Research done with small business owners and entrepreneurs shows that there are specific online marketing strategies and techniques that financially successful business owners use to achieve rapid and sustainable business growth.
One of the most critical strategies is identifying and cultivating your Ideal Target Market.
Your Ideal Target Market is the individual or company that is predisposed to purchasing your products or services first, repeatedly, and at the highest profit.
Those who comprise your Ideal Target Market will engage your services or purchase your products more quickly and easily than others, with fewer obstacles (price, for example) to overcome.
We have all heard it said that the most expensive customer is one who only buys from you once. Research has repeatedly shown that it costs companies almost ten times as much to get a new customer as it does to serve an existing customer.
Your Ideal Target Market is usually not the most price sensitive. Research has shown that 15 percent of any market, regardless of product or service, will only buy on price. Your focus should be on quickly identifying those who only buy on price and move past them so you can focus on selling to the remaining 85 percent.
Finding and marketing to the correct target market is positively vital to the success of any business marketing strategy. Nothing else you do will matter if you don’t target the right market. To be successful, you must have a clear understanding of your Ideal Target Market.
Magik understands that great online marketing starts with a complete understanding of your target market. If you need help, we can provide it.