What Do I Need To Know About Marketing Part II
As we talked about in What Do I need to Know About Marketing, Getting More Customers can be broken up into Sales and Marketing.
In This post we will be discussing the first part of Marketing, namely knowing who your audience is. Do you know who your market is? If your answer is anyone with money don’t be embarrassed, but no, that is not the right answer. Knowing who your market is, that is who you are going to sell your product or service to is everything. For example in one of my companies, my target audience is:
COO’s and CFO’s of Fortune 1000 companies who are frustrated because they have a great product or service, but they are stuck in 3rd place in market share or worse. They are nervous because the board may take away their acquired lifestyle if things do not change for the better. They are constantly bothered by their infrastructure not being on the same page and operating out of silos, so they can never make a concerted effort at true innovation, and therefore market share penetration. They are worried that they have been put in charge of the business unit responsible for sales or the line and they do not have the experience in these areas of business. They are also responsible for explaining to shareholders how they are running their business operations, and they are unsure whether to tell them the truth and be in trouble or lie and be out of respect in their own self-image. The lines between ethical and unethical have long since been blurred into a greyish tone, and they’d like to be able to stop all this nonsense and look at themselves in the mirror again. They are constantly traveling the world, trying to drum up new business, so their family life suffers. Or they are not married yet or some are divorced, some are worried that they will lose what they have built up over a lifetime, if things do not improve before their time runs out. You see the average lifespan for my target customer is 18 months for a COO or CFO in a Fortune Level Company. Some of my target market has a goal in mind for a new business but goal being achieved but for some reason that has evaded them and their reports, they can not reach it.
Notice from the description of my target marketing what I talk about. I talk about the problems that my company solves. We also delved into the psychographics a bit in order to understand what emotional drivers motivate them to make a decision. So to start out on the right track, understand the problems your audience has. It sounds cliche, but it really isn’t as these people have real problems that you can both decide together if you can help them, once you get to talk to them. Your marketing strategy that we talk about in our next post about this topic will cover strategy that solves your target market’s problems.
Next, it is probably a good idea if you are dealing with consumers to decide what type of consumers you are dealing with. We call this demographics:
What culture does your consumer target market come from?
What gender are they?
What age range are they?
What is their annual household income?
Where do they live? What Country? What State? What City? What neighborhood?
What else do you need to know about them? Where do they get their information?
What are their hobbies? What are their goals? What do they like? What do they hate?
If you know the answer to these and many more questions about your audience, then you will be armed with the marketing ammunition that many companies never get good at achieving, that is, you will know, and I mean really know, who your target market is.
Once you know who they are, you can work on knowing where to find them. If you can find them, you can have an opportunity to gain their trust. If they know, like and trust your company, and they need what you have to sell, at just the right time, they will buy from you. But the process does not stop there.
In or next installment of this topic we’ll talk about the next line of thinking in this area of business marketing. Now you know who your audience is, what will you do with this information to increase sales?
Until next time!
Oh and remember…..it’s coming
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