During the live events over the past year, I get a lot of questions of where we get our out-of-the-box methods and strategies of building businesses online. The answer to this is that we consider ourselves gifted in the way we target our markets. Hence, today I’m going to entertain you with my step-by-step method of stalking your target markets like serial killer. To really think about this, outline it in my head and relay here online is quite a challenge with the small, but ohh so very crucial steps involved. If I get this wrong, I’ll be sure to update it. But, here goes…
Target Market Approach
Start with a description of your total potential market (your potential customers). Present a general strategy that is used to reach targeted customers that might include a mass market or segmentation approach. Describe the needs/benefits sought by market, the product usage, the positioning and what people’s attitudes are regarding the product you are selling and the product category in general.
Target Market Profile(s)
Create and describe the demographic/psychographic profile(s) of the market including elements such as gender, income, age, occupation, education, family life cycle, geographic region, lifestyle, attitudes, purchasing characteristics, etc.
Target Market Motivations
Since you know the profile(s) within your target market you need to explain what motivates them to buy your products/services. Begin by describing how your product/service satisfies the needs of this market. Follow up with describing the particular customers that you will target. Expand into the size of your total potential market (number of potential customers), and then drill down into your target market so that you can make the motivational case you set out to in the first place.
Target Market Purchasing Strategy
Ok, great. You have the market explained, the target profiles done, the market motivations are worked out, now how are people gonna buy your amazingly cool new widget? Well, you need to detail that out in your purchasing strategy. First, you will need to explain how the target market makes their purchases. Then explain what is involved in the decision-making process and the timeline for the purchase (is it an impulse buy or something that takes an extended period of time). Finally you will cover who influences and then makes the purchase.
Target Market Growth Strategy
To wrap things up you will need to provide market size estimates but keep in mind these are estimates for the market, not for a specific product. You will need to provide size estimates for the potential market that include the largest possible market that would buy. Then you need to narrow your focus and provide estimates of size for the current target market (how many actually purchased this kind of product) and provide estimates for these growth rates. Lastly, all of this needs to be projected out for at least through the timeframe for the plan (e.g., 1 year) but most likely longer (e.g., 3-5 year projections).
A Final Thought on Numbers
Throughout all of these explanations it is critical that you need to support estimates with factual data. You can have the best laid plans with awesome projections but if you have nothing to back up your story and make your case you are just fooling yourself that your strategy is the right one.
Now anyone going for the quick buck has a pretty fuckin tough time of ever copying my campaign.