When it comes to selling, you have to know, without a doubt, everything about your target market.
No one is denying that fact.
But generally speaking, MOST entrepreneurs only focus on one area of market research. And that's it.
They go out of their way to find out things like..
The target market's:
- Age
- Gender
- Race
- Location
- Income
- Schooling
- Religion
- Etc.
This type of data is called Demographics.
Demographics refers to statistical data (age, gender, income, etc.) collected for a particular population.
And while demographics are good to know....they are not the best things to know.
The problem is, this type of data DOES NOT help you sell anything.
I can give you all the demographics you want for a particular niche, and you can go out, create a product for them, and not sell a single whatever it is.
Why?
Because you don't truly KNOW that audience.
What you NEED to know are the Psychographics of that particular audience.
Psychographics refers to information about a particular population's attitudes, aspirations, and other psychological criteria.
This is the study of emotions, personality, values, opinions, attitudes, interests, and lifestyles.
They are core to consumers' motivations, priorities and purchases.
Psychographics help answer WHY your potential customer does what they do.
You have to understand the difference if you want to improve your marketing efforts.
You need to start asking questions like:
- What keeps your audience up at night?
- What do they fear?
- What do they aspire to?
- What is their biggest concern / problem right now?
- What FEELINGS are they experiencing when they are doing a Google search to solve their problem?
This is how you get into the heads of your perfect customers.
THIS, is how you sell stuff.
If you can get into the heads of your market, you can figure out what their most pressing issues are, solve them, and then show them that you have the solution to their problem.
And if you do that, they WILL buy.
You can NOT do this using demographics alone.
Tell me, how exactly does knowing someone's age, race, and religion help with someone having a financial crisis that is looking for a stay at home online business?
Answer: It really doesn't.
But understanding the emotions and feelings, desires and goals, and challenges they are facing right now, does.
Are you getting it yet?
Yes, I think I have beat this horse enough.
Action Steps
If you have not done a plethora (a lot) of psychographic research on your target market yet, stop everything you are doing and working on, and go out and do it now.
If you need help or simply don't know how to do this type of research, there is a course I created called "The Perfect Customer Engine" that walks you through step-by-step on exactly how to do it right.
Even if you don't get the course, I promise you that your world will change by doing this type of research.
And I can almost guarantee that your competitors are not doing this stuff.
They are doing what everyone else does...they research the demographics and nothing more.
Until Next Time,
Karma Cashflow
