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Do You Recognize The Early Warning Signs Of Losing Business?

Updated on November 5, 2007

Do You Recognize The Early Warning Signs Of Losing Business?

One of the early warning signs of going under is not knowing who your target audience is. Do you know who your target market is? If you don’t, you’re leaving money behind on the table. All of your marketing efforts are wasted. You could possibly be losing a ton of business.

In order for you to craft an effective advertising message, you have to know who you are talking to. Your target market are the people that are going to be buying from you. It is the person who is making the purchasing decision. The person who is making the purchasing decision may not always be the end-user. So you need to be clear on this. For example, children will influence their mother and father to buy a toy. The end-user is the child, while the parent is the one making the purchasing decision. In this case, it will most likely be the mother who is the decision maker.

How do you find out who your target market is? It all starts with analyzing and segmenting your consumer market. Find the right niche. Identify the groups of people within your market. Then evaluate their characteristics, such as where they live, their behaviors, and their psychographics. Combine these groups into segmented markets. From these segments, you then choose your target.

Do your market research. You may have more than one group that you end up with. This means that you will market a little differently to each group. Direct marketing is not just using one size fits all marketing. Instead, you carefully understand each market, and then speak to them individually, according to their needs and desires. Know who your target market is and boost your bottom line dramatically.

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