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Introductionto target marketing

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Presentation to Sales People in Taiwan on developing target markets

Presentation to Sales People in Taiwan on developing target markets

Published in: Business, News & Politics

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  • Your role: Why is developing a target market so important? Why do most LPs fail? In the beginning, lots of practice, but…over time, at least 20% of your time should be spent marketing yourself and your business
  • Employees at the home office: Do they spend a lot of time together? Does this give them a bond? Why wouldn’t they be a great target market? Too much competition?
  • PsychologyTeachers at the university, Small Grocery Store Owners in Taipei, Orthopedic Surgeons, Tax Lawyers,
  • PsychologyTeachers at the university, Small Grocery Store Owners in Taipei, Orthopedic Surgeons, Tax Lawyers,
  • Golfers, Fishermen, Pet Owners, Ryan Shaw and Golfers
  • People who love books: Life Planner in Ohio started a mystery book club. She asked the book store if she could write recommendations of books and put little cards near them, then asked for others comments. Book store had on-line section and they put her recommendations. She got a following and people got to know her.
  • Exercise enthusiasts: Agent in Poland loves exercise-he takes lots of tai kwan do classes, used to own a health club, started having talks at the club on nutrition, sports medicine by experts. He invited the club members and set-up meetings.
  • Charities-Tom Rowan, Churches-Glenn Levine, Political organizations, Parents Organizations-DorinIsralian
  • Charities-Tom Rowan, Churches-Glenn Levine, Political organizations, Parents Organizations-DorinIsralianGlenn Levine has always been involved in his synagogue but never wanted to actively seek business. However, over the years, he participated in fund raising, helped build the endowment and served on committees. He contributed to various initiatives and sponsored the weekly bulletin. His name and picture are included there. Glenn says "your image and reputation are all that you have" and he strives to differentiate himself from the public's perception of financial advisors. He never wants to be perceived as "pushy" or "aggressive". However, he is not shy about following up when someone gives him an opening. He will continue to contact them on a regular basis until he sees them or they tell him to stop. Luckily that hasn't happened yet. Glenn believes in the MDRT "whole person" concept and says "your life cannot just revolve around business". He sees his involvement as "something good that has helped me". It has also generated business. At this point, approximately 10% of the members of his synagogue are his clients and he has gotten many more referrals from them to other clients. These members are people who share his values and that makes them clients he really likes to work with.
  • People remember their high schools/colleges forever.
  • Needs that can be met by our products is pretty simple; most people qualifySufficient income: What is the least acceptable group of prospects that I can knowingly spend my time working with?Different depending on where you are in your career.Also different for family and friends5% rule: within five years, your income will be within 5% of your average clients income. It doesn’t take more time to sell someone making 100000 than it does to sell someone making 50000. Income as a % of premium and persistency and referrals: all important factors. Single person selling to single people in military.Tom Rowan: doctors in PA.Big enough?? If it is CEOs of companies, maybe need only 50/ university alumni-500?Deeper is better than broaderKnowledge and Skills: business market, but no self confidence there. Glenn Levine and his synagogue.
  • You need to be recognized and respected in the market
  • Example of Merrill Lynch in Aspen Colorado: She wanted to move there, she knew no one, she made a list of influential people who lived there who she wanted to meet, she looked up all of the charities on the internet, looked at which ones she was interested in, then looked at who was on their board of directors, then cross referenced to see who matched her list, found a couple of charities where the most influential people were on the board, then called, requested a meeting with the director and said, “ I am new here, I want to get involved in the community, I have been very helpful in the past in fund raising and wanted to know if there was room for me with your organization to help.
  • In the US, target markets revolving aroundleisure/lifestyle have been very successful People feel passionate about things like golfing, fishing and pets. So let’s go through an example here.
  • Do poodle lovers have interests in common?? Example: Intergroom is a three day trade show for the dog industry held each year. 150 exhibitor stalls offer everything from tools-scissors, combs etc to equipment0cages-products, conditioners etc, apparel. Seminars on tarot readings dog psychologists, clipper tips etc
  • Yes, people who own dogs need our products:
  • In US, dog owners average income is 13% above non-dog owners-and poodle owners are much higher. Most people who buy poodles have an above average income. They are status symbols.
  • Story about NYC-terriers/ dog story/ park/There is a small area in NYC where a couple purchased a terrier about 3 years ago. Now over 20 people in a four block radius have bought the same breed. There is a pet shop, bark dates, birthday parties etc for these dogs.Yorkshire terriers at the mall in Short Hills.
  • How do you target them?
  • Articles, seminars, discounts, prizes, classes,
  • Outfits, jewelry, collars, bowls,
  • Are you a poodle lover? Can you become a known and respected person in the poodle lover community? Your dog’s slogan…My owner plans for my future? What about yours? Woof, woof.
  • At this point, let’s not use business owners or advisors because that comes later.
  • Always research/ statistics are more important than feelings here!
  • Project 100 for the agency!
  • Example of Merrill Lynch in Aspen Colorado: She wanted to move there, she knew no one, she made a list of influential people who lived there who she wanted to meet, she looked up all of the charities on the internet, looked at which ones she was interested in, then looked at who was on their board of directors, then cross referenced to see who matched her list, found a couple of charities where the most influential people were on the board, then called, requested a meeting with the director and said, “ I am new here, I want to get involved in the community, I have been very helpful in the past in fund raising and wanted to know if there was room for me with your organization to help.
  • Example of Merrill Lynch in Aspen Colorado: She wanted to move there, she knew no one, she made a list of influential people who lived there who she wanted to meet, she looked up all of the charities on the internet, looked at which ones she was interested in, then looked at who was on their board of directors, then cross referenced to see who matched her list, found a couple of charities where the most influential people were on the board, then called, requested a meeting with the director and said, “ I am new here, I want to get involved in the community, I have been very helpful in the past in fund raising and wanted to know if there was room for me with your organization to help.
  • P 15/16:Thank you for meeting with me. I appreciate it. As I mentioned to you on the phone, I am expanding my practice in the business community. I specialize in working with business owners. I help them put together plans, my family owns businesses so I understand concerns You have a reputation here and I would like to ask your advicedoing some research on the business climate, get intros from local business organizations, ask questions, “how did you get started, what are your biggest challenges, when did you know you would be successful? What organizations are you involved with?
  • P 15/16:Thank you for meeting with me. I appreciate it. As I mentioned to you on the phone, I am expanding my practice in the business community. I specialize in working with business owners. I help them put together plans, my family owns businesses so I understand concerns You have a reputation here and I would like to ask your advicedoing some research on the business climate, get intros from local business organizations, ask questions, “how did you get started, what are your biggest challenges, when did you know you would be successful? What organizations are you involved with?
  • P 15/16:Thank you for meeting with me. I appreciate it. As I mentioned to you on the phone, I am expanding my practice in the business community. I specialize in working with business owners. I help them put together plans, my family owns businesses so I understand concerns You have a reputation here and I would like to ask your advicedoing some research on the business climate, get intros from local business organizations, ask questions, “how did you get started, what are your biggest challenges, when did you know you would be successful? What organizations are you involved with?
  • P15-16
  • What is an elevator speech? 20 floor building, no more than 2 minutes, piquing the interest of others.
  • AspenPeople need a reason to help you-friendship, mentoring, gain prestige, business for them-then need five contacts over three months.
  • Young Life Planner without lots of knowledge or self confidenceActive in church but reluctant-Glenn Levine-took Glenn to lunch with them.Friend says, “Keep Friendship separate”
  • P 23: Tom Branchini and Dalton Raymond
  • P. 28, developing relationships by asking lawyer to speak or seeing if there is opportunity to collaborate.Learn to compliment others, share your goals with everyone: it is easier for them to give referrals, the more information that they have. Become a resource for referrals-keep lists of everyone who is good.
  • Have a list with some empty spaces
  • The Plan: develop your reputation: Sherry Spaulding with accts.
  • 7:30 coffee and bagels, list of potential people to joinFund raising or membership. “share the benefits of joining” or “share the work of the hospital and what we need to do” . Articles from local publications.Seminars, workshops: tax legislation, business concepts,
  • Nutrition, parents of teenagers,One LP just brought in videos he had gotten from the public library to his church group on building leadership, character,High school, college classTrade shows: talk about each other, develop conversations. LP in Argentina, checked all the local hotels and went to conventions, meetings, bar when there were local events.
  • Wait until you have approval but establish a presence,Book clubBaby store, restaurant lunch, wine store, cigar store,
  • Wait until you have approval but establish a presence,Book clubBaby store, restaurant lunch, wine store, cigar store,
  • Specific actions you will take in next 48 hours, then plan for next week, then the 90 days. 3 ideas you can commit to.
  • Wait until you have approval but establish a presence,Book clubBaby store, restaurant lunch, wine store, cigar store,
  • Transcript

    • 1. Introduction toTarget Marketing A Guide for Professional Sales People Barbara M Fowler Chief Outsiders.com bfowler@chiefoutsiders.com
    • 2. Objectives of SessionI. Your Role as a Target MarketerII. Target Market CharacteristicsIII. Identifying Potential Target MarketsIV. Developing Relationships in your Target MarketsV. Ideas for Getting to Know Individuals in the Target Market 2
    • 3. Five Characteristics of a Target Market 1. Market has Interests in common 2. Needs that can be met by our products 3. Market has sufficient income 4. Market is large enough 5. Life Planner has knowledge and skills to approach 3
    • 4. Interests in Common• Where people work or what they do for a living• What people do in their time spent outside of work• What clubs or organizations they participate in regularly 4
    • 5. Where they work 5
    • 6. What they do 6
    • 7. Specific Companies 7
    • 8. Time Spent Outside of Work 8
    • 9. Hobbies 9
    • 10. Sports Club 10
    • 11. Charitable Organizations 11
    • 12. Churches 12
    • 13. University Alumni Clubs 13
    • 14. Five Characteristics of a Target Market 1. Market has Interests in common 2. Needs that can be met by our products 3. Market has sufficient income 4. Market is large enough 5. Sale person has knowledge and skills to approach 14
    • 15. Leisure/Lifestyle Target MarketA market characterized by people with a commoninterest and who communicate with each other on aregular basis.Remember:Your Goal is to become well known in the targetmarket - to go from being referred to beingintroduced to having advocates! 15
    • 16. Become Famous in Your Market Being Referred A Name Being Introduced Having An Advocate 16
    • 17. Poodle Lovers in Taiwan 17
    • 18. Do they have interests in common? 18
    • 19. Do they have needs that can be met by our products? 19
    • 20. Do they have sufficient income? 20
    • 21. Is the market large enough? 21
    • 22. Where do they communicate ? 22
    • 23. Vets, Groomers, Trainers 23
    • 24. Pet Shops? 24
    • 25. Do you have the knowledge and skills to approach? 25
    • 26. ExerciseDiscuss the five elements of a target market. Review the clubsand organizations you are involved in presently. Think about yourfamily situation, your hobbies and recreational activities. Come-up with three ideas of potential target markets. 26
    • 27. Researching the Area• Determining the Best Business Target Markets in the area where your agency is located• Discover “Centers of Influence”• Ask Questions 27
    • 28. Centers of Influence• What are the major companies in the area?• What professions are prevalent?• Who makes the top incomes?• What organizations, clubs, religions, schools, charities are most influential here?• Who are the opinion makers in this city?• Who is the most influential lawyer in town?• Which lawyer works predominantly with business owners?• Who is the best doctor?• Which corporate executives are called upon to head committees and charitable drives?• Who is the best journalist?• Who is the top-rated university professor?• Who gets quoted in the paper?• Who are the religious leaders? 28
    • 29. Research• Through the internet• In local publications/media• Through interviews with members of the group 29
    • 30. ExerciseLook at the industries in your area. Discusswhether they are viable target markets anddiscuss ideas on how to approach. Considerhow to develop expertise in the industry andhow to make contacts and keep in touch withthem over time. 30
    • 31. Developing Relationships• How do you contact these individuals and companies?• What do you do if you have no introduction to the person?• How do you handle these initial meetings? 31
    • 32. With an Introduction“Mr. Brown, this is John Smith calling from company.I am doing some research on local businessorganizations to become more knowledgeableabout the business climate here in Taipei. Based onwhat I have heard about you from Steve Jones, Ithink you will be able to give me a betterunderstanding. Are you available for breakfast nextweek? Is Tuesday or Wednesday good for you? ” 32
    • 33. Without an Introduction“Mr. Businessman, this is Gordon Brown, callingfrom company. I would appreciate the opportunityto stop by, introduce myself and get your advice andsuggestions on how to establish myself here withbusiness owners in Tokyo. Are you available forbreakfast or a cup of coffee on next Wednesday orThursday?” 33
    • 34. The Initial Meeting“Thank you for meeting with me. I appreciate it. As I mentionedto you on the telephone, I am expanding my practice in thebusiness community here in Tokyo. I specialize in working withbusiness owners. I find that I am able to help them put togetherplans for their financial future because I am knowledgeable aboutthe issues they face. My father and sister are business owners so Ihave spent a lot of time getting to know about their challenges.What I would like to talk to you about is the business communityhere. You obviously have established a reputation here and Iwould like to ask for your advice on how I can do the same. Withthat in mind…” • How did you get started here? • What were your biggest challenges? • When did you know you were going to succeed? • Who helped you? • What organizations are you involved with? 34
    • 35. The Elevator Speech• This is a short introduction of who you are and what you do• It is designed to elicit questions and interest• It is not designed to sell a product 35
    • 36. ExerciseDevelop your “elevator speech” and review it witha partner. 36
    • 37. Transitioning"We know each other through our church work so well.Now that we have spent time together there, I wouldlike the opportunity to introduce myself professionallyto see if there might be some interest on your part inworking together on your financial security plans. So,lets meet for breakfast or coffee sometime in the nextweek. Would either Tuesday or Wednesday be good foryou?” 37
    • 38. With Organizations/Charities• Help me to understand your organization.• What needs do your members have?• How do they like to be approached?• How do you suggest I get to know people?• How do you raise funds?• Do you hold events?• Do you need help? 38
    • 39. Target Marketing Teams 39
    • 40. Positioning1. 10% is due to our knowledge because wherever we are in life, we are usually competing with others with a similar amount of knowledge.2. 30% is due to our image-our body language, how we dress, speak, and carry ourselves.3. 60% is due to positioning. How we are introduced and the respect in which the person introducing us is held is key. His or her position in the community helps establish our credentials. 40
    • 41. Positioning Approach“Phillip, you have been very successful in developing your business. Ithink it is time that you sit down with a colleague of mine, John Smith.He specializes in working with business owners like you.He has many years of experience and has helped many businessowners develop a plan that really meets their needs. John is coming totown next Tuesday and I would like you to meet him. I think he can fit ameeting with you into his schedule.I believe you will really appreciate what he shares with you. Can we seta meeting up for breakfast at nine o’clock?” 41
    • 42. Another Positioning Approach“John, you are a good friend of mine and I would never want todamage that friendship. Because of our friendship, it is especiallyimportant to me that you have the opportunity to understand yourneeds and protect your family. However, if you feel strongly that you donot want to mix business with our personal relationship, this is what Isuggest:I have a colleague who works with many professionals like you. She hassome ideas that may be of interest and value to you. With yourpermission, I will have her call you to set up an appointment. What iscritically important to me is that your family is taken care of, if not withme, than with someone else who will help you examine your needs.” 42
    • 43. Positioning Introduction“Dr. Smith, my parents have been friends with you for a longtime. I want to be sure I am providing the best advice for you.One of my colleagues that I have gotten to know since I joinedmy company is an expert at working with professionals. Heworks with many doctors like you. I would like you to meethim. I think you will really appreciate his approach.” 43
    • 44. ExerciseWorking with a partner, write a positioning statement foryourself and give it to your partner. Then, the two of you willintroduce each other to another group. Make each other soundvery interesting and knowledgeable. 44
    • 45. Business Advisors• Accountants, Attorneys, Bankers• Need Clients Also• Harder for them to approach new people• Some Reluctance to working with “sales people”• There must be Reciprocity: a benefit to both 45
    • 46. Sample Approach“John, as I reviewed the work I have done this past year, Irealized that I work best with clients like you. I know a lotabout the legal profession here in Taipei and I feel I havereally been able to help my clients who are members of theprofession. With that in mind, I have decided to expand myclientele in this area. To do this, I would like to ask for yourhelp and your advice. Here is a list of ten attorneys I plan toapproach.” • Who do you know that you can introduce me too? • Do you have any advice on how to approach them? • Is there anyone who I have left off the list that you feel should be added? 46
    • 47. List of Lawyers1. Joe Huang2. Jackie Chou3. Chris Fu4. Joan Cleveland5. Wonhee Kang6. James Lan7. Simon Long8. Alexandra Durbak9. Tracy Wong10. Philip Tsong11. ….12. ….. 47
    • 48. Ideas to Review• Form a breakfast networking club• Join a business club like Rotary or a charitable organization like the Red Cross• Distribute a business oriented newsletter• Conduct/Organize/ Financial Seminars 48
    • 49. Ideas• Target Other Audiences at Seminars• Form a group at your church, gym or school• Teach a class• Attend Trade Shows/Seminars/Networking Events 49
    • 50. Ideas• Establish a Presence on Social Media Sites• Recommend books at book store/form book club• Offer a monthly prize/gift to target market 50
    • 51. Innovation Exercise• Brainstorm Ideas• Put in Categories• Build on Best• Ease of Implementation• Decide on Two 51
    • 52. ExerciseExercise: Put together your 90 day targetmarketing plan with your partner. 52
    • 53. Summary• Choose a Target Market• Develop a Presence• Be Persistent• Take Intelligent Risks• Have Fun! 53
    • 54. Thank You• For more information, please contact• Barbara M Fowler• at bfowler@chiefoutsiders.com 54