A study shows that by identifying and then using your buyer’s profile improved the open rate in an email campaign by 2x and the clickthrough rate by 5x. This is data from a few years ago, but I’m sure that these statistics have only increased if not stayed the same.
By tuning in to your buyer and trying to understand their motivations or pain points you can tailor your message effectively to target them.
This doesn’t just apply to email campaigns but also to networking events, prospecting on the phone, or even modern day video meetings.
You can monitor your success more effectively when you know who your ideal audience is
If you want to know what your close rate is, you’d divide the number of sales converted by the number of leads you had and then times the answer by 100 to get a percentage.
This gives you an overall close rate. Now as an exercise, take your calculation and only count the leads from prospects that you have identified as your ideal client, and see if your overall percent rises.
By doing this regularly you will be able to monitor changes in the buying pattern of your target audience and can then be quick to change, should you need to.
Example. If you were an accountant and assumed that your audience was every single business within the UK, you would find it difficult to understand why people were no longer buying.
Compared to working with a niche audience, such as those who work in hospitality and have lost income during the current COVID crisis. Knowing this about your target audience would have allowed you to quickly adjust your messaging and add value.
Set your prices with your target client in mind.
If you were a car repair company you wouldn’t charge the same price to every customer based on the same need.
For example, if you repaired classic cars the parts may be more difficult to source and cost more because of supply and demand. You would have to charge more to repair a classic car than for a standard model where all the parts are available and at lower prices.
Knowing who your target audience allows you to set your prices to match and not undercharge.
Once you clearly understand who you are targeting you can understand the right price to set for the work completed.
Become influential in one sector
It’s very easy to convince yourself that you can target everyone. You wake up one morning after going through a purple patch of converting prospects, believing that during times like this anyone can be your target customer.
But it is not going to work.
Let’s take a look at an example of being a marketing company. Straight off the bat, your audience is other businesses, not consumers.
That automatically crosses off anyone who doesn’t have a business. Then you might narrow it down to large organisations looking for consultancy, one-off projects, or to outsource. A decision based on a belief that your knowledge, skills and experience would complement those businesses.
By focusing and narrowing down your audience you can now be more vocal around their issues and needs.
You can become known to them and others that are similar and break through the extremely busy noise from other marketing companies.
Use social media, networking events and word of mouth to make everyone aware of who you are, who you help, and give them the knowledge they need to pass on your message. Doing this will build up ‘influence’.
So what do I do next?
Then, join my free Facebook group The Sales Mindset Group.
As a business owner or sales professional, it’s important to gain as much information and be able to continuously learn and develop throughout 2020. Especially in this ever-changing market. Both these resources provide that information.
Additionally, if you haven’t yet seen my Sales Talk TV Show, do take a few minutes to watch the valuable content that I’ve accumulated over the last several months speaking to some of the UK’s leading voices in business and sales development.
Sales Talks Playlist is here 👉🏼 https://www.youtube.com/playlist?list=PL_ArRP85YLulwn_dBvv922dmEulmYVENw
My previous blogs on targeting your ideal audience
Your ideal client – my top tips: https://thesalesmindsetcoach.com/perfect-client-top-tips/
Is everyone your idea customer: https://thesalesmindsetcoach.com/is-everyone-your-customer/
Working with your ideal customer – know their problem! https://thesalesmindsetcoach.com/know-customer-problem/