If your marketing is tracking well but you’re not getting stellar return on investment, then there is a problem. Nine chances out of ten your problem is not targeting your intended audience well.
Selling isn’t rocket science. You have a product/service, you find out who needs it, and you sell it to them. Simple. But when you start peeling back layer upon layer is when you figure out that targeted audience marketing requires a little more thought. Especially if sales are stagnant and marketing dollars are swirling down the toilet.
Let’s look at how you target your audience for marketing.
A Target Market is NOT Target Audience Marketing
Despite several similarities, these two are different. The key difference is that target audience marketing is much narrower in its penetration.
A target market is very broad. For example: millennials. That’s a gigantic segment.
Target audience marketing examines where to go from there and pitches at subsets, like those millennials without beards, or those who live in Southern California, or those who support one political party.
Targeting an Audience: Why Does it Matter?
Your money matters, right? Of course it does. If money matters and your product matters, then so does target audience marketing:
- Streamlined marketing spending i.e. less waste of money.
- Better referrals because you’ll be targeting people who will recommend your product/service to their friends.
- Ditch non-value adders.
- Better focus.
- Stronger customer service since you’ll be focused on them instead of finding them.
Think of the Few, Not the Many
As a business person you like to think that your product or service is for everyone – it isn’t. Ask yourself, with zero emotional attachment, who benefits the most from what you’re selling. Create buyer personas and put yourself in their shoes. This is target audience marketing 101 and has been done since the days of Suzie Homemaker.
Example: Joy Mangano. She invented the Miracle Mop (the movie Joy is about her, btw) and got it on QVC during its early days. If she tried to market to everyone, it would’ve failed. You can call it sexist if you like, but her mop was made for women in their mid-20s to early 30s who had kids and worked. Did other people buy it? Of course! But you market to specifics.
Use the Numbers
Businesses thrive on numbers. Numbers never lie. Look at your product or service without blinders on, determine the perfect INDIVIDUAL customer, and then broaden your approach.
You can use customer personas, but you also need to use demographics (age, sex, race, etc.), psycho-graphics (what TYPE of people would be inclined to purchase), and geographics (location).
Using these numbers will allow you to get a handle on your target audience for marketing. Without them, your ROI will be adequate at best and I don’t think you got into business for adequate.
Many companies ignore the almighty focus group. Essentially, you select people from all walks of life, put them into a room together with your product, and watch. They give feedback and other details; from this you can extrapolate your target audience marketing strategy. You can also get this feedback by offering demonstrations at malls, grocery stores, coffee shops, department stores, etc.
Last, but by no means least, set up a no obligation free consultation with third party marketing experts and discuss strategies for identifying, and selling to, your target market.
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