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

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