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Presentation to Sales People in Taiwan on developing target markets
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Introduction toTarget Marketing
A Guide for Professional Sales PeopleBarbara M FowlerChief Outsiders.com
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I. Your Role as a Target Marketer
II. Target Market Characteristics
III. Identifying Potential Target Markets
IV. Developing Relationships in your Target Markets
V. Ideas for Getting to Know Individuals in the Target Market
Objectives of Session
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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
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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
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Where they work
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What they do
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Specific Companies
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Time Spent Outside of Work
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Hobbies
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Sports Club
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Charitable Organizations
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Churches
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University Alumni Clubs
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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
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Leisure/Lifestyle Target Market
A market characterized by people with a common interest and who communicate with each other on a regular basis.
Remember: Your Goal is to become well known in the target market - to go from being referred to being introduced to having advocates!
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Become Famous in Your Market
Being Referred A Name
Being Introduced
Having An Advocate
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Poodle Lovers in Taiwan
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Do they have interests in common?
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Do they have needs that can be met by our products?
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Do they have sufficient income?
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Is the market large enough?
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Where do they communicate ?
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Vets, Groomers, Trainers
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Pet Shops?
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Do you have the knowledge and skills to approach?
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Exercise
Discuss the five elements of a target market. Review the clubs and organizations you are involved in presently. Think about your family situation, your hobbies and recreational activities. Come-up with three ideas of potential target markets.
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Researching the Area
• Determining the Best Business Target Markets in the area where your agency is located
• Discover “Centers of Influence”
• Ask Questions
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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?
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Research
• Through the internet
• In local publications/media
• Through interviews with members of the group
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Exercise
Look at the industries in your area. Discuss whether they are viable target markets and discuss ideas on how to approach. Consider how to develop expertise in the industry and how to make contacts and keep in touch with them over time.
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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?
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With an Introduction
“Mr. Brown, this is John Smith calling from company. I am doing some research on local business organizations to become more knowledgeable about the business climate here in Taipei. Based on what I have heard about you from Steve Jones, I think you will be able to give me a better understanding. Are you available for breakfast next week? Is Tuesday or Wednesday good for you? ”
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Without an Introduction
“Mr. Businessman, this is Gordon Brown, calling from company. I would appreciate the opportunity to stop by, introduce myself and get your advice and suggestions on how to establish myself here with business owners in Tokyo. Are you available for breakfast or a cup of coffee on next Wednesday or Thursday?”
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The Initial Meeting
“Thank you for meeting with me. I appreciate it. As I mentioned to you on the telephone, I am expanding my practice in the business community here in Tokyo. I specialize in working with business owners. I find that I am able to help them put together plans for their financial future because I am knowledgeable about the issues they face. My father and sister are business owners so I have spent a lot of time getting to know about their challenges. What I would like to talk to you about is the business community here. You obviously have established a reputation here and I would like to ask for your advice on how I can do the same. With that 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?
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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
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Exercise
Develop your “elevator speech” and review it with a partner.
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Transitioning
"We know each other through our church work so well. Now that we have spent time together there, I would like the opportunity to introduce myself professionally to see if there might be some interest on your part in working together on your financial security plans. So, let's meet for breakfast or coffee sometime in the next week. Would either Tuesday or Wednesday be good for you?”
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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?
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Target Marketing Teams
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Positioning
1. 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.
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Positioning Approach
“Phillip, you have been very successful in developing your business. I think 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 business owners develop a plan that really meets their needs. John is coming to town next Tuesday and I would like you to meet him. I think he can fit a meeting with you into his schedule.
I believe you will really appreciate what he shares with you. Can we set a meeting up for breakfast at nine o’clock?”
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Another Positioning Approach
“John, you are a good friend of mine and I would never want to damage that friendship. Because of our friendship, it is especially important to me that you have the opportunity to understand your needs and protect your family. However, if you feel strongly that you do not want to mix business with our personal relationship, this is what I suggest:
I have a colleague who works with many professionals like you. She has some ideas that may be of interest and value to you. With your permission, I will have her call you to set up an appointment. What is critically important to me is that your family is taken care of, if not with me, than with someone else who will help you examine your needs.”
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Positioning Introduction
“Dr. Smith, my parents have been friends with you for a long time. 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 joined my company is an expert at working with professionals. He works with many doctors like you. I would like you to meet him. I think you will really appreciate his approach.”
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Exercise
Working with a partner, write a positioning statement for yourself and give it to your partner. Then, the two of you will introduce each other to another group. Make each other sound very interesting and knowledgeable.
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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
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Sample Approach
“John, as I reviewed the work I have done this past year, I realized that I work best with clients like you. I know a lot about the legal profession here in Taipei and I feel I have really been able to help my clients who are members of the profession. With that in mind, I have decided to expand my clientele in this area. To do this, I would like to ask for your help and your advice. Here is a list of ten attorneys I plan to approach.”
• 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?
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List of Lawyers
1. Joe Huang2. Jackie Chou3. Chris Fu4. Joan Cleveland5. Wonhee Kang6. James Lan7. Simon Long8. Alexandra Durbak9. Tracy Wong10. Philip Tsong11. ….12. …..
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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
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Ideas
• Target Other Audiences at Seminars
• Form a group at your church, gym or school
• Teach a class
• Attend Trade Shows/Seminars/Networking Events
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Ideas
• Establish a Presence on Social Media Sites
• Recommend books at book store/form book club
• Offer a monthly prize/gift to target market
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Innovation Exercise
• Brainstorm Ideas
• Put in Categories
• Build on Best
• Ease of Implementation
• Decide on Two
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Exercise
Exercise: Put together your 90 day target marketing plan with your partner.
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Summary
• Choose a Target Market
• Develop a Presence
• Be Persistent
• Take Intelligent Risks
• Have Fun!
