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Target Your Customers and Hit the Business Bull’s-eye

 - by Todd Jensen

(c) Todd Jensen - All Rights Reserved
 http://www.theprofitengineer.com
 http://www.maxqtc.com

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Businesses that market haphazardly and randomly are
likely to hit a few customers here and there just by
the sheer law of averages. However, businesses that
know who their customers are and what customers are
going to respond to, hit the bull’s-eye every time.

The Importance of Knowing Your Customers

A fundamental principle amongst marketing professionals
is this: 20 percent of buyers consume 80 percent of
product volume.

When you understand this, you understand how important
it is to know exactly who your customers are—and more
importantly, who your best customers are. But if you
don’t know already, don’t panic.

Identifying Your Best Customers

Here are some basic types of information that can help
you identify your best customers (and more like them):
Demographic information—average age, average income
range, location, occupation, education, marital status,
gender, race, disposable income.

Lifestyle information—hobbies, interests, what they do
for fun and entertainment, political beliefs,
memberships in organizations, cultural practices.

Psychographic information—personality traits and
emotions that affect purchasing decisions. For example,
do they see themselves as fiercely independent? Do they
long for stability? Do they want to keep up with
everyone else or stand apart from the crowd? Are they
adventurers?

Increase Your Chances of Success

Knowing this information increases your chances of
success in 2 ways.

First, you can use this information to adjust your
products and services to best suit your customers’
needs and desires.

Second, you can sharpen your marketing messages and
hone your promotions so they reach the right
customers—that is, the 20 percent who are going to make
up 80 percent of your business.

Consider this Example

A toy company that markets to parents of infants and
toddlers understands that the majority of its parents
hold university degrees, many of them graduate degrees.

Through some basic research and market surveys, the
company learns that education and exposure to the arts
are important values to this market. Their expertise
also tells them that young infants respond to bright,
multicolored objects.

From this, the company sets out and markets videos that
depict art in bright primary colors against black
backdrops while classical music is playing. Does it
sound a little silly?

The Disney Corporation didn’t think so when it recently
bought the Baby Einstein Company for $18 million.

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Todd Jensen, “The Profit Engineer”, has helped hundreds of
business owners make their business more successful and
profitable.  For tips and strategies on how to boost your
business success as well as increase your profits, visit
http://www.theprofitengineer.com or
http://www.maxqtc.com
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