Five Steps to Finding and Engaging your Target Markets
by Amanda Cooper on Monday November 23, 2009
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Stop Preaching to the Choir NowThere's a lot of great talent, products, and causes out there. Unfortunately, you don't know about them. That's because they are too busy networking and communicating within their own circles. Well, why not?? They know how to speak to their own kind; it's familiar and cozy and when things get a bit uncertain, they can comfort themselves with the idea that they are part of a supportive and collaborative community. Don't get me wrong, building relationships within your industry is lovely but chances are, it's not going to expand your knowledge of your markets, increase your client/customer base, or pay your mortgage.
Let's find your markets
1. Who needs what you have to offer on a regular basis?
Although we've all heard about the salesman who could sell ice to an Eskimo (hm, I think I have just made a couple of very non-P.C. faux pas), why would he want to? Far better to approach restaurants and bars (places that go through a lot of ice), retail outlets (that will resell the ice), or processing plants that use ice to freeze their products.
2. Who needs what you have to offer on a seasonal basis?
Let's stick with our ice guy. He could find a very good seasonal market for his ice with winter sport and festival providers. Think polar bear swims in Arizona, Quebec Winter Carnival, 2010 Winter Olympics at Whistler...
3. Where are all these people?
Just like you, they're hanging out in their own industry circles. Check out local and national associations for networking events and conferences and see if it's possible for you to attend as a supplier. Better yet, offer to be the official ice sponsor for the event, or if impractical for your product/service, offer to host a cocktail party, breakfast, etc. at either end of the event. As you begin to meet members of your target market ask them what publications they read, what associations they belong to and what events they attend. Please learn how to do this in a non-stalkerish way before attempting.
4. How do you engage these markets?
You really need to approach this with the mind set that you have a service or product that will benefit them. Don't try to manipulate or otherwise bamboozle them. That's smarmy and completely unnecessary. If you picked your markets accurately, they want what you've got. Put together industry specific (specific to their industry, not yours) whitepapers, reports, or articles that illustrate current issues related to their industry and yours (i.e.How Global Warming is Wreaking Havoc on Winter Sports/Festivals and How to Cope). Hold a webinar, podcast, or seminar and offer it free of charge to your markets' associations and members.
5. Ask for Feedback
I don't want to be told what I need. I am also not particularly interested in hearing about how great you are. I want my needs to be accurately identified and fulfilled, something that can only be achieved by a little fact finding on your part. Ask me how often I use ice and for what purposes. Ask me about my experiences with ice suppliers and what my ice supplier relationship would look like in a perfect world. Ask me how you can help me and give me an easy and commitment free way to get my feedback to you (I'll give you some ideas on how to do this in my next post).
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