When building a plan to address a target market, keep in mind the ways to gather the potential customers that are on the fence about your product or service.
Successful, professional, and productive business-minded people have one thing in common- they all understand the importance of improving what already has proven to work. Of course, the latest and greatest merchandise on the market is always an attention-grabbing situation, but if you really put focus on these “new” offerings, you’ll come to realize they are in fact “new and IMPROVED”. Why is this factor essential to success?
Utilizing the references for a company’s KPIs, a person can find out how well, or not well, they are doing at meeting their goals. This information can shine light on the ways a successful venture paves in path to prosperity. A great example of this is in the music industry, as it is easy to recognize their direct decisions to either take a new route or to improve the one they are on.
Red Hot Chili Peppers produced a total of 265 songs throughout their time being signed on with a record company. Of these 265 songs, only 13 reached the board for top singles. That is not even a solid 5% of their productions. Compare this level of success to that of say Beyonce and you will see the point to be made. Of the 89 songs that she has produced, 22 are top singles. This is a total of 24% reaching the pinnacle of publicity. What did these two music groups do differently? RHCP did not maintain a steady direction in terms of the public’s preference in their sound. Because they bounced from genre to genre, they were unable to retain a fan base that provided them with consistent sales and selection. Beyonce, on the other hand, made a determination on what was preferred of her from her fan base and then proceeded to ‘milk it’.
What is the bigger picture here? The concept that utilizing the assets that have proven to be successful can create reliable and desirable returns. Does this mean continuously create these “assets”? No, it means to create an outline, a bullet list, a procedure to follow- if you will- that highlights the facts of what the successful “assets” obtain that makes them so, and then to recreate that in a new and improved, and even more so enticing, way.
Drake (the musician) has an in-depth understanding of how to monetize the consumer traffic that has promising returns. After producing 133 tracks, he has had 38 of them on the top singles board, creating a success rate of 28%- being above even Beyonce. Why does this success come his way? Due to creative marketing and strategic tactics in customer retention. Drake and Beyonce share a similar mapping of how to continuously grow in terms of desirability. By optimizing the resources that are already in front of you, there is an opportunity to remain consistent and reliable, while also meeting the needs of the market for new and unique content.
Another important tactic that is shared by those who prosper in our current market is their understanding of how to analyze for and conclude on a target market. Target marketing is the best way to remain resourceful on efforts and funds when trying to grow in terms of customers. There are three target market strategies that have proven to be effective and can be transcribed into most any business. Segmenting, Targeting, and Positioning work together as a process for assessing and initiating target market implications. These are referred to sometimes as the STP marketing process.
When building a plan to address a target market, keep in mind the ways to gather the potential customers that are on the fence about your product or service. This should be your first line of action, following those are who have potential without knowing so. Once you have dissected your potential consumers, you can move forward- but not so fast! Take some notes from those in the lead and see what has worked consistently on their end. Change is inevitable, though in many cases only improving what already works seems to be that much more effective.