Recently, I have had several discussions with people about how to make their business (or themselves) successful in today’s market and economy. It seems like people have forgotten a basic concept that we were all taught back in school about business…know your target market.
The concept of a target market is not a new concept at all. In fact, I feel like it is one of the oldest business concepts out there. The American Market Association defines target market as “the particular segment of a total population on which the retailer focuses its merchandising expertise to satisfy that submarket in order to accomplish its profit objectives.” However, the target market is beyond the retail industry. It is for ALL businesses. By being able to specifically understand who your target market is, you can focus your promotional marketing efforts more effectively and efficiently. Continue reading “Targeting For Business (And Personal) Success” »
Businesses need to understand their customers. Now I know this is not an Earth shattering concept. However, a number of businesses do not know who their customers are. And, in turn, they do not understand how to attract their customers. By segmenting your customers, you can learn more about them and how to attract them.
Back in my early professional days, I worked for a very large national retail company. As I was learning the systems of the company, my boss, the store manager looked over at me one day and said, “Let’s go comp-ing.” The puzzled look in my face forced the explanation. “Competition shopping,” he replied. After gathering some paper and pen to write things down, he said something to me that has forever stuck. “The competition is always doing something right, or they would not be is business. We just need to know what it is.”