Targeting Potential Customers and Markets

“We can’t buy fans and we can’t schedule our commercials into the consciousness of our fans. Rather, we must speak with clear intent and respect the boundaries of the relationship”. –  Judy Franks

“Do not rest on laurels” – a standard rule to follow in life and definitely in business. No business can ever say that they have enough customers or a large enough market share – ever heard any company echo these sentiments. The truth is that a company must continuously be tapping into new areas and targeting potential customers and markets in order to expand their business. With so much competition and a market teeming with similar products and services, customer loyalty and engagement is a lot harder to get. It is imperative for a company to target potential customers and markets such that they can find customers who would benefit as much as possible from the offerings. It is becoming exceedingly tough to please all customers all the time and will all that is on offer and customer churn is very real and pronounced. In order to fill the gaps left behind by exiting customers and to increase the bottom line companies need to target potential customers and markets.

In order to go after the ideal ‘targets’, companies must ensure that they monitor trends, study the buying patterns and behaviour of the potential customers and markets. This will enable the company to create spot on marketing materials, promotions and communiqués that would engage and encourage the target audience to buy. The communication and advertisements must display real value and complement the actual offerings of the company.  In order to identify the ‘correct’ potential customers and markets companies need to ensure that whatever they are selling / marketing is unique and will significantly benefit their ‘targets’. They need to provide reasons in their marketing and promotional activities as to why their company is the one they should choose and what value-added service their company provides.  Show the potential customers and markets that your company is the best they can get for the offerings and that it offers top class customer service too.

We have discussed previously that all customers are different and companies that believe that their offerings will serve the needs of every customer will fail to attract potential customers and markets. At best, the products and services of the company could appeal to a very large audience – but not all and it would behove a company to focus on those people among their potential customers and markets that would find its offerings most appealing. In order to narrow the focus on the ideal potential customers and markets, it would be critical for the company to thoroughly know and understand this portion of the audience. It is not possible to promote / market / or interest – without proper knowledge of who these activities are being done for.

We have delved on the importance of customer segmentation in order to make the most appropriate promotional campaigns and create products that would be most preferred by each segment. Even potential customers and markets are segmented based on demographics – like age, income group, gender, profession and industry. For example – if the product would appeal to children of a younger age group, then the central theme in the communication sent out should be appealing to them and their parents.

Another way to segment potential customers and markets is by product usage and the frequency of the usage and it would be beneficial to fashion the content and marketing pitches around this aspect. Akin to this type of segmentation, is segregating the target audience based on the kind and amount of benefit they would derive from the offerings. Each time the individual uses the product, they would gain the same benefit and this would be something that would please them. For example – instant noodles – the premise of this product is that it is fast and good for sudden and small hunger pangs. Hence, each time these are the benefits that the user base will receive – working couples, teenage children, people who do not know how to cook J and such potential customers.

It is a well-known fact in business that attracting and reaching out to potential customers and markets is much tougher than retaining the existing ones. However, focusing only on existing customers is poor business management and it would be wise to integrate a range of techniques to target and attract potential customers and markets.

Putting together incentives, deals and bargains for those potential customers that do become customers. This serves to engage these first time customers by bringing their attention to the fact that these incentives are only for first timers. In addition, it would be another set of customer data added to the repository of information existing with the company. Offering freebies to potential customers is a great way to get them interested in your company and its products. Alternatively, you could offer a one plus one scheme – that is on the purchase of one product, another of the same product would be free.

Think creatively about attracting potential customers and markets – reach out to the existing customers. Offer incentives and gifts if they bring along another customer – get referrals and introductions to a new customer base through the current set of customers. In fact, these referrals would have a higher possibility of becoming customers since the recommendation from your company would be through a ‘friend or associate’.

Announce your company’s offerings wherever possible – website, social media, television and print advertisements, flyers, through your employees and through any other means possible. Ask your employees to tell their families and friends and post information on their personal pages of social networking sites. In order to ensure uniformity – create passionate and engaging content that can go on to and customized for the various communication mediums.

Put together promotional events and fairs to promote your offerings to the potential customers and markets. Ensure that the announcement of these events happens well in advance and through all communication channels possible.

Find out about the CSR interests of the target audience and be part of them. Promote and contribute towards them either by way of resources or by way of free advertisements of the events. Common interests and those that appeal to the emotions of these potential customers is a great way to introduce your company and its offerings. Even if they do not immediately decide to buy, they would certainly become frontrunners as future customers and in the interim could recommend your company to others.

Use a professional agency to put together a promotional campaign for the potential customers and markets. A meticulously designed campaign has a better chance of success and of garnering interest for a new target audience. Any resources invested to gain more customers will yield rich dividends if used well.

Getting potential customers and markets on your side is a combination of many techniques and efforts and any company would benefit from making a thorough analysis of their own strengths and weaknesses before targeting this new audience. It may be tougher to attract new customers but this is a task that every company would need to undertake in order to enhance their success and gain a stronger foothold in the business world.

Learn about a new approach to better customer service!

Interactive Guides for Superior Customer Service

Create interactive decision trees for customer service management, cold call scripts or self-service. Improve sales performance metrics and customer delight across your call centers.

Interactive Decision Tree