Who's got the money and the need for your services.
Three steps to more effective targeting that lead to higher ROI: defining, ranking and profiling buyers. They help companies key in on the best prospects so not a drop of their budgets go to waste. To begin:
Define an audience
Start with a look at the list of your existing customers. Seek out common elements within that list - such as reoccurring industries, typical size of the companies, etc. Group customers that are alike into their own customer segments, and be specific in defining each. Next, consider evaluating which "like" or "neighbor" market might be the next potential new audience your company could work with.
Rank the target markets
Once existing and potential target markets have been defined, rank them in order of importance to your business goals. Examples of what to look for:
- Which markets have the highest profitability potential?
- Where is the least amount of competition present?
- Which markets have the most need for your expertise?
Profile the typical buyer
For each target market identified, outline the demographics of the typical buyer. Demographics worth outlining:
- Job title
- Role in company
- Decision-making power
Reprinted with permission from The Marketing Report, 370 Technology Drive, Malvern, PA 19355, 800-220-5000.
MP News Editor Note:
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