What they don't tell you about small business marketing

As we continue our March series on identifying your nice market, we feel compelled to continuously show you classic small business marketing mistakes.  Here’s a big one:   Not knowing why your client WANTS your product or service as opposed to why they NEED your product or service.  There is a big difference.  This week we’ll post a video on it, but here’s an article that will get you started.  This is a repost from our founder, John Assaraf last year:

The Difference Between Demographics and Psychographics

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by John Assaraf

When it comes to finding your ideal client, there is a basic principle that you must remember. Your prospects buy what you sell because they have specific needs or wants. Your job as a business owner

is to know, understand and deliver the solutions for those needs and wants, which will differ depending on each specific business. Therefore, it’s critical that you know exactly what your prospect’s needs and wants are. If you distill it down to one significant purpose, it would be to create a match between your buyer and your product or service.

There are two primary categories of information that will assist you with this determination.

The first category is called demographics.

This consists of characteristics that identify the ability, need and interest of a client to purchase your product or service. Demographics define those clients who need what you sell.

The second category is called psychographics. These are the factors that identify the motivation or reasons why someone wants to buy your product or service. Psychographics define those clients who want what you sell.

Both of these categories will differ based on the type of client you sell to. Your job as a business owner is to create a match between the buyer and your product or service. Your demographic and psychographic information will enable you to do exactly that. As you identify their wants and needs and compare them with your wants and needs, you will gain greater insight into your ideal client. As you develop and refine your client profile, you’ll wind up spending less time and money to acquire your ideal clients.

To start, you must research your current clients – the ones you presently deal with day in and day out. Select at least three of your current clients to interview. Perform the demographic research by personally interviewing these clients either on the phone, or in person.

B2C: If you sell to consumers, take time out of your business routine to survey them to find the answers to questions like these: Are your current clients mostly men, mostly women, or do they represent a 50/50 mix? Is there a certain age group or range that tends to buy from you? If so, write it down as a range. Are most of your typical clients single or married? Do you know their approximate income level? If not, do you know what zip code they live in? Most zip codes contain homes or apartments that represent specific income ranges.

B2B: singulair If you sell to businesses, interview at least three typical businesses you sell to. Find out the number of employees they have and their location to learn about their company culture and the number of subordinates you may have to speak with in order to get your sales message to the decision-maker. When you sell to other businesses, there’s a mindset to consider that may be different from your own. For example, you may need to position your product or service differently when selling to a New York-based business compared to a California-based business. In some cases, that difference can be day and night.

Look for Patterns:

When you have completed the interviews, compile all of the information to determine commonalities among your current clients. Collecting this information will help you find the traits they have in common, which will help in future marketing. All of this demographic information is designed to create a picture in your mind of your current client. By identifying this client with demographic information, you can use this information later when you begin lead

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generation and to create a specific marketing message targeted toward your ideal client, so take your time and be as specific as possible when completing these interviews.

http://www.articlesbase.com/entrepreneurship-articles/the-difference-between-demographics-and-pyschographics-460496.html