Target Market is defined as a group of customers at which a company aims its products or services. In other words, those people who are most likely to buy from you or use the services that you provide. Identifying the target market is one of the most important elements in any marketing plan. All companies large or small will benefit from a clear, precise idea of their target market. It may be even more important for an individual just starting out in the network or multi-level marketing industry.
Most people who join a multi-level marketing opportunity have limited disposable income to spend on their new business. The $500 to $1000 dollar startup fee, that is common for most multi-level businesses, is manageable for most people. What they do not expect is the extra cost it takes to market their business. Identifying the target market is so important for these individuals. They may not even know what a target market is, or how to define it for their opportunity. The person that sponsored this new business owner may not have a clue about target markets either. We first need to answer two questions before we can identify that perfect group of people we should target in our marketing.
1. What are we marketing? That may seem like an obvious question. Of course we want to sell our products or service, right? Yes, but to become successful in any multi-level marketing business we need to bring people into our down line. Actually we are marketing the opportunity. When we realize this, identifying our target market becomes easier. There are thousands of consumers to buy our products but not as many people who are looking to start a business. Which brings us to our second question.
2. Who would be interested in joining your business? First they need to have the desire. Most people are satisfied driving to their JOB day in and day out and have no interest in being their own boss. We need to target people who have been in multi-level marketing or show an interest in the industry. The idea that everyone is a prospect is misguided. Not everyone will be a successful associate for your business. The main target market is other multi-level business people who have tried and were not successful in an opportunity, but still have the desire.
Armed with a clear idea of what our target market is, we will be more successful and spend less of our limited resources marketing the wrong people. Next we need to do the research to find a marketing plan suitable to our business. Becoming successful will take time and effort. It will not happen over night.
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