Traction Tip: Identifying Your Target Market
Your marketing strategy is essential to finding and attracting the right customers for your business. Do you know who your “right customers” are? If not, you may be trying to get everyone and anyone to do business with you. Defining your ideal client helps you focus on how to spend your limited time, money, and resources.
In EOS®, businesses define who they want as ideal clients or customers by answering questions from three different viewpoints: their geographic, demographic, and psychographic attributes.
GEOGRAPHIC: While we would love to take over the world, we have to recognize that we only have capacity to serve a small part of it. What part do you want to serve? Are you willing to travel 3 hours away...or within 50 miles? Could you serve the entire US – or even the world?
DEMOGRAPHIC: Which customers will appreciate you the most? Who has the need and money they can spend on your services? Families? Empty-nesters? Are they in certain types of neighborhoods? If you’re B2B, which types of companies do you want to serve? Does industry segment matter?
PSYCHOGRAPHIC: You want customers who will work well with you. What does your ideal customer value from their provider? Is it quality, craftsmanship, stewardship, price, or something else?
Knowing where your customer is, how to identify them, and what they value helps you focus your effort and spending. In addition, defining your target market helps you build processes and systems to serve them best. Ready to talk some more about your marketing strategy? Let's Talk
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