The most important part of the marketing process is knowing your target market.
People buy on emotion; emotions play a huge role in our buying decision process. In fact even when we believe we are making logical decisions, our choice is actually based on emotion. The two major things we base our emotional buying decisions on are our time and our money, this will help you define your target market and how to communicate with them.
Brad Sugars, owner and founder of ActionCOACH, stated in a recent article, “The most important part is getting your target right.”
All consumers fall into one of 4 categories Cash Rich/Time Poor, Cash Rich/Time Rich, Cash Poor/Time Poor, or Cash Poor/Time Rich.
So, what’s the best box to have your customers in? Many business owners would say the Cash Rich boxes. That does sound reasonable. Let’s take a look at Sam Walton the founder on Wal-Mart. I think most of us would like to be the owner of Wal-Mart. Sam Walton has an amazing business based on a cash poor customer base. So, what have we just learned here? There are no better boxes to have your customers in.
The key to your business success is to know what box or boxes your target market falls into. Yes, most businesses will have customers in every box however you want to look at where the majority of your customers are and learn how to speak their language. They will typically fall into one or two boxes.
Let’s take a closer look at each box… In the Cash Rich-Time Poor box we would find dual income families… with kids… in activities; they have money but not a lot of time. Cash Rich/Time Rich we would see high level income families where only one of the spouses worked and some retiree’s; they have money & time. The Cash Poor/Time Poor box would include many single mothers, working full time; not a lot of money or time and Cash Poor/Time Rich could include college students, retiree’s, and the unemployed. Each person is emotionally connected to either their money, time or both.
Now what makes them buy…? If you value cash more than your time – you’re going to be looking for a deal; here you’ll find your coupon clippers and your bargain shoppers. So, your marketing is needs to communicate this to get them to buy with you. If you send coupons to someone who is Cash Rich and Time Poor they are going to throw it away without even looking at it… So, don’t throw away marketing dollars advertising to these people with coupons. Cash Rich Time Poor people value their time and are willing to pay extra to get what they want quickly and easily… One stop shopping…delivery service… are appealing to them.
So, the key to effective advertising is to make sure your communicating with your target market on what they value most. To see what Brad Sugars has to say about offers & copy go to his blog articles at http://bradsugarsblog.com/28-reasons-business-is-booming-21-offer/, http://bradsugarsblog.com/28-reasons-business-is-booming-22-copy/.by