The marketplace is filled with every type of consumer you could possibly imagine. There are businesses that offer products and services to other businesses (B2B) and others that have offerings for consumers (B2C). Even the government and noprofit organizations are members of the marketplace.
Yet the goal of each of these entities is not to connect with every consumer in the marketplace, just the right ones.
Survey the horizon
Since the marketplace is filled with every kind of consumer, it is critical to segment the market—zero in on a group of consumers that will benefit from your product or service. That’s just the first step. There’s a bit of research involved in identifying this group and learning about their needs/wants and determining what they value.
Don’t get sidetracked
If you’re confused about your brand it’s easy to get sidetracked in the marketplace. You’ll start chasing unprofitable segments wasting both time and money. A very smart man told me that confused consumers won’t buy from you. So it’s worth it to clearly define your brand and then approach the appropriate market. You may even discover another segment that sees the value of your product or service and will buy.
Your target audience is the bread and butter of your organization. These are the clients who use your services consistently and refer you often. They are loyal and there’s a wonderful exchange of creating and capturing value. This audience member deserves most of your time and marketing efforts. You can also serve subsequent audience members just as effectively. You may even find a niche but be careful. This niche could potentially be a good customer for you but if they are unaccustomed to your product or service, if they don’t see the value or are unable to pay, you could simply be spinning your wheels. Again your marketing efforts are better spent serving your target audience. If you decide to pursue, set aside a small percentage of time and resources to engage and measure conversions. You may find the low hanging fruit wasn’t fruit at all.
If you’re going to offer products or services in the marketplace, be clear about your brand and then zero in on your target market. Confused brands and a fuzzy view of your target audience will negatively impact your bottom line. Your brand and your target audience should always be experienced in high definition.