Every business needs 5 key elements
Feet through the door/ Bums on seats
Increased Sales
Increased Profit
Raised Brand Awareness
Reduced Costs
Not all products or services appeal to everyone. Although sometimes they perhaps should. For instance, everyone of working age should have a Will and a Power Of Attorney. Try telling that to an 18year old. They are completely invincible. An advert will not get them to change their mind. This then forces our entrepreneurial skills into overdrive. They are decidedly not the ideal market for this product. Identify the right market for your products.
Most business have an “ideal client” that they should be directing their marketing through. The 80/ 20 rule, or the Pareto Principle, asserts that 80% of outcomes result from 20% effort in almost all businesses This 20% needs to be very clearly directed to maintain your position in the market. The other 80% will then be all the icing on the cake to raise your profile to a wider market in brand awareness, product selection and profitable sales. This in turn will grow the core business as they become part of the ever growing 80%.
Knowing how to identify that core client is crucial to success. These clients will then be the best marketers as they proport the virtues of the products they have bought and the business they bought it from.
Identifying how to find these customers to target the marketing accurately is to understand their needs. Core clients are those for whom the business solves a problem with the goods or services provided. There are two key aspects to core clients, Physical needs and Emotional needs.
The physical needs include
Demographics, culture, religion, education, age, gender.
Emotional needs include
Time poor, convenience, support, service.
We live in a WIIFM (What’s In It For Me) society. Customers are only interested in themselves. How can they get what they want, at the best price, when they want it, at the quality standard they expect for their needs.
In your research considering the target market the specific product range and assortment will also influence the logistics, display, marketing and advertising.
PHYSICAL:
Where are they situated? Can they get to the products they want quickly, or can they have it delivered to them? Where do they do their research into specific products? Ensure you are front and centre. What level of education do they have? How technical can your marketing be? Are there any limitation on the goods due to Cultural or Religious considerations? What age group is most prevalent? Are they gender orientated? Are they age specific? These are relatively easy to determine.
EMOTIONAL:
The emotive needs today have a high impact on the final purchase. Are the goods easy to find online and instore? We live in an instant society. Can the customers walk into your store and find what they want straight away? Do you have allied products alongside the display to complete the purchase? What service do they require with information, assistance or selection criteria? What follow up support do they expect? Do the goods require delivery, installation, connection, special packaging?
Targeting customers needs will automatically draw them to your store or website as you address their needs. Simon Sinek says
Which one gives you the greatest Win? If you manipulate people into buying what they don’t there is a fair chance they will not come back, they will not give you a good review and they want even give you a second change. If you Inspire people to want the products you are selling it will make their life better, make them feel more confidant and want to come back to you next time.
Look at who needs your products, now and into the future and Target specifically.
It is true your products can go across several groups. When you do your marketing aim at one group at a time. Be specific to that groups needs. If you are selling the life insurance as in the example above. The needs of a 25 year old single is very different to a 45 year old with 4 kids, and different again to a 65 year old retiree. Each of these groups of people need life insurance but the way you speak to them needs to satisfy their needs. In a children’s wear store The needs of a grandparent are different to a parent. Sell to their needs.
If you would like support to address this in your business book a time for a complimentary A.W.P. Appointment With Purpose with Deb Fribbins https://calendly.com/deb-fribbins/discovery-session. We will explore your options together to secure longevity in your business.
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