This month we have been discussing the value of distinguishing your target market in the most specific details possible. By now, you have a good snapshot of who your target market is and what makes him/her tick. You may even have a photo of your target market person.
So, what is the value of such research? Knowing your target market will point you in the direction of distinguishing your business from your competition so that your specific clients can find you and do business with you. It is the trim tab which will allow you to attract the type of clients you want to attract.
Your next step is to research your competition.
Here is what you want to know about your competition: what are the companies and services that are offering services similar to what you are offering? What are you offering that you do better than they do? What would have the customers choose to work with you instead of with the competition? (What do I do better or differently?) And what do I offer that the competition doesn’t?
By taking the time to do this type of research on your competition, you will discover what you didn’t know that you didn’t know about them. It will also allow you to uniquely place your services in the market place so that you stand out. You can then begin to market your business in a way that raises a beckoning flag to your client saying: Come Here!
You can then apply your research in developing your marketing plan. Your plan will be comprised of the following marketing elements. This mixture of marketing elements is referred to as the ” 4 P’s”: products, place, price and promotion. Essentially what you want to create is the “4 P’s” to be tailored specifically to your market or your “one person”. You are highlighting your difference from the competition which specifically matters to your one person. When they see your marketing, they will say to themselves: “This is exactly what I am looking for.”
Most likely, you will have to go through several iterations in order to have the perfect element mix. And, that is okay and normal. It is worth it because when you nail it you will notice that your flow of clients is increasing—after all, they have been looking for you.