Tag: target market

Not Getting Enough Leads? Try Narrowing Down Your Focus

By Tracie Rollins with Infusionsoft

Focus on Your Target MarketIf you are looking to attract more leads, you might try narrowing down your focus. This might seem contradictory because you want to attract more customers, not less. If the thought of excluding a specific segment seems scary to you, don’t worry. You’re totally normal. When you target a specific niche, you increase the likelihood of developing a relationship with your audience, serving their specific needs and driving loyalty.

Identify Your Target Market

The more you know about your target market, the better you’ll be able to serve them. From simple demographics to in-depth psychographics, you can narrow down your focus and deliver exactly what your customers need. Demographics explain “who” your buyer is, while psychographics explain “why” they buy. Even if you only have a few customers, you can still perform short and simple surveys that give you insight into their purchasing behaviors and the information they seek.

Finding Demographic Data

Demographic information often includes age, gender, ethnicity, income, geographic location, and may include other types of information about who they are, where they live and what they do. This type of information can be found through a variety of sources like the American Fact Finder that is offered through the Census Bureau. Spend a few minutes exploring the site or use the guided search functionality.

Discovering Psychographic Data

Customer psychographic information provides more in-depth profiling about how your customers think and feel about certain topics and how they spend their money. Psychographic information will include lifestyle and media traits like where they shop, hobbies, and the type of car they prefer to drive. It may also include psychological and cultural reasons behind how your target market makes certain purchasing decisions. A good place to find this type of information for your niche is to use Nielsen’s MyBestSegments by zip code. You can also find out psychographics with surveys, reviewing actions taken in your marketing campaigns, focus groups, conversations and through social media.

Take a Stand

Once you’ve identified your target audience and understand their needs you can start to develop your marketing strategy and engage with them. Take a stand on your opinions and methodologies so that your audience understands your position allowing you to attract the customers that you want. It’s far better to have your audience make a decision to do or not to do business with you than have them on the fence doing nothing but taking up your time and resources.
People buy from people they like. If you’re tired of throwing your money away, spend some time understanding and learning about your ideal customer. Then, give them the information that they need with your specific position and opinion on the topic. By following this strategy, you’ll attract exactly the type of customer you want and you’ll set yourself apart from the competition.

About the Author

Tracie Rollins of InfusionsoftTracie Rollins has focused her professional efforts on bridging the gap between knowledge and performance. She applies over 18 years of experience to marketing strategy, research, and development of content that educates, influences and improves the lives of others. She believes that education provides knowledge, knowledge drives actions, and actions change the world.

As the Content Strategy Manager at Infusionsoft, Tracie Rollins helps small businesses succeed by developing e-learning and authoring content for small business consumption and application.

As an entrepreneur, Tracie has appeared on KTVK’s Good Morning Arizona show, and has been featured in the Institute for Industrial Engineering magazine, Woman’s World, Arizona Republic and multiple local publications. She and her husband, Lonny help small business stand out amongst the competition with The Rollins Advantage, LLC. You can connect with Tracie online at LinkedIn or on Google+.

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Set Sail to Discover Your Online Niche

Cutting a red ribbonBy Genevieve Tuenge, GoDaddy

You’re launching a small business in hopes it will resonate with thousands (if not millions) of customers, but how do you get started? First, you have to narrow down your offerings to products or services that will appeal to a target customer base – that niche to market your products and services to. This might seem like a task that can easily be tossed on the start-up backburner, but without discovering your online niche, it’s easy to fall into the Jack-of-all-trades category—and that can lead to problems.

Setting the expectation that your products or services can satisfy everyone’s needs makes it nearly impossible to create a small business that’s scalable.

Focus on your Strengths

Think about your own personal experiences when searching for the perfect products and services. Let’s say your sink starts leaking. Would you hire a handyman who doubles as a painter, lighting expert and mechanic, or seek out a licensed plumber who specializes in plumbing? Sure, pricing plays into the decision, but when businesses spread themselves so thin that they can’t perfect their service(s), negative reviews might pile up and their affordable pricing won’t matter.
Moral of this story: You need to hone your offerings by focusing on your unique strengths.

Use strategy to find your target customer base

Identifying target customers is a process that small businesses can’t afford to skip. Say you make and sell recycled-glass water bottles. Before establishing your website, branding and social marketing strategies, you need to define your customer base. Are you marketing your products to fitness nuts, sustainability enthusiasts, busy moms, students on a budget, baby boomers, etc.? If you answered “yes” to every demographic, pause.  While it would be phenomenal if all these different customers purchased your products, you should consider at least starting with a tighter focus to avoid spreading yourself too thin.

Do your research. Check out the competition. Are any customer segments underserved? In contrast, are there an abundance of products already marketed to a particular segment? Does your business have any sort of competitive edge with regards to serving a certain customer base? Will your budget be more effective with a certain base?

Market to your Niche

Once you’ve determined your strengths and target customers, it’s time to develop a niche-specific marketing plan. Focus on creating a strategy with your specific customer base in mind. An environmentalist might not care that the water bottle’s plastic lid is easy to grip, for example, and Baby Boomers might not relate to hip product descriptions or trendy fonts.
By nailing down your niche and choosing to market your products or services to a more narrowly defined customer base at first, you might be amazed at how quickly you’ll be in a position to branch out. It’s simply a smart practice to start small and establish your footprint . Baby steps lead to sprints.

Bio:
Genevieve TuengeGenevieve Tuenge is a Content Editor and Writer for GoDaddy, focused on website builder and marketing applications for small businesses. As an avid supporter of local mom-and-pop shops, her No. 1 goal is to give small businesses the tools and information they need to thrive online. Connect with Genevieve on Google+. The world’s largest domain name registrar and Web hosting provider, GoDaddy gives small business owners the tools to name their idea, build a beautiful online presence, attract customers and manage their business. To get more tips for your small business—including articles, videos and webinars—check out the GoDaddy Training Hub 

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Why Data Matters…A Lot

by Jeanne Rossomme, to see original post click here.

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“The amount of data in our world has been exploding, and analyzing large data sets—so-called big data—will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus.”

Research Study by MGI and McKinsey’s Business Technology Office

Have you heard of a relatively new entrepreneurial framework termed the Lean Start-up? The name is honestly a bit deceiving in that “lean” in this case does not mean less time and money.

Instead think “lean” as in a well-trained athlete who practices incessantly and hires the best, in terms of coaches and equipment. She knows talent is not enough and that the competition and risks of failure are high. But by consistently investing in improving in incremental steps, she will increase her chances of winning over time.

The way she achieves success is by training, competing, seeing what works and then making small adjustments based on results. Her success is dependent on data – on capturing it, being open to its tough feedback and then absorbing its advice.

With the Internet and technology leaps, big data (once the goldmine of only the largest of corporations) is now available to anyone. Using big data can create value in many ways.

  • You have better decision-making. Rather than gut feel and team member opinions, real market feedback dictates the winner.
  • New products are tested early and often. This reduces the risk in investing big money in products and services that will flop.
  • Big data is the basis for continuous improvement. When you manage-by-the-numbers you can constantly see changes in data, and find ways to boost performance.
  • You are free to be MORE innovative. With data you decide what you want to test and your walk away point. This makes the uncertainty of innovation much less scary.
  • You have the tools to further refine customer segmentation and provide more precisely tailored products or services.

How can you start using “big data” to improve your company? George Roumeliotis, who heads up a data science group atIntuit recommends a simple 6-step framework for each business question:

  • My understanding of the business problem
  • How I will measure the business impact
  • What data is available
  • The initial solution hypothesis
  • The solution
  • The business impact of the solution

Do you use big data to improve your business? Share in the Comments section below.

Jeanne Rossomme – President, RoadMap Marketing
Jeanne uses her 20 years of marketing know-how to help small business owners reach their goals. Before becoming an entrepreneur, she held a variety of marketing positions with DuPont and General Electric. Jeanne regularly hosts online webinars and workshops in both English and Spanish.
www.roadmapmarketing.com | @roadmapmarketin | More from Jeanne

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