You Might Have Picked The Wrong Target Market

target marketIt’s tough to admit that your plan didn’t quite work out the way you thought it would and it’s even tougher in business when you’ve got money at stake. Picking target markets is something that we all been taught how to do because it’s absolutely essential to executing your marketing strategy. Without the right target market, you’re like a ship at sea without a compass.

Sign #1: You’re Not Getting Any Traction

When I say you’re not getting any traction, it could be that:

  • Your sales aren’t increasing
  • The cost of acquiring a new client is too high
  • Returns are coming back faster than sales are going out
  • You’re attracting low-level clients that are taking too much energy to service.

When things are going right the signs come very quickly. The interesting thing with that is sometimes you still have to push forward with that same product because that might simply be the cost of getting in.

ID-10080010Sometimes It Takes Even More Hard Work

I can’t remember how many times Col. Sanders from Kentucky Fried Chicken heard no before he finally heard somebody say yes and buy his chicken recipe. It’s the same thing in any other business. Sometimes we give up too fast because we expect something to happen overnight.

Can you become a millionaire overnight? Sure…with a truckload of lottery tickets and a lot of good luck!

Can you become a millionaire in business overnight? Well, that’s a less common story than lottery winners! That’s just not how it works in business.

Be Honest With Yourself

Sometimes we have to ask ourselves, did we pick the right product at the right price for the right clientele? Sometimes the answer is yes but we just need to work a little bit harder to get it off the ground. Other times you have to acknowledge that you blew it and it’s time to throw in the towel. Those are tough decisions to make and they are not decisions that you should be making without the opinion of your advisor.

A lot of times people try to make those decisions themselves and they beat themselves up without going out and talking to an advisor to have them broaden the options on how things can work through the process.

There is an old Turkish proverb that comes to mind when I think about this: No matter how far you’ve gone down the wrong road, turn back! If you and your advisor reach the conclusion that you’ve made a bad call, there is no sense in doing any more damage or wasting any more time.

You have to evaluate, realign and get back on track. Be proactive with analyzing your results and don’t hesitate to make adjustments when necessary.

Remember, the road to success is paved with many potholes!

 

 

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