Feb. 18, 2021
How to Identify Your Target Market and Ideal Customer Profile with Tim Fitzpatrick
In part 2 of our Masterclass Series on Building a Strategic Marketing Plan for Your Business, host Eric Dickmann interviews Tim Fitzpatrick, President of Rialto Marketing, about how to identify your target market and build an ideal customer profile to help focus your strategic marketing activities.
Tim is an entrepreneur/business owner with expertise in marketing and business growth. He has 20+ years of entrepreneurial experience with a passion for developing and growing businesses. He started Rialto Marketing in 2013 and has been helping service businesses simplify marketing so they can grow with less stress. Most people overcomplicate marketing. It doesn't have to be that way.
To learn more about identifying your target market and ideal customer profile, visit our Masterclass webpage for additional content and resources at https://fiveechelon.com/masterclass
For more information about Eric Dickmann, The Five Echelon Group, and this Masterclass Series, visit https://fiveechelon.com or https://linkedin.com/in/edickmann
For more information about Tim Fitzpatrick and Rialto Marketing, visit https://rialtomarketing.com or https://www.linkedin.com/in/timpfitzpatrick/
Episode Bonus: For free assets to help you get started, visit https://www.rialtomarketing.com/virtual-cmo
Episode #53
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The Virtual CMO podcast is sponsored by the strategic marketing consulting services of The Five Echelon Group.
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If you’d like to work directly with The Five Echelon Group and receive personal coaching and support to optimize your business, enhance your marketing effectiveness and grow your revenue, visit Five Echelon.com to learn more and schedule a free consultation.
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Welcome to The Virtual CMO podcast.
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I'm your host, Eric Dickmann.
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In this podcast, we have conversations with marketing professionals who share the strategies, tactics, and mindset you can use to improve the effectiveness of your marketing activities and grow your business.
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I'm excited that you've joined us today in part two of our Masterclass Series,"How to build a strategic marketing plan for your business." Today's guest is Tim Fitzpatrick.
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Tim is the President of Rialto Marketing and he comes on board today to discuss the very important topic of identifying your target market and ideal customer profile.
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This is such an important area of your strategic marketing plan, because everything within that plan depends on understanding what the market is that you're going after and narrowly identifying where you can be successful.
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And what does that ideal customer look like?
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Who are they?
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Where are they online?
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How can you reach them?
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What are their wants and needs?
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And how can you solve specific pain points for them?
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Tim and I get into a great conversation and I think you're really going to love this second Masterclass episode.
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Tim.
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Hey, welcome to The Virtual CMO Podcast.
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I'm so glad that you could join us today.
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Eric.
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Thanks for having me super excited to be here.
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Excited to dig into this today.
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Yeah, this is going to be fun because what we've decided to qdo this year is really focused on what we're calling a Masterclass, all around building a strategic marketing plan.
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Last week I laid out what we're going to be the 15 steps or so that are required for businesses to build a strategic marketing plan.
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I'm very curious to get some of your thoughts on this because in my experience, in dealing with businesses, what I've seen is one of two common problems.
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The first is that businesses can tend to cast a very wide net.
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They don't really focus in on a specific niche.
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They don't really understand who their target profile customer is.
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And so what they do is they spend a lot of marketing money going after a very broad market segment and they get frustrated by the results.
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And I think on the other side of that, what I see them is.beIng too narrow in their focus either in terms of their spending or in terms of their target.
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And when you are inconsistent with your marketing spend it's easy to be disappointed in the results because you know, results require long-term consistency.
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And if you're marketing to too small, a niche, obviously you're leaving money on the table, I'm really glad that you're the first guest as part of the season, because we're going to dig into this quite a bit further understanding target markets, understanding your ideal customer profile.
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Before we get into that discussion, just give the audience a little bit of background on yourself and your firm.
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Sure.
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I was born and raised in Northern California Um, in the Bay area I can't say it was, you know, grew up being a natural entrepreneur.
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I fell into it when I got them graduated from college.
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The first company I was a partner in, was a wholesale distribution company.
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We built that over 10 years.
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We sold it.
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I spent some time in real estate, residential real estate for awhile.
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Couldn't stand it.
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And that's when I shifted gears and got into marketing.
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And I've been doing that since 2013 timeframe.
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Now, my company RIALTO Marketing, we've primarily worked with service-based businesses and we just help them simplify marketing so that they can grow with less stress.
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We find that so many people are just they're battling information overload when it comes to marketing.
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They feel overwhelmed because of that, and they can't create a plan when you're confused and battling all of this information.
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You can't create a plan, but you gotta have a plan if you want to succeed.
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So that's what we do.
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We see the exact same things that you just touched on, and that's why we really do is focus on those fundamentals first, know, your target market.
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Making sure that you have great messaging.
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And having a plan in place.
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Those are the fundamentals that are going to lay the foundation for long-term success.
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And that's what most people skip and why they throw tactics against the wall and go, Oh yeah, I did SEO where I did social media and it can work.
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Oftentimes that's not really the case.
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It's the right tactic.
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It was just done at the wrong time.
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Yeah.
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And it's going to be interesting to dive into the details of this because, let's put one thing on the table right up front, a marketing budget is not a marketing plan.
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Oftentimes what I see is people setting aside buckets of money to do certain things, whether it's advertising or content creation or tools or whatnot, and that becomes their marketing plan.
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But that's not a plan, that's just buckets of money assigned to certain expenses.
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Do you see that as well?
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When you're talking with clients?
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Yes.
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The way I look at it is your budget and your resources is part of your plan.
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It's an element of the plan.
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But it's not the plan itself.
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I also find too that a lot of people don't they don't have a plan period, or they're thinking about their plan.
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but it's in their head and it's very haphazard., it's not written down.
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And when they do have a plan, it's too complicated.
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It's this long, one year, two year plan.
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Our businesses are evolving quickly with it.
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you know, We recommend and use a 90 day plan plan because that's a long enough period of time to spend on different tactics and see some results.
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But it's short enough where you can make course corrections and adjustments along the way.
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And to me, success in marketing is about those small incremental adjustments over time that lead to exponential improvement.
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That's so important because marketing is part art, part science.
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right there.
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Isn't a guaranteed path of success.
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You have to try things, you have to experiment.
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It is a process of trial and error.
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And You have to build that into your plan to say, we're going to try this, we're going to look at it.
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We're going to evaluate it.
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See if it worked,, make some adjustments and then move on.
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know, We talked about the fact that a marketing plan is not a marketing budget, but what a marketing plan really is, it's the interrelationship of all of these tactics that you're doing.
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So that one thing can build on another, right?
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So you're not executing a bunch of tactics in isolation, you wa you want to get exponential use of the things that you're doing, not just have a bunch of one-offs.
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Yes.
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You can't have the right hand, not working with the left.
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You know, It needs to be cohesive.
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And if it's not, you're going to run into challenges.
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That's another big thing that I see with businesses.
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A lot of times, depending on how big the businesses, the owner is heavily involved in the marketing, they're managing marketing people.
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Maybe they have people on staff or they're using outside vendors and they don't know what those vendors are supposed to be doing.
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And They're managing a website guy over here and there's an SEO person here and a social media person over here.
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It's totally disjointed because the owner doesn't know what each of those people are supposed to be doing and the social media person doesn't know what the SEO person is doing.
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And all These things need to be on the same page if they're gonna work as well as they should.
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That's so true and certainly that's the foundation of my business, where I offer fractional CMO services to businesses, to be able to say, let's coordinate your marketing activities, and that's also the benefit of working with an agency, right?
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As you can have a partner who will take all of these areas and help you put together that plan and manage that plan.
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I think this is a really good way to kick off this conversation as you're building out your plan, one of the first things that you have to understand is what is your target market?
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Who are you going to market to?
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So talk to me a little bit about when you engage with your clients, how do you start to broach this topic of target market?
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It sounds simple, but I think many people truly don't understand who they're marketing to.
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Yeah.
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And I think it's, like I said, we focus on those fundamentals in the first fundamental is your target market.
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That's where everything start What you're really trying to do when you hone in on your target market is create that perfect vision of your ideal or your dream customers.
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I think most businesses have anywhere from one to three ideal client types or they should.
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if you have more than three, it can become really difficult.
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It's too broad.
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So we need to niche down and really identify who our ideal client types are.
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Here's the thing that most people don't realize.
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There's a lot of benefits to doing this.
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One, it becomes easier to figure out where people congregate.
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Where do your ideal clients congregate?
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If it's too broad, it becomes really difficult.
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If you narrow it down and you can identify where they start to congregate.
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It helps direct your sales and your marketing efforts to the right people.
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Your marketing ends up becoming a lot more effective.
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because you're going into channels where your ideal clients are, you're getting in front of the right people.
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It becomes easier to create messaging that attracts and engages those people.
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If you're too broad you may not really understand all of their problems, or all their challenges or the results that they want to see.
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But when you hone in and you really understand your ideal clients, almost better or if not better than they know themselves, you can create messaging that is going to resonate with those people, and you're going to convert more customers because of that.
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You You're also going to attract customers that are more profitable because your ideal client should be customers that are profitable.
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And you're going to get more referrals because you should be attracting those ideal client types that you do your best work for too.
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As you target these ideal client types, going to be more profitable, you're going to generate more referrals.
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There's just so many benefits.
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Those are the big ones by doing it.
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Let me give an example to the audience because I was just talking with a client the other day and they sell home theater solutions to very high end individuals who are looking for these very fancy home theaters.
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So if you think about that, their target market would be luxury homeowners who have, the available income to install one of these large theaters.
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But if you start to then think about who your ideal customer is and who your, truelly trying to target here.
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Are you going to be getting celebrities coming to your website, giving you their email address and phone number so that you can follow up with them about that?
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Or is it actually going to be the builder or the interior designer or whatnot?
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So your market may include people that aren't actually the people that you ultimately want to interact with.
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And I think you need to understand who your buyer is, right.
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And who is the person who you need to build that relationship for?
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You may need.
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to build awareness beyond that, but who is the person that is ultimately going to be the person that you engage with?
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Here's another analogy K.
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outside of business.
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When we want to find our, you know, our partner, you know, boyfriend, girlfriend, wife, husband, whatever.
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You could go out to the bars and just start chatting with anybody, but most of us know that long-term that doesn't usually work for most of us.
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And how do we really end up finding that person that we want to spend the rest of our life with?
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Well, we start to think about.
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what do they look like?
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You know, But what What are their interests?
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What are their values?
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We're starting to hone in on these attributes that, that partner, that ideal partner that we want has.
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And then we have a barometer that we can measure it up against so that that when we, when we meet somebody, we can start asking the right questions.
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And really start to hone in on, gosh, is this person going to be a good fit for me?
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Or are they not?
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You know, Because if they're not going to be a good fit, why are you going to waste your time date and somebody for two years, if you really want to get married?
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And then it ends up not working out because now you're two years down the road.
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And you're behind it's no different with your customers.
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You need to identify who these people are.
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What they're like, why their ideal customers for you and you need to understand them.
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so that you can create messaging.
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When they read it, they're like, Oh my God! Were they in the meeting that we had a couple of weeks ago or did, were they in my head when I was thinking that last night, that's what you want to have happen.
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When I think this is a great example because it's something everybody can relate to.
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And I think it's important to sort of drill into this just a little bit, because Again, if you take this idea of dating and you're looking for a man or a woman between the ages of 25 and 35, who single, right.?
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That is your target market.
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So there is somebody within that, then becomes your ideal customer.
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right?
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The ideal customer is a subset of that, but your target market is wider because too often, if you niche down all the way, and we see this sometimes on dating sites where you meet all of these very specific criteria.
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You're going to be looking and looking, and looking because you are so focused on so many specific criteria that it's going to be very hard to execute any marketing to any effectiveness, because you're just too specific.
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You have to understand the broader market, the pool of potential customers that you will find your ideal customer in, but then you need to know what that ideal customer would be.
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Yeah.
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Yeah, Absolutely, I think that's totally fair because it's like you said when you're looking at the demographics.
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Yes.
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That may be your target market, but not everybody in that specific target market is going to be an ideal customer for you, you know?
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so for example, right.
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We're we're in marketing.
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Okay.
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Well, we work with a lot of service-based businesses.
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So one of the, our ideal clients is coaches and consultants, but every coach and consultant is not a great fit for us.
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If they're not in a place where they want to grow their business and they're committed to investing in the growth of that business.
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They're not a good client for me.
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That's what we do- we help people grow their businesses.
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We bring in leads so that they can generate new customers and sales and grow.
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Well, if they're happy with where they're at and they're not really committed to investing in that, then.
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I can't help those people.
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They may be in my target market, but they're not one of my ideal clients.
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And that's the challenge when we were talking about businesses, casting a very wide net.
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Sometimes that can be the problem because they're so worried about giving up any business yet they will take business from anywhere they can find it.
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And sometimes that can actually be very detrimental to the business because now you're engaging with customers who are not really the right customers for your business, which can lead to dissatisfaction.
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It can lead to, service problems and whatnot.
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So It really is important to understand what is the market that you want to serve?
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So as you interact with your clients, walk me through what are three steps in really defining that target market and your ideal client?
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Yeah.
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So I like to keep things as simple as possible.
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It's so easy to over-complicate things.
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That first step really is brainstorming.
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You're going to just get your thoughts down on paper and for an it firm.
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Existing businesses, the best place to start brainstorming is to look at your current or past customer base and what you really want to do to really hone in on who your ideal clients is ask yourself three questions.
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Okay.
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Who do we enjoy working with?
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Okay.
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We didn't start our businesses to work with people that make our lives miserable.
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You need to identify those clients.
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you love working with.
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Two, who are your most profitable clients.
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We need to stay in business.
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We need to make money.
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So we obviously want to work with more profitable clients.
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Third question is who do we do our best work for?
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If you do work for clients that you get great results for all the time.
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It's like I touched on before.
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You're naturally going to get a ton of referrals because you're generating results for them.
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So you need to ask yourself those three questions.
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You're going to have this group of people.
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and it's that group of people that you can then start to brainstorm and your one to three ideal client types will tend to fall right out of that, that larger group.
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Okay, so once you've done that, then you can start to really dig into the brainstorming.
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And I love to start by looking at what are the problems that these people have in common.
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What are the questions that they have as it relates to what we do?
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What are the roadblocks that they have, so I don't have enough time to do that.
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Or do you know this won't work for my type of business, right?
00:16:43.499 --> 00:16:44.908
Those are examples of roadblocks.
00:16:44.912 --> 00:16:49.546
What results do they want to see and just dump your ideas down on paper.
00:16:49.551 --> 00:16:52.686
Get 10 to 15 ideas down for each one of those.
00:16:52.715 --> 00:16:59.808
And all you're doing is just taking, Hey, what are, what my perceptions of my ideal clients are in getting those down on paper.
00:16:59.822 --> 00:17:04.592
Then you can start to look at the demographics for the people in that group.
00:17:04.598 --> 00:17:05.709
How old are they?
00:17:05.749 --> 00:17:09.494
You know, It depends on if you're B to B or B to C Do they live in certain areas?
00:17:09.494 --> 00:17:13.434
Do they live in a certain houses over$500,000, whatever it may be.
00:17:13.434 --> 00:17:14.964
You're looking at the numbers here.
00:17:14.971 --> 00:17:17.942
You know, In specific attributes or traits of these people.
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Are they in certain businesses do have age?
00:17:20.949 --> 00:17:24.838
Do they have certain titles, all of those things or demographics that you can look at?
00:17:24.884 --> 00:17:31.723
And then the third thing is the psychographics, which I think the psychographics are equally, if not more important than the demographics.
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The psychographics are- What are their thoughts?
00:17:35.186 --> 00:17:42.340
What are their motivations, their aspirations, their attitudes, so that the psychographics come back to what I mentioned earlier.
00:17:42.294 --> 00:17:44.723
For us, they have to want to grow their business.
00:17:44.723 --> 00:17:48.321
They have to be open to working with an outside partner to do that.
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If they're not, then then I can't help those people.
00:17:50.653 --> 00:17:53.551
You don't also, the psychographics are really, really important.
00:17:53.586 --> 00:18:05.929
And the other thing too, with the psychographics is when you understand their thoughts and their motivations, you can cater your messaging to trigger on those specific thoughts and motivations, and that can be incredibly engaging.
00:18:05.932 --> 00:18:08.059
So you, you gotta brainstorm first.
00:18:08.059 --> 00:18:09.799
That's the best place to start.
00:18:09.808 --> 00:18:13.339
You gave us a lot of great information there and I want to drill into some of it.
00:18:13.346 --> 00:18:26.420
One of the first things that really sort of caught my attention is that when you're talking about your best customers, Your best customers don't necessarily become the ones who drive the most revenue, right?
00:18:26.450 --> 00:18:36.242
it's customers who are the most profitable customers, because you can have customers that you spend a lot of time and energy on and that the do a lot of business with you.
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But at the end of the day, they're not actually very profitable for you.
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