Knowing your target market is vitally important to the success of your business. I have a recent example I would like to share: A client/friend came to me with the following frustration (ready to pull her hair out): "I do all the right things, I follow up when I should, I call when they ask me to, and yet these potential customers don't take my calls or when we schedule a meeting they are ill prepared. What am I doing wrong?"
Truth be told, my dear friend isn't doing anything wrong. What happened to her happens to all of us from time to time. She took on a particular client as a favor. The person was nice enough, but they didn't have the budget to really afford the product/service they desired and their well-intended referrals produced the same bad results because the referrals were to similar customers with the same budget constraints. Basically, if you are selling Cadillacs, your target market is someone making over $____/year who is looking for comfort and prestige. Selling a $49,652 car to someone with a $20,000/year salary is a recipe for disaster. It reminds me of the saying "champagne tastes and a beer pocket book".
My friend needs to figure out who her target market is and advertise to those people. The advertising will bring in new business and a quality referral from someone in your target market group ensures that the referral is of the same caliber. I am encouraging my friend to set up a Facebook page for her business so she can reach more customers and also recommending that she join local professional organizations to network with other business owners, managers, and successful members of the community.
Do you have other ideas? We want to hear from you!
~Let us do the work, so you can RELAX!