How to know who to tell

Determining who to tell about your products and services (the most profitable market) is often a difficult and complex process. Our target-market identification methodology is designed to avoid wasting money promoting to the wrong people.

The process of choosing your target market (group of people and/or organisations) is often referred to as market segmentation. Market segmentation should be based upon demographic, psychographic, behavioural or geographic factors. Ideally, segmentation will involve a description of all four factors. The more information you have on your most profitable market segment, the better your are able to target those segments to generate higher returns.

When looking for a target market, some of the questions you should ask yourself are:

>	Who is most likely to buy from us?
>	Who would not want to buy our products, and why?
>	Are there geographical constraints upon our product delivery process?
>	Which of your organisations existing customers, are your best customers? Do they share similar characteristics or traits? (e.g. are they in the same industry? Are they of the same gender? Do they on sell to the same people?)
>	Should different products be targeted to different market segments?
>	Have you conducted any market research to determine which market segment has the greatest levels of demand for your products or services?
>	Is there any seasonality in your product? ... Could you’re organisation market to different geographic segments during different periods of seasonality and thereby stabilise the demand for your products?
>	Which group of people are more likely to generate the maximum amount of revenue or profit for our organisation?
>	How much demand can we handle before the quality of supply is adversely affected? Which segment will meet, but not exceed this level of demand?
>	Do any of our stakeholders (interested parties) market to any of our possible market segments? What is the level of competition within our targeted market segments? Can we defend and dominate our targeted market segments?

If you need help in answering these questions or turning the answers into an accurate market segmentation strategy and target-market definition, feel free to contact us.

With over 16 years experience developing marketing solutions for a broad range of clients and industries, Luminosity has the expertise to develop the marketing solution that your business needs to move forward.

For more infromation on our services, vist our main site or call Brad Street on (08) 9381 4447 to discuss your specific needs.