Many marketers make the mistake of jumping into blogging, posting, and/or advertising on social media without considering who their target market is and what they want or need. Obviously, you must think about the customer and not about what you want to sell or what you like. When a potential customer lands on your website, they’re thinking, “What’s in it for me?” “Can these people help me?” “Do they have what I want?” “Can they solve my problem?” It’s about them, not about you!
It Takes Vision
It’s not a vision of what you want to do for yourself, but what you can do to better serve people. Many companies build or produce a product or service that they want rather than what the market wants or needs.
When you fill a need for others, wealth follows. That’s the reward, not the vision.
~David. L Steward, author, entrepreneur in “Doing Business by the Good Book”
One of the best, historic examples of this is Ford Motor Company’s 1957 Edsel. The name alone resonates with failure, and it became the joke of the 1950s. Henry Ford wanted to honor his son, Edsel, with a very different car, priced between the Mercury and the Lincoln, competing with General Motors. The Edsel had:
- Debatable styling
- State-of-the-art equipment – like push button controls for the transmission on the steering wheel
- Self-adjusting brakes
- Safety rim wheels
- And the ugly “horse collar” grill
The Problem: The Edsel was what Ford wanted to sell, but it was not what the public wanted to buy.
Fast forward a few years to 1964. Ford’s vision changed. The company envisioned a moderately priced, 4-door sports car. They felt it filled a void in the market. Hence, the Mustang was born, and in its first year, it set a sales record of over 400,000 sold with profits of over $1 billion. Not bad for 1964!
The difference: They researched. They looked at the automobile market and created what they saw was missing. The Ford Mustang is still considered “America’s Sports Car.” A totally different image than the Edsel!
There are many things to consider before you jump into marketing your business:
- Is your product or service unique? What makes you different?
- Does it fill a need for a decent-sized market — big enough, but not too big?
- Can that target market afford it?
- Is there enough interest?
- Do you have an Edsel or a Mustang?
- How have the current economic conditions affected your target?
Using AI to Research Your Target Market
Besides that, your target market is now using AI to answer questions, find solutions to problems, and discover what to buy. Furthermore, you can use the AI tools to help you not only research your target, but also determine their search intent, buying journey, and ability to buy. The AI tools can also help create marketing plans for you. With the right prompts, you can save time and money! I can show you how in a customized 1:1 training session.
Free Define Your Target Market Workbook
If you haven’t figured this out yet, this free download may help. The Free Define Your Target Market Workbook will help you think of who your best customer is and some of their buying habits. Once you’ve got your market clearly defined, then with a little research, strategic and tactical plans, you can get started marketing on social media.
Taking one step at a time, you can Take Control of Your Marketing!
Get it on Amazon Kindle
Frequently Asked Questions on Target Markets
What is more important in marketing: selling what you want or serving what your target market wants?
It’s about the customer, not about you. When a potential customer lands on your website, they’re asking what’s in it for me and whether you can solve my problem. Marketers should focus on what the market wants and needs, not what they personally want to sell.
Why is the Edsel a cautionary tale for marketers?
The Edsel shows what happens when a company pushes a product the company wants to sell rather than what the public wants to buy. It had debatable styling and advanced features that didn’t align with market demand, unlike the Mustang, which was created after researching and meeting market needs.
How can you determine your target market before marketing your business?
Start by asking if your product or service is unique and what makes you different, whether it fills a meaningful need for a sizable market, if that market can afford it, and whether there is enough interest. Compare your offering to proven examples like Mustang and Edsel to gauge market fit.
How can AI help with researching your target market?
AI can answer questions, find solutions, and reveal what people want to buy. It helps determine search intent, buying journey, and affordability, and can even assist in creating marketing plans with the right prompts.
What practical steps can you take today to take control of your marketing?
Take one step at a time by defining your target market with tools like the Free Define Your Target Market Workbook, doing some market research, planning strategically, and setting up a tactical plan. Consider booking a free strategy session to start building your marketing plan.
