What is market profile and why keep it alive

We suppose that, if you are on a blog like ours, you are no stranger to the phrase “don’t sell to everyone because you will end up selling to no one”. 

If in order to move your business forward, you have had to resort to a marketing department or a company like Meeting Dots, it is something that you will have been told a thousand times, especially if, when asked who your ideal client is, you answered “everyone”. 

To achieve objectives, whether it be sales or successful agreements with other B2B companies, you will have no choice but to differentiate yourself because, another mistake is to believe that you have no competition. 

In the market almost everything has already been invented and it is necessary to show your potential customers why they should count on you and not on the competition. 

After all this, let’s focus on what today is the central axis of the post: what is a market profile and why you should always keep it alive. 

This concept, although you may not believe it right now, is closely related to what we have just told you. 

Read on and you will find out.

What exactly is a market profile?

It is a tool used in marketing to define in detail what the typical customer you are selling your product or service to, is like. It also allows you to target prospects who are really interested in you and your business from those who are not. 

Always remember that for a marketing and sales strategy to be well defined, it should always start with B2B companies and customers that are the best possible fit for the service you provide or the product you sell. 

It is very likely that you have already defined the profile of your ideal customer and your buyer persona, if so, congratulations! You have taken a very important step in focusing the sales of your products or agreements with other partners. 

Now is the time to refine all this by creating your market profile with which to position yourself competitively in the market in which you develop your activity.

In short, the market profile will help you to have even more details of your ideal customer than you have managed to define so far.

Your client is the key to develop your market profile

We start from the assumption that you have already defined the characteristics of your ideal customer. 

With the market profile we will go a step further and you will detect which B2B companies or customers are more willing to buy your products or to reach beneficial agreements with your business. 

The market profile will give you important data about: 

• What are the wants and needs of your ideal customer. 
• How you can satisfy them, thus bypassing your competition. 
• The most effective way to communicate with that customer. 
• How to develop the perfect marketing strategy. 

Thanks to the development of the market profile, you will save time and, of course, money because you will go straight to those who will say yes to you.

The key steps to develop your market profile

Carrying out your market profile is easier if you follow these steps:

First: describe the basic demographics of your ideal customer.

To start getting the most realistic picture possible of your real customer, you will need to add data such as age, education level, gender, income, marital status, nationality, how many children they have, political ideals, profession, and religious beliefs. 

As you can see, the detail is so deep that you will even be able to put a face to your ideal customer. 

Second: It is about knowing in detail their personality and what kind of life your ideal client leads.

In doing so, you will need to be able to answer these questions: 

• What do they spend their free time doing?
• What leisure activities do they enjoy?
• What problems do they face in their day-to-day lives and what worries them the most? 
• In what ways could your business help solve those concerns and problems? 

The answers you find will not only lead you to the most effective customers, but you will also be able to present your products and services more effectively against your competition.

Third: map out how they move through the buying or deal-making process.

Knowing how they come to you, from the beginning to the end of the transaction (whether it is a sale or a business-to-business deal) is critical to your business success. 

For example, they may be aware of their need, search for information on Google, evaluate the alternatives they must cover it, reason the purchase or the decision to close a deal, buy or close the deal. 

Discovering all this will allow you to anticipate everything: objections, problems, etc. 

The customer will feel accompanied throughout the buying process and will feel that you are always the solution to all their problems.  

Fourth: with all the information, align your objectives with those of the ideal customer and the market profile information.

In this case, we can’t tell you much more. It is a matter of placing all the information you have extracted in your market profile and setting your business objectives based on it. 

Fifth: elaborate the final strategy

Once you know who your ideal customer is, what is important to him or her, what he or she needs and how he or she fits in with your business, it should be easier for you to develop your marketing strategy. 

Of course, be prepared to do A/B testing to constantly calibrate and improve your strategy. That’s why we told you that it’s very important to keep it alive all the time:

You will have to test the best way to capture their attention and how to keep it, how to guide them to purchase or close the deal, or how to convert them into loyal buyers.

Thanks to the market profile you will achieve a controlled strategic positioning within the sector in which you develop your professional activity. 

Now it is up to you to decide whether to create it on your own or to delegate this task. 

If you choose the second option, at Meeting Dots we can help you whether you have already created your market profile, or you don’t know where to start. 

Just contact us, without obligation, and we will advise you on what is your best option. 

As always, we are waiting for you in the comments if you have any doubts about what the market profile is and why to update it constantly. 

We are looking forward to hearing from you!