Do you know who your target market is? Who are and are not your customers? Your existing and potential customers are two different targets. Or are they?
You’re probably thinking that every business knows who their target market is. I thought so as well, but after asking the question in two different meetings this week and receiving shoulder shrugs in reply, it became the topic for this week’s marketing tip.
You know how to reach your existing customers. You have all their contact information so it’s easy to reach them. But don’t take them for granted – they represent the majority of your revenue.
Who do you want your new customers to be? They will represent your new target. What are their demographics? What are their interests? Where do they live? I would venture to guess, unless you have a new product line that strays from your core business, they are same type of people as your existing customers and they are going to be your new customers, they just don’t know it yet.
Use the marketing you are doing now and tweak it a bit to reach some new people, then keep tweaking it and tweaking it until the new customers start to take notice. Marketing is about trial and error so keep experimenting until you get the right mix.
It’s important to know who is coming into your business and buying your products. Keep a database and watch for trends. You could see trends in lifestyle or geographic regions. They are there, you just have to take the time to notice them