Home Based Business Tips – How Well Do You Know Your Market?
Home Based Business Tips – How Well Do You Know Your Market?
Knowing your market and what triggers them to buy is a very defining factor in the success of your business.
If your market believes in you and your message and they feel like you have a solution or can give them satisfying results to their wants and needs, you will position yourself as an expert and be well on your way to a successful marketing career.
Let’s talk about your market or any particular market for that matter. It doesn’t matter what you are marketing, whether it’s a car or soft drink or weight loss product or a computer or telecommunications service of any kind and the list goes on.
It is important to know what drives people to purchase and they boil down to five things:
They buy based on:
Emotion driven by a reason or need
Price
Confidence that they will get results or a solution.
Money back guarantees.
Guidance through customer relations.
People want to buy for gratification first and foremost and that is usually driven by emotion. Most people buy based on emotion, then justify with reason. Think about it for a second; overweight people want to feel better about themselves (emotion) so they know to do that they need to lose weight first (reason). Second example: They have been driving the same car for the last 5 yrs. and would love a new one (emotion) and getting a new car will give them more dependability and better gas mileage (reason).
It’s gratification first, but they have a lot of choices to get that gratification, There are a dozen or more car manufactures, dozens of weight loss products, dozens of telecommunications providers, a dozen or so travel companies, hundreds of legal services and hundreds of health and wellness products.
Wow! Seems pretty fierce huh? Yes it can be and that is called competition and it’s a good thing for you because it gives you a platform to shine. Without it you have no job and everything is monopolized, but fear not because you have a targeted market of hundreds of millions of people and there is plenty to go around for everyone.
This is where you as a network marketer can use your skills and creativity to outshine the competition. You see and I don’t want to discourage you, but 97% to 99% of people have never heard of your product or service or your company, another good thing because if your product was a household name, then your company would go commercial and again you would be out of a career.
The second thing that your market wants as much as gratification (which includes results and solutions), is they want a good deal or best price. If your product and services and your competitor’s products and services are equal and your price is higher, who will they buy from?
Ah! How am I going to give you an answer for that you are asking? Well you can still out sell your competitor if your price is higher if you do the following:
Be the leading expert: Know way more about your products and services than they do.
Give them a discount if it’s practical.
Flood them with pertinent information and hide nothing.
Get more creative and let them know how your products or services will enrich and make their lives simpler and easier.
Follow up with them consistently and help them, whether it is weight loss or travel or anything else, if people think that you are in their corner every step of the way, they won’t mind paying a couple of extra dollars. Make your customer service excellence known. This will give them the confidence that they will get results or their solution. Both of these points fall under reasons # 3 & 5.
Let them know every time there is a special and offer it to them first.
Let them know that you have a no hassle no questions guarantee and uphold it and in a quick and timely manner, this will prevent negative fallout. This is reason # 4
Once you have figured out why people buy you will have the upper hand in getting your message out to your market and position yourself to convert more sales and bring much more success to your business.
The next step to the process is to profile your potential buyers using demographic tactics. So please look for that article. That tactic with understanding your buyer will bring new born life to your advertising campaign.
Tags: Based, business, Home, Know, Market, Tips, Well