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How well do you know your target market?

Fri, Jun 5, 2009

Marketing, Referrals

real-estate-target-marketKnowing what your target market looks like is a great way to make sure every marketing dollar you spend (or every minute of your time) is working effectively for you. Stats are a great way to do this.

For example, here are some stats compiled by Quantcast on what first-time buyers look like in 2009:

* 58 percent female
* 41 percent are between age 18 and 34 (59 percent are 35 and older)
* 62 percent are Caucasian (26 percent African-American, 7 percent Asian and 4 percent Hispanic)
* 80 percent have no kids
* 35 percent earn between $30,000 and $60,000
* 58 percent have some college education

Can you describe, in a few words, what your ideal client looks like? Take a look at your past clients (or at least, the ones you’ve really enjoyed working with, that have sent you referrals and/or become repeat clients). Look at their age, their income, the type of work they do, etc. and you can begin compiling stats for your own business. You can also utilize analytics and tracking systems online to see where you are getting a lot of traffic (and business) from. In the next week, we’ll be looking at some different ways you can track your business online, but in the meantime, think about what your clients have in common. Be keeping their personality traits, interests, habits and preferences in mind, it can immediately help “drill down” your marketing by including the things that will appeal to them, and leaving out what won’t.

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