Marketing is warfare in that it has strategies and tactics. Some strategies may suggest that competitive advantage can be gained from collaboration, partnering, and co-operation to grow a market. No matter what the strategy, successful businesses have at least one target. Your target market(s) is the best prospect for your products and services. Defining the target gives you a better understanding of how to promote your business. It is often best to work on one target at a time and when “captured”, attack an adjacent target, one that uses the strength of your new position.
Defining your target starts with a series of questions. Take a few moments to answer the following:
- Who are my best customers?
- Where are my best customers located?
- How and when can I reach these customers?
- Who are my competitors? What are their strengths and weaknesses?
- Why should these customers buy from me?
As with everything, the answers might change over time. So hold onto the ground you have achieved (keep the customers you already have) and refocus some resources on the next target.
How are you targeting your market(s)?
Steve Koenig, SCORE Counselor
Visit us at: www.scoresouthflorida.net