FOCUS ON THE RIGHT CUSTOMER
In a recent article it was stated that 20 percent of the people in the United States have almost 50 percent of the disposable income. In other words, those 20 percent are not concerned with the price of your product or service, if the benefits are there.
Let’s translate that to a business scenario. If you are in business, you have the option to offer your services or products to those that can afford it.
That requires understanding your selling price as well as the market you intend to reach. If you are selling a $1 item, then most everyone has the potential to be your target market, providing they need that product or service. If the product or service sells for $10,000, then the affordability factor eliminates a large portion of the population even if that is a product or service that can be beneficial to them.
In identifying a target market the affordability factor has to be considered. I have a pool contractor as a client. Everyone may want a pool, but only a segment of that target market can afford one. The target market can be identified by where they live, value of their residence also by the profession they are in. By researching the communication systems that most appeals to this market, we can plan our marketing campaign. The internet is one of the greatest research tools to help you identify the habits of your target market.
Success in a small business requires working smarter as well as harder. Take the time to identify the right market then develop and implement your marketing plan.
“Choose your customers, choose your future.” Seth Godin
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