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How to Target Your Most Profitable Market
By Michel Fortin

If you already solve a specific problem, then targeting your market as much as possible should be the obvious next step. However, this is where many marketers fail, for they are trying to be "all things to all people" and attempt to market their product to everyone. Instead, try to discover the demographics and psychographics of your niche -- your specific (or greatest) market. Then market to that audience more than any other and as often as possible.

Demographics are the basic qualities and characteristics of your market. They include age, gender, culture, employment, industry, income level, marital status, location, and so on. Does your product cater uniquely to women? Is it more appealing to a specific industry? Does your product complement another type of product? Is your market mostly made up of French Canadians?

In other words, who buys from you specifically? If you were to say ďeveryone,Ē then you are falling in the trap mentioned earlier. Avoid it as much as you can. Try to be as specific as possible. But if you do cater to a diverse market, find out who buys from you the most or the most often.

On the other hand, psychographics are made up of the emotional and behavioral qualities of your market. They include the emotions, reasoning, history, psychology, and thought processes behind people's decision to buy your product. For example, they include interests, hobbies, associations to which they belong, previous purchases, other related products your market has consumed, and length of time they remained with a particular company.

Intelligence Gathering

In other words, demographics include the segment of the population that needs your product, while psychographics are those within your demographics that want your product. If you donít know this, you can easily conduct a survey as part of a marketing research campaign among your current clients, potential clients and clients of other similar products or companies. Donít underestimate your greatest source for marketing research -- clients!

For example, hereís a list of questions you should ask them:

bulletWhy did your clients buy your product? If not, why not?
bulletWhy did they buy from you or your competitor specifically?
bulletWhy did they not buy from you or the competition?
bulletWhy did they buy from you at that specific point in time?
bulletWhy did they buy right away (on impulse) or took their time?
bulletIf they shopped around, why did they? Where did they go?
bulletWhat do they like the most and the least about the product?
bulletWould they refer you to others? Why? If not, why not?
bulletWhat specific benefits do they see in your product?
bulletWhat specific benefits do they see in your competitorís product?
bulletAnd so on.

These are immensely important questions that can help you, guide you, or even cause you to change your approach altogether. Donít discount the power of doing marketing research, especially within your own backyard. You want to know not only who buys from you but, more important, why they do. In other words, think psychographics and not just demographics.

Target Your Market

To illustrate the difference between demographics and psychographics, hair transplant doctors cater mainly to men who have experienced hair loss and are able to afford such an operation ó i.e., men and bald men specifically are potential patients because they may need of more hair. Psychographics, on the other hand, go a little further. In this example, they are comprised of men who not only need but also want more hair -- since not all of them do. (Itís a matter of priorities, just as the type of clothing one chooses to wear).

Therefore, in order to target this market as precisely as possible and thus generate better leads, doctors must take the psychographic element into account, such as their patientsí lifestyle, their interests, the type of industry in which they work (since certain industries are image-related), as well as their previous buying habits (such as men who have already invested in other forms of hair replacement solutions) -- the more information the better.

Nevertheless, arm yourself with as much of this type of information beforehand and your chances of achieving greater success with your product will be virtually guaranteed. While you canít be everything to everyone, you shouldnít be targeting everyone for everything.

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Michel Fortin is a master copywriter and consultant dedicated to turning businesses into powerful magnets. Get a FREE copy of his book, "The 10 Commandments of Power Positioning," and subscribe to his FREE monthly ezine, "The Profit Pill," by visiting now!

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