One of my favourite Audio Books is Brian Tracy’s The Psychology of Selling. We are all sales people and we all need to connect with our clients better when we know that we have the solution for them.
One of the key phrases that I have taken out of Brian’s course is the comment “always fish for whales, not for minnows.” If you catch a thousand minnows you have a bucket full. If you catch a whale you will fill a whole boat.
Do you understand what I (and Brian) mean here? If you are reading this article chances are you aren’t a “not for profit” organisation. You need to make money. You need to decide what target customer would be your whale. You need to clearly identify a target audience and decide which audience is best for you.
When defining your “whale,” your key target audience, here are the things you should consider.
If your business is in the B2C industry, your target audience profile may include the following information – gender, family structure, marital status, household income, location, education, children/ no children, home ownership and other key factors.
If you are in a B2B industry your target audience profile may include the following information – location, number of employees, years in business, type of business, revenue, industry and other key factors.
After you have decided on your ideal target audience you need to decide on the product mix that you will concentrate on. Look at the 80/20 Pareto Principle. 80% of your profits are likely to come from 20% of your products or services. Do you have too many products or services? Is it confusing for prospects? Consider a simplified product or service range and concentrate on those products or service that make you the most money.