Why It's Important To Identify Your Target Market
What’s your target market? In the financial services industry, the answer to this question is often a vague one, such as: “we can help anyone.” And it’s often true that the array of products and services is so vast that you can help most people. The problem with this is that most agencies miss out on the benefits of having a well-defined target market profile.
In our Optimal Outcome program, we have clients identify their target markets using a profile that defines how they think, what’s important to them, where they live/shop/work/play and what marketing strategies could be used to reach them.
The power of this activity is in understanding that while you might be able to help everyone, it’s more effective to approach different markets with different tactics. The message might be very similar but the words you use and even the channel you use might be different to really catch the attention of that market.
Think about having a conversation with young parents that are just starting their family versus having a conversation with grandparents who are on the verge of retiring. While you can help both, maybe even with the same products, there can be vast differences in how you approach the sale. Their “why’s” might be different. Their budgets might be different. Their life experiences are different.
As a sales professional, you probably adjust to this very naturally in your face-to-face meetings, yet many agencies don’t take the time to think about their marketing with this same point of view. When your target market is well defined it’s often easier to see new possibilities that you hadn’t considered before. It’s easier to look at a marketing campaign and ask:
- Will this speak to them?
- Does it help trigger their motivation to talk with us?
- Does it address their why?
- Will they see/hear it?
- Is there a better way to get their attention regrading this matter?
While marketing may seem like an art it’s more of a formula that starts with understanding your target. When you understand your target market it’s much easier to evaluate a campaign and to come up with ideas to reach that market.
If you’re struggling with your marketing, it’s time to ask one of our Optimal Outcome Business Coaches about Targeting Client Prospects. You don’t have to reinvent the system, because we have it ready for you.