Your Target Market
Absolutely the most important factor to consider when designing and implementing any marketing campaign is clearly defining Your Target Market.
In the broadest terms, your ideal target market consists of people or businesses who will pay for your products and services at a profit to you.
Also, be aware you may have several discrete audiences, perhaps quite different from one another, or maybe with only subtle differences. Clearly understanding who fits into each audience or market segment is essential for running effective marketing campaigns.
Define your target market(s) clearly, and you are 70% of the way to running successful campaigns.
It’s well known that your best source of new business is always your existing customer list. It’s typically 11 times easier to sell your existing customers more of your products and services, than to find and sell to a new customer. “Lapsed” or past customers are your second best source of new business. Re-activating ex-customers is also easier than finding and selling to brand new ones.
Your next best audience is other people or businesses with the same characteristics (profile) as your best customers. To find such prospects, you first create profiles of your best customers and then find others that have the same or similar profiles.
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