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Marketing Strategy For Two Or More Target Markets

 While we were creating our personas, a few followers mentioned that they have multiple target markets and requested we chat briefly about how to handle that. It is a very good question. 

The same energy required to light up a room can cut through concrete in the form of a laser. So focus is important in marketing. However, many businesses have multiple target markets.  The key is to have a plan. 

bowling pins 600Geoffrey Moore, author of Crossing the Chasm, looks at target markets like bowling pins. Identifying the lead pin is critical to knocking down the others.

Here is a practical example. If we sell medical transcription services to small physician practices, identifying the lead pin would be easy. But our secondary pin might be small hospitals and our third pin might be larger physician practices. The key learning is to have the stories, services, testimonials and content to make the second and third target market feel comfortable that what we have done in the first target market is transferable. In this case, I think we have a match.

Here is a more challenging example. If my company sold software to large manufacturing firms, moving to professional services as my second target market could prove challenging.  However, coming out with a web based offering for smaller manufacturing firms would make more sense. 

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Posted By Author Mike Lieberman, CEO and Chief Revenue Scientist

Mike is the CEO and Chief Revenue Scientist at Square 2. He is passionate about helping people turn their ordinary businesses into businesses people talk about. For more than 25 years, Mike has been working hand-in-hand with CEOs and marketing and sales executives to help them create strategic revenue growth plans, compelling marketing strategies and remarkable sales processes that shorten the sales cycle and increase close rates.

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