Market Assessment Series: Part 8 | Extraordinary Business

Customers

Question 8: Which customer organizations should we target first? We started the market assessment series to take a deeper look into the best ways to analyze a new market when entering it. From market size and segmentation to competition and profit margins we discussed many crucial aspects of market assessment. In this 8th and final part, we’ll discuss the importance of understanding your ideal customer.

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If You Aren't Catching Anything – Perhaps You are Fishing in the Wrong Pond

wrong customer

Business Development – ensuring that you are approaching the right target I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me. As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services. Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.

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If You Aren't Catching Anything – Perhaps You are Fishing in the Wrong Pond | Extraordinary Business

Business Development – ensuring that you are approaching the right target wrong-customer   I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me. As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services. Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.

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The Right Message The Right Way

right messaging

Tapping into more effective marketing by understanding how your audiences consume information Have you ever been out to dinner and seen the member of the wait staff that simply seems to be in the wrong business? How about going to a auto repair shop and seeing all of the mechanics standing around smoking and broken cars in the parking lot? What about going to the grocery store and seeing insects crawling or flying? All of these thoughts play into your head about whether or not you want to do business with these companies. Essentially, you are consuming information about these companies in order to make your buying decision. In the same way, your target audiences will consume information about your company. Therefore, when you are doing your business development activities, you will want to take into consideration what your message is, how you will deliver it and how often it is delivered.

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The Right Message The Right Way | Extraordinary Business

Tapping into more effective marketing by understanding how your audiences consume information

Have you ever been out to dinner and seen the member of the wait staff that simply seems to be in the wrong business? How about going to a auto repair shop and seeing all of the mechanics standing around smoking and broken cars in the parking lot? What about going to the grocery store and seeing insects crawling or flying? All of these thoughts play into your head about whether or not you want to do business with these companies. Essentially, you are consuming information about these companies in order to make your buying decision. In the same way, you target audiences will consume information about your company. Therefore, when you are doing your business development activities, you will want to take into consideration what your message is, how you will deliver it and how often it is delivered.

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Bulls Eye Business Development | Extraordinary Business

Seven Steps to Targeting Your Company’s Niche Market

imageLooking at the business scape, and the market scape, you could probably figure out pretty quickly that not everyone out there is your market.  If you aren’t a market leader, such as Wal-Mart or Target, you probably don’t have much control over who that market is.  The reality is that despite our best efforts, most of the time, our markets will choose us – including what we provide, how we offer it, the price they will pay for it and how they get it.

If you compare your business to a vehicle, you’ll note that there are vehicles that are meant for speed, others that are meant for touring, others, still, that are meant for off-road experiences.  The models are created to meet the purchaser’s expectations at a price, level of service and expectation that meets the expectations of the desired consumers.

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Eleven Easy Steps to Creating an Excellent White Paper

Great article from Steve Hoffman at Hoffman Marketing Communications, Inc.  Enjoy!! By Steve Hoffman, Senior WriterHoffman Marketing Communications, Inc. An interesting and informative white paper requires hard work but is not an impossible task. It does, however, require some up-front planning and a solid interview with a knowledgeable content expert. If you consider the following … Read more