(c) Tessa Stowe, Sales Conversation Pty Ltd.
2005
http://www.salesconversation.com
A specific group of people you will focus on
selling your services to is your target market. This is not to
be confused with the problem you will be solving for this group.
Why choose a target market? You need to decide
exactly who your audience is before you sell your services. Deciding
on your target market lays a critical foundation for your business.
When you get clear about who your target market is, you will:
* know where to focus your selling and marketing
efforts.
* know where to focus your research efforts.
You want to intimately understand your market: the problems they
have and the language they speak. The greater your level of understanding
the more magnetic you will become.
Your target market will determine your income
and success. Choose the wrong one and you will waste a lot of
time and money with very little results.
Whatever target market -TM- you choose, check
to see that it meets the following 10 essential criteria:
1. Your TM has a big problem. They think about
it all the time, it keeps them awake at night.
2. Your TM wants the problem solved. The impact
and cost of the problem is big enough that they will act to solve
it (some people have problems they are quite happy to live with!).
3. You can easily find your TM. Do they belong
to associations? Are there conferences for this target market?
Are there publications? Where do they hangout? If it's not easy
to find your target market, it will cost you a lot of money to
find them.
4. Your TM has money to spend. No point having
a terrific service if your target market hasn't the money to pay
for it. I know this sounds basic but it's often overlooked.
5. Your TM has a history of paying to have this
problem solved. You want to focus on a target market where there
is a proven track record of problems and people paying to solve
them. A good sign is if your competitors are selling similar services
to the target market.
6. There's enough of your TM out there to sustain
a business. How many people or businesses are in your target market?
Realistically how many will become your clients and what will
that be worth to you? Is that enough?
7. You enjoy working with your TM. Think about
what types of people are in your target market and visualize being
with them day in and day out. How does that feel? Will you feel
energized or drained at the end of the day? Remember, you are
also in business to enjoy yourself so make sure you will enjoy
working with this target market.
8. You have a passion for helping and serving
this TM. Passion is an essential ingredient for selling your services.
9. You have valuable expertise and experience
you can offer. Your target market will want to buy from people
who are experts in their field. Think about what specific expertise
and experience you can offer your target market.
10. Your TM fits with your ultimate lifestyle
package. What hours do you want to work? Where do you want to
work? How do you want to work? Does this fit in with your target
market? Ensure that working with your target market will enable
you to live the kind of life you want to live.
Once you have found your target market, the next
step is to refine it even further. Decide on the profile of your
ideal client. What sort of person are they? Decide on their demographics
and psychographics. Demographics are the basic facts like age,
gender, income, location, etc. Psychographics are their characteristics,
values etc. This will enable you to focus even more.
The clearer you are about who you want to do
business with, the more you will attract exactly the clientele
you're looking for. You will then need your Sales Conversation
skills to convert them to clients.
