In almost every ‘wasted dollars’ scenario we see, there is a recurring theme – the lack of a robust and considered brand and marketing strategy that should guide everything from consistency of message to targeting, tonality, presentation and expectations.
Does your marketing suffer from many of the common marketing pitfalls that could so easily be avoided?
There are numerous benefits that a marketing strategy can provide your business – and if embraced will save you from wasting precious marketing dollars.
Are you targeting everyone and hitting no-one?
Have you ever placed an advertisement or run a promotion and received little or no response in spite of having a terrific product or service offer?
Well you’re not the ‘Lone Ranger’! Nine times out of ten the reason is quite simple – poor targeting – or the scattergun approach.
Imagine a farmer sowing seeds widely across his whole field, taking no account of whether the soil is fertile, or having furrowed the field, or which way the wind is blowing. It will come as no surprise if only a few of the seeds take root and flourish.
The same applies to promoting your business and its services or products – you simply can’t afford to waste valuable seed (ie: marketing dollars) in this manner.
If you haven’t decided exactly who you want to reach with your message and how best to reach them – you are unlikely to succeed and very likely to waste your investment in marketing.
“The marketer who tries to be everything to everyone ends up being nothing to anyone.”
One of the keys to marketing success is knowing your customers really well.
- What do they want?
- What do they think?
- What do they feel?
Imagine them sitting in front of you.
- What do they look like?
- What do they talk about?
- What are they saying to you?
- What are their motivations to purchase?
By considering their mindset, you will have a better knowledge of what really motivates their decision-making when they begin to think of buying in your category or service?
Segmentation of your total target market is just one benefit that a brand and marketing strategy can provide –
What really goes on inside their head at this time?
We refer to this as Motivational Segmentation.
- What influences them?
- Who’s opinion do they value?
- What will convince them to buy?
This segmentation process assists with improved targeting because the better you understand what motivates your target audience the more likely you are to strike a chord with them.
All successful businesses have a deep and insightful understanding of the market they operate in and carefully segment that market in order to reduce wastage and improve ROI of marketing spend.
Segmentation allows your company to ‘tailor your offer’ in order to become differentiated, more meaningful and highly relevant to a discreet section (or sections) of the total market.
Having defined very clearly the benefits of targeting segments you now understand and want to communicate with, you’ll be investing marketing dollars not wasting them!