When a business begins to build a marketing campaign they will generally target those customers that have a need for their product or service. The problem with this approach is that you are going to make contact with that potential customer at the same time as many of your competitors. That potential customer will do their research and will probably take the supplier that offers the best price. The fight for offering the lowest price is bad for your business’ profit margins and you eventually end up providing the customer with the cheapest solution. This race to the bottom is bad for everyone involved. There is a better psychological approach that you can take when identifying your target market.
Identify Your Target Market
Whatever your product or service, you are providing a solution to a problem. If you take that logic and work it into your marketing plan or strategy then you will be able to unlock a larger customer base. Looking into what solution you are providing and working back to the very beginning of when a customer might need your product can give you the advantage of getting to those customers first. Reaching out to your target market before they even know that they need you means that you will be ahead of your competition.
In any buying strategy, all customers go through a spectrum from not even knowing that you exist to must have your product or service. You should be asking yourself if you are addressing the very first stage of the customer’s buying strategies. A customer from your target market will go from becoming aware of a problem to wanting a solution. Then that customer will go from researching the options to analysing the alternatives. From this point on, whether they negotiate the price or not, the customer will evaluate their experience depending on the solution.
All businesses need to identify their target market and understand psychological triggers to create a unique marketing strategy. Knowing your target market can put you in a position where you are able to efficiently and effectively attract your ideal customer before your competitor. Creating a need for your product or service is the best way to ensure that you get the largest portion of potential customers from the buying public. A successful business knows their target market’s desires and knows how to explain their problem to them while also supplying the solution.