Marketing spend …. The stuff of nightmares right?
Hands up who would agree that spending money on marketing is a little bit like the children’s party game ‘pin the tail on the donkey’.
So this month lets bust the myths around marketing and get serious about where our budgets are being spent and the results they are generating.
If there’s no clarity around the spend, the number of leads created, the conversion rate and ultimately the life time value of the new client, how do we navigate the marketing minefield and ensure we make decisions based on results and logic rather than emotion? We will explore this an more throughout the month of March.
So, lets start at the very beginning, who are we selling to? If you have no idea who your ideal target market is I strongly recommend you stop spending right now! Then get to work identifying who is your ideal target market and how do we attract and farm for new opportunities.
SO, WHO ARE THEY?
There are six questions you must be able to answer about your ideal target market. If you can’t answer all of these questions you won’t be attractive to them or be able to meet their needs.
These six questions are:
Who is the person or organisation you wish to serve? You need to be able to define them in detail. For example, ‘parents’ is not a well-defined target market. What age are they? How many kids do they have? Where do they live? How much money do they earn? Are they married? Are they single? Defining ‘parents’ as a target market is just the beginning.
Where do they congregate in their greatest concentration? Where are they being influenced?
What is their desired #1 Big Outcome? What is the problem you solve for them?
When is their highest level of frustration? When will they say, ‘I need to buy this’? One in 10 of your future clients is not ready to buy right now but is thinking about doing so. When do they say ‘now is the time’?
Why will they choose you? Why will they discriminate in your favour and open their wallets for you? This is one of the hardest questions to answer. Whatever your product or service, your potential ‘A’ clients have other options available to them. Your challenge is to ensure you make it easy for them to buy from you.
How do you expect them to do business with you? How do you expect them to communicate with you, contact you, and correspond with you? How can they let you know they are interested in your services? Will this be online, face to face, over the phone, or a combination? In our modern, highly connected world it’s more important than ever to make it easy for people to interact with you and buy from you. There are always other businesses they can buy from if you make life hard. How can you let them know about you and your service or product?
The more you understand the who, where, what, when, why and how of your ideal target market the better you’ll be able to shape your marketing spend.
Remember, you need to create your own uniqueness that will define you and a customer-centric approach is of paramount importance.
Stefan Kazakis on 5 May 2018
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