Marketing 101c

This is the third installment in a series of basic marketing concepts. First we described what marketing is, and what it is not. Then we talked about the problem your service or product will solve, the need it will fill, or the want it will satisfy. Now we need to talk about the “who” in the marketing equation.

Who has this problem to be solved, need to be filled, or want to be satisfied? No product has universal appeal, so we need to understand who our prime prospect (ideal customer) is. Here are some things to consider as you think about who you are trying to serve.

● Are there geographic limitations? Maybe your product or service only has value within a certain geographic area. Or you might be limited by distance. A local plumbing contractor, for example, may only be able to effectively serve customers within a 20-mile radius of his shop.

● Are there ethnic or cultural factors to be considered? Some foods, for instance, might be very popular in one culture, completely unacceptable in another.

● What about age? Does our product or service appeal equally to a 15-year old and a 55-year old?

● How about gender? Does our product or service appeal equally to men and women?

● What are my prime prospects willing to pay for my product or service?

The list goes on and on, but you get the idea. You need to know as much as possible about your prime prospects . . . who they are, where they are, what they like and don’t like, how they behave, and how they make buying decisions. And once you know everything there is to know about your ideal customer, the final key question is: are there enough of them to support my product or service?

Understanding everything you can about your ideal customer is critical. If you don’t have a clear picture of who they are, how can you reach them? How can you attract their attention? How can you tell them your product or service even exists? You can’t. So like many aspects of marketing, this may take some time, effort, and maybe money to research, but it’s worth it. Any resources spent here are miniscule compared to the expense of launching a product or service that misses the mark and ultimately fails.

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