Presentation to Sales People in Taiwan on developing target markets

1. Introduction to
Target Marketing
A Guide for Professional Sales People
Barbara M Fowler
Chief Outsiders.com
bfowler@chiefoutsiders.com

2. Objectives of Session
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
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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
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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
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5. Where they work
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6. What they do
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7. Specific Companies
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8. Time Spent Outside of Work
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9. Hobbies
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10. Sports Club
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11. Charitable Organizations
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12. Churches
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13. University Alumni Clubs
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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
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15. 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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16. Become Famous in Your Market
Being Referred A Name
Being Introduced
Having An Advocate
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17. Poodle Lovers in Taiwan
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18. Do they have interests in common?
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19. Do they have needs that can be met by
our products?
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20. Do they have sufficient income?
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21. Is the market large enough?
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22. Where do they communicate ?
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23. Vets, Groomers, Trainers
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24. Pet Shops?
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25. Do you have the knowledge and skills
to approach?
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26. 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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27. 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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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?
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29. Research
• Through the internet
• In local publications/media
• Through interviews with members of the
group
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30. 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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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?
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32. 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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33. 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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34. 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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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
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36. Exercise
Develop your “elevator speech” and review it with
a partner.
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37. 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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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?
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39. Target Marketing Teams
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40. 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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41. 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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42. 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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43. 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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44. 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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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
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46. 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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47. List of Lawyers
1. Joe Huang
2. Jackie Chou
3. Chris Fu
4. Joan Cleveland
5. Wonhee Kang
6. James Lan
7. Simon Long
8. Alexandra Durbak
9. Tracy Wong
10. Philip Tsong
11. ….
12. …..
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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
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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
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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
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51. Innovation Exercise
• Brainstorm Ideas
• Put in Categories
• Build on Best
• Ease of Implementation
• Decide on Two
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52. Exercise
Exercise: Put together your 90 day target
marketing plan with your partner.
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53. Summary
• Choose a Target Market
• Develop a Presence
• Be Persistent
• Take Intelligent Risks
• Have Fun!
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54. Thank You
• For more information, please contact
• Barbara M Fowler
• at bfowler@chiefoutsiders.com
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