Developing Your Business - Lesson 3
So many times I’ve heard a company say that they can achieve sales of 1 – 3% of all Facebook users or 0.5% of all of Google’s visitors. These aren’t real numbers because you don’t know who that market is (or even) how to reach that entire market (sometimes ‘social media’ just isn’t enough).
The first step to marketing is to determine who you want to target (modestly) with specific criteria. A tightened target allows for more accurate marketing initiatives which are significantly easier to implement, cheaper and with less waste. Remember, you can always broaden your target market as increased resources become available.
Once you have your great idea, it’s time to determine who the key purchaser will be. A key method of calculating these demographics is through various methods of market research, this could be as simple as talking to friends and family, or as complex as creating a survey which is sent to a sample of 100 000 people. This research will allow you to pinpoint exactly who would make the buying decision and ultimately support your organisation.
Having too broad a target market for a business in its infancy prevents effective marketing from taking place. With unlimited budgets there is no limit to the number of consumers which can SEE your brand, but effective marketing will be compelling for potential customers and will require a level of 2 way interaction, this is what locks in brand loyalty.
Picking your key target market is vital to effectively promoting your brand. Be specific and target niche markets before setting yours sights on global domination.
