today in black history

March 01, 2024

Mississippi Senator Blanche K. Bruce, a Black Republican elected during Reconstruction, was born on this date in 1841.

Influence The Outcome: Part 1

POSTED: July 03, 2009, 9:36 am

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Over the past three weeks, I’ve discussed the topic of target marketing with individual clients and in group coaching sessions. The dialogue usually goes like this: “Who is your target market? How have you identified them? Where can you find them in sizeable numbers to make an impression and create an opportunity to provide value?” Surprisingly, I usually get the following response, “Everyone is my client.”

Lots of times prospective customers don't know about your company, or can't tell the difference between your company and others. It is your job, once you know who your best customers are, to 'target' those individuals who will generate the greatest probability of mutual success. That is, you filling a need of theirs by providing something of value.

Businesses Make Purchases For Three Reasons:

1. To increase revenue
2. To decrease expenses
3. To maintain the status quo

So Who Is Qualified Prospect?
1. Someone that’s approachable by you
2. Someone who has a need for your product/service because of the value it provides to them
3. Someone who has the ability to pay

Many entrepreneurs think that selling to the widest possible market is the likeliest path to success. They are afraid to pursue a market niche because they fear they'll lose business by turning away customers. It's hard to stand out when you market your business without a distinctive set of prospects in mind.

So how do you identify and find them? The process is quite simple. During your weekly “CEO MOMENT” take some time and do the following:

1. Make a list of those individuals who have been your best customers or who are your best potential customers.
2. Identify those things—behavioral, personality, interests, needs, etc., that are common to them…write it down.
3. Determine what groups of people, or organizations or activities that best match the characteristics you’ve identified in item two above. Is the market large enough to support your business?
4. Are your products/services tailored to their unique needs?
5. Strategically network with those individuals, organizations or events where you can find your target market in bunches—Fish with the net instead of the fishing pole.

This process will give your efforting a more purposeful, laser like focus--sort of like driving with a GPS versus heading in a general direction. If you don’t know where you’re going, then any road is fine. The more you specialize, the more your market will see the value of your services because you speak directly to their unique situation the more success you’ll experience.

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