Have you been mailing postcards and letters, and not getting much result?
While you know about getting a list of names and addresses, and farming an area, today it is about big data and the collection of information.
The new way to identify your target market is to use big data in a way that shows you a path to your ideal clients. Here are some simple data analysis steps that you can perform to identify your target market.
1. THE DATA: Gather the following information for transactions that you have closed in the past one year. You can put your data in an excel spreadsheet. You will have one list for your sellers and another list for your buyers.
– Seller name, address, phone, email
– Seller gender, age, occupation, martial status
– Buyer name, address, phone, email
– Buyer gender, age, occupation, martial status
2. SORTING: Sort your lists to identify the type of person that has been utilizing your services. That is, have you done more business with:
– Male or Female
– What are the top 3 ages (ex: between 30 – 40)
– What are the top 3 industries (occupation)
– Are they married
3. THE PROFILE: Using the information from step 2, create a profile of the person with whom you have been doing business. For Example: Sellers: Male, between ages 35 – 40, that works in local government, married, …
4. THE LIST: Create your marketing messages to speaks to the profile you created in step 3; you will also send your marketing collaterals to that type of person. If you are purchasing leads, ask for leads that match the profile created in step 3.
If you would like to dig deeper, you can look at two years worth of data. You can also get more specific with data points, such as including zip codes, family size, household income, etc.
Research shows that by properly identifying your target market, you can increase your sales, and increase the value of each marketing dollar spent.