| There are many business owners and entrepreneurs | | | | on your business plan. |
| who unknowingly make simplemistakes that can cost | | | | 3. Is your market profitable; do the majority of |
| them thousands if not millions of dollars before they | | | | prospects that you are targeting have adequate |
| realize what went wrong. | | | | purchasing power to afford the products or services |
| Here are 3 reasons we found why so many direct | | | | you are offering. Sometimes a rough estimate can be |
| response marketers go wrong. | | | | done using demographic data to accomplish this until |
| 1. Insufficient knowledge and experience in direct | | | | additional testing proves different. |
| response marketing. They know their products profit | | | | 4. Is your target market accessible; can you easily |
| potential but miss the point entirely when it comes to | | | | reach this target audience? By doing some research |
| evaluating what their market universe or demographic | | | | in databases using the SIC (standard industrial code) |
| potential really is. | | | | you can easily find how many of these prospects |
| 2. They concentrate totally on the product instead of | | | | there are in your targeted geographic area and group. |
| on the market, and analyzing their chosen markets | | | | These are a few questions you should ask yourself |
| limits. | | | | before pursuing and investing in a market.o What |
| 3. Lack of knowledge and experience in direct | | | | interests or expertise do I have that can be used to |
| response marketing and the evaluation of risk. | | | | solve problems for people in a particular group?o Do I |
| There are several important steps or questions that | | | | have contacts or notoriety in a particular area that |
| should be asked in determining your target market. | | | | can be leveraged to accomplish this?o Can I find |
| Before settling on a target market, make sure they | | | | where these people all conjugate or hang out at with |
| meet these 4 criteria. If your target audience does | | | | ease?o Are the people in this group able to pay what |
| not meet all of your criteria, you may want to | | | | I need to charge them for the product or service I |
| consider choosing a different target audience, | | | | want to provide?o Is this the easiest group to reach |
| expanding your reach, or altering your products so | | | | with the least amount of effort and in the least |
| they appeal to a larger group. | | | | amount of time? In other words can this market be |
| 1. Is your market identifiable; in other words does | | | | considered the lowest hanging fruit to pick? |
| your target audience have a set of common | | | | In summary these are some of the things you must |
| characteristics that you can easily identify? Identifying | | | | look at and ask yourself before you start to commit |
| all of the chiropractors' offices in a specific area is an | | | | to an industry, group of people or particular niche you |
| easy audience to target. However, identifying people | | | | want to market your product and services to. You |
| that are not happy with their chiropractor is a more | | | | need to get absolutely clear on the type of customer |
| difficult thing to know. | | | | you want to attract to your business and |
| 2. Is your market of considerable size; would this | | | | determining their numbers will be the single most |
| target market be able to sustain your business. | | | | important step in beginning any marketing plan or |
| Sometimes targeting too small of a geographic area | | | | campaign. |
| or specific group can have an adverse financial effect | | | | |