Targeting For Business (And Personal) Success

Targeting For SuccessRecently, I have had several discussions with people about how to make their business (or themselves) successful in today’s market and economy. It seems like people have forgotten a basic concept that we were all taught back in school about business…know your target market.

The concept of a target market is not a new concept at all. In fact, I feel like it is one of the oldest business concepts out there. The American Market Association defines target market as “the particular segment of a total population on which the retailer focuses its merchandising expertise to satisfy that submarket in order to accomplish its profit objectives.” However, the target market is beyond the retail industry. It is for ALL businesses. By being able to specifically understand who your target market is, you can focus your promotional marketing efforts more effectively and efficiently. Read more of this post

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Minimizing Loss

Loss is scary…and not just on Halloween!

I am a big fan of Jay Conrad Levinson.  I read his first book, Guerrilla Marketing, back over 15 years ago shortly after graduating college.  It was very different that anything I learned in four years at a good undergraduate business school.  Since then, I have read a few more of his 58 co-authored books and I get a weekly “Guerrilla Marketing Tip“.  (By the way, you can sign up for these tips here.)

 A tip that was recently sent out was very simple…Twice as many people buy to prevent loss than out of a desire for gain.

Are any of your sales and marketing messages designed around your customers desire to prevent loss?  Based on this tip, 2/3 of your sales and marketing messages should be designed around your customers desire to prevent loss.  An assumption in this is that you know that your business has a feature that can prevent loss.  Most business owners can identify what their business provides in the way of possibility.  To have a product/service that provides comfort,  makes them feel better about themselves or sleep better, etc., is great to have and easy to identify.  But to have that same product/service have an identifiable attribute to prevent loss could be a little bit difficult.  Yet, some of the possibility attributes can also be prevent loss attributes.

Let’s use an example of something simplistic…a Big Mac from McDonald’s.  It is easy to identify attributes that provides in the way of possibility.  Here is a quick list.

  • Food
  • Value for the $
  • Taste
  • Image

But what about attributes to prevent loss?  This is a list I started to come up with.

  • Lack of image/status
  • Excessive spending (especially with a Value Meal)
  • Hunger

So, what features of your businesses attributes are you identifying to help prevent loss?

–J. Nolfo helps companies understand their customers though a variety of market research strategies.  He has over ten years of experience of market research for strategic planning purposes.  He is the Director of Research at Rhino Market Research.  He shares his thoughts about market research with his blog “Pensare…Understanding Market Research in Business“.  If you would like to discuss this blog or how J. can help you understand your customers, email him at jnolfo@ymail.com.

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