Target Market – It doesn’t have to be Hit or Miss
Subject Line: Target Market – It doesn’t have to be Hit or Miss
The Write Market Release
Vol 2. Issue 11
Target Market – It doesn’t have to be Hit or Miss
CONTENTS IN THIS ISSUE
1. Editor’s Remarks
2. How to Write a Marketing Plan – Part III
a) Quick outline of a Marketing Plan
b) Target Market
3. What’s New at The Write Market
4. Get Your Ad in TWM’s Release!
5. Administrative Information
Welcome to March! Spring is just around the corner, here in Pennsylvania we’ve already had some really nice days – I’m talking 60 degree weather – whoo hoo! (This is my first Spring in Pennsylvania and after coming from New Hampshire it’s a pleasant relief – I swear, in NH, we used to have a foot of snow in our front yard until mid April!)
A little recap for those newly onboard:
We are in the midst of our tutorial “How to Write a Marketing Plan.” If you’ve missed the previous articles in this tutorial, you will find them archived here:
Last month, we fleshed out the first part of a marketing plan, “Market Research.” This month we are going to examine the next two parts: “Target Market” and “Product”.
QUICK OUTLINE OF A MARKETING PLAN
(This is a quick review to show you where we’re at and where we’re going.)
1. Market Research
2. Target Market
5. Mission Statement
6. Market Strategies
7. Pricing, Positioning and Branding
9. Marketing Goals
10. Monitor Your Results
For more details on this plan see:
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Last month, we covered Market Research. If you’ve developed a survey, you may have a very good idea who your target market is. Here is another strategy to determine who your target market is:
Sit down with a piece of paper, think about who your target market might be and write down the answers to the following questions:
How old are these people?
Are they male or female?
How much money do they make?
What are their occupations?
What is their level of education?
What are their hobbies?
Are they married, single, divorced?
Do they have kids, grandkids?
Are they students?
If you’re selling your products with a website, also answer these questions:
What is their level of experience on the net?
Have they purchased on the net before?
Are they using a Mac or a PC?
Which browser are they using?
Are they accessing the net through home or work?
You’re asking yourself these questions because you want to get a feel for the people you are trying to sell your product to. You want to know these people as well as you know yourself.
In the process of selling your products or services, you are going to talk to your customers, you are going to respond to them, more importantly, you are going to have to find a way to SELL them on your products. In order to sell, you need to know who they are.
When you have thought about your Target Market, write down a profile of them in your marketing plan. Write down as many details about these people as you can.
You will use this information to choose your marketing strategies; this information will affect how you choose to market your products.
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The next step is to write about your product.
Sit down with a piece of paper and answer these questions:
1. What is unique about my product?
2. What can my product give someone that no other product can give them?
3. What emotions can I evoke when someone hears or reads about my product?
a. Greed – will it save them money, make them money, make them look like they have money?
b. Leisure – will it save them time?
c. Happiness – does it provide relaxation? (hobbies or travel)
d. Pride – is it something that will make them proud – make them achieve?
e. Health – will it improve health or ease their pain or make them look and feel younger?
f. Belonging – will it make them feel as if they belong to something – an exclusive group?
g. Basic Needs – does it fulfill basic needs – hunger, sleep, shelter, safety?
h. Love – does it involve romance?
Out of your answers, create one sentence which will describe the biggest, the best, the most important benefit of your product. Make sure it includes what this product does, that no other product can do. This is your “Unique Selling Proposition” or USP. Some suggestions to consider in your USP are price, convenience and guarantee. You need to provide a tangible service, yet evoke emotion.
Here are some examples of a Unique Selling Proposition for businesses that we’ve worked with in the past:
“Personalized children’s books custom printed and bound specifically for your child for $15.45 per book, includes free shipping and orders are shipped within 24 hours!”
“Are you tired of yo-yo dieting? The Nutricounter is calorie counter made fun and easy. 100% satisfaction guarantee.”
“Secure Financial Management offers complete financial planning services for flexible, blended rates at the level of service you desire.”
That’s all for this month, folks!
Next month, we will discuss competitors and more on the Unique Selling Proposition.
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WHAT’S NEW AT THE WRITE MARKET
New pictures in the Free Graphic’s Mine:
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