In this series of posts, I will begin walking you through the process of identifying your target market.
This is essential for attracting a high number of "marketing qualified leads" into your business.
This post is part 1 of a 3-part series.
Ok, first off, let's begin by looking at the definition of a "marketing qualified lead":
A marketing qualified lead (MQL) is a lead who has been deemed more likely to become a customer compared to other leads. This qualification is based on what web pages a person has visited, what they've downloaded, and similar engagement with the business's content.
Therefore, Marketing Qualified Leads are most likely to buy from you and they have confirmed in some way that they have a current need, problem or desire that can be solved by your services or products.
Marketing Qualified Leads are generally easier to convert into customers, so attracting a high number of qualified leads mean a high conversion rate and, of course, more sales.
Your main marketing responsibility is to group you are most passionate about working with and learn as much as you can about how your ideal clients think and behave.
In this series of articles we are going to discuss:
- How your target market will affect your marketing choices
- A step-by-step process for identifying the group you are most passionate about working with
- Different types of target markets
- Some proven marketing research strategies
Generating marketing qualified leads will make it easy to boost your conversion rate.
This is because marketing qualified leads are people who already actively seeking your type of services and products.
What is a Target Market?
"There is only one winning strategy. It is to carefully define the target market and direct a superior offering to that target market."
– Philip Kotler
Your Target Market is…
The demographics of the group you are most passionate about working with. Defining your Target Market is just as important as defining your Ideal Client.
Your Niche is…
The service (transformation and result) you specialise in offering to the group you are most passionate about working with.
For example, you and I may both work with the same target market – business coaches – but we offer them different services.
I might specialise in helping them sell more products and services, and you might help them find the motivation and tools to achieve their physical and emotional health goals.
Your Ideal Client or Customer
This is a subgroup of the target market you choose to serve based on the characteristics you appreciate the most.
If you don't already have an idea of your Target Market, download this free workbook to help you.
If you need help defining your ideal client, download this free workbook.
In part two of this series, we will dive into the step-by-step process to identify your target market.
Also, join my Online Business Growth Facebook Group to receive more free training about using digital marketing to take your business to the next level.