How Well Defined is Your Ideal Market Profile?

How well does your business know its target market and why is understanding the target important? Let's say we are going to a target range. At the range our goal is to hit only the bull's-eye in the target. Sounds easy right. There is a hitch. If we hit anything other than the bull's-eye, we have to hand $125 over to the nearest stranger. While this may sound strange, without a clearly defined Ideal Market Profile, your business is losing money. Why? Because for every $1000 its spends on marketing activities, only 10% of its efforts are landing in front of a buyer. Just to be clear, we are not talking about the Ideal Client Profile, just the market.

What are the key factors that define a market?

• General Profile - An understanding of the best industry, geography, revenue, employee base, and other general factors.
• The titles of the decision maker(s)
• The names of the organizations
• The names of the decision makers

There are a couple other things to consider. In a solution sale, your business may also need to define the influencers in the same way.

In our next post, we will talk about the Ideal Client Profile.

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