Do You Know Your Target Market? Here's a Story of What Happens When You Don't
My target market. I thought I knew it. But I found out the hard way I didn't. Let's roll back in time to May 2009. At that time, I was selling a line of gourmet candles that easily retailed for about $20. I knew I had a 'great product', and my current customers loved the candles. I decided I'd give it a whirl and sell them at one the largest and well-known, two day, flea markets in the New York tri-state area: The Stormville Flea Market. When I told people that I knew what I was going to do, I was advised to bring a lot of inventory, because I'd sell A LOT since I had a 'great product'. I'd be really busy the whole weekend, and I would do really well. Well, with future dollar signs in my eyes, I ordered at least $500 in inventory. (You can see where this story is leading, right?) So, off to the flea market I went with a truck bed full of candles. The weather was gorgeous, and the flea market was busy. The result? I'll cut to the chase and tell you I never did so much people watching in one weekend as that one. On Saturday, I sold 3 candles to people who were already familiar with the product, one specialty candle that looked like a pie, and one soap. On Sunday morning, my husband, who so graciously accompanied me for the weekend without complaint, suggested we put out the votives and try to move them since they could be sold for much less than the candles. It sounded like a great idea. Not one sale on Sunday. Then it hit me....and it it me hard. I didn't know who I was trying to sell to. I never in my life went to that particular flea market, so I didn't see what vendors were selling, I didn't see what the prices were, nor did I have a 'feel' for the market. I went in blind, and it showed. My 'great product' wasn't something the flea market people wanted. Sure they liked to look and smell, but they didn't want to buy. These people wanted deals and low prices. Meanwhile, there I was with a high end product just sitting there. It didn't matter if the product was the 'best in it's class'. It didn't matter if it was really worth the money. It didn't matter that I cut the price down to almost cost to move some of it. It was the wrong product for the flea market, plain and simple. My story is the classic case of having the 'great product' that supposedly everyone would want, but nobody buys. The flea market people were not my target market for the product. So remember, it all boils down to this: You've got to know what your customer wants and what makes them want to buy. You need to know where they 'hang out' and what makes them tick. Without some brainstorming, some thinking, and some research, you'll waste valuable time and money like I did.Donna Zuna is a founding member at the Home and Small Business Network. Not only can she give you guidance in marketing your business, she offers practical business financial management advice. You can find her at [http://donnazuna.com]http://donnazuna.com. For more help in defining your target market and marketing your business from real people with no hype, stop on by [http://homeandsmallbusinessnetwork.com]http://homeandsmallbusinessnetwork.com. Article Source: [http://EzineArticles.com/?Do-You-Know-Your-Target-Market?-Heres-a-Story-of-What-Happens-When-You-Dont&id=5869477] Do You Know Your Target Market? Here's a Story of What Happens When You Don'tComments [0]
