From The Side Lamps Glow

Target Marketing & Fear of Narrowing

Posted by From The Side Lamps Glow on August 10, 2010

Today I attended SCORE’s Seattle chapter monthly meeting. It was a pleasure meeting other counselor’s who bought a treasure of varied business experience and expertise to the table. It was really fun being part of the team.
Apart from the regular items on the meeting agenda such as updates on Chapter activities, workshops etc, we also had a guest speaker (Stacy Karacostas) who spoke about “Choosing Effective Marketing Tactics”.
Some key takeaways are as follows:
1. Always know your market. Targeting a specific section of the market and identifying target customers is at most important. Cannot be stressed enough.
2. Some times entrepreneurs face trouble identifying their target specific markets and there is a fear of too much narrowing. Experts and market research has proved the benefits of target market in more than one instance.This exercise helps to know the exact nature of the problems faced by customers, wants of customers and how your product / service will help to address these specific problems.
3. The best way to identify target market is to define your ideal customer / client. This will allow you to establish a connection and develop a specific message to your customer or helps you to go back to the design board.

Bottom Line – Do your market research, identify your target market / target customers. Do not mass market your product / service. All this information will give you the necessary critical mass for strategizing your marketing efforts.

When in doubt approach local SCORE office for free counseling. There is help waiting for you…

Advertisements

Leave a Reply

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

WordPress.com Logo

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

Twitter picture

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

Facebook photo

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

Google+ photo

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

Connecting to %s

 
%d bloggers like this: