target market-entrepreneurship grade 10.pptx

target market-entrepreneurship grade 10.pptx

1. SET TARGET MARKETS AND PROJECT SALES OF PRODUCTS/SERVICES

2. Target Market - A particular group of consumers at which a product or service is aimed.

3. Why is targeting market important? Speak directly to a defined audience Attract and convert high-quality leads Differentiate your brand from competitors Build deeper customer loyalty Improve products and services Stay focused

4. What is Market Segmentation? Is the process of dividing a target market into smaller, more defined categories. Why is market segmentation important? Create stronger marketing messages Identify the most effective marketing tactics Design hyper-targeted ads Attract (and convert) quality leads

5. 5. Differentiate your brand from competitors 6. Build deeper customer affinity 7. Identify niche market opportunities (is a small part of a larger market with its own specific needs, preferences and identity, which are different from the larger market in some way) 8. Stay focused

6. TYPES OF MARKET SEGMENTATION: Demographic segmentation – age, gender, education, marital status, race, religion, etc. Psychographic segmentation – values, beliefs, interests, personality, lifestyle, etc. Behavioral segmentation – purchasing or spending habits, user status, brand interactions, etc. Geographic areas – area code, city, region, country and others

7. HOW TO IMPLEMENT MARKET SEGMENTATION? 1. Define your market 2. Segment your market 3. understand your market 4. create your customer segments 5. test your marketing strategy

8. PROJECTED SALES OF PRODUCTS/SERVICES Projected Sales – is an estimate of future sales figures over a specific period. Product Sales – is an act of selling a product or service in return of money or compensation STRATEGIES TO INCREASE SALES & REVENUE People buy benefits - Make a list of all benefits that your customer will enjoy in using your product or service.

9. 2. Clearly define your customer Who is the person who would most likely to buy your product? Ask specific questions: How old are they? Are they male or female? Do they have children? How much money do they make? Do they have an education?

10. 3. Identify the problem clearly What kind of problem does your customer have that you can solve 4. Develop your competitive advantage - Define your competitive advantage, the reason for buying your products or services, in terms of the benefits, results or outcomes that your customer will enjoy from purchasing your product or service that they would not fully enjoy from purchasing the product or service of your competitor.

11. 5. Use content and social media marketing to your advantage Building relationships with your customers through the use of social media Benefits: More access to qualified leads More channels to sell your product Lower costs to acquire customers

12. 6. Sometimes, you will have to cold call Warm up a potential customer 7. Try the 100 Calls Method when you start selling Reach out to 100 customers as fast as you can 8. Pick the right price Do market research on your competitors to determine the right price

13. 9. Learn proper negotiation techniques Skilled negotiators are usually quite concerned about finding a solution or an arrangement that is satisfactory to both parties 3 QUALITIES OF GOOD NEGOTIATORS: They ask good questions to find out exactly what you need They are patient They are very well prepared

14. 10. Make effective presentations It is important to make a creative and compelling sales presentation to your customers (by using PowerPoint) 11. Focus on keeping your customer for life “Once a customer, always a customer” 12. Offer potential customers something really great, for free - Your ideal customer is far more likely to buy your product if you give them a preview to try out

15. 13. Give your customers The Inside Scoop If you are going to have a sale on your product soon, tell your customers about it. 14. Your sales message should be clear - Pick out one or two benefits of your products and state those clearly in the sales headline.