15. Lead Generation And Your Target Market
This is one topic not two – you can’t have one without the other.
The Target Market is the single most important aspect of Business Growth or even Business Survival because no matter how amazing, appealing or unique your product or service is – if it is marketed to the wrong people it can never reach its full potential.
So you must define your Target Market(s)
Lead Generation is getting people to do SOMETHING… because they MAY be interested in what you have to offer.
And every business is about taking people on a journey of…
- Identifying the Target Market(s) (the characteristics of the group that want or need your product or service)
- Getting inside that group to get at the individual Suspects (the people or companies within that group)
- Turning some of those into Prospects (who show an interest in your product/service)
- Then turning some of those into Clients/Customers (have converted and now pay money)
- And then establishing Advocates (loyal customers who wouldn’t go elsewhere, give testimonials/refer warm leads)
– people who act as champions for your business.
So Lead Generation is defining 1 above, getting hold of those in 2 and turning a high proportion of them into 3, and continuing that process constantly so you never run out of prospects.
A Target Market Is
A clearly identified group of people or organisations who/which
- Need – and more accurately ‘want’ – your products or services
- Can afford to pay for your products or services
- Can be easily reached by your marketing efforts
- Have similarities that enable you to ‘group’ them together
- And that you are prepared to spend money or take action to reach, confident that you’ll get a return on your investment
And that last point is crucial because it means you’re spending money in the expectation of a decent return on that expenditure.
Getting your Target Market(s) right is the single most important part of business growth. Before you work through the workbook, answer the questions on the next page:
- What target markets have you identified already
- How did you decide on these
- How does your approach to each differ
- Which is the most lucrative for you currently
Each module starts with two relatively open questions which You Must Answer!
You then hit Save.
You will be emailed the rest of the module, which is in a Word compatible format .rtf and a link to a Google Doc, which will allow you to edit online.
This document contains the rest of the module, to include everything we know about the subject, links, examples, and of course further key questions for you to answer as well.
Being your document on your PC or in the cloud, you can save at any stage and go back to at any time too. In fact, this is probably the best way to tackle this work.
So let’s start this module by answering these key questions:
This document contains the rest of the module, including everything we know about the subject, links, examples, and of course further key questions for you to answer as well.