Think you know your target market? Most business owners will answer with a resounding, “Yes.” However, too often companies identify their demographics at the onset and then never look back.
Target Markets are Evolving
The 2010 white paper, “2010 America: What the Census Means for Marketing and Advertising,” forecast changes in the demographic make-up of the U.S. along with the resulting business implications. It suggests that too many entrepreneurs neglect changes to their current target market. The result: same old sales strategy, no increase in sales.
Chances are that if you run a small business you are geographically specific. Knowing the demographics of the people living in your general area provides you with information about your potential target audience.
However, neighborhoods change over time. For instance, according to the white paper 85% of the recent population growth in the U.S. has happened in the South and West. Additionally, Hispanics are the country’s fastest growing group.
Now when you market to your target audience, you may want to develop a better understanding of what Hispanics see valuable in your product and then develop a specific marketing campaign geared toward them.
Time to Change Your Sales Strategy
One reason that entrepreneurs don’t realize the level of sales growth they hope for is because they spin their wheels marketing to the wrong customer base. As the market shifts, your sales strategy may no longer work. Understanding the market and knowing how to adapt may be the difference between revenue growth and declining sales.
The right sales strategy positions a company’s brand or products so they will gain the most competitive advantage. This requires you to:
- Analyze: long-term sales goals, business sales cycle, sales team
- Review: sales approach, product placement, promotion, marketing channels
- Communicate: product benefits and features to your team and your customers
- Understand: market knowledge, competitor activities, trends
Sales don’t happen by accident. Successful sales are deliberate. To be successful you need a plan. Whether you are new to business or have been around the block, implementing a sales strategy takes a keen eye. Having someone guide you through the process can make all the difference in the world.
That’s where we can help. Contact us to learn how we can help you develop the best sales strategy for your business.