Success in selling hinges on reaching the appropriate market, thus targeting potential customers who desire or require your product or service.

To boost your sales and convert more prospects into sales, it is crucial to focus on the right prospective customers.

So, how do you locate these prospects, and how can you ensure you are not squandering time on others?

Firstly, identify the types of people or businesses that need your product or service. Your database, containing specific details of existing customers, serves as an excellent starting point. Those who have previously purchased from you are most likely to do so again.

If you have fully serviced your customer list and seek new customers, discern any common traits your existing customers possess. For instance:

• Are they located in the same or similar geographical areas?
• Do they belong to a specific demographic, such as age or social class?
• Are they members of particular interest groups, like clubs or associations?
• Do they operate within certain industries?
• Do they share similar characteristics?

If businesses are your customers, consider the following:

• Do they have industry associations?
• Which publications do they receive?
• From which other businesses do they purchase?
• What problems do your products solve for them?

After profiling your ‘typical’ customer, attempt to determine what influences them.

• Do they attend industry or trade shows to acquire information about products or services?
• Do they subscribe to newsletters or journals containing product or service information?
• Do they interact with competitors at functions or other groups?
• Do they participate in industry or business seminars and conferences?
• Do they read magazines? If so, which ones?
• Do they read newspapers? If so, which ones?
• Do they engage in social groups that influence them?

The answers to these questions will help compile a list of the most effective ways to promote your service or business. Instead of an ad-hoc approach, a targeted strategy will significantly increase your chances of reaching your target market.

Before investing in advertising or promotion, ascertain where your customers obtain their information and who influences their purchasing decisions.

If you are unsure how to obtain this information, simply ask. Begin by asking your existing customers where they discovered your business, what information they receive, and where they look for information about products or services akin to yours. A customer focus group is an excellent method for gathering this information. This forum enables you to enquire about customers’ likes and dislikes regarding your business operations and any potential improvements.

Another approach involves employing a market research firm to investigate your industry and discern who is purchasing what from whom. This should offer further insight into your prospective customers, enabling you to refine your target list.

Specialised mail list companies can provide lists of potential customers, comprising companies and individuals that meet specific criteria. For instance, if you sell real estate, you can obtain details of individuals interested in investment products. Names of businesses within particular industries are also accessible (typically including projected turnover levels). Moreover, names of individuals who have previously made mail-order purchases or subscribed to specific sports or forms of entertainment are available.

Purchasing names in this manner can yield a valuable list of prospective customers. However, it can be costly. To acquire accurate, usable lists, you must closely specify your target market. Such lists typically lack guarantees as to whether the names provided will be suitable for your business, and some list companies do not even guarantee accuracy.

If you choose to target using lists like these, try to ensure the following: Firstly, the company should guarantee a certain level of accuracy and compensate you for any incorrect contact names or addresses. Secondly, request a qualified list, meaning the names are of businesses or individuals who have already purchased or expressed interest in your (generic) product or service or a similar one. When targeting cold prospects, your chances of selling to them depend on reaching the decision-maker. Ensure you have this individual’s name before attempting to introduce yourself or your company.

The subsequent step involves devising a contact plan based on the prospect profile you have established. If they attend seminars, consider being a guest presenter or sponsoring the event. Assisting with the registration process is a powerful means of securing introductions.

If your customers are parents, advertise in their school journal, sponsor the school fete, and participate in local events.

If they read specific magazines or journals, advertise in them. Better yet, write articles and submit them to the publication. Ensure the article is well-written and provides valuable information. Ideally, the content should extend beyond mere advertorial.

If you have identified that your potential customers are also patrons of other businesses (excluding competitors), discuss a potential two-way endorsement campaign with those businesses.

The key to increasing sales lies in contacting the most likely buyers, that is, your target market. Invest time in identifying these individuals and businesses. Ensure that your product details, approach, and service levels are prepared to accommodate your new customers, and you will have devised the formula to boost your sales.

In summary, here is an action plan to determine your ideal target audience:

• Identify the common traits shared by your prospects;
• Catalogue the habits of your prospects concerning what they read, watch, listen to, and attend;
• Comprehend the factors influencing their purchasing decisions;
• Recognise the needs fulfilled by your products or services; and
• Enumerate the primary obstacles hindering their decision to purchase your products or services.