Marketing is taking a product or service from an idea on the drawing board into the hands of a client or customer. First and foremost decisions must be made on what products or services to offer depending on your target market, what to price them, and then how to inform your potential customer of your product so that person understands why they should choose your product or service over a competitor’s.
With this definition of Marketing in mind, we recommend you be CLEAR on three key elements before you move forward.
- Who is Your Target Market? Being clear about who your target market is must happen and NO, not everyone is your target market. Understanding the Demographics, Psychographics (hopes and fears) and Behaviors of your Target Market help you paint a strong picture so you know exactly whom they are and how to market to them. You will also be clear about what type of product or service they will be likely to purchase.
- What Product or Service are you going to package for your Target Market? Now that you are clear about who your target market is, you must look at how you create, package and present your product or service. Will that product or service appeal to your target market? If yes, then what is the best way to present your product or service? In other words, how will your brand or the way your company is presented appeal to your target market. Will they see your product and say, “YES, I need that.
- How do you reach your Target Market to inform them of your product or service? When you look at the Demographics, Psychographics and Behaviors of your target market, you will learn very clearly how to market to them. Remember that advertising and sales are just one aspect of marketing. Marketing encompasses so much more including Networking, Customer Service, Media Relations and Communications just to name a few.
Check back in the next few weeks for additional tips, tools and techniques to help you Market your product or service so your sales increase and your business continues to thrive.
