Target marketing is one of the least understood and most underutilized tools in digital marketing.
Many businesses are focusing more on how their websites look over what they say, and more specifically who they are saying it for.
In fact, if you’re like many business owners who have made a significant financial and time investment, you’re probably wondering why you are putting all this money into a website that doesn’t make much money or have much traffic,
The reality is that you are likely leaving an incredible amount of money on the table and don’t even know it.
Learn in today’s podcast and article how you can uncover specific, hidden target markets that you are not aware of and make your website and social media an asset instead of an unused liability via target marketing.
Target Marketing – Do You Really Understand It?
Are you struggling to get more people to your website that are able, willing and ready to buy from you?
Are you assuming that you know your target market?
Are you struggling to implement target marketing techniques and take advantage of increasing revenue to your business?
The odds are pretty strong that you are making assumptions about who your target market is and as a result, you’re missing out on a huge amount of revenue.
Meet Terry – a Business Owner Who Found Herself in Trouble Before Her Business Ever Began
Last week I met Terry. Terry is a small business owner who has a lot going on in her business, just like you and I do.
Terry was in corporate America and for years, she wanted out of being employed and sought the freedom of building her own business and doing her own thing.
But how could she leave her high-paying job and the security of a check each week while she had bills to pay and a family to help take care of?
Unfortunately, or fortunately, that decision was made for her. She lost her job, got a small severance package and decided after looking for work that she would take the plunge and start her own business.
Terry decided on a name for her business, got her legal affairs in order and incorporated, and then assumed that because her business was official she would magically start making money.
When it didn’t happen the way she hoped, Terry started spending money on marketing. She had heard the stories that in order to make money you have to spend money.
However, it didn’t’ take long before she started to run into serious problems.
Like most of us, she was really struggling because she didn’t know what she didn’t know.
Terry didn’t understand why she wasn’t getting enough sales and as a result, she went deeper into her business, and that deeper was the wrong deeper.
She went from working 50 hours to 80 hours, to 95 hours, just believing if she worked a little harder it would turn around.
But it didn’t happen.
What was Terry’s Real Problem?
Perhaps you may be in the same position as Terry or you once were but are now in a better place and want to further your business?
Terry’s problem was not that she needed to work harder or more hours.
The problem was she needed to learn how to market her business so that it would be positioned for increased sales and revenues.
The problem was that she was not generating enough opportunities that could convert to cash flow and cash flow is the lifeblood of any business.
No cash flow, no business!
It’s really that simple!
I get it! I have owned businesses in the past where I had to learn how to build my cash flow.
How about you?
When times get hard it’s so easy to start misleading yourself into thinking that you can get yourself out of this conundrum.
But you can’t until you actually take the time to learn what business you are “really” in and start attracting those who are able, willing and ready to buy from you!
Marketing is about psychology and learning your consumer’s habits; and then learning how to talk to them based on their needs, problems, wants and desires.
We all understand that marketing is not about us, but because most business owners don’t have the training, experience or skills to make it about our audience many unintentionally make it about “us” and never talk directly to the needs the audience, nor do we really know who the audiences are.
Discovering Your Target Audience in Order to Increase Your Sales Funnel and Sales
In order to discover your target audience, there are some initial assumptions that have to be made in the beginning. Everything has a starting point. Initially, the reality is that there isn’t always enough data so the starting point is incomplete and uncomfortable.
The initial starting point in target marketing is to create a profile, or an idea, of what that target audience broadly looks like.
Once the broad audience is defined, it’s time to put yourself into your target markets shoes and get specific and personal.
Here is an example:
A single mom with two kids who works retail and earns $8.25 an hour.
That’s a very specific target audience.
Do you have a really specific target audience? Do you have five, a dozen, or more specific target markets that you’re not even aware of?
Codelocks: An Example of a Hidden Profitable Target Market They Neglected
I had a client a while back that experienced a realization about a target market that they had neglected, and it was a highly profitable target market at that.
Codelocks is a manufacturing company of locks and keyless locks.
As we were talking about their target marketing it dawned on them…
There is one place that uses lockers and has a high liability… gyms.
While theft can be an issue, there is a less sinister thing that happens more frequently that frustrates gym patrons and costs gym owners a significant amount of money each year.
If you go to the gym, or if you’ve been to a gym in the past, you may have to get a key to access a locker for your personal items.
What happens if you lose that key?
A nightmare ensues as a gym patron goes through the process of getting his or her personal items out of that locker and tons of paperwork is created on the gyms part to replace keys.
Or, just as frustrating, a gym goer has the inconvenience of carrying a key around while working out.
The solution is a keyless locker that saves a gym money on both lost keys and unproductive paperwork (there is a lot of money wasted in hidden inefficiencies) and patrons from having to carry keys around and the possibility of losing them.
Another Specific Target Market: Residential Neighborhoods with Young Families
What if little Johnny got locked out of the house on a cold rainy day after school?
What if there were no neighbors he could stay at?
Would he have to wait outside until someone came home to let him in? What if Mom or Dad couldn’t leave work?
When you were a kid did you ever get locked out of your house because you forgot your key?
What if you could have called Mom or Dad. What if Mom or Dad could unlock the house remotely right from their phone?
Would that offer peace of mind and a safe alternative to hiding keys and at the same time provide a convenient alternative?
I can do this all day long!
There were all kinds of applications for their business that Codelocks had already thought about, but they were not messaging in a way that was relevant to their specific target markets.
Sometimes the obvious is not so obvious.
Here is what Codelocks had to say:
Target Marketing that Goes Beyond Assumptions to Facts
Are you aware that there are some massive business databases that give the most incredible amount of information you could ever daydream about?
Some databases are so specific on the consumer level that you can specifically learn the purchasing habits of both businesses and individuals.
Consider how that might be of value to you?
If you knew your target markets purchasing habits how would that change your business?
What if I want to know the income ranges of a neighborhood or community, or even of a specific business?
It’s out there in all kinds of databases provided by both private research firms and local, state and federal government databases.
How Specific Can Target Marketing Get?
If I want to target market well, I can learn almost anything.
If I want to know to about a community I can find it:
- Educational level
- How many veterans live there and on what streets
- Lifestyles, income ranges and life stages
If I want to be able to target market to young singles, young achievers, people in midlife, households with children, empty-nesters, seniors… I can find that information.
It’s not hard to profile different life stages and discover what your target market buys and where they buy it.
I can learn about lifestyle traits:
- Where do they shop?
- What do they read?
- What so they watch?
- What do they drive?
- What’s important to them based on how they spend their money?
Why does Audi spend so much money advertising in the Avengers and Iron Man movies?
Yes, those are advertisements you see embedded in the movie.
Have you ever noticed that the only vehicles you ever see in those movies are Audi’s?
It’s because Audi knows that the average person who watches the Iron Man movies makes in excess of $85,000 a year.
That’s a great target market for Audi!
It’s a good place for them to spend their money.
For 2 1/2 hours, people are seeing Audi’s throughout the movie.
When they see Audi’s on the road it registers.
Think about that… finding the lifestyle traits of where’s your audience hangs out at.
There is a way to glean that kind of information even for small business.
Assumptions Will Not Take You Far in Target Marketing
While you may start with assumptions, you cannot stay there!
You have to transfer what you think you know about your target market and discover what their real needs, problems, wants and desires are and how you can position your business as a solution. You also have to know if they are able, willing and ready to buy from you.
When you know that kind of information, just imagine the detail content marketing articles, landing pages, videos and podcasts that can be written for one person, with one problem (need or desire) with one solution.
This is a massive game changer for your business.
You can stop making assumptions and you can start attracting the right audience in your target marketing who is able, willing and ready to buy from you.
Because you know how to share with them, in their language; based on their problems, needs, wants and desires.
You will know how to share with them and attracted them:
- On social media
- On your blog
- Through a search engine
- In a podcast
- Through your videos
- And on and on the list goes…
It is a powerful, powerful, powerful way to be able to build out the right message and strategies for reaching those who are searching for you.
As I said early, sometimes the obvious is not always so obvious.
How the Obvious is Not Always So Obvious in Target Marketing
Recently I was talking with a local pet supply company near where I live and here’s what I discovered.
I did a search in a database for “pet services” as the criteria.
The data came back and said that in Lancaster city, and in the communities around it, people only spent between $0 and $500 a year for pet supplies.
However, outside of the city, in the rural, southern part of the county, it’s is as high as $20,000 per year.
There are a few reasons:
- Farmers use domesticated animals like dogs to help with herding and other things… as well as for the enjoyment of their companionship.
- Farmers also use horses and need supplies for them.
- Rural residents are more likely to own multiple pets.
Let’s think about farmers for a moment and just keep the numbers above as a reference.
If rural people spend 4,000 times more per year than city folks, how do we reach them?
However, what are the odds that farmers who work on average, 14-16 hours per day, are spending a significant amount of time searching online?
That’s a pretty low probability.
In fact, the data revealed to me that they don’t spend a lot of time online.
Specific Target Marketing Revealed How to Increase Revenues Significantly
While these farmers don’t spend a lot of time online because they work hard all day, 84% of them are hunters and fishermen and they subscribe to Field & Stream magazine.
Of that 84%, 90% of them log on to Field and Streams website at least once a week.
Are you beginning to see how the pet supply company is leaving an incredible amount of money on the table marketing exclusively to pet owners who spend very little money compared to those who work with animals every single day?
Now, would it be wise for a pet supply company to purchase a banner ad on Field & Stream’s website or see if it’s possible to create a highly targeted audience for the publication that addresses that specific audience?
This is a great way to target market to a highly targeted audience that spins up to $20,000 per year for pet supplies.
Before the research, it wasn’t obvious that this was a good target audience.
Specificity Over Being Broad Is What Makes Target Marketing Work
When you have that kind of data and you can combine it with reports from sources like SEMrush or Google Keyword Planner, you are really working in the realm of content marketing where you can attract those who are able, willing and ready to buy from you.
This is in stark contrast to just making assumptions and staying too broad.
When you are specific and relevant, you give your target marketing a way to find you and a reason to consume your content, and more importantly, buy from you.
You will offer them a compelling reason to do something like fill out a form, call you, or come into your place of business.
Are You Ready to Make Target Marketing Work For You and Grow Your Business?
If you have a website, write articles or blog, or have tried getting traffic from Google to expand your business and it hasn’t worked, there is a good reason why.
It’s because your content is too broad and not relevant to your target market.
But allow me to take it one step further; it is probably because you don’t really know who your target market is or how to reach them and communicate with them.
That means you’re left talk about yourself and no one cares… ie:
- How wonderful your product or service is…
- How incredible your company is and all the amazing results you’ve achieved (which may or may not be real)…
- How many people are buying from you and how great your sales are as a source of validation and creditability (which it isn’t)…
Perhaps you’re not creating the right environment online and you’re not attracting those who are able, willing and ready to buy from you?
If you recognize there is a problem and you want to learn how to create content that will attract your target market, I want to offer you a free, no obligation consultation.
Simply click here or on the image below.
Do you have a thought, idea or question, leave it in the comments below and let’s talk about it…