I recently gave a presentation to a networking group and asked the question... How many can name their top three target markets? Surprisingly only a few in the audience raised their hands! Is this a result of a weak economy where we shotgun our approach to the market or is this a lack of understanding for the need to target selected prospects? Probably a combination of both.
With limited marketing dollars and resources, it is more critical today to define and target selected prospects. Ask yourself these questions: Who are you trying to sell to? Who is your ideal client? What is your current mix of clients and what do they have in common? What impact has the economy or current events had on these prospects? For example, If you are selling fishing supplies do you concentrate on markets in the Gulf of Mexico? Probably not a good idea today. Take the answers to these questions and start to narrow down your top three target markets. Filter your list to take into consideration markets that have been harshly impacted by the economy or current events.
If you analyze your current client base and determine that 10% or more of your business comes from one group, you have found a target market. You already know what and how you sell to this group, so the challenge is to find more targeted prospects from this group. Ask your current clients for referrals, join their networking group and market solutions to their problems. Repeat the same exercise for similar groups to find your three target markets. Focus your efforts on these target markets to maximize your selling efforts, but be aware of new emerging markets for future targeted marketing campaigns.
Tuesday, May 25, 2010
Friday, May 14, 2010
Marketing...Hunting or Farming?
Do you think of Marketing as hunting for new clients or farming prospects to discover new clients? It is a distinct difference in philosophy and execution. Your attitude dramatically impacts your outlook, budget and expectations for marketing your business. Are you using today's economy as an excuse to lean toward a hunting approach to Marketing? Quick results that drive today's sales or a long term look at marketing for today and in the future.
A weak economy is a tempting excuse to cut marketing expenses, since sales are not keeping up with expectations. The easy answer is not always the best approach and cutting marketing only sets up a downward sales cycle. The better approach is to re-examine your target markets, your sales personnel and your marketing strategy and tactics. If your market has shifted, you need to shift with the market as opposed to blaming sales and cutting the marketing budget. If your sales personnel are using techniques from the 1950's, maybe they need up to date training. If your marketing consists of print advertising and the yellow pages, maybe you need to look at social media marketing.
Marketing is not hunting. It is not the quick sale and the last time you see your customer is in your rear view mirror. Marketing is farming, cultivating customers by learning how your product or service helps them, not how you can sell them a product. Marketing is planting seeds of interest, sharing success stories from satisfied customers and cultivating long term business relationships. Take a long term approach to your marketing and be patient as it takes more work and effort to nurture customers. Would you rather be the farmer that can feed his family and thousands of other families or the hunter that can barely keep himself fed?
A weak economy is a tempting excuse to cut marketing expenses, since sales are not keeping up with expectations. The easy answer is not always the best approach and cutting marketing only sets up a downward sales cycle. The better approach is to re-examine your target markets, your sales personnel and your marketing strategy and tactics. If your market has shifted, you need to shift with the market as opposed to blaming sales and cutting the marketing budget. If your sales personnel are using techniques from the 1950's, maybe they need up to date training. If your marketing consists of print advertising and the yellow pages, maybe you need to look at social media marketing.
Marketing is not hunting. It is not the quick sale and the last time you see your customer is in your rear view mirror. Marketing is farming, cultivating customers by learning how your product or service helps them, not how you can sell them a product. Marketing is planting seeds of interest, sharing success stories from satisfied customers and cultivating long term business relationships. Take a long term approach to your marketing and be patient as it takes more work and effort to nurture customers. Would you rather be the farmer that can feed his family and thousands of other families or the hunter that can barely keep himself fed?
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