Marketing Lessons from Travelling in Europe
Part Three: Swiss Banking (Zurich, Switzerland)
Researching a market before you enter it is “Business 101” but there is a crucial question that too many people forget to ask.
I was reminded of this while walking around the many banking institutions that have their home in Zurich, Switzerland. The long-held tradition of banking secrecy attracts many clients to this part of the world and every single customer that these banks attract has one thing in common…
They have money.
That may sound like an obvious thing to say but it’s a fact that places them in a highly lucrative sector.
And this is really important.
When you research a market you can look at competing products, buying trends, search patterns, and everything else. But the first and most fundamental question should be about whether your target market has money to spend.
One of my recent coaching students discussed with me the idea of creating short ebooks that are aimed at college students. The concept sounded good but that was irrelevant because you can’t get past the fact that most college students have little or no disposable income (and what little they have is going to be spent on beer, right?).
When you choose a target market you don’t want it to be a struggle, you want it to be like shooting fish in a barrel.
When I first started out my market was in the financial sector and, as a result, most of my target customers were perfectly willing to spend and invest money with the goal of seeing a higher return.
Customers with this mindset are easier to close and, for the most part, the way in which you market to affluent people and the way in which you market to people of limited means… is pretty much the same.
Choosing the right target market is crucial. So before you begin please make sure that you’ve chosen a sector that has money to spend.
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