Home > Marketing Tips > Target Market – Reasons Why You May Need to Revise and Upgrade Your Target Market

Target Market – Reasons Why You May Need to Revise and Upgrade Your Target Market

Target Market – Reasons Why You May Need to Revise and Upgrade Your Target Market

Target Market – Reasons Why You May Need to Revise and Upgrade Your Target Market
By Suzi Elton

If you sell your services, you may come to a place where it makes sense to revise and upgrade your target market. Often you’ll know because you have a nagging sense that the market you are currently targeting no longer makes sense for you. Perhaps your business has changed and upgraded (or your plan changes). The market might also have changed and become less lucrative or appropriate for your business. There’s also the possibility that you could just plain be tired of working with the same types of clients, and want more variety or to provide different kinds of services. Maybe you are working on revising your written business materials, and the need for change becomes suddenly undeniable.

Let’s look at the reasons you might want to revise and upgrade your target market.

1. You are tired of the way you have been working and the types of clients you have been working with and you want to change this. Maybe you’ve been doing the same old thing for a long time and you’re bored. There’s nothing wrong with that. It happens to all of us. The critical point is to be aware of these feelings, and to work on making changes before you become jaded and apathetic. Just because you change up your target market does not necessarily mean that you must lose the credibility you’ve built up over time, or must “start all over”. You still retain your expertise, you will probably just figure out new ways to apply it.

2. You realize that your market has degraded and become less profitable over time. This could be because of competition or changing market conditions. It doesn’t matter why it has happened. It’s more important to realize that it has happened, and take action to revise and upgrade your target market before your business suffers too badly. There’s a temptation to “hold onto” our fantasy of the way the market once was for us, rather than to face reality and revise our target market. It’s a form of business “denial” – a desire to live in lost days of glory. We know that what we are doing once worked and don’t want to abandon what was previously successful – in case those conditions return. Typically, though, you’re better off to face reality and make the needed changes.

3. You don’t know how to revise or upgrade your target market. Many who market and sell services aren’t necessarily trained in the concepts of targeting a market. You might have come up with your market description as an evolutionary process over time, stumbling into it or discovering it fortuitously. When you’ve already got a business functioning though, there may not be time or comprehension about how you need to redefine this aspect of the business.

4. You’re afraid to change your target market. You once had a successful business selling your services to that market. You’re unsure why conditions have changed. You hope things will return to what they once were. You don’t know if aiming for a different market will be a boon or a boondoggle for your business. You hesitate to invest in new written business materials in case it doesn’t work out. Things aren’t going so great, but there’s no guarantee that revising the target market will make things better.

These are the most common reasons that make owners of service businesses hesitate when they want to revise and upgrade their target market. The investment in new written business materials is considerable, and they must feel convinced that it is the right thing to do and the surest way to new and increased profits for their business.

Suzi Elton provides business writing that attracts targeted prospects to your service business and converts them into clients for you. She is a Robert Middleton Certified Action Plan Marketing Coach, as well as a professional writer. Her website offers a free series of 8 assessments you can use to analyze your own site.

To learn about her Robert Middleton style Web Site Tool Kit Writing Package, go to http://www.wowfactorwriting.com/services/web-site-tool-kit-package/

Article Source: http://EzineArticles.com/?expert=Suzi_Elton

http://EzineArticles.com/?Target-Market—Reasons-Why-You-May-Need-to-Revise-and-Upgrade-Your-Target-Market&id=5770147

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s