A target market, or target audience, is the pool of customers to whom you want to potentially sell your products or services. This article named “Target Your Customers” help you to identify your Target market.
Broad targets yield general results
specific targets yield targeted results or even bulls-eyes.
Before we clarify the selling process, we need to understand our customers. Who are they? Certainly we need to understand the market segment we are addressing, specific audience, industry or vertical, and any further appropriate delineation of our opportunity marketplace. At first blush we say we sell to people in the healthcare industry, we sell to doctors, we sell to the pharmaceutical industry, we sell to people over 30 years old, we sell to manufacturers, to lawyers, to IT departments, to the Fortune 500, to “the Fortune 2000,” to anybody or everybody. Of course we have to do better than that. In effective selling efforts it’s absolutely essential to know How to Target Your Customers and why we are targeting certain market segments. Wise companies conduct research and market analysis and segmentation studies to hone in on the sweet spot in the market that will be the focus of their marketing and sales campaigns. Marketing departments evaluate assumptions and market information to determine a product market opportunity in terms of market size, growth, competitive landscape and viable margin. These feed into overall marketing plans for specific products. Once this foundational work is complete, sales and marketing leadership can start to understand the buying and selling process. Without specific targets, selling is random and not optimized, as the sales process can only be fuzzy and arbitrary.
For instance, a web-based software service providing sales compensation automation is a valued product in the marketplace. Who is the target prospect? Is it the sales VP, is it the CFO, is it the head of the commission accounting team, is it the head of IT applications, or is it someone in HR? Are the target customers start-up companies, those under $50M in revenue, under or over $1B in revenue? Or is it companies that have sales teams under or over 20 reps…50 reps…500 reps? It makes a big difference, doesn’t it? Without even somewhat pinpointing the target we end up with a sales team and sales and marketing effort that is scattershot, unfocused and less than fully effective. Even individual salespeople need to break down the focus of their opportunity set. In next question, we will show a tool for prioritization within our assigned territory and target market. The point here is that broad targets yield general results; specific targets yield targeted results or even bulls-eyes. If I know that I’m to sell to CFOs of companies with revenues of $50M to $1B in the manufacturing marketplace, with at least 50 sales reps, now I can generate the prospect target lists and get to work. My world has now gotten smaller, more focused, and assuming the product is geared toward this “sweet spot,” then I’m in a great position to be successful. At least from a target marketing standpoint.
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