What You Need to Know
- A target market is a group of people who share similar characteristics.
- Demographic information is usually only part of the data needed for successful targeting.
- You also need information about how a prospective buyer thinks.
Want to make your marketing budget as efficient as possible?
Understand your target market and direct your marketing to that target.
A target market is a group of people who share similar characteristics, such as age, income, lifestyle, or location.
Businesses use target marketing to identify these groups and then direct their marketing efforts toward them.
Simply Gathering Demographic Data Is Not Target Marketing
Recently, I read a report about demographics and about how using a demographics-data-based approach could help annuity sellers identify who might be a specific annuity buyer.
But I found that report to be shallow because demographics didn’t explain to me why a person would buy.
Demographics can explain who the buyer is, by providing data such as age, marital status, income and gender.
Psychographics takes a deeper dive to learn why they would buy.
Inside the Buyer’s Head
Psychographics provides information that includes details about a prospect’s belief systems, values, goals and attitude.
How is this information collected, so the agent can convert a sales process to the conclusion?
How do agents begin to understand the use of psychographics?
Agents can find and understand that information through the fact-finding process.
Back to Demographics
The psychographics fact-finding process will, in fact, start with looking at demographics information.
Can you identify your ideal candidate? Is your ideal candidate’ demographics what you think it is?
Do you focus on retirees, divorcees, widows, or high-level executives, for example?
Know your specialty, and then level up your content game, to engage prospects who are seeking what you have to offer.
You will discover your niche market through the ones who reach out and engage with you.
You cannot just say you market your services to everyone. That just simply is not the case.