5 Factors To Look For When Choosing The Perfect Target Market

As a marketing coach and consultant, one of the biggest and costliest mistakes that I see small businesses make time and time again is that they’re neck deep in their business and they still haven’t clearly defined their target market. They continue to try to be everything to everyone -- that’s just not realistic -- and unfortunately, that usually ends in them being nothing to no one.

As one of my marketing mentors, Dan Kennedy says it, it’s critical that you “find your herd”. Your “herd”, or your “who” as I call it, being your ideal target market -- your perfect prospects and clients so to speak.

It’s critical that you understand that that your “who” is more important than your “what”. In other words, it’s more important to be clear on who you’re serving than what you’re serving them with. The “what” will most definitely change in one way, shape, or form over time as you target market’s wants and needs change.

So how does one go about choosing the ideal target market for their business?

Well here are my 5 factors to look for when choosing the perfect target market.

1. They’re Hungry!
Your target market should already want or need what you offer and the more insatiable the appetite, the better!

The key word here is “already”. If they don’t already want nor need what you offer, it will ultimately cost you much more in marketing dollars to educate them on what it is you do offer and why they should buy it now.

2. They’ve Got Cash!
Simply put, it doesn’t matter how hungry your target market is. If they can’t afford to buy what you’re selling, they may not be a good target market for you – you simply can’t draw blood from a stone.

However, there’s always the possibility of finding someone else who can afford you on their behalf. In other words, look for others who have the cash that would stand to benefit from your shared target market having access to what you offer and market your idea to them.

3. They’re Easily Reachable!
The harder it is to get in front of your target market, the more expensive it gets -- and for small businesses, that typically spells disaster. Unfortunately or fortunately, small businesses just don’t have that bottomless pocket full of cash to spend on marketing themselves -- this forces them to be smarter and more creative marketers.

Bottom line here is you don’t want to make your job any harder, or more expensive, than it has to be, so pick a target market that you can get to easily.

4. There Are Enough of Them Around!
A proper target market has to be large enough for you to not only survive, but thrive. Chances are that if there are only a handful of prospects interested in what you offer, unless your product is extremely consumable, it may be difficult to sustain your business -- let alone grow it.

Bottom line; pick a target market that’s sizable enough for you to serve and relentlessly go after its sweet spot.

5. You Like Them!
You know, some people may think this one is silly, however I’m a firm believer that if you generally like those you serve, you’ll serve them better. And the better you serve them, the better you chances of increasing your market share.

Bottom line here is that life is too short to spend your most precious commodity, your time, with people you don’t like. So why do it? Even if the money is good, chances are that eventually you’ll feel unfulfilled -- so play with people you want to play with.

So in closing, don’t make your job any harder than it needs to be. Clearly choose and define your target market, right from the get go. Take the time to find out everything you can about them -- know their demographic and psychographic profiles -- Be able to answer such questions as: What are their interests? Where do they hang out? And what makes them tick? An understanding of the answers to these very simple yet profound questions can make or break your business.

© 2007 Online Marketing Muscle -- All Rights Reserved.

Want to use this article in your newsletter, blog or web site? You have my blessing so long as you include the following complete blurb with it (including links).

Liked this article? -- Then you won’t want to miss Long Island-based marketing consultant, coach, and entrepreneur Dean Mercado’s highly acclaimed marketing blog 'The Motivational Marketer’s Journal'. Additionally, for even more small business marketing and success tips, sample the latest edition of his FREE marketing tips newsletter, the 'Marketing Minute' -- a weekly multimedia e-zine designed to give you a jolt of marketing wisdom in less than 5 minutes.

Technorati Tags: Dean Mercado, target market, marketing plans, marketing planning, marketing coach, marketing consultant, small business marketing

The "5 W’s of Marketing" -- A Simple Technique to Getting Your Marketing Campaigns off on the Right Foot

Being a marketing coach and consultant, as well as a small business owner myself, one thing I clearly understand is that most small businesses simply aren’t fortunate enough to have an unlimited supply of marketing dollars -- money for marketing is typically tight. Therefore, in order to squeeze the most results out of those marketing dollars, a small business must carefully plan, craft, and implement all marketing initiatives.

Now since marketing should never be a one-time thing, I like to batch my marketing into campaigns. Campaigns that have real goals that can be measured -- otherwise how do we know if our marketing efforts have been successful or not.

That being said, I’d like to share with you a portion of my marketing planning process that I revisit at the onset of any marketing campaign I engage in -- whether for my business or for any of my client’s businesses -- it what I call the "5 W’s of Marketing".

The 5 W’s are simply the "who", "what", "when", "where", and "why" of your marketing and they are as follows:

The First "W": The "Who"

In a nutshell, this is your target market -- this is who you intend on selling your products and/or services to. So who are they exactly? Who are you going to market to?

The Second "W": The "What"

What exactly are the product and/or service you are marketing? And what are the benefits they bring? If you’re not crystal clear on what you’re really selling, there’s a good chance your target market won’t be either -- and a confused mind does not buy.

The Third "W": The "When"

When it comes to marketing, both timing and consistency are critical. So when do you intend to start marketing your product and/or service? How long do you intend your marketing campaign to last? A common understanding amongst marketers is that on average it takes at least 4 touches or contacts with your target market to just get on their radar, and at least 7 for them to consider buying from you. Therefore, it probably makes sense to plan at least 7 touches into your marketing campaigns. Now it’s also important here to determine at what intervals you will make each touch. In other words, day 1 you’ll get in front of your target market this way... day 3 you’ll get in front of them that way... day 7 this way... and so on.

Rule of thumb: erratic marketing = erratic results... consistent marketing = consistent results!

The Fourth "W": The "Where"

These are the marketing mediums that you will use for your marketing campaign. Marketing mediums are simply the paths we use to communicate our marketing messages to our target market. So where will you do your marketing? What mediums will you use and why? What mediums does your target market prefer? Knowing how you target market prefers to be communicated with can go a long way here.

The Fifth "W": The "Why"

This is your purpose for marketing. It defines what you expect to accomplish from your marketing efforts. So why are you planning on marketing your product and/or service in the first place? What results do you expect? Do you want to increase sales... establish your credibility... broaden your reach within your target market... or, all of the above? My point is to just be clear on your "why".

So in closing, I’m going to be a bit harsh here so hold on to your seat for a moment. Conducting any marketing without being clear on your 5 W’s is essentially negligence -- it’s a blatant misuse of your company’s time and money. So my challenge to you is to take the necessary 15 minutes to think through, document, and communicate the 5 W’s of each marketing campaign with all those involved with helping you make it happen.

© 2007 Online Marketing Muscle -- All Rights Reserved.

Want to use this article in your e-zine, blog or web site? You have my blessing so long as you include the following complete blurb with it (including links).

Liked this article? – Then you won’t want to miss Long Island-based marketing consultant, coach, and entrepreneur Dean Mercado’s highly acclaimed marketing blog ‘The Motivational Marketer’s Journal’. Additionally, for even more small business marketing and success tips, sample the latest edition of his FREE marketing tips newsletter, the 'Marketing Minute' – a weekly multimedia e-zine designed to give you a jolt of marketing wisdom in less than 5 minutes.

Technorati Tags: Marketing, Marketing Planning

Magnetic Marketing Series: A Surefire Method to Increase Your Top-of-Mind Awareness with Your Target Market

I believe it’s safe to say that we all have our circle of influence -- extending from those who know, like, and trust us all the way down to those who although barely know us, can still be influenced.

Now some of our circle of influence may overlap our target market. Our goal in marketing is to continually increase our circle of influence within our target market -- to create top-of-mind awareness so to speak. This way when anyone in our target market wants or needs what we do, they think of us first.

So let me ask you 3 very important questions. First... How vast is your circle of influence within your target market? Second... How are you showing up for them? And third... How do you want to show up?

Follow me here for a minute... let’s play a little game. I’m going to name an occupation, a specific skill, or a trait and I want you to name the first 3 people that come to mind for you... here goes.

• Self Help Authors... name 3 that come to mind... got it? Great!
• People who are fun to be around
• Great Thinkers in History
• Baseball Players
• Savvy Networkers
• Captivating Speakers
• Real Estate Agents

Now I want you to use this same exercise for your industry. Who are the first 3 people that come to mind for you? So in other words if you are an insurance agent, who are the first 3 people that come to mind for you in the insurance business?

Let me show you what I mean by me doing the same for my industry, marketing. Who are the first 3 people that come to mind for me? 1. Jay Abraham, 2. Dan Kennedy, and 3. Alex Mandossian. These names rolled right off my tongue.

So why do you think is this so? Why do you think these people have top-of-mind awareness with us? Well I’ll tell you... I can sum it up in one word... "Marketing". It is effective marketing that makes these people known and "sticky".

They’re somehow creating a buzz with their target market, regardless if they’re really worthy or not, by either their actions or their words -- in a nutshell, whether by accident or on purpose, that’s great marketing.

Let’s face it, and this may sting a little bit, in business you can be the greatest at what you do, however if no one knows about you, how great are you really... think about that.

So in closing, I have a little homework assignment for you. I’d like you to analyze your answers for the 3 people who had top-of-mind awareness for you in your industry. Why was this so? What were they doing to directly and/or indirectly cause this to happen?

Then I’d like you to reach out to several people in your target market and start asking who has top-of-mind awareness for them when they think about what you do -- and then probe to find out why. This is powerful stuff -- it can give you real insight and clarity into what’s working for others who do what you do.

On a broader scale, my point is to learn from and capitalize on the actions of those who already have top-of-mind awareness for whatever you want to be known for in your target market.

© 2007 Online Marketing Muscle -- All Rights Reserved.



Want to use this article in your e-zine, blog or web site? You have my blessing so long as you include the following complete blurb with it (including links).



Liked this article? – Then you won’t want to miss Long Island-based marketing consultant, coach, and entrepreneur Dean Mercado’s highly acclaimed marketing blog ‘The Motivational Marketer’s Journal’. Additionally, for even more small business marketing and success tips, sample the latest edition of his FREE marketing tips newsletter, the 'Marketing Minute' – a weekly multimedia e-zine designed to give you a jolt of marketing wisdom in less than 5 minutes.



Technorati Tags: marketing

Magnetic Marketing Series: As a Marketer, Our Word Is Our Bond

"Truth is the most valuable thing we have." - Mark Twain (1835-1910) American writer and humorist



Why so? - Because in the long run, as humans, it’s the truth that binds us. It’s what establishes our perpetual credibility. And being the ethical business-people that we are... and we are ethical, right? ;-) - We know that credibility is huge in terms of establishing long-term relationships with, and ultimately sales from our target market.



There’s simply no room in the business-world for unethical business people... period!



Let’s put it this way, unless they don’t have a choice, your Clients, that is if you were fortunate enough to get any in the first place, can and typically will fire you as soon as possible if they sense an integrity issue. As for the rest of your target market, they won’t even give you the time of day, let alone buy from you. With all that being said, worse still is that unless you don’t have a conscience; you’d have to live with yourself.



Now, if you’ve been around me for any length of time, you may have heard my strong opinion that we’re all marketers, all the time - some of us are just better at it than others - hence the differences in results from one person to the next.



And as marketers, our use or misuse of our words reflect our integrity and ultimately our results. Remember, one lie can wipe out a thousand truths - truths that took much of your valuable time and money to deliver. Whether right or wrong, we’re always under the microscope of others; being judged when we show up by how we show up. So ask yourself how are you showing up for your target market? How do you want to show up? Are the answers to those two questions the same? If they are, you’ve got the consistency needed for sustainable marketing success. If not, get to work and do whatever it takes to close that gap.



It’s important to note that for the most part, people buy with emotions first and then justify their purchase with logic later.  And as marketers, we use words, whether spoken or written, to create that emotional bond. A key to remember here is that there needs to be consistency between your words and your actions. Mislead your target market and like a boomerang, it will come back to you in one way, shape, or form - whether it’s through, product returns and refund requests, lack of additional purchases, or worse yet, negative viral marketing about you, your product, and/or your business.



Believe me, with the proliferation of the Internet and the many avenues it brings such as social networking forums, email, and product review web sites, just to name a few, negative PR travels at what seems to be light speed and regardless of whether it was warranted or not, it can be very damaging. Believe me; businesses have gone out of business for less.



The key here is to under-promise with your marketing and over-deliver with everything else; not the other way around. Sure you can promise the moon, just make sure you can deliver it - as well as maybe a few unexpected stars as well. There’s nothing wrong with as the well-renowned management expert and author Tom Peters says, "WOW-ing" your Clients. Unfortunately, too often though we see marketing that promises that "magic pill", you know, the one that will give us the body of a model or make us a multi-millionaire overnight. No matter how obviously ridiculous the promises are, many of us still allow our emotions to get us sucked into their web only to regret our purchase not too long after - that is, as the emotion fades and logic sets in.



So in closing remember, there is power in the truth of your words and misleading others with your marketing surrenders that power. It’s that power that magnetizes you, drawing your target market in with less effort - And as marketers, isn’t that what we all want?





© 2007 Online Marketing Muscle -- All Rights Reserved.



Want to use this article in your e-zine, blog or web site? You have my blessing so long as you include the following complete blurb with it (including links).



Liked this article? – Then you won’t want to miss Long Island-based marketing consultant, coach, and entrepreneur Dean Mercado’s highly acclaimed marketing blog ‘The Motivational Marketer’s Journal’. Additionally, for even more small business marketing and success tips, sample the latest edition of his FREE marketing tips newsletter, the 'Marketing Minute' – a weekly multimedia e-zine designed to give you a jolt of marketing wisdom in less than 5 minutes.



Technorati Tags: Copywriting, Magnetic Marketing Series