You’ll no doubt recall that the first of the three most important marketing questions I recommend you ask is “Who is your target market?” And I demand you know them well!
First of all, their demographics, which Google says is the study of a population based on factors such as age, race, and sex. Demographic data refers to socioeconomic information expressed statistically, including employment, education, income, marriage rates, birth and death rates, and more. Literally “who are they?”
And then their psychographics, which is the study of peoples’ attitudes and interests, often studied in conjunction with typical demographic data to build more complete profiles of target markets and audiences. Simply “how do they think?”
I’ve often summed it up by saying that if you want to know a person you have to spend 3 months walking in their moccasins.
That’s why I reckon the owner of a hugely successful coffee shop near me is very smart, because of his response when I asked him why he didn’t have my favourite breakfast snack – a bacon and egg sandwich – on the menu.
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His simple reply was, “Because you’re not really part of my market although I appreciate your business. You see, 70% of the people within my business catchment area would not eat pork or beef if I stocked it, let alone have it have it side by side in the display case.”
Wow! How’s that for an answer and knowing your market? Great research eh?
So, out of interest, what does he sell as a bacon replacement that keeps everyone happy?
Lamb ham that’s what! Tastes good too!
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