Network Marketing Success 101: Identifying your target market
As many people who have seen my videos know, I believe Network Marketing Success isn’t as difficult as most people would make you believe. However, I also teach that most of the “Old School” marketing tactics aren’t as applicable today as they were in the past.
It’s a huge mistake to be chasing people, especially family and friends, pushing an opportunity they don’t want or believe in. That makes us as an industry look like cheap, slick car salesmen, trying to finagle a deal with fast talking sales tactics. That is not what you want to do if you are serious about building a solid residual income via Network Marketing Success.
I often teach that the keys to effective marketing is 1)Identifying your specific target market, then 2) Positioning yourself in front of that market so that they are coming to you. Every successful business takes these steps. Unfortunately, most companies tell us that their products are for everyone. After all, everyone wants to make more money; so of course, we should present our opportunities to everyone. But is that true? Does that REALLY work?
Network Marketing Success and the facts about your target market
Here’s a good example of what I mean when I say, “Specific Target Market.” Your Network Marketing Company markets a weight loss product. They tell you 67% of Americans are obese. Your company says, “Since 67% of the population is obese, our market is over 200 million here in the US alone.” So what do you do? You start thinking about all your fat friends and relatives, and with your product in hand, you are ready to start the pitch.
Here is the million dollar question, “Is your market really over 200 Million in the US? An even better question is, “Who is really my target market?” Is it obese people?(maybe) Is it people that are overweight and are ready to do something about that problem? (better target market) Or, is it overweight people that are ready to do something about their problem and are taking action and spending money in weight-loss products? (best target market)
In identifying your target market within weight loss, your target market isn’t every obese person. Your specific target market is overweight people that are at that point where they are motivated to do something about their weight problem, and are spending money to solve their problem.
You have to remember, many overweight people say that want to lose weight but don’t do anything about it. Is that your target market? Not at all. Some people rationalize their weight problem and are perfectly comfortable with their weight being what it is. I say more power to them. I’m not here to judge anyone.
Same thing goes for the, “Everyone wants to make more money,” statement. You hear that and you nod your head in agreement. But simply because people say they want to make more money doesn’t mean they are willing to do what it takes to make more money. So lazy Uncle Tom, who complains about being broke, and is the first one to say he would love to make more money, yet sits in front of the TV 7 hours a day, is he your specific target market? I truly hope you are seeing the picture here.
Who is a target market for the “Everyone wants to make more money” market? People that are doing things to make more money. People that are not only searching for answers, but are actually doing things to make more money. People who are actually spending money to make more money. That is your specific target market.
Where you can find these people is an entirely different subject. And the answer is not difficult at all. A simple clue is that they are all over the Internet. But each specific target market, hangs out, so to speak, in specific places online. We’ll talk about that in another post.
The key to take away with you is that your specific target market are those people that are actually doing things to solve the problem your business solves, and are spending money to do so. If you a prospect is not doing something to solve his problem, what makes you think just because you came along he will start doing something? If your prospect is not spending money to solve the problem your business solves, what makes you think they will start spending money now?
Where “Old School Marketing” comes in to play
Traditional network marketing teaches that you should tell everyone about your business. I’m not against that. What I’m against is chasing people as if they were the only prospects around. Trust me, there are more prospects than you could possibly handle. With that said, let’s go back to Uncle Tom.
Remember we said Uncle Tom complains about money all the time, yet he doesn’t do anything about it. What if we saw that Uncle Tom now purchased a few books on making money at home, and he was actually reading them? Now may be the time to remind him of your opportunity. Why? He has met the two requirements for our target market, he is doing something, and he is spending money to solve his problem. He may have gotten to the point where he is fed up with his situation and he may be open to new options.
“Old School Marketing” has it’s value in timing. People’s situations change constantly. If people know that you may offer a solution to their problems, and the timing is right, you will find that they are more receptive to your business. Again, the key is in zeroing in on your specific target market, people that are taking action to solve the problems your business solves, and are already spending money to solve the problem.
This simple strategy is only one part of a much bigger picture. But it is, none the less, a very important piece of the over-all strategy. Keep in mind, identifying your specific target market is the first step toward Network Marketing Success. The next step is positioning yourself in front of that market, so as to have them start approaching you. If you could get these two steps done, your Network Marketing Success would sky-rocket.
Just remember, “It’s your time to shine.”
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