The power of understanding how to find your target markets is especially critical in today’s difficult economy. You need to know the questions to ask, both in order to find them as well as to empower you to reach them.

Last night, I was at a business networking meeting and was asked – “do you think companies have cut back on their spending because they don’t have the money, or, are they just saying that?”

The answer is – it’s a little bit of both and it depends upon the company you’re talking to.  So how do you know when a prospect is throwing up a smoke screen, or, if they truly do not have the funds for your services or products?

You need to know the answers to the who, how, what & why questions!!

In speaking at workshops and working with clients – I always tell them it’s critical to know the who, what and why questions in order to build a profitable business.

  • Who are your target markets
  • How will you find them?
  • Based on who they are, what will they buy from you
  • And furthermore, why will they buy?
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Sounds simplistic – but most businesses and sales professionals do not invest the time to critically assess and evaluate these questions – leading to haphazard sales results and profitability.  A critical assessment – from the prospects and clients perspective (not yours!) – leads to the ability to identify those who will be most responsive to buying from you, and, how to position your message to them.

However – the real power of this information lies in the knowledge that, how you position your business and to who, needs to shift with market conditions.

So how does the current market impact your sales & marketing?

Who your targets markets may be different

Today’s market conditions mean that it is crucial to understand…

§         The impact of the current economy on your traditional target markets

§         How to find those companies that prosper – regardless of the economy

§         How to find companies whose sales increase due to a down economy

§         Which companies and troubled industries to avoid

§         And, that it’s equally important to know this, whether you’re a company of one or a company of thousands

Understand how to find your target marekts

Technology is rapidly shifting the way we prospect, communicate, market and sell to our target markets.  On one level – technology has made it easier for our prospects to hide. On another level – it’s expanded our ability to reach out to prospects and clients.

§         Need to identify where you will find your target markets

§         Are you using the new social networks – LinkedIn, Facebook – to reach

      your target markets

§         Learn how to market in a virtual environment to reach your prospects

What & why your target markets buy may have changed

Once you understand how your clients and target markets are positioned within the current economic climate – you need to evaluate how you communicate with them.

§         What’s driving their current needs

§         How do you need to change your message

§         How do you communicate that your product and/or services  fits their current need

Take the time to assess your target markets

Before you pick up that phone, send that email, attend that networking event – take the time to assess your target markets, plan your message and identify how to reach them. 

The ability and the discipline to do this, and, the willingness to change and adapt your strategy to the economy, will give you the ability to grow your business across all market conditions.