Category: Target Market

Unlock the Full Potential of Your Small Business by Identifying Your Target Market

Posted on by Don Vanpool

Every small business owner wants to build a successful and lucrative business. To do this you must be able to clearly identify your target customer. Let me give you an example to illustrate the importance of knowing and understanding just exactly who your target customer is.

A U.S. based pharmacy chain is testing a new customer rewards program in four markets and according to its web site, promises to roll it out nationwide.

The card offers the typical benefits—it’s free to sign up, customers earn points and get percentages off of brand products, coupons will flow freely in the mail and so on. But one of the new so-called “benefits” involves earning points toward free health screenings.

Here’s the deal. When a cardholder racks up 500 points… or spends $500 on non-prescription products… since one point is worth one dollar… they will receive a certificate that can be used for free health screenings such as glucose and cholesterol readings.

The program also gives 25 points for each prescription filled, but doesn’t include prescriptions paid for in-whole or in-part by state or federal health care pro- grams like Medicare or Medicaid.

But wait a minute. Isn’t it safe to assume that people spending $500 at the pharmacy… or filling 20 prescriptions at the counter… are already screened? Who exactly is this “benefit” supposed to be benefiting?

With the American health care system in a state of disarray and pharmacies like Walgreens stepping up to fill the affordable health care void with inexpensive health care screenings and advice, what is this pharmacy getting at?

Shouldn’t first-step screenings that are so vitally important to customer health come more often than when $500 is spent on toilet paper and a Kit-Kat bar? Rewarding more affluent customers who can afford to spend $500 on non-prescription items… or are constantly filling prescriptions at the store… doesn’t seem like the best way to promote public health. Real innovation here would be free screenings for poverty-line customers… or at least a more realistic point offering.

This is a classic case of putting the cart before the horse as the old saying goes. Here is a major retailer that has failed miserably to even remotely analyze who their target customer is and what it is they want. After all, there’s NO magic to selling. Find out what your customers want… and then give it to them. This retail pharmacy has completely missed the boat here.

Knowing and understanding your target customer… and then mapping out their thought process are two critical fundamentals that must be executed properly if you want to build a successful and profitable business.

The first step in this process is to identify the physical characteristics of the entire universe of customers that could be in your target market. From there you will want to understand the emotional descriptions of segments in your target market and better understand what they want. For example, a consumer looking for child care could want low prices, or a nurturing environment or an educational setting. This would obviously depend on various physical characteristics of the market. Finally picking a niche in your market and the revising the physical description of your target market will complete the process.

P.S. Also remember, to determine how likely your marketing is to convert, simply fill out my Conversion Equation Evaluator.

This evaluator has the unprecedented ability to predict the future success of any marketing collateral you develop… as well as predict whether that marketing will be profitable or not. And, it’s 100% free to use!

After calculating your marketing conversion level, I can show you exactly what to do with your website and marketing collateral that could double or triple the number of prospects who respond to your marketing.

Just schedule a complimentary meeting with me

 

 

 

 

The Marketing Equation that Will Turn Advertising Dollars into a Revenue Windfall

Posted on by Don Vanpool

At least 90% of marketing efforts by small business owners are completely wasted. The marketing pieces lack the hot buttons and attention grabbers to have any impact on the target market. And often the small business owner has not properly defined a target market and therefore does not know the hot buttons to begin with.

It is really quite simple … make your business unique, create an extraordinary offering and communicate effectively. And to communicate effectively the secret is to use the marketing conversion equation. Finding your core audience and getting their attention is simply following a proven set of principles. That formula is Interrupt, engage, educate and offer.

You MUST be able to enter the conversation taking place in the head of your prospects. Or another way to look at it is to be able address the number one question on your prospects mind at just the right time. The conversation taking place in EVERY prospect’s mind revolves around two major points … There’s a problem they have and they don’t want … There’s a result they want but don’t have.

Interrupt is your headline and is the problem they have and not want. Their hot button issues.

Engage is your sub headline and is the solution you provide that they are looking for.

Education is the information you provide either verbally or in writing that presents evidence to your prospect that you and your product or service are superior in every way to your competition.

The Offer MUST be so compelling and so irresistible your prospects can’t turn it down.

This messaging must be in every piece of marketing material you use and targeted at the niche part of your larger market opportunity. Utilized properly you will have more leads than you can possible address and can often get these leads while you sleep. It really is a simple equation that will turn advertising dollars into revenue. Happy marketing and see you here next week

P.S. Also remember, to determine how likely your marketing is to convert, simply fill out my Conversion Equation Evaluator.

This evaluator has the unprecedented ability to predict the future success of any marketing collateral you develop… as well as predict whether that marketing will be profitable or not. And, it’s 100% free to use!

After calculating your marketing conversion level, I can show you exactly what to do with your website and marketing collateral that could double or triple the number of prospects who respond to your marketing.

Just schedule a complimentary meeting with me.

The Secret to Great Marketing

Posted on by Don Vanpool

There are two ways to view marketing’s purpose in simple terms…

enter the conversation taking place in the head of your prospect
answer the number one question on your prospect’s mind… at just the right time

Evaluate your marketing based on those critical criteria.

How does your marketing stack up?

I can give you a hand with that evaluation using my Conversion Equation Evaluator that has the power to predict the future success of your marketing… both from a results and a financial standpoint.

Today, let’s discuss three critical fundamentals of marketing that are highlighted on the free video I offer as a service to small business owners.

Click here if you haven’t watched it yet.

The three fundamentals of marketing are…

  1. have something good to say
  2. say it well
  3. say it often

Let’s explore that first fundamental today… have something good to say.

This fundamental is neglected by virtually EVERY business owner on the planet.

To have something good to say means that your business MUST be unique when compared to all the others who sell what you sell.

You must be different… there must be something that separates your business from all of your competition.

When businesses copy each other, it forces those businesses into price competition, because price then becomes the ONLY differentiator for prospects to consider.

It becomes the ONLY value proposition left to the prospects.

Any business that determines it isn’t unique MUST innovate so it does become unique.

Domino’s Pizza did this back in 1971.

Domino’s became a billion dollar behemoth in an overcrowded market back then.

Did Domino’s make the best pizza? Not even close!

Did they offer comfortable in-house dining like ALL pizza places did back in those days? No way!

Did they offer the largest selection on their menu? NO… they offered the exact same pizza as ALL of their competitors!

They dominated by having something good to say that was radically different back then when compared to ALL the other pizza franchises… fresh hot pizza delivered to you in 30 minutes or less!

But then Domino’s had to innovate in order to make good on that promise.

They specifically targeted hungry college kids living in crowded dorms (densely populated where few had transportation).

Domino’s went to small shopping centers located nearby the various college campuses and rented small storefronts just big enough to accommodate a pizza oven and a preparation counter.

One kid made the pizzas while another delivered them.

The result – Domino’s became a billion dollar behemoth in an overcrowded market.

You can do the EXACT same thing with your business.

And if you do, you will be well on your way to dominating your market, just like Domino’s did.

Next week, let’s discuss fundamental #2, say it well.

See you then.

Don Vanpool

P.S. Also remember, to determine how likely your marketing is to convert, simply fill out my Conversion Equation Evaluator.

This evaluator has the unprecedented ability to predict the future success of any marketing collateral you develop… as well as predict whether that marketing will be profitable or not. And, it’s 100% free to use!

After calculating your marketing conversion level, I can show you exactly what to do with your website and marketing collateral that could double or triple the number of prospects who respond to your marketing.

Just schedule a complimentary meeting with me.

Create a Market Dominating Position or Perish

Posted on by Don Vanpool

Most businesses are me-too with very little differentiation. They have not created a unique position in the market place, and if they have, are not communicating their uniqueness to the outside market. A market dominating position (MDP) is simply any value-added customer perceived benefit, or a combination of benefits, that differentiates you from your competitors, and does so in a strong enough manner that makes your business the logical choice in the minds of your prospects and customers. One great example is Domino’s Pizza, which built stores in areas with lots of colleges, which was fast hot pizza, targeted specifically for hungry college kids. A contemporary example would be stock trading start-up Robinhood with a hassle-free signup process, a sleek website design and zero fee trading.

Some key ways to differentiate yourself from the competition includes level of service:

Convenience – location, availability, ordering, delivery, and ease of payment

Speed – loan approval time

Education and training – on-line training for 24/7/365 access

Removal of potential risk – what is your guarantee

Quality

Security and safety – are your restaurant strictly following CDC guidelines

Another key category is selection. In Netflix’s case, all they had to do was match their competition in the areas of selection, and innovate int he area of convenience.

And finally, price such as single or fixed pricing. Businesses can differentiate themselves by offering a set price. Fixed pricing can be used for most businesses to establish an MDP when you use a little imagination. What about a divorce attorney that charges a fixed price for a divorce?

Your MDP will never be 100% complete and you will need to continuously innovate your business to stay unique. With the proper marketing you can then communicate that uniqueness to the market and crush your competition.

P.S. Do not leave this blog until you have a plan of action!

PPS. If you’re looking for a proven system to grow your business …. we created business development software and high-end step by step training to support it…

I can find any business owner $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.

Visit me on optaprofit.com to find out how or book time on my calendar https://optaprofit1.youcanbook.me

Don Vanpool … AKA “The King of Cash”

Stop Wasting Your Resources!

Posted on by Don Vanpool
Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
  • What do people really want to buy from me?
  • What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores. The basic concept is this: You want to find existing businesses who have the customer profile that you are looking for to market your products/services to. Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses. As a result, you have an audience to market to and they generate an added value from their current base. So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success. LV = (P x F) x N – MC Here’s what it all means:
  • LV is the life time value of a customer
  • P is the average profit margin from each sale
  • F is the number of times a customer buys each year
  • N is the number of years customers stay with you
  • MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers. So, here’s your step-by-step process:
  1. Find companies who already have the customer base you are looking for.
  2. Negotiate an incentive for them to share that customer base with you.
  3. Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, please contact us and we’ll set you up with the most comprehensive system of marketing tools and resources.