Monday, July 7, 2008

More On Finding Your Target Market

First I need to apologize to the many people who have been waiting for this... I had some family issues come up and as much as I love you all my family comes first. All is well now and I am back!

I really want to stress something in regards to finding your target market, When starting out and with limited funds the smaller you can make your target market the better. I could say that my target market is anyone who wears jewelry or knows someone who wears jewelry but really that is very unreasonable sure they could but by finding out all the info that I can on my target market and narrowing it down I can find a specific group to target with a more effective marketing plan.

So with that said if you haven't read the first part of this please take the time to scroll down the page. If you already have we are on to the next step of figuring out your target market.

The next step in this process is all about information analyze your customers and as you get more customers keep these questions and anymore that are relevant handy.

1. Why do your customers buy from you? People choose to purchase things for many different reasons, A person doesn't buy a Ferrari because they need transportation to work they buy a Ferrari because it is a status symbol. Do your customers buy from you because it is something they need, is it something that saves them time, money, is it for a status symbol a treat, think of the benefits they will receive from purchasing your product or service (remember benefits not features). Once you have pinpointed the benefits you can start to look at what type of people are looking for those benefits.

2. Influences? People are often influenced by someone to make a purchase, just the other day I purchased eyeliner I was nearly out and a friend recommended a new brand so although it was a small purchase it was still influenced.Who influences your customers and how? Spouses, mother, father, neighbors, Friends, professional colleagues, children and the media can all affect buying decisions. keep an eye out and think about who or what influences your target market.

3. Buying Preference? Do your customers prefer to shop in person or online? A lot of business may benefit from selling online as some may do better selling in person where people can see the items in person.

4. Competition? Why would your customers want to shop from you and not your competition? What do you offer that they don't? This may seem like a difficult one but go ahead brag yourself up here as long as it's true!

If you can think of some questions to ask add them you can never have to many!

I promise I will be back with more and it won't be near as long next time! If you are enjoying reading these or have anything to add please leave a comment and if you love my blog favorite me or add my link and check back often!


Anonymous said...

Awesome advice.

Anonymous said...

ooohhhh good timing! ty!