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If business owners don’t think critically of their target market says virtual CFO. They can end up making critical errors in marketing their business. In fact, Simply Having a business plan itself can help an entrepreneur be 50% more likely to succeed in business. But when that business plan includes an effective marketing plan. And they have a clearly defined the target market. It can help entrepreneurs succeed even more.
One of the biggest mistakes that entrepreneurs make when they are thinking of their target market according to Virtual CFO. Is that I think it is much larger than actually should be. Saying the entire city that’s their business is in is their target market. Is like a chiropractor saying everyone with a spine is their ideal and likely clients.
The reason why a large target market is not beneficial. Is because it makes it too hard for an entrepreneur to focus there are marketing strategies. Similarly to how an entrepreneur should not try to sell to every single customer. Trying to markets to an entire large area can be overwhelming. Or it can be financially crippling.
Since most entrepreneurs have very little time and even less money in their business. They need to use their own time and skills to market their business when they are starting out. The larger a target market is says virtual CFO. And the much more time it’s going to take an entrepreneur to get to every single ideal n likely buyer in that area.
When business owners take into consideration that they need to get in front of their ideal unlikely buyers at least five times before they are likely to make a purchase. Trying to Market to an entire city suddenly becomes far more of a daunting task.
If business owners are not consistent in their marketing efforts. They’re not going to get enough ideal unlikely buyers through that purchasing cycle of seeing their add at least four or five times before they buy.
They will get several ideal unlikely buyers through some of the cycles. And if they are not consistent, then all of that time and the money they’ve spent marketing will go to waste. This is why it’s very important for entrepreneurs to choose a much smaller area. Because they will be far more likely to get in front of their ideal unlikely clients enough times. even if an entrepreneur is doing all the legwork themselves.
By trying to focus on a smaller area. Will allow an entrepreneur to generate a lot of results in that area first. Which will help them grow the revenue of their business? The more products and services they can sell earlier on their business. It can help them increase their profits. And take that profit and put it back into advertising, so that they can go after a larger target market.
the sooner an entrepreneur is able to do this in their business. The sooner they are going to increase the revenue of that business. And as Peter Drucker, the author of 39 business books has been famous for writing, nothing happens in business until somebody sells something.
When business owners are creating their business plans as virtual CFO. They should not forget about one of the most important aspects which is the target market. As Benjamin Franklin said, if you fail to plan, you are planning to fail. And if business owners do not include the target markets in their business plan. They might as well be planning to fail.
What a target market is saying virtual CFO. Is the physical area where business owners are going to be advertising and marketing to their ideal and likely buyers. They will spend some time in their business planning figuring out who their ideal and likely buyers are. And the next important step is to figure out where precisely they are going to find them.
If business owners do not specify a target market. Virtual CFO says they might not be able to market their business effectively. Because they won’t hit the same areas more than once. Or they will try to Market to a much larger area.
In order for a business owner’s marketing plans to be successful. They must get a message so they’re ideal and likely buyers an average of 4.3 times. It doesn’t make a difference in what ways these ideal unlikely buyers are seeing the business. Every time they see something from that same business. It will go towards the overall number of times that they need to hear from a business. Before they will purchase from that same business.
For example, if an entrepreneur goes door-knocking and introduces himself to their ideal unlikely buyers. Next, they will send out a flyer. The third way that they can Market their business is by having a Google my business listing says virtual CFO. And finally, by having a great big sign on the outside of their business. All of those ways can contribute to the number of times that ideal buyer needs to hear from a business before they buy.
It all comes down to Brands familiarity. Virtual CFO says large National companies know how important it is to consistently Market to the same people over and over. Which is why they continue to run their television ads on the same channels, entering the same programs. And it’s why people often see a variety of different ads from the same company.
When people understand that they need to implement the same marketing strategy. But they must do it on a much smaller scale. In order to gain Market percentage. A business owner must focus on a small area first. But the more consistently they can Market in that small area. The more return on investment they will have.
And more importantly, return they would get on that investment. Then if they were trying to Market to a larger area. Such as in the entire city that their business is situated in.
When business owners are able to increase their effectiveness by defining their target market. They will be able to be more likely to succeed in business.
