Although some will tell you the whole world is a market for you, the reality is different. Not everyone will be interested in your product and not all of them who are interested would buy your product.
Much of the success of any networking business depends on whether you are being able to reach out to the right people. So it is imperative that you know what your target market is.
It is a fact that does be successful in MLM business; you got to have the leads. But these leads should not just be of anyone or else you will make huge investments without ever reaching someone who will be interested in your product.
In fact, this has happened to quite a few people who have entered into the MLM world and spent indiscriminately on their leads. They would have spent a fortune in buying leads of 5000 or 10000 people but would have ended up with replies from very few or none at all.
What you need to do is to identify your own niche market. This would constitute of a group of potential customers who have some common characteristics.
When you analyze the kind of personalities they have, their lifestyle, and other such things you should be able to conclude that they would be particularly receptive to your product.
To find your niche market the very first thing you need to do is to list all the benefits your product offers. You should make sure you are listing the benefits and not the features.
Once you have enlisted all the benefits of the product, you next need to list all those groups of people you think would be looking for those benefits.
From this group you have to shortlist on the basis of the following points:
- Whether you will be able to identify individuals from this group and have their contact details so that you can get in touch with them.
- Whether prospective consumers have the financial resources to buy our product.
- Need without money would never translate into demand.
- Whether the group large enough for you to sustain your business by just catering to their needs.
Now that you have identified your target consumers it would be much easier for you to plan your marketing efforts. The sales message you send across could now also be tailored so that they address the specific concerns that your target consumers will have. To have knowledge is to have power.
The more knowledge you gather about your market the easier it becomes for you to convince them to buy your product. In case you have more than one target market you can create separate marketing plans for the different target groups.
You also know what are the benefits that they are looking for. Target your advertisements keeping this in mind. Make sure you explain to them exactly how your products will benefit them.
While you are advertising you must concentrate on educating your prospective consumer and not just selling. Once he is convinced about the benefits, you will be easily able to convert the prospective consumer to a confirmed customer.
