How to Select the Perfect Target Audience

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How to Select the Perfect Target Audience

Episode Summary

This episode of the Valtimax Podcast covers selecting the right target audience. If you are using effective, ethical marketing, selecting the correct target audience is critical. Only listen to the episode if you want to be a successful marketing expert who makes lots and lots of money.

Transcript

Click the link below for the transcript of this episode.

How to Select the Perfect Target Audience

How to Select the Perfect Target Audience

This is Dave Lorenzo coming at you live with another edition of the Valtimax Podcast. Today we are going to talk about identifying and selecting a target market. This is just another segment in our MAD marketing series. We’ve talked about MAD marketing before.

MAD, M-A-D, stands for selecting the right message, identifying and selecting the right message, we talked about that in our last episode. The “A” stands for picking the right audience, the “D” stands for having the right delivery system.

Today we’re talking about the right audience. How do you select the ideal audience? We call that selecting a target market. We’re going to talk about what target marketing is. We’re going to talk about why it’s so important, and we’re going to talk to talk about a criteria, to enable you to select strong target market for your marketing. This is absolutely valuable information, and you’re not going to want to miss it. This is the second segment in our MAD marketing series.

All right. What is target marketing? And it’s something that you probably haven’t heard about before, and it’s something that is used by only the best marketers out there. If you’re a lawyer, and you’re a great marketer, if you’re a doctor, and you’re a great marketer, if you’re a business leader, and you’re a fantastic marketer, you are using target marketing effectively.

I’m going to tell you what it is first. Target marketing is identifying a group of potential clients, patients, or referral sources that have a need for your products and services, and focusing on them exclusively.

All right, I’ll say that once again. It’s identifying a group of potential clients, or potential patients, or potential referrals sources that have a need for your products or services, and focusing on them exclusively. No, this doesn’t mean that you exclude everybody else when you pick a target market. It means that each message is exclusive to a target market.

It means you customize the message and the delivery system and the delivery system to a specific group or audience. You customize the method of delivery, and the message to a specific group or audience. That’s what target marketing is all about.

Let me give you some examples. Let’s say you’re an orthopedic surgeon, and you’re targeting athletes. You focus your advertising on tennis magazines. You take out ads in tennis magazines, because you’re fantastic at knee surgery related to damage in the knees from playing tennis. Or you could focus on writing articles on keeping knees healthy during tennis activities.

Or you could focus on another part of the body, and talk about how you can provide care for knees that have been damaged due to tennis playing. So the orthopedic surgeon targets people who are prone to knee injuries in tennis magazines, because that’s where the bulk of his patients are coming from, for that particular type of injury. The ideal market for this orthopedic surgeon is tennis players, and he focuses exclusively with this message on repairing knees in tennis magazines.

I’ll give you another example. You’re a lawyer who wants to target affluent individuals. You want to do this so you can help them with their estate planning. You can target these affluent

individuals by getting referrals from financial advisors. Now, your target marketing to financial advisors and the message to the financial advisors is going to be, “I can provide you with outstanding service, because I understand the way affluent clients think.”

You can target these financial advisors by speaking at the regional conference for the independent financial planning association. You select a conference to speak at, your delivery system is the speech that you give, and maybe you educate them on five ways to serve the affluent clientele, and you’re delivering a powerful message via a delivery system that’s intimate, it’s a speech, and you’re doing it to the right target market for referrals.

I’ll give you a final example. You’re an accountant, and you want to produce audits for your firm from non-profit organizations. You can do a direct mail piece to the CFO’s of 200 non- profit organizations in your state, and you can highlight new legislation that they should be aware of and concerned about.

You’re targeting CFOs of non-profit organizations, you’re targeting the chief financial officers of non-profit organizations in your state and you’re delivering a message that they should care, and they should be concerned about, they should care about. That’s target marketing.

Now, why is this so effective? It’s effective because you’re entering the conversation that’s already taking place in the minds of the decision maker. You’re entering the conversation that’s taking place, let’s say, around their kitchen table. You’re entering the conversation that’s taking place in their very conference room as we speak.

It’s highly effective, because they believe you understand them. This type of marketing helps position you with maximum credibility. They think you understand them, they know that you get their problems. They know that you understand where they’re coming from. You’re viewed as being in touch with your prospective client.

They will say, “This guy, or this gal, really understands me. They get where I’m coming from. They understand how I run my business. They understand the problems that I have, and they can work with me to alleviate those problems.” That’s what you’re looking for. They can relate to you immediately in your marketing message. This is powerful.

All right, let’s look at some of the criteria for selecting a strong target market. Number one, your strength is their struggle. Your strength is your struggle, if you’re looking to target market to a specific audience, the areas where you are strong, the areas where you excel, should be areas where they have the greatest need. Remember what we talked about in our last segment. You have to make people want what they need.

You have to identify the need, and get them to agree, “Yes, that need is there. In fact, I’ve been talking about that need all day long. I’m so glad you’re here. How can you help me?” That’s the way the conversation goes when you identify the right target audience and your strength is their struggle.

All right. Number two, the second criteria for selecting a strong target market, selecting a strong target audience. The second component is that they’re easy to find, and that they’re easy to communicate with. If you’re looking to find, for example, financial advisors, those folks have to be licensed. You can find them very, very easily. You can just pull a list of financial advisors who are licensed by your local state, and you can go ahead and target them.

You can find them by going to their conventions. You can find them by writing articles in their trade magazines. You can find them by placing advertisements in places where they go, where they congregate. The group you are targeting, the audience you are targeting, has to be easy to find and communicate with.

All right. Number three, criteria for selecting an ideal target audience. You must understand the way they think. There has to be some sort of an affinity there. You have to understand their thought process. You have to understand how they make decisions. You have to understand what keeps them up at night. It’s very important and it’s critical that you understand the way they think.

So how do you do that? Interview a few of them before you start to market. Make sure the audience is right for you. Make sure you understand you understand the way they think. Make there’s an affinity there. all too often, people try to market to folks who they don’t really understand. You have to be inside the minds of these people. Once you get inside their minds, you can get inside their wallets.

Number four, the group has similar behavior. Now this is really important. You have to be able to understand the behavior patterns of these individuals as they act altogether. If 90% of the financial advisors in the local community belong to a certain organization, and they all attend a certain convention, you know you have to be at that convention. It’s even better if you can speak at that convention, and it’s even better if you can speak and get a list of attendees from the organizer at that convention.

It’s even better still if you can organize a convention of your own, targeting those same attendees, all right? The group behaves in a similar way, and you can predict what their behavior will be. If the group all does something that’s the same in a predictable pattern, you can just jump in the middle of that pattern, like a river flowing downstream, the water is bound to hit you.

All right. Number five, they use your services, or they use the services of someone like you. If you’re an accountant and you’re looking to get accounting business, auditing business, from a corporation, and that corporation already has someone doing an audit, you know that they value an audit, or they have to have an audit done as part of some regularity compliance procedure. They already use your services, or they already use the services of someone like you.

If you’re an estate planning professional and you want to get in front of financial advisors, you look for financial advisors who are already recommending business to other estate-planning attorneys. It’s that simple. Don’t fear people who are using your competitors, embrace people who are using your competitors. You’re different, you’re better than your competitors, if

someone is using a competitor, all you have to do is convince them that they need to use you. You don’t have to convince them that there’s a need for your services.

All right. The sixth component is that they can afford you. Very, very important aspect. You don’t want to target people who are not able to afford your services. You have to target people who have a need, you have to be able to target people who can afford you, and you have to target people who have the ability to pay for your services. How can you tell whether people have the ability to pay for your services? Well, people who have the means, generally hang out with other people who have the means.

If they’re referred to you by people who are affluent, you know that they are affluent themselves or most likely, they are affluent themselves. They have to be able to afford your services.

Then number seven is they have to have the ability to say yes to hiring you as a professional, or they have to have the ability to engage your services if you’re a service business owner, or they have to have the ability to work with you if you’re a physician, if you’re a doctor, they have to have the ability to use your services.

What that means is, if you’re a physician and they’re dependent upon insurance, then you have to find out up front if they’re able to meet their co-pay obligations. You have to be able to find out up front how they’re going to handle the payment for their procedure up front. You have to understand that.

Now, here’s the thing, if you’re targeting people en masse, if you’re doing accurate target marketing, you’re selecting a target audience en masse, you know that the majority of the people that you’re targeting have the means to afford your services if you’ve picked the right target audience up front. Let’s go through those seven criteria once again.

Number one, your strength is their struggle. You have the ability to solve their problems, you have the ability to fill their need, you have the ability to make them want what they need.

Number two, they’re easy to find, and they’re easy to communicate with. You know where to find them, you can round them up, and you can communicate with them en masse.

Number three, you understand the way they can think. You can easily get inside their heads, you know what they’re talking about around their kitchen table, you know what they’re talking about around the boardroom table.

Number four, the group has similar behavior. They all behave in the same ways. You can find out what conventions they go to, find out what trade journals they read, find out where they do their shopping, find out what they, who they listen to on the radio. It is very easy to target people who have similar behavior.

Number five, they use your services of the services of someone like you. Very easy to convert someone from being somebody else’s client to being your client. A little bit harder to convince

them that they need your services in the first place. They use the services you already have, or they use the services of someone like you.

Number six, they can afford you. They’re people of means, they have the ability to pay for your services, or they have the ability to compensate you for their services.

And number seven, they are able to make a decision. They can make a decision on engaging you. They can make a decision on hiring you. They can make a decision on using your services.

Those are the seven criteria for selecting a strong target audience. This is highly effective because you are going to be able to position yourself as a highly credible expert, as somebody who can really help them fill their needs, and as somebody who is worth paying a premium to work with.

Target marketing, identifying a target audience, is phenomenally powerful, and selecting the right audience is the second aspect of MAD marketing.

This is Dave Lorenzo, and if you like what you heard on the Valtimax Podcast, please remember to subscribe to us on iTunes.

That’ll do it for this weeks’ episode of Valtimax Podcast, my name is Dave Lorenzo, and I’d like your feedback or comments on this week’s episode. You can call me at 888-692-5531, or email me. Here’s hoping you make a great living and live a great life®.

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