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How To Identify Your Target Market



To build a successful and profitable business, you must know and understand your target customer as well as map out their thought process. We’ll begin by focusing on four main elements that are explicitly designed to help you find your target customers
Know Your Target Customer
• You must have a clear picture in your mind of what your target customer looks like from a physical standpoint
• This information helps you pinpoint them once you begin marketing to them
• Your target customer is the customer who shares your passion
• They want what you offer… instead of just need what you offer
Know Your Target Customer
• Your target customer will…
result in fewer returns and complaints
buy from you today, as well as tomorrow
demand you create additional products and services tell their friends and family about you
spend more money with you over their lifetime provide your business with tons of referrals
offer you unsolicited testimonials
post their praise on social networking sites

The 80 / 20 Rule
• Obviously knowing and understanding exactly who your target customer plays a vital role in building a successful business
• The 80/20 rule says that small actions lead to big results
• Approximately 20% of your clients account for approximately 80% of your business’ total revenue
• That 20% are your target customers
The 80 / 20 Rule
• What if you could alter that ratio from 20% to 40% • Your revenues would double
• If you could attract 100% of your target customers, your revenue would explode by a factor of sixteen
• They don’t require any of your additional time, effort or energy
• This is how you make more money while working fewer hours

The 80 / 20 Rule
• How do you attract target customers?
• You must have the proper fundamentals in place
• Start by identifying your target customer’s physical makeup
• Then determine what they want… and innovate your business, so you offer your customers the most value
• Do this, and you will explode your revenue and profits
The 80 / 20 Rule
• To get 16 times better results than what you’re getting now, you don’t have to do anything different
• Just do MORE of what you’re already doing that’s working
• Find out why your current 20% of target customers are buying from you… and start attracting more of them by creating and developing compelling marketing
• We’re going to reveal to you the marketing secrets used by the pros

Target Customers Profile
• First, develop your target customer’s physical profile
• We have to define their physical characteristics in detail
• Identify everyone who NEEDS what you sell
• We’ll help you develop this vital information by providing you with our proprietary target customer profile form
Target Customers Profile
• Then we’ll focus on developing their emotional profile
• The psychological profile begins to define their hot button situations • The emotional profile determines wants… NOT needs
• Once established, it forms a crystal clear picture of your perfect targeted customer

Target Customers Profile
• What exactly does “physical profile” refer to?
• It’s the statistical elements that apply to your current customer’s gender, age, education level, marital status, income level, employment status, home ownership
 
Target Customers Profile
• Does your business sell to…
consumers or other businesses
mostly men or mostly women
a particular age group or age range
single, married, divorced or widowed customers a certain income level

Target Customers Profile
• If you sell primarily to other businesses, do you know… the annual revenue
number of employees
where the business is located
number of branches
the organizational structure the product or service they sell
• This in-depth physical profile is a great indicator of the type of company culture you’ll be dealing with and selling to
Target Customers Profile
• You MUST identify the influencer or the decision maker
• They will each have vastly different “wants.”
• The influencer WANTS to look good to the decision maker
• You’ll need to teach them how your product or service creates unprecedented value to their company, how that value benefits the company and how to position this to the decision maker, so they see that value and benefits as well

Target Customers Profile
• You have to teach the influencer how to sell your product or service to the decision maker on your behalf
• The decision maker will WANT to know if and how your product or service will help their business either solve a problem they have… or make them more money
• They aren’t interested in the features… only the benefits they will experience as a result of their purchase
Target Customers Profile
• Here are examples of physical profiles for various businesses
• Child care facility (business to consumer) male and female
21 to 45 years old
single or married
1 to 3 children
employed outside the home total annual household income between $20k – $250k
• We’re only defining the physical traits of all potential prospects who NEED what you sell

Target Customers Profile
• Business consultant (business to business)
start-up businesses
a business experiencing financial difficulties
established business wanting to increase their growth rate business hit a financial plateau
LLC, a sole proprietorship or a major corporation single location or multiple branches
The owner, CFO, COO or CEO
solo-professional zero to 50 employees annual revenue zero to $50 million
start-up to the 100-year corporation
Target Customers Profile
• Your physical profile helps craft the right marketing message
• The emotional hot buttons differ based on their physical profile • The physical profile indicates the message placement
• Accurately identifying the target customer’s physical profile removes the guesswork from your marketing
• That saves your hard-earned marketing dollars when you position your marketing message in front of them
Review
• The purpose of this presentation was to develop the foundation required for you to build a highly successful business
• That foundation requires that you know and understand who represents your target customer
• Customers buy what they want… NOT what they need 
• They buy based on emotion… NOT on logic
• They buy based on value… NOT on price
Use The Following Process
  1. Define the general physical profile for your target customer
  2. List the traits that define the universe that applies to your business
  3. Focus first on those who NEED what you sell
  4. Begin by researching six current customers
  5. First, consider their age ranges, and select the youngest, mid- range and oldest male & female customers you currently serve
  6. You don’t need to physically interview them, just record the information you know about them
  7. You’re just looking to establish the basic ranges
  8. Approximate their income level
  9. Once you record this information using the age ranges for both your male and female clients, repeat this process as it applies to their ages and marital status
  10. Again, choose current customers that represent the youngest, mid-range & oldest single, married & divorced customers you presently service
  11. This should get you started developing a fairly accurate range of information
  12. You’re going to revise this general list later
  13. Remember, define the available universe of human beings or businesses that NEED what you sell?
  14. Use your current clients as a starting point
  15. Begin with your current customers… you MUST be presently doing something to attract these types to your business
  16. Our next presentation will overview the emotional profile for your target customer… and explain why emotions are 90% of the small business success equation
  17. The psychological profile helps us discover your target customers “hot buttons.”
  18. Hot buttons are the problems, frustrations, fears and concerns your target customers tend to share as a group… and when you discover their hot buttons, they open the door for your business to dominate your market
Robert Ritch

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