Many marketers will tell you to target your market but they seldom tell you the reasons why you should target your customers.
In this article I hope to share with you the 10 reasons I found that will help you answer the question, “Why Should I target my customers?”.
I must also add that these 10 reasons I proposed here are NOT exhaustive but they are the 10 fundamentals reasons that you must at least know in order to convince yourself or your superiors (in the case if you hold a marketing position in a company) that targeted marketing really works.
Reason 1) It saves you money (Lots of money in some cases)
When you start to target select your customers, it immediately saves you money from the start. You will be thinking about who to target before you spend the next dollar. You will be asking a host of intelligent questions regarding your target market like,
Who is in need of our products/services?
What problems are we trying to solve?
How many people have that problem?
How much are they willing to pay to solve their problems with our products/services?
Asking questions like these definitely saves you a ton of money before you even spend a dollar. Keep asking.
Reason 2) It saves you precious time
This reason is closely tied to Reason 1). When you know your customers’ profiles, you stop marketing to people who are non-qualified prospects. Doing so will help you plan your resources of time and money appropriately to serve the most qualified prospects that you have identified as prospective customers.
Reason 3) It makes your marketing message clearer
When you have all the answers to the questions listed in Reason 1), your marketing messages become clear to your targeted customers and they will welcome your marketing messages. This is because they feel that you understand them, their problems, their pain, and their need for a solution. You become a partner to them because they see you as a problem solver and not a products/services pusher.
Reason 4) It builds your business pipeline with referrals
The clearer the marketing message you send to your targeted customers, the easier for you to ask them for any referrals. This is a proven fact in Crossbow Consulting Group. Most of our clients are referrals from our existing clients. Referrals is the best way to get your business going and growing. So be clear in your marketing messages.
Reason 5) It makes you an expert
Every business people I know wants to do business with an expert. Every seldom they would want a novice to help them solve their business problems. Therefore, when you know your targeted market so well, they will begin to view you differently. They will begin to view you as THE expert in their field of business. This is what you must aim for.
Reason 6) It helps you command a HIGHER price
When your targeted market view you as the expert in their field of business, they will seek you out and they will pay the price that you ask. This has been our experience as well as the experience of our clients in industries like education, transportation, and warehousing just to name a few.
Reason 7) It makes competition futile
This is a very important point to note. Most businesses compete on price to get their customers. They have made their products/services as a commodity. Very often after they have gotten those customers, they found them to be less than ideal. This is a dead-end strategy. On the other hand, when you are viewed as the expert in the industry, your customers just want to work with you and NOT your competitors. They feel assured working with you than your competitors with the lowered price.
Reason 8) It makes more innovative
Know your customers inside out will give you the insights on how they use your products/services. They will tell you how you can help them solve their problems. They want you on their side. With all this information and knowledge from your customers, you will come up with great innovative products/services to serve your customers even better, thus making you even more important to them than just a “supplier”.
Reason 9) It makes you a dominant market player
When you have created innovative products/services around your customers, they gonna love you more than ever. They will bring their business to your doorsteps and thus making you a dominate player in the market in the process.
Reason 10) It makes your products/services more personalised
Gone are the days of mass production of products/services. That ‘one size fits all” just doesn’t cut it anymore. Now consumers want products/services that are customized to them. Consumers no longer care how much you put into R&D for that product/service. What they care about is what they want for themselves. Period.
Therefore, with the knowledge of your targeted customers, you can come up with unique products/services that they can call their own. This will wow them every time they buy from you.
Here are the 10 fundamental reasons why you must target your customers and stop wasting time your resources. I hope these 10 reasons will start you thinking about your current marketing strategies.
Thank you. Happy Targeting.