Finding your Target Markets

I recently gave a presentation to a networking group and asked the question... How many can name their top three target markets? Surprisingly only a few in the audience raised their hands! Is this a result of a weak economy where we shotgun our approach to the market or is this a lack of understanding for the need to target selected prospects? Probably a combination of both.

With limited marketing dollars and resources, it is more critical today to define and target selected prospects. Ask yourself these questions: Who are you trying to sell to? Who is your ideal client? What is your current mix of clients and what do they have in common? What impact has the economy or current events had on these prospects? For example, If you are selling fishing supplies do you concentrate on markets in the Gulf of Mexico? Probably not a good idea today. Take the answers to these questions and start to narrow down your top three target markets. Filter your list to take into consideration markets that have been harshly impacted by the economy or current events.

If you analyze your current client base and determine that 10% or more of your business comes from one group, you have found a target market. You already know what and how you sell to this group, so the challenge is to find more targeted prospects from this group. Ask your current clients for referrals, join their networking group and market solutions to their problems. Repeat the same exercise for similar groups to find your three target markets. Focus your efforts on these target markets to maximize your selling efforts, but be aware of new emerging markets for future targeted marketing campaigns.