Targeted selling is a sales strategy that focuses on specific customers or market segments that the seller believes are more likely to buy their products or services. It involves identifying and understanding the needs of these potential buyers, and then developing a sales approach that is tailored to meet those needs.
By focusing on these organizations and highlighting the benefits of adopting a security solution, sellers can often convince them to invest in protection by solving their specific problems. Focusing your sales efforts on a specific target audience can lead to more sales overall by appealing to their unique needs.
There are several benefits to using targeted selling in the security industry. First, it allows you to associate your brand with your target market. It also allows you to focus your messaging and resources on potential customers who are most likely to buy your products or services. This helps you allocate your limited resources more effectively and improve your chances of making a sale.
Second, by targeting specific customers, you can tailor your products and services to meet the unique needs of your customers. This can help you stand out from the competition and win more business.
There are also significant operational efficiencies and cost savings when servicing a specific target market. For example, recruiting becomes easier. You know exactly what type of security officer you are looking to hire, what your expected turnover is, how long it takes to recruit and what the cost to recruit is. Practically, it is more expensive and time consuming to hire armed security officers for government contracts than it is to hire an unarmed foot patrol officer for a construction site. However, your staff turnover on construction jobs is most likely going to be higher than the armed security officer.
Another thing to think about is how long the contract lasts. Construction sites are often assigned a start and stop date, so you will need to always keep your pipeline full with potential construction locations. Established firms such as Class A office buildings, on the other hand, have a longer lifespan, while schools will be staffed differently during the school year than over the summer.
Targeted selling can also help build better relationships with your potential customers. By getting to know them better and understanding their needs, you can develop solutions that are a better fit for them and create more value for both sides.
There are a few things you can do to implement a targeted selling strategy for your company. First, you need to determine who your target market is. This may be broadly based (for example government contracts, or slightly more tailored based on industry (for example schools or construction, or it may be very specifically targeted within an industry (for example Class A office buildings within commercial real estate.)
If you want to know what your customers need, it is crucial that you invest time in learning about their target market. See things from their perspective by understanding not only their business goals and challenges but also digesting information on current security threats. Once acquainted with this knowledge, developing a sales pitch becomes much easier as it can be now catered to them directly.
Taking the time to understand their challenges will help you shape a sales pitch that is designed to address their issues as opposed to simply introducing your products or services. This will make you stand out from the competition instead of trying to use a "one-size-fits-all approach".
Once you know who you are talking to, and you have tailored your message accordingly, you will be able to strategically advertise in the right places, network with relevant contacts, or even use guerrilla marketing tactics. By targeting your efforts towards specific customers, you can improve your company's sales results and create more satisfied customers.
When you focus your sales and operational efforts towards meeting the needs of a select group of customers (your target market), that is called targeted selling. By taking the time to get to know who your target audience is and what they need, you can develop solutions tailored specifically for them. Additionally, maintaining communication with your target market will help forge strong relationships and ensure customer satisfaction.
Targeted selling can result in increased operational efficiency and improved financial performance. By focusing sales efforts on specific market segments or customers who are most likely to buy, businesses can reduce the cost of acquiring new customers and improve their return on investment. In addition, targeted selling can help businesses fine-tune their products and services to better meet the needs of their customers.
To learn more about targeted selling, check out my recent webinar with Thinkcurity, Selling on Target, now available on-demand!