Splendid Marketing in 30 Days: Identifying Your Target MarketMonday, November 21, 2011
Being specific about which market you want your business to serve is critical in building a strong brand. For wedding professionals, "brides" is not a target market and neither is the "high-end bride." The latter describes a tax-bracket, not the type of purchasing that person does.
When you are deciding your target market, take into consideration what type of people you like working with. What do they do for a living? Where do they like to shop? How do they spend their free time? What places do they like to visit when they travel? What is their travel style -- off the beaten path adventures or 5-Star resort relaxation? How old are they? What is their income range? What expenditures do they prioritize at their wedding other than your services? You can be as detailed as you like, even drilling down into favorite colors, interior decor styles, music, magazines, books, and so on.
For those of you who have been in business for a while, go back through your clients from the past few years and make note of these factors for each. I recommend keeping this info in a spreadsheet so that you can notice patterns easily and review them quarterly, semi-annually or once a year.
Here is what we can see from this example of a fictional, yet realistic, couple: Both partners have demanding, time-consuming careers, so they are going to appreciate wedding professionals that skip the fluff and get to the point. Their job types and extensive education also mean that they are trained researchers who perform due diligence all day long. They will take this approach with their wedding planning as well and will do their homework before picking up the phone or sending an email. Their jobs have also trained them to be incredibly detail-oriented, even if they were not that way naturally. They may fall into the upper-middle class or high-end tax brackets, but their favorite brands show a range of spending priorities including a willingness to spend more on quality (Burberry) and the desire to be smart about spending (Target). Their hobbies show that quality of food is important to them (most people who cook as a creative outlet have a higher standard for food) and that fitness and personal health is also a priority.
By keeping a spreadsheet you can see at a glance whether or not you are attracting the type of clients you want. You can also highlight difficult clients and see if there were any factors between them that don't match the clients you loved working with and make notes of what to work on for next year.
Splendid Marketing in 30 Days: Brand Positioning
Splendid Marketing in 30 Days: Articulating Values
The full Splendid Marketing in 30 Days series