A BIG alumnus recently spoke at one of our weekly meetings and guided us through some of his experiences during his time with the Barton International Group. He made several interesting points, but the most profound was perhaps the simplest: know who you are selling to.
He began by drawing a funnel down the length of his presentation easel, and then dividing it into several distinct sections. The sections ranged from the extremely broad category of everyone on the planet, to the very narrow range of actual clients. The decreasing amounts of people encompassed his point; it’s all about defining your scope.
Regardless of what business you may be operating, what products you are selling, or what services you offer, you must decide to whom you are selling. A company must decide where to best focus its efforts to maximize its performance. This is especially true when considering how to effectively market a business. For example, a company that sells a product to teenagers or young adults wouldn’t need to waste its resources on reaching the middle-aged or elderly population.
A company needs to first discern who its target market is and then figure out how best to reach them. Building off the previous example, the company targeting teens and young adults would find the greatest results through “new” marketing platforms. This means using social media and internet based platforms with greater frequency than “traditional” marketing platforms such as television or newspaper ads. A company may have the greatest and most necessary product in the world, but if it spends too much capitol and effort advertising to every single demographic that it could, then it is losing out on specific growth within the target market that would actual see the need for and purchase a product.
Defining a target market is just as important as having a product or service to sell. Without a properly defined target market, the product isn’t gaining the momentum it could and the business behind it isn’t maximizing its progress.