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Define
Your Target Market To Increase Profits
September
24, 2006
Author: Tom Perkins - Business Development Coach and Certified
Personal Trainer
Can
you accurately describe your target market?
Do you know what your clients will want and need?
If you cannot, you need to start.
Detailed and specific answers to these questions are
pivotal to your ability to effectively design your marketing
strategy, and draft a successful sales and marketing plan.
Chances
are you already have a pretty good idea as to what types of
people will use or benefit from your services.
You probably can build an accurate profile of who they
are in terms of their age,
gender, socio-economic status, occupation, etc. Common sense is also telling you that you should be
focusing your marketing on these people.
However, knowing you have to and doing it are two
completely different things.
It can also mean the difference between failure and
success.
Not
only do you have to have a clear picture of who your target
market is, but you also need a very clear and precise
understanding of what they want and need.
Without this, you cannot develop a specific marketing
message that will most effectively sell the benefits of your
service to your clients.
One
of the best ways to gather this information is by talking to
your clients.
If you do not have clients yet, talk to the clients of
your competitors, or survey people who you have determined to
be your ideal client. This
allows you to confirm that you have indeed built the right
profile of your ideal client and their needs and wants.
Also, take the time to refine your list of prospects.
Double check that you have correctly classified your
prospects and eliminated any that do not fall into your target
market profile.
Finally,
ensure that you are providing your prospective clients with
exactly what they need and want.
Are you doing it in a way that is convenient for them?
Are your services marketed at a price they can afford
to pay and are willing to pay?
All questions require that you take one more critical
and objective look at your services and marketing plan to make
sure all elements are in alignment.
All
too often businesses make mistakes that end up costing them
time and money.
For example, they may think they have a pretty good
idea as to who their target market is, but fail to test that
assumption before they launch into their marketing campaign.
By testing, you can either confirm that your target market
profile was correct, or you can adjust your offering until you
do get it right.
Being precise leads to more sales more quickly, and
more profitability over the longer term.
With
a degree in Accounting, certified as a personal trainer, and
primary function as a business development coach; Tom
Perkins works with personal training departments,
fitness professionals, management of health clubs, as well
as fitness product and sports nutrition companies in the
areas of sales, marketing, and promotion; operations and
administration, and staffing and human resource management.
With 6 startups in 15 years under his belt and over 20 years
of working with the fitness industry Tom leads companies to
profitability through Fitness Industry Solutions www.fitnessindustrysolutions.com.
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