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You want your business to thrive, and choosing the correct target market has everything to do with your success. Before you spend thousands of dollars on marketing efforts for a target market that does not align with your brand, it is important to take into account geography, demographics, and psychographics.
Really think about your product or service and what group might be interested in not only what you’re selling, but the way that you are branding yourself as well.
The way your target market thinks about doing business with a company can shift dramatically depending on where they are within those three groups, meaning these factors can determine your success rate of turning a potential client into your best client.
As you get started, take some time to really evaluate your best clients. While important to consider, this will entail more than looking at which account creates the most profit for you. If you want to grow your business and bring in more clients that not only generate revenue, but are also great to do business with, you must evaluate your best clients on a few factors.
The first is how long did it take from your first contact with your best client to when you closed business with them. This is important because you must evaluate if the time and effort will be worth the reward gained from this business engagement.
Other factors to consider include what are your best clients like to work with? Do you and your team enjoy the meetings and time spent working with these clients? And then, of course, how profitable are your best clients? What amount of revenue must be generated for you to consider someone your best client?
Once you have determined that your target market checks the boxes for them to be considered your best clients, it is time to map out a plan of action to market to them in the most effective way. A route that might seem like the most logical way to reach your clients, i.e., LinkedIn, might actually be rather ineffective.
Conventional marketing tactics might work for some, but if you want your marketing to resonate with your target market, a different approach might be warranted. A better place to start would be with your best clients; take them to lunch and get to know them. Having real conversations with your best clients about how they make decisions regarding business engagements with companies like yours will bring you invaluable insights into what actually matters to them.
These conversations can determine where your marketing efforts will be most successful and how to better communicate with your clients. You might even uncover a gap in marketing that the competition isn’t talking about, that your company knows just how to solve. Ultimately, your goal should be to create messaging that will allow you to stand out, and now that you’ve determined your target market, you can do just that.
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