Caution! You might be marketing to the wrong target audience!
I will show you a method that will let you cut back on your marketing costs AND increase your customer base.
I asked a business owner last week who he considered to be his target audience
“Families with kids” he answered.
“That’s great, but it would be reasonable to say there are about 40 million families with kids in the United States.” I answered. “If only one percent (400,000) order from you tomorrow, can you serve all of them? Do you have the capacity to serve them? Wait, that’s not all! Do you have enough money to advertise to all 40 million?”
It’s a common mistake of business owners to think they have a huge target market.
Of course they hope that’s true because they are trying to sell to a lot of people, and they would like a lot of customers. They are afraid to restrict their list of potential customers, out of fear that they will lose some.
This is simply wrong.
You can be more profitable if you restrict your list of potential customers, and focus on a niche that you can serve better.
Not the huge market you already have picked out.
A smaller one = a manageable one.