What your Potential Market Looks Like.
Once you have defined a profile for your ideal customer you then have a target market or niche. These are individuals or companies who want, need and can afford what you offer.
Take a look at your target market and consider the likelihood of them buying from you. Although the numbers may be different, the profile will look something like the graph shown.
3% are ready to buy now and will be reaching for the credit card the minute they see your ad or email etc.
7% will also reach for the credit card with only a little persuasion. Sometimes termed the “low hanging fruit” they match well and are ready to but with very little extra stimulus.
30% are not interested, the product or service may be exactly what they need and would solve their issue but they don’t realise or understand how it would do so.
30% don’t like you and won’t buy from you if you were giving it away. Don’t take it personally! They may have had a bad experience in the past with someone else in the industry. They may see your approach or culture as not fitting in with them.
30% want to but but may not be ready yet. Your target market is a moving parade and will be at different stages of the decision making journey. You need to be ready when they reach that trigger.
In essence, all your target market is not equal and should not all receive the same time or treatment. Think of separating out like this:
Hot prospects, the 3 and 7% group that are ready to buy, regular contact via email, post, phone calls etc. These are the focus of most of your conversion activity.
Warm, the 30% that are not ready yet. Regular contact with informational and educational messages with a strong call to action.
Cool, the 30% who don’t like you and 30% not interested. Email only largely informational and educational, the purpose is to move them up the pyramid into one of the other groups.
The simple fact is that many will not but form you even if they do fit your ideal client profile but adopting this approach means you are not spending too much time on these cool prospects but also making sure very few will slip through the net.
A question such as “What your target market looks like?” can be a catalyst to build the right strategy for your business.