What You Need to Know About Target Markets

Every sales team and general business wants to know who their customers are. Who are these ideal people who fit every aspect of their product? What are their key interests and priorities? If you can get answers to these questions, it can help you to better prioritize the deals that would most likely bring the best results for you. But how do you find a target market and what is exactly a target market? At the basic level, a target market is a group of customers for which your products and services are aimed. It is normally defined by the industry you are involved in. Once you have identified your industry, you go ahead and figure out its size. Even within that industry, there will be very large companies.

When looking forward to analyzing your target market, here are some important steps on how to go about it.

Analyze your products or services

You need to take a look at what you are selling so that you can understand which consumers would get value out of your products. There are a couple of questions that can help you with the process. What needs do your products or services fill? Are there any problems or pain points you want to solve? Who would benefit most from your products or services? Once you have answers to these questions, you might want to consider getting feedback from your current customers. Seek help from a focus group or ask your service department what the common problems would be. Analyze your products and services in a way that helps you better understand your target market. You might learn that your customers are not even the people you have been targeting.

Check out the competition

You need to perform an analysis of your competitors to see who they are targeting. Take a look at their customer base and see if you can find an area of the market you could focus on, that you might be missing. One of the best ways to do the same is to conduct a competitive analysis. You need to do your research to figure out who your competitors are, see what they offer and even review tactics they use to drive their sales. Looking at your competitors will help you identify gaps that you can fill as well as the target market they are focusing on. This could also mean you can expand into new markets geographically or even develop new products to target a different market.

Choose criteria to segment by

A target market can be segmented by a few variables. Consumers can be split by demographic, geographic, and behavioral factors. This is essentially the process of creating a buyer persona. You will need to divide your target market into several target customers. Perhaps your target market is mid-sized companies in search for purchase automation software. You could divide your target customers into several groups including marketing department leaders, founders, CEOs, sales leaders among others. One of the easiest ways to do this segmentation is based on age, gender, income, location, behavior, values, interests among others.

A Simple Guide to Successful Brand Positioning

What sets a business apart from the competition? Successful businesses such as Coca-Cola have one thing in common, and that is a strong brand. When building a business, one of the greatest things you should look at is creating a strong brand. Brands that are consistent and well established see a surge in their revenues. There is one sure way of building a strong brand, and that is through brand positioning.

Brand Positioning

Brand positioning refers to the process of positioning your brand in the mind of the customers. It is more than a tagline and a fancy logo, but it includes the use of strategies that sets businesses apart from the rest. Effective branding refers to the extent to which a brand is perceived as favorable, different, and quite credible in the minds of consumers.

Importance of Brand Positioning

Any business will always have a reputation to protect. You can create brand positioning to help you take control of your reputation and brand image. Brand positioning allows a company to differentiate itself from the competition. This differentiation helps in increasing brand awareness, communicating value as well as justifying pricing on products and services, which all influence how a business performs. Brand positioning strategies all have the same objective. Depending on the product, service, or industry, they all aim at advancing a brand.

Here are some brand positioning strategies include the following;

Customer Service Positioning

Companies always highlight their prompt and friendly customer service with the aim of differentiating themselves from the competition. Other companies will be quick to highlight their strong support systems based on the products and services they offer. The most important thing is that great customer service can justify why a product attracts certain pricing. Take for example the high prices commanded by Apple products, yet customers seem to be satisfied by those prices. There is a danger in advertising great customer service if you are not sure you will not deliver. Band reviews and ratings will be directed your way.

Convenience Based Positioning Strategy

With this strategy, businesses aim at highlighting how their products or services are quite convenient as compared to those of a competitor. This convenience can be based on location, ease of use, wide accessibility, multiple platforms support as well as other aspects. If you can position your product or service as the most convenient, you will automatically attract a lot of customers, who want to have an experience with what you can deliver. At the same time, understand that offering the highest convenience can come at a cost.

Price Based Positioning

Companies use price based positioning strategy with the aim of presenting their products and services as the most affordable option. When you position your products as the cheapest in the market, you will without a doubt attract a lot of customers. No one likes to spend more than they should.  Offering the lowest price is an easy way to entice a lot of customers. The only limitation with low prices might be associated with cheap quality.

Strategies to Reverse Your Sales Productivity Problem

Research has shown that good salespeople spend less than a third of their time selling. More time is spend managing various administrative tasks that are related to sales. They spend more time managing their sales than making them. Whether you are a salesperson, executive in sales, or any other investor in a growing organization, you probably have a better understanding of the collateral damage that would occur when salespersons are not selling. Most organizations have reps who have hit a sales plateau and struggle to make sales. To help you reverse your sales productivity problem, and empower your team to get back on track, here are some tactics to include;

Map the customer acquisition process.

The fundamental goal here is to narrow down your options and eliminate all issues that cause you to be distracted from the actual selling process. In sales, the value lies in the variance. In sales, the value lies in the variance because selling is a highly dynamic open-loop process. The more complex your offering, the greater the variance and complexity that must be managed. When creating a repeatable process, the key is to break the process down and establish a system. Doing so will enable you to make the repeatable process a series of mini processes that can be plugged in as needed.

Create a clearly defined sales level agreement

The single biggest and most common mistake most organizations make is the lack of a clear definition of leads, situations, and progression. This leads to a lot of chaos and confusion because processes are not aligned. Organizations that are great in selling have a crystal clear service level agreement that defines what every lead definition means and what is expected from every business unit. A strong SLA will enable everyone, especially those in sales, to spend a good chunk of their time focused on selling situations, rather than trying to figure out what to do and when to do it. Doing so also creates a greater discipline and velocity.

Stop focusing on efficiency

Today’s sales reps need a scorecard to keep track of the technologies they are using, be it CRMs, email tracking, document sharing, among others. When you add market automation, lead scoring, and forecasting, you begin to have a clear idea of all the processes involved in selling. With technology, well-crafted content, and clearly defined strategies, reps can only become smarter in selling. Ensure reps do not spend a lot of their time trying to figure out what they need and where to go. When trying to maximize the efficiency of every business unit, it’s easy to find yourself off the mark. Your goal should not be on focusing on efficiency but instead, focus on velocity.

You need to design and execute contextual plays. Sales reps either spend no time thinking and executing sales strategies and are focused to spend so much time thinking about what to do, thus lacking vital time to brainstorm and strategize. For every plan and strategy, you lay down, you need to integrate and automate your playbook. Manual processes can slow you down and negatively impact your sales productivity.