Determining and Communicating with your Target Market
In many ways, selling to your target market is a no brainer. This is the group of prospects that are most likely going to purchase from you because they have either acquired something from your organization in the past or have a current need for what you are selling. However, it can be overwhelming for many businesses to determine which prospects they plan to target. Many times it is just trying to figure out where to start.
Based off of our many years of experience, here is what we have found works best for businesses when determining their target market and how to communicate with them.
Market segmentation is the process of breaking down a large prospect pool into smaller parts based on similar prospect characteristics. Businesses use this technique in order to paint a better picture of who is most likely going to purchase. Some examples of business to business market segmentation to consider when determining the right prospects are:
- Industry – Which industries make sense?
- Location – Are you looking to sell your product locally, regionally, nationally or even globally?
- Company size – Look at this in terms of both employee headcount and revenue.
- Company Titles – Perhaps your product is only geared towards IT professionals. If this is the case, you’ll want to get in contact with the decision makers, not just the influencers.
(If you need advice on how to effectively acquire a list of prospects in certain market segments, refer to Optimize Lead Generation: 3 Ways to Obtain Quality Lists, for best practices.)
Utilizing market segmentation is beneficial in order to limit your market to increase the likelihood of achieving success. However, try not to make your product offering so specific that it limits your pool of prospects to a point where it is no longer work the investment. Too much of a limited demographic decreases the effectiveness of a lead generation program and your leads may end up costing you too much.
Effective messaging is essential when selling any type of product! The reason for this is that businesses and their sales teams only have a limited amount of time that they can keep the prospects’ attention. This is why messaging is so important. Businesses must be clear and concise with the benefits of the business offering as well as what solutions it provides. To effectively sell to your target market, your message must be relevant and clear to influence the prospects to purchase. This will help your organization better meet their needs and better understand how to sell to them.
Also pay attention to how your target market communicates. Are you finding that a lot of your prospects are using social mediums like Facebook, Twitter and LinkedIn? If so, make sure your organization has an active social media effort and use it to have open and direct communication with your prospects. Not only will this give your target market the impression that your company is easily assessable to handle any questions or concerns, but also put your business in the position as the expert once those questions and concerns are answered.
(Find out more about Making Social Media Work for Your Business on our blog.)
Want More Insight?
Contact Invenio Marketing Solutionsto hear how we have used integrated marketing efforts to help multiple organizations grow sales, increase their lead pipeline and generate more revenue with lead generation and telemarketing programs.