What Is A Target Market?

Many people starting a business, when asked about who is going to buy their products or services, say something like: “Well, people are going to buy my stuff.” It’s not just people beginning a business either. Some business people get lucky, and start making sales, without actually trying to get a specific type of customer … Continue reading “What Is A Target Market?”

Many people starting a business, when asked about who is going to buy their products or services, say something like:

“Well, people are going to buy my stuff.”

It’s not just people beginning a business either. Some business people get lucky, and start making sales, without actually trying to get a specific type of customer to buy from them.

In his book Contemporary Marketing, Dave Kurtz says that a target market “a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards.” While it’s not a bad definition, it’s not really an explanation.

A better explanation, I think, is this: a target market is a group of people who share similar needs and wants that would be satisfied by purchasing your products or services. As a very broad example, if I were selling any type of automobile, I would be much better off focussing my attention of people who needed an automobile (either they don’t have one, or the one they have needs to be replaced), rather than on “anyone who has a driver’s license.”

To refine things a bit, let’s suppose I sell an expensive 2-seat sports car as my only product. Let’s talk about who is NOT part of my target market: people who want a truck, families who have children, people who can’t afford a sports car, people who are driven around by other people every day, and so forth. So of all the people who need or want a new automobile, only a small section of that larger group are even interested in buying the sports cars that I sell.

We can eliminate people who don’t want, or can’t afford, our sports cars from our marketing efforts. Rather than trying to hit “anyone with a license,” we can concentrate our efforts on being seen by only the people who want and can afford our car. This allows us to focus our attention and marketing efforts. Laser focus.

The term “laser” originated as an acronym for “light amplification by stimulated emission of radiation”. Succinctly, a laser beam is a tightly (or highly) focussed “bunch” of light (photons). Because it’s tightly focussed, it can stay bundled together for extremely long distances. We know how far away the moon is, for instance, because we can bounce a laser beam off it’s surface and measure the time it takes to get back to us. Lasers can also be made of just one color of light. (All colors together make “white” light.) So substances that only react to certain colors of light (red, as an example) might react to one laser, and not any other.

The fact that some things only react to certain colors of lasers is important. This concept extends to marketing, and the messages we send out. The “color” of our particular message, say the fact that our sports car can go almost 500 miles on a tank of gas, will only resonate with people who are 1) in the market for a sports car, 2) can afford our sports car, and 3) want a car they don’t have to fill up very often. I haven’t said why it can go 500 miles on a tank. Perhaps it has an extremely large tank, or perhaps it gets superior gas mileage. By getting even more focussed in our message – telling people exactly why it can go so far – will also narrow the group who is interested in our message.

I’ve been talking about the marketing messages we send out. What about our original question – what is a target audience? The two are joined at the root.

The focus of the marketing messages that you send out can define the target. That’s putting the cart before the horse. But when you define the people you want to reach, you can then customize the messages that have the best chance of getting through to them despite all the “noise” in which we’re each immersed on a daily basis.

This book is all about defining your target market, and then being able to craft a message that cuts through the daily clutter to reach them. I tell my direct customers that you want to put yourself where prospects will trip over your message and you. I say this because most people who want or need your products and services will not be looking for you. How can they? They don’t know you exist!

I recently spent quite a bit of time in San Franciso’s China Town. The main street there is Grant. Most tourists don’t really wander off Grant – perhaps 20%. And of all tourists, most don’t go up Grant more than about 6 blocks. On the corner of the 5th block (Washington), there was a woman standing passing out colorful menus from a restaurant down the side of Washington. Her target market could be loosely defined as: hungry tourists at the corner of Grant and Washington who wanted to see food and prices from a Chinese restaurant. She was there from 11 AM to at least 10 PM every time I walked up Grant Ave, always trying to hand me a menu.

It’s basic, but this is one way of defining your target market, and trying to interact with them. Not everyone took a menu, but I saw people who did. Sometimes it was reflexive – that it, they took it because it was thrust at them. But other people actually looked at the menu. Of those that looked, some turned right and visited the restaurant. She was literally delivering her message by putting herself where her target audience would unknowingly find her. These were people who, a few moments before, didn’t know that particular restaurant existed. By being there with a menu, she got customers for the restaurant.

The more you know about your target market (or target audience), the more tightly you can focus your messages (Yes, messages. Plural.) so you can be tripped over, or found by those people.

Given all this, let’s describe a target market this way: A Target Market or Audience is a very narrow group of people who want or need your products/services. Because you understand them, you can enter the conversation already going on in their heads and introduce them to your products/services through laser focussed messages in such a way as to get them to self-select as your customer or not.

I’ll be explaining the other points in my description that I haven’t touched on here. I wanted you to understand that defining your target market, and customizing your messages so that they’re seen and registered by those people, is essential to business success.

Three Points to Consider When Making a Great Inbound Sales Strategy for Your Digital Marketing

Inbound sales are the transaction methods that happen when leads make the first move of contact due to interest in a company’s product or service in some way. This process includes a possible customer sending you an email, requesting more information via a call, and electronically filling up a company form.

These actions are the “warming up scenarios” for a potential client as you and your back office support team will guide them to the right path of ultimately buying. To make things more well-defined, we will give details on the differences between inbound sales and outbound sales, especially in the field of digital marketing.

Let’s cite some of the recognized qualities below of an individual belonging to outbound sales:

OUTBOUND SALES

  • Are more likely to interrupt a customer’s workflow (e.g. cold calling, website pop-ups, banner spams)
  • Some organizations still stress on outdated high-pressure sales tactics
  • Nearly works as a lone individual relying on a patented script which has been used numerous times
  • Some companies still don’t know that quality and quantity are different in seeking out clients

An inbound sales team however, partners with the marketing team especially with content development services to help potential buyers find ways to get in touch. How effectively do you follow an inbound sales lead? Do you follow them up quickly and do you continue to follow up until there is a decision?

The b2b telesales support team needs to learn how to effectively communicate with a potential buyer especially as already mentioned they have already been lured in due to your engaging content. So good opportunities will not slip through their fingers.

So how do you avoid in making missed opportunities? Have your telesales outsourcing squad engaged in these following practices:

Pay Attention

Draw your customers with engaging content that allows you to question what are their needs and wants. Show your interest in their business and they are more likely to trust your recommendations.

Focus More on Quality and Work Segregation

Inbound strategies don’t usually generate the same amount of leads as outbound. But these will most possibly generate sales due to the time invested and the showing of interest. It is also advisable to have your workforce focus on one aspect (e.g. Account executives should concentrate on qualifying and prospecting).

Pamper Your Leads

Provide unsolicited answers and help to your leads. Being able to give them extra importance before both parties have inked a deal both demonstrates your worth and your interest in the buyer’s success. You will also create for yourself credibility when you provide a fast professional follow-up.

Eight Must-Use Tips for Hospitality Marketing

The good news is that these days you don’t need to spend a lot of time or money marketing your hotels if you know what you’re doing. Some of the tips we offer are basic while others may take a bit of effort to implement. In both cases, you may see your hotel revenue increase if you put them to work for you at your hotel investment properties.

Tips for Hospitality Marketing

1. Professionalism – While cute or funny advertisements may seem like a good idea at the time, it’s important to remain professional in the eyes of the public at all times. This is a sure-fire way to win over hearts and minds when it comes to the hospitality industry.

2. Testimonials – Do you know the main reason most businesses – including hotels – don’t get positive testimonials from customers or guests? It’s simple – they don’t ask! That’s it, the big secret. To make them even better, try to get video testimonials from your guests.

3. Beyond a Basic About Us – Is there a story behind your hotel? Maybe a local story or celebrity who is connected to the hotel in some way? If so, share that information with the public. Make your hotel seem different than all the others, in a good way.

4. Solve Problems – Another big “secret” is using marketing to solve problems for guests. Give them a reason to see your hotel as a way to scratch an itch they might not have known they had before they saw your advertisement.

5. Have a Superior Website – Yes, everyone has a website these days. That’s why it’s important to go the extra mile and make sure yours is useful and optimized for search engines and conversions – there’s a huge difference between the two.

6. Short and Succinct – Bigger isn’t always better when you’re talking about marketing for the hospitality industry. Make your message catchy and easy to remember and share online. This can help a marketing campaign go viral.

7. Language Matters – Depending on where your hotel is located, you should pay close attention to the languages you use for your marketing efforts. This is especially important if you’re dealing with hotels in non-English speaking countries.

8. Geo Targeting – This type of marketing allows you to send a specific message to people in a certain geographical area. It’s a good idea to have separate ad campaigns for different areas. Laser targeting as many demographic points as possible is good.

Choose a Hotel Marketing Agency

If you decided that your hotel marketing campaign should be handled by professionals, we recommend you to choose the agency carefully. It is necessary for the company that will handle your marketing campaign to be situated in the country where your hotel is located. This guarantees the company’s knowledge and experience with regard of this specific market operations. It is also important for the company’s name to be connected to some major brand of hotel operators or property developers. Make sure that the company has perfect track record and more than one hotel in its portfolio.