You’ve done all the research and prep-work. You’ve launched your marketing and sales strategy. But the expected sales aren’t pouring in. It’s time to ask yourself “Am I selling to my target market?”
Sometimes weeding out what isn’t working gets us back on track.
By removing targets who aren’t yielding results, your team will
- Save time
- Become more efficient
- Focus their energy on targets who are more likely to convert
Here are four great questions to ask yourself when determining whether or not you’re selling to your target market.
Four Ways to Tell If You’re Selling to the Right Market
1. Do we speak the same language?
If your audience seems confused by the industry-specific language you are using, it’s often a sign that they might not be a good fit.
In this case, you would want to let go of those targets and look for prospects who use the same terms, processes, and technology as your current customers. If you cannot easily educate your prospect about the solution you are offering, then you are wasting your time and need to move on.
2. Does your target have purchase authority?
Targeting the right types of businesses isn’t enough — you need to reach the right people within those businesses.
If you are reaching someone who does not have the authority to make a purchase, your best result is that they’ll pass your solution on to someone who does have that authority. Hence your odds of success will be significantly increased if you target someone in the business who has the authority to purchase your product.
3. Is your solution addressing a priority?
Your solution should be a high priority for the people you target.
If your solution does not solve a meaningful challenge or isn’t a priority, then it will be difficult to sell to them. If the solution is a priority, then you will attract customers, gain trust, and be less likely chase down non-productive leads.
4. How is your customer turnover rate?
Turnover is natural, but if you are constantly losing new customers, there are likely underlying issues that need to be addressed.
If you are winning a large number of new customers, then it’s time to celebrate as your initial sales process is highly effective. But if you are then losing those customers, you may be using that initial process to target the wrong people.
By looking at who you are losing, you may discover who you should be targeting.
Defining your target market is a constant process. Not only is re-evaluation necessary to see how things are going and whether or not your strategy is paying off, but it is also important to understand that as your business evolves and grows, your ideal targets are likely to change too.
For more tips on improving sales, check out these helpful blog posts:
At 360Consulting, we know that analyzing your targets isn’t just a way to improve lagging performance, it’s something you should be doing regularly to keep your business healthy.
We’re ready to work with you to better understand your business and help you to break sales records. Give us a call today!