FINDING YOUR TARGET MARKET IS KEY TO SUCCES and critical to the development of your TRM BUSINESS DEVELOPMENT PLAN. (TRMBDP) It is the beginning and end of the METHODOLOGY. Target marketing is picking a specific group of people or businesses you want to serve, then tailoring your message, offer, channels, and follow-up to fit them—instead of trying to market to “everyone.”
Welcome everyone. Today’s session is about learning how to identify, reach, and convert the right customers. The key idea is simple: not every customer is the best customer for your business. When we understand who we serve best, we can focus our marketing, improve results, and avoid wasting time and money.
We’ll cover six areas: the fundamentals of target marketing, how to define an ideal customer profile, how to research the market, how to match messaging and channels, how to plan campaigns and measure KPIs, and finally how to turn this into a 30-day action plan.
Target marketing means focusing on the customers most likely to buy, benefit, and stay engaged. Instead of trying to reach everyone, we narrow our focus so our message becomes more relevant.
There are four common ways to segment an audience: demographic, geographic, psychographic, and behavioral. Demographics include things like age, income, and role. Geography looks at region or location. Psychographics focus on values, interests, and lifestyle. Behavioral segmentation looks at usage, loyalty, and buying habits.
The reason this matters is that sharper targeting leads to sharper messaging, better offers, and smarter channel choices. For the quick activity, have participants list three possible audience segments for their own business
Target marketing means focusing on the customers most likely to buy, benefit, and stay engaged. Instead of trying to reach everyone, we narrow our focus so our message becomes more relevant.
The TRM approach identifies a specific CUSTOMER target Market as well as LINKS or influencers with direct access to that market. When networking at EVENTS, locating LINKS and developing symbiotic relationships is the PRIORITY.
Each LINK is encouraged to build their own NETWORK of LINKS who do not compete to share IDEAS, INFORMATION, RESOURCES, REFERRALS and INTRODUCTIONS.
The objective is to build a NETWORK of 10 qualifying LINKS either personally recruited or otherwise joined. Each LINK who recruits a LINK member will receive a $400 LINK BONUS. A NETWORK of 10 active LINKS is expected to create 300 referrals converting to 100 ICP sales in year 1, and 100 in year 2 and 100 never for each member. A LINK may then request to become an EXECUTIVE LINK, and if approved, become a Limited Partner and share in NETWORK TRM income. The EXECUTIVE LINK is responsible for expenses and Growth & Development of the NETWORK. The EXECUTIVE LINK receives current income as well as residual income creating a TRM equity position.
Target marketing means focusing on the customers most likely to buy, benefit, and stay engaged. Instead of trying to reach everyone, we narrow our focus so our message becomes more relevant.
There are four common ways to segment an audience: demographic, geographic, psychographic, and behavioral. Demographics include things like age, income, and role. Geography looks at region or location. Psychographics focus on values, interests, and lifestyle. Behavioral segmentation looks at usage, loyalty, and buying habits.
The reason this matters is that sharper targeting leads to sharper messaging, better offers, and smarter channel choices. In TRM there are two IDEAL PROFILES. 1 – IDEAL CUSTOMER PROFILE, ICP, for each Target Market and 2 – IDEAL LINK PROFILE (ILP) for each target market including industries who are potential LINK members.
From your customer and contact database, complete the PROJECT 100 to identify current customers or contacts who measure up.
Your LINK COACH will then research the market place to identify and CLONE those who are your best opportunities. The next step is to attend EVENTS where these targets are likely to go to network. TRM has created a Calendar of local EVENTS for your resource here. Also, click here to find a list of local Chambers of Commerce and Industry Associations. Identify those which fit your ICP and ILP, JOIN and attend events.
Click HERE to find a list of TAMPA BAY Chambers and INDUSTRY specific Associations. If you want to hunt elephants go to their local watering hole. If you want to hunt accountants, go to where they congregate and network.
This begins the implementation of the LINK System. Make sure you share your digital business and including the TRM Business Development Platform and VIP membership opportunity. This creates an exponentially growing database of business opportunities.
Before marketing, we need to define the best-fit customer. The Ideal Customer Profile, or ICP, describes the company or customer type we serve best. It is based on fit, value, and buying potential.
A buyer persona is more humanized. It represents one ideal buyer and includes that person’s goals, pain points, motivations, and preferred communication channels.
This is accomplished by meeting with customers and or potential customers and conducting a Market Survey. CLICK HERE to learn more and down SURVEY.
Targeting should be based on evidence, not guesses. Useful data sources include customer interviews, CRM and sales data, website and social analytics, surveys, feedback, and competitor analysis.
The questions to ask are: Who buys most often? Who gets the most value? Which segments are easiest to reach? Which segments are most profitable?
The process is to gather data, identify patterns, create segments, and prioritize opportunities. The key tip is to look for segments that are profitable, reachable, and aligned with your strengths.
The TRM digital GOCARD is a tool used to communicate with contacts to begin the relationship development process.
When attending a LINK LUNCH, begin every meeting with a GIFT which could specifically relate to your firm. Ask questions to learn about your lunch partners GOALS, CONCERNS, WANTS, NEEDS. DEMONSTRATE your TRM business development GOCARD and VIP GIFT to see if a LINK invitation might be warranted.
If so suggest individual for membership, TRM will follow up with communications and finish the REGISTRATION. When successful, you will receive a $400 recruiting BONUS.
Now we turn the target market into an action-ready campaign plan or BDP. A good campaign starts with a clear objective, then defines the offer, selects the channel mix, assigns a timeline and owners, and sets the budget and success measures.
Based upon a LINKS over all objectives a LINK sets GOALS to be accomplished each week beginning by attending 1 EVENT per week. For more robust Goals, increase the number of EVENTS to attend. Work SMARTER and not HARDER. Follow the mantra that if you have a problem, make it a process and it won’t be a problem any more.
The core metrics to track are leads, conversion rate, cost per lead, customer acquisition cost, retention, and ROI. These numbers help us understand what is working and what needs improvement.
Optimization is ongoing. Test one variable at a time, review results weekly, and double down on what works. The key reminder is that measurement makes improvement possible.
During the ADMISSION TICKET period, specifically the 1st 30 days, pay particular attention to honing your target market and discuss weekly with your LINK COACH.