being vague in defining your target market, you essentially have created the shotgun effect – any efforts you make to generate sales will spray like shot and hit very little of your broad mark. You need to zero in on a specific segment that has need of your product or service.
To figure out who your target market is, use market segmentation to narrow it down.
Location: First, start with the easy one. Do you sell to a local or national (or international) segment? If you sell heavy furniture, most of your customers are probably local. If you have a single storefront, you probably deal with the local segment. But if you generate most of your sales online, your market can be national or worldwide!
Age: What age group do most of your customers fall into? The functionality of your product will appeal to a specific set. If you sell hip hop clothing, your market is teens, not grannies. If you provide business consultation, your audience is probably 30-50 years old.
Income: What income range of customer do you see most? If you sell dollar products, you might see the gamut from low income to frugal high income customers. On the other hand, if you specialize in custom diamond jewelry, your target is high income only.
Once you know who your target market is, you can better market specifically to them. If you focus your advertising efforts on the 25-35 year old mother that subscribes to your parenting magazine, you're not wasting time and energy on anyone that doesn't fit that demographic.
The article on Target Marketing is a very interesting one. It is always important to know one's target market because it makes selling effective. Thanks for reinforcing the the simple but important aspect of Target Marketing through your article. I appreciate that.
Salim Sayyid - Abu Dhabi - United Arab Emirates