Discovering Your Target Market

Target market is a phrase that is thrown around frequently.  In simple terms, it is a segment of the market that is the strategic focus of your business.  Being able to effectively identify who is part of your target market is important if you are developing a marketing strategy and campaign and you want it to be successful. 

Prior to creating your marketing plan, you need to be able to answer two essential questions: (1) what is your target market and (2) what does your target market want and/or need that you can provide?  If you are able to answer both these questions in great detail, then you can begin drafting your marketing plan.  If you have doubts or lack the details, you need to back up and do a little homework.

Who Is My Customer?

You need to recognize who your customer is because the objective of your marketing efforts is to concentrate on those customers most likely to buy your products and services.  Therefore, you need to start by describing exactly who your customer is.  Are there certain characteristics that your target market shares?  Do they fall into a particular age category?  Gender?  Socio-economic class?  Occupation?  Do you know which customers spend the most time and money with you?  Why do they do that?

Be Precise

When creating your prospective list of customers, you need to be as precise as possible.  Make sure that you are able to identify them in specific demographic or geographic terms.  If you can’t, you will have a hard time in determining which channels will be the most effective in reaching them, i.e. television, radio, internet, newspaper, etc.

Give Them What They Want

This is often a difficult area.  We think we know what our customers want, but unfortunately we often fail at finding out what they really want and/or need.  You need to be able to give them exactly what they want or need in a convenient and affordable way if you expect them to buy what you are selling.

Quality versus Quantity

More is not always better when it comes to developing prospects.  Buying leads lists is one prime example of this.  If you haven’t taken the time to truly identify who your customer is, buying expensive marketing lists are often a major waste of money.  Most of these lists are outdated to begin with and are typically only as good as the information you put into them when generating.  Having a quality list of leads increases your ability to convert them into sales tenfold.  So, shift your thinking from quantity and focus on the quality angle of building your list.

Use a Sounding Board

Finally, before running with that marketing plan you’ve created, test it out.  One of the most common mistakes made is failing to test out your assumptions on a sampling of your target market.  By taking a little extra time to conduct a survey or questionnaire of a small portion of your target market, you can avoid wasting your time and money.  It may take a little longer to kick off your campaign, but it will be well worth it in the long run.

Standing Out in the Crowd

Standing out in a crowd may not be the goal of most individuals, but in the realm of business, it is the goal. The ability to make your business stand out amongst a sea of competitors can often prove frustrating. However, if you truly want your business to survive and thrive you need to be able to articulate what makes your business unique to potential customers. How do you do that?

There is a variety of ways to differentiate your business. Here are just a few suggestions to explore:

Start by looking at your products and services. Do you offer a unique product or service that your competitors do not? Differentiating yourself in the fitness industry can sometimes prove challenging, given the multitude of approaches and products out there, but it is definitely not impossible. Also, think in terms of the experience you bring, or any areas you may specialize in that others may not.
Carve Out a Niche. We can’t be all things to all people, and trying to, can often sink a business. If you are especially successful in working with one or two particular client segments, and have generated great results, then think about specializing in those areas with that client demographic. Often, you can create your own niche by looking for holes in the products and/or service offerings of your competition. Have they failed to address a specific problem? If they have, find the solution and then use your competition to point out the differences.

Make an offer they can’t refuse. Another great way to differentiate yourself is to put out an offer that may garner you a little notoriety. For example, offer a money-back guarantee or the first month of membership free. While making an offer customers can’t refuse is a great way to differentiate yourself, be sure that you deliver what you promise. If not, this unique approach will prove useless and could irreparably harm your good reputation.
Offer outstanding customer service. The fitness industry is a very customer-service oriented industry, but unfortunately, many businesses often overlook this important selling feature. Outstanding customer services – the kind where you go above and beyond for your clients – will generally provide the best word of mouth advertising you will ever encounter. If you can give your customers more than you promise, more than they expect, then you definitely have a unique way of standing out from your competitors.

Once you have pinpointed what makes you stand out from the crowd, you will need to communicate that difference to your customers. Be sure to that all of your advertising and promotion efforts clearly communicate this to your intended audience, and more importantly, be sure that you remain consistent and committed to that message. Keep in mind that you are building a brand, and it will take time. If you wonder off point or head in another direction, thinking the approach isn’t working, when all it needed was time, you may potentially harm your business.

Discovering Your Target Market

Target market is a phrase that is thrown around frequently. In simple terms, it is a segment of the market that is the strategic focus of your business. Being able to effectively identify who is part of you target market is important if you are developing a marketing strategy and campaign and you want it to be successful.

Prior to creating your marketing plan, you need to be able to answer two essential questions: (1) what is your target market and (2) what does your target market want and/or need that you can provide? If you are able to answer both these questions in great detail, then you can begin drafting your marketing plan. If you have doubts or lack details, you need to back up and do a little homework.

Who Is My Customer?
You need to recognize who your customer is because of the objective of your marketing efforts is to concentrate on those customers most likely to buy your products and services. Therefore, you need to start by describing exactly who your customer is. Are there certain characteristics that your target market shares? Do they fall into a particular age category? Gender" Socioeconomic class? Occupation? Do you know which customers spend the most time and money with you? Why do they do that?

Be Precise
When creating your prospective list of customers, you need to be as precise as possible. Make sure that you are able to identify them in specific demographic or geographic terms. If you can't you will have a hard time in determining which channels will be the most effective in reaching them, i.e. twitter, facebook, youtube, website, blog, etc.

Give Them What They Want
This is often a difficult area. We think we know what our customers want, but unfortunately we often fail at finding out what they really want and/or need. You need to be able to give them exactly what they want or need in a convenient and affordable way if you expect them to buy what you are selling.

Quality versus Quantity
More is not always better when it comes to developing prospects. Buying leads lists is one prime example of this. If you haven't taken the time to truly identify who your customer is, buying expensive marketing lists are often a major waste of money. Most of these lists are outdated to begin with and are typically only as good as the information you put into them when generating. Having a quality list of leads increases your ability to convert them into sales tenfold. So, shift your thinking from quantity and focus on the quality angle of building your list.

Use a Sounding Board
Finally, before running with that marketing plan you've created, test it out. One of the most common mistakes made is failing to test out your assumptions on a sampling of your target market. By taking a little extra time to conduct a survey or questionnaire of a small portion of your target market, you can avoid wasting your time and money. It may take a little longer to kick off your campaign, but it will be well worth it in the long run.