How to Identify your Most Profitable Target Market

Many companies can sell their solutions to multiple buyers.  Nevertheless, those that are most successful narrowly define their target market by specifying the characteristics that separate their most promising prospects from anyone else.

The most promising prospects may be those with the largest budgets, those accounts that are most likely to close quickly, and/or marquee accounts that will attract business from other accounts.

The reason narrowly defining your target market is so important is that it:

  • It enables you to concentrate your firepower for maximum impact on those that will generate the most revenue
  • Helps you sell to them in the way that they prefer to buy
  • Helps you attract other accounts just like them
  • Helps you hone your services and your marketing messages to their unique needs.

You can help pinpoint your most promising prospects by answering the following questions.

–    What is the title of decision maker (the individual who has final say on approval, often CFO)?

–       What industries will most benefit from your solutions?  Why?

–       What size companies most need your solutions?   You may choose to define size by number of employees, company revenue, and/or number of locations.  The goal is to pick a narrow specific range.

–       What unique situation do your most promising prospects have?

–       What is the current solution your target market is using?

Answering these questions will help you fine tune your marketing campaigns to address your prospects’ unique concerns and buying preferences.

This entry was posted in Marketing. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s