Targeting your market is simply defining who your primary customer will be. The market should be measurable, sufficiently large and reachable!
LET GO OF YOUR FEAR!
Target marketing cannot work and offer the sales results you need until you let go of your fear. “EVERYONE” is not a target market. The fear factor is one of the key reasons people fail at selling or marketing their product. Most business owners have never worked for other companies as a “straight commission” sales person so they are not familiar with going after the “A” client and optimizing their sales day so that it results in closing key revenue accounts. They have not learned through time and aggravation and small paychecks that you can work just as hard with a small sale as you can a bigger client and that your closing ratio improves when you zero in on a potential market that is more likely to buy the product.
“Sales is a numbers game”. This is something my sales manager loved to say to me when I used to sell TV advertising campaigns and he was right. If I have an average of 8 hours of selling time in a day, who should I spend that time going after? What will be my strategy and who do I “Focus” my time on so that I make the most money and have long-term relationship accounts?
FOCUS…FOCUS…FOCUS!!!
There are only so many hours in a day and so much of an advertising, marketing and sales budget… remaining focused on what you wish to accomplish is the first step to determining your target market.
- WHAT DOES YOUR IDEAL CUSTOMER LOOK LIKE?
*Who are they? *Where are they located? How will you reach them?
- WHO DO YOU FOCUS ON AS A POTENTIAL OR “LIKELY” CLIENT & WHERE WILL YOU FIND THEM?
BUY TWO CUPS OF COFFEE & INTERVIEW YOUR CLIENTS!
You would be amazed at how helpful people can be when you just ask them for their help. For most of us we cannot afford to pay a big marketing company to do an in-depth analysis of who are “target market” is so what does a small business do? Buy 2 cups of coffee and ask your clients for 20 to 30 minutes of their time for an informal interview about them.
What you need to find out [if possible] from the interview:
- Age or Age Group?
- Male or Female?
- Socio-Economic or Ethnic Group?
- Education level?
- Marital Status?
- Do they have kids?
- Psychographics??? [Their beliefs, likes, dislikes, personality, why they bought your product, etc]
- Income Level? What do they regularly spend money on?
- Profession?
- Location?
NOTE: before the internet and on-line social networking the location was pretty straight forward to where do they live, work and buy goods and services, but today you need to know if they are tech savy, belong to Facebook, Twitter, Linkedin, etc and if they prefer to shop on-line or at the store directly or both.
- Do they read the newspaper [which one and is this on-line or in print]? What radio station do they listen to and what TV shows do they watch? Are they a member of any local business groups or read any business publications?
- Finally, this is a KEY question to ask them: WHAT SERVICES COULD YOU PROVIDE THAT WOULD MAKE LIFE EASIER FOR THEM???
GO TO A QUIET PLACE & ANALYZE YOUR DATA
Try to survey as many customers as possible either in person or on the phone and then go to a quiet room or place so that you can analyze ALL your data and look for patterns or similarities. Maybe you notice that most of your clients are females ages 35-55 who have a college degree, hold professional positions, have an income of over $125,000 per year and prefer to save time by shopping on-line. Or, the majority of your clients might have children and so they are looking for family oriented activities that are geared for saving money and are good for the environment or their health.
DO YOU LIKE THE GROUP THAT STANDS OUT & ARE YOU MAKING $$$?
Hopefully, the data you get from your current base of clients that help you determine the target market is in-line with your goals for your business. For instance, if you find that you have attracted many customers who are difficult to service because their needs are so unique and you do not feel you are making a profit with the time invested, you may need to discard that group as your target market, but use what you have learned to help determine what you could do either in your marketing material or sales process to reach a more ideal target market and increase your profits!
*CREATE MARKETING MATERIAL, ADVERTISING CAMPAIGNS & YOUR SALES APPROACH AROUND THE GROUP YOU NOW KNOW AS YOUR TARGET MARKET!
AIM, FOCUS & SHOOT at the TARGET!!!
LEARN FROM YOUR MISTAKES & SEE THEM AS AN INVESTMENT!
Target Marketing saves companies both time and money by helping them to know who the best prospect is for their business and how to appeal to them as a consumer. Even the biggest companies have made mistakes in marketing that cost them money and valuable time, but knowing what didn’t work and why, can be as important as what does work!
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
Business Success,
Sales Tip,
Target Marketing
Taking care of your personal health or dental hygiene with an annual check-up is a widely accepted practice by most people, but how many business owners have hired a marketing firm to look closely at their marketing footprint to see if their marketing message is strong and healthy? Having an outside marketing person who can objectively look at your business and share with you what you are doing well and what needs improvement can give you the edge that your business needs right now. Don’t let your accountant be the only person who hears about your sales challenges by looking at your profit loss statement. A marketing consultant will look at your sales data, compare it with your marketing efforts and offer suggestions on where you can expand business with your current customers to increase sales and discuss with you what marketing tactics worked and didn’t work and what could have improved your results. Don’t wait til you get the “death notice” for your business…having regular marketing check-ups and being proactive and not reactive will keep your business healthy and your bank account growing!
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
Business Success,
Marketing Check Up
“How’s business?” may be a question that people ask to make polite conversation or small talk when meeting a business owner in a store or connecting at a business networking event. Most people are expecting a short response like, “it’s ok” or “it could be better”. However, have you ever considered that your answer will set the tone for your day! I just got off the phone with a friend who has their own business and his response to my question was that “it stinks!” Of course, like any good friend and marketing coach I offered him my help to change his situation, but the very first change must be the daily message you say out loud about your business and how things are going. If you always see the negative side of life there is little room for much else in your world. Talking negatively about your business is something people will immediately pay attention to and remember, but it takes three to four times the effort to get them to hear a positive message.
If I came in today as your marketing or sales executive and you heard me chatting with your customers or business contacts and saying that “business stinks” or “sales are WAY down” or something that tells them that your product just is not holding up in today’s market…..what would you think? Would you want me to be your sales manager or marketing rep? Well, for many small businesses, the owner is the only marketing and sales person so speaking from a place of seeing the worst in your business could be costing you future sales. Would you really want to purchase goods and services from a company that sounds like they are about to close their doors or that no one is seeing the value of their product including the owner? Negative talk can be contagious and when a person hears that your business is doing poorly they often share this with other people they know. “Word of mouth” advertising can both build your business or ruin it so do not be the person who starts the campaign to sink your chances in business. If you need a break from the day to day grind of running your business be sure to take one, but allowing yourself to fall in to having a negative attitude and verbally berating your own business to those who ask will close doors and potential opportunity for growth with your business.
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
Business Success,
POSITIVE ATTITUDE,
word of mouth advertising
I started my own Purple Diamond blog a couple of months ago and when I saw that I had over 1000 unique hits [1000 individual people] to my site I recognized the power of blogging and I was hooked like many other businesses that have learned that a blog is a great marketing tool if used correctly! However, there are some real big “No No’s” to what you use as content for your blog and it can cost you money and your business reputation.
Til this past week I didn’t honestly think anyone did this on their company blog, but I found out it is quite common and something that laws were created to protect….using other people’s articles without their written permission on YOUR blog . Now, I am not talking about taking a short quote and placing it in your blog or adding a hyperlink to someone’s website where more information is found, I have seen blogs that people unknowingly grabbed an article of interest and posted the entire article in their blog with the name of the author listed. YIKES! If you are doing this you need to stop unless you have written consent from the author. When I started my blog a few months ago I was actually asked by another blogger if he could grab articles to post to his site and I gave him written permission in an email as long as he gave me credit for the work. I knew the purpose of my blog was to help business people be successful and having other bloggers post my articles would be in-line with my mission statement so permission was granted. However, many bloggers are trying to build their own brand and traffic to their website and are not wanting their work posted as a way to build another site. So, there is a copyright law out there to protect them and was passed in 1978 that protects their written work that is posted on the internet even if you do not see a copyright notice and it has some heavy finds attached to it. [note: I am not a lawyer so please review this with yours to verify this information and learn more.]
I am assuming many of the bloggers that I see who are posting other people’s work are not aware of the laws. They might be new to on-line social networking and have a Twitter account and see people Re-Tweet links or they are on Facebook and have used the share option to take what one person has posted and then re-post it on their own profile page, so they get the impression that everything on the internet is FREE and there to share. Building your brand with a blog is powerful, but if you are using someone’s thoughts to offer information you are not helping your business. To gain market share and to be seen as a expert in your field requires you to have your own thoughts and offer your own expertise. If the reason you are posting articles from someone else is because you are too busy to create your own, then I suggest you either get written permission from the author, make time for blogging by prioritizing it in your work week, hire a staff blogger, hire a ghost writer, or take the blog off-line until you have this problem solved. The last thing you need is to ruin the business reputation you have built by using someone’s work without permission.
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
BLOGS,
Business Success,
Marketing Branding
This weekend I am busy doing a “marketing check-up” for a new client and part of that requires looking at their website, testing their performance in on-line searches, reviewing their effectiveness using on-line social networking sites and reviewing all the marketing collateral to see if they are enhancing the brand of the business and offering me a compelling reason to want to be a client of this business. In simple terms, does the marketing material work?
A simple answer to that question is if sales are strong, then the company’s marketing material is working. However, with the latest recession and the shift in how technology has changed how people find your business, you still might not be getting the results you would have gotten a few years ago with the exact same marketing material. So, that means you must continue to evolve in how you do things and be willing to consider adapting your material to get the best results right now. The days of designing one marketing piece and having it work for all people are gone. If you want to sell me…..then sell ME! Connect with who I am and what about me needs YOU! Don’t make a list of all the services you provide and tell me you are excellent at what you do….that might have worked 10 years ago to get you clients, but today you have to do more. Your marketing needs to catch my eye quickly and make a connection with who I am and why I need you. This means you need your marketing to be visually exciting and draw me in. The audience you are trying to reach has grown up with “fast food”, “color” TV, “fast” video games ["first person shooters games /FPS"]and technology that offers instant gratification so if your marketing material is outdated it most likely will not reach its target.
Much like when you do a spring cleaning or you organize your office space, consider tossing outdated websites, brochures and other marketing collateral and develop material that works for today’s market. Don’t get hung-up on holding so tight to the past if you are losing your market share today. The companies who are doing well today have learned to adapt their marketing material to meet the changing audience and they are developing services that are reaching the individual and meeting their needs.
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
Business Success,
Marketing Collateral,
Target Marketing
This past weekend I found a journal that I started when I began my company in 2008. The last entry was dated September 12, 2008…6 months after I opened the doors to Purple Diamond. I had shared in the journal all that I had accomplished in 6 months, the clients I handled, the challenges I was facing with the change in the economy and my hopes to sign a local business for a TV and radio campaign. I landed that account and did the TV and radio campaign and went on to grow my advertising agency, Purple Diamond, at an incredible rate. What filled 3 pages in in my journal in 2008, now filled 7 pages of all that I am doing today. Wow, looking back pulls me forward with such a great strength and confidence in the mission statement of Purple Diamond and where we are heading.
So, for anyone who has never kept a journal on how you are feeling today about your business, I encourage you to start. It doesn’t need to be fancy and no one else will be reading it so you do not have to worry about spelling or your writing style, but you do want to be honest in your journal entry. You want to be able to look back at the entry and understand what you were feeling good about at that time in your business, what you had accomplished and what challenges you had ahead of you. The day to day business of running your business can feel overwhelming when the economy is slow, but the opportunity to look back on where you were and what you have done is an eye opener. For some of us it could be the kick in the pants we need to realize that we need to be proactive with our business and stop waiting for “some day” to arrive. Either way, looking back can pull you forward and help your business grow!
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
Business Success
I have been asked to speak in February to the North Shore Business Forum on the topic of “Target Marketing” and how it is essential to better sales results. So, what is target marketing and why should a business owner care to know their target market? Well, most business owners lack a large sales force and unlimited resources for advertising their product so determining the best target audience or the people who are most likely to buy your product is essential for achieving higher sales. Much like throwing darts at a bulls eye, having a target market for your product allows you to focus your attention in one direction and not everywhere at once. Think how scary it would be to go a dart tournament and have there be no focal point for the darts or no board. “Yikes”, you would be ducking for cover and soon leave the event. The same thing happens when a sales person or an advertising campaign has no idea who their target market is and tries to sell to every warm body out there. People “tune-out” the message because it is of little interest to them. To be a better sales person you must understand who and why you are selling to that person!
First, review which market segment is the most likely to buy your product helps you to know where to focus your advertising dollars and your sales efforts. Consider if your product appeals mostly to men, women, or both. Is there a targeted age or age range that would use your product or be most likely to buy this product. How about income level, is your product priced in a range that is affordable or is it high end and which income level is most likely interested in purchasing it and why. Finally, consider where or which geographic location you wish to sell this product. Selling snow skis in a warm climate will not get the same results that it would if you had a ski shop in the north where it snows. And, if you have no distribution plan set-up to handle shipping your products out of state, then launching an advertising campaign in areas you cannot manage to support is a waste of valuable resources. Your target market is a segment that is created from the best age, gender, geography and socio-economic grouping.
Once you have a target market it is easier to use this information to position your marketing material to appeal to this group of people and launch advertising campaigns in medias where this target audience is most likely to hear your message. This strategy will save you money and get you better results! Making sales calls on anyone not in this group would not be the best use of your time. So, if you are still thinking your customers are anyone who is breathing, then it is time to call in for some marketing help or consider doing an analysis yourself by looking at your current client base, at who your competition is marketing to, and what benefits your product offers and who is most likely to need these benefits .
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
Business Success,
Target Marketing
As I am getting in the spirit of hosting my daughter’s wedding which has a Disney Theme, I found some great quotes from Walt Disney which inspired me to write this blog post about having a mouse for your business. What is the “mouse” and why do you need it today more than ever? The “mouse” is the symbol that frees you of worry and allows you to use your energy towards being creative and growing your business at a time that might not be ideal. Walt Disney explains how he used the mouse when he said:
“Mickey Mouse is, to me, a symbol of independence. He was a means to an end. He popped out of my mind onto a drawing pad . . . on a train ride from Manhattan to Hollywood at a time when business fortunes of my brother Roy and myself were at lowest ebb and disaster seemed right around the corner. Born of necessity, the little fellow literally freed us of immediate worry. He provided the means for expanding our organization . . . and for extending the medium of cartoon animation toward new entertainment levels. He spelled production liberation for us.”
So, as you continue to work your business day to day and are faced with many challenges because of the economic climate, how do you put your fear and worries aside to keep your mind focused on new ideas and services that will help your business stand out from others? Do you have a symbol like Walt’s mouse in your company that lifts your mood and keeps you free of the day to day stress? Something that is fun or has a positive meaning to you that keeps you smiling is a good “mouse”. My company’s “mouse” is a purple diamond paperweight that has our tagline, “Success wears the Purple Diamond!” engraved on it. I have one on my desk and I share the purple diamonds with all my clients so that they have a symbol to focus on that will lift them up and remind them that they are moving in the direction of success.
So, if you have not found your business “mouse” and you are bogged down with the worries of your business, consider going to the store and finding something that makes you laugh and connects with your business in a positive way. Place that object where you and your staff can see it and focus on it when you start to get distracted from your business due to worry. Then, pick-up the phone and call a client or a prospect or have a creative team meeting with your staff and continue on your way to success!
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
Business Success,
Motivation,
POSITIVE ATTITUDE,
Success and Balance
As January is hitting high gear for many business owners who are getting a jump start on closing sales for 2010, it is important to remind people that even busy people continue to network both in person and on-line. This is one of the main reasons their business is so busy and successful, they understand that when you stop networking and connecting with others you stunt the growth of your business. Think of it this way, if you were dating a person consistently for several months and then you did not hear from that person for the rest of the year, would you jump at a chance for another date with them? Maybe if you were desperate, but most of us would not feel as close to the person who dropped out of sight and would have moved on to connecting with new people. These new people could be your competitors and that means you are losing potential business!
With the internet it is easy to connect with people on Facebook, Linkedin and Twitter and not need to leave your office. However, I strongly recommend doing both face to face networking and on-line. Schedule networking events in your agenda early in the month so that you make it a priority in your business and you do not miss out on opportunities to connect with the business groups in the area. If you are someone who is shy and hates to network, serve on a committee or be part of a planning group for a local event that will have you connecting with other business owners or people who are potential clients.
If you are currently using the on-line social networking sites and you do not have many friends, fans or contacts, look for groups on the sites to join so that you increase the odds of connecting with more people. If you are someone who is very private and uncomfortable with allowing everyone to see your profile you can choose to use the options that most of the sites now have for keeping parts of your profile hidden.
Finally, if you have not upgraded your cell phone in years you might wish to consider a trip to the store to see what great technological tools are available to keep you connected wherever you go. A few extra dollars spent to upgrade your phone to a smart-phone will let you get out of the office more and out where potential customers might be. Think smart and use your time effectively so that networking is part of your “to-do” list and success will follow!
All my best to your success!
~Charlene
“Success wears the Purple Diamond!
Tags:
Business Success,
Social Networking
When I first got in to selling TV advertising campaigns I was surprised at how many business owners would want to buy the TV networks that they enjoyed watching without much thought of who their target market was and if the network they liked appealed to who they needed to reach. Emotions verses logic is not the best way to buy advertising. Though the sales rep might be a nice person or the magazine, newspaper or radio station is one that you really like, you need to determine if there will be a reasonable return on investment for the ads you place. This is when having your own advertising agency or marketing consultant can save you time and money and get you better results. An agency does not benefit by you choosing one radio station or one TV network over another. Their job is to get your company the best results within the budget you give them and if they do a poor job they will no longer have you as a client.
Unfortunately, many business owners wear too many hats and do not take the time to find the marketing help they need. The calls from all the community groups to buy ad space in program books and school calendars, sponsors for chamber events and the local newspaper reps or phone directory account executive appeal to their “emotions” and they find that they have taken a chunk of their advertising budget without much thought other than it is what they did the year before. Every day I meet business owners who have good hearts and struggle with saying “no” when they are solicited to buy sales reps. However, when I share with them what the sum of all their spending would have gotten them with a more directed advertising campaign placed in the correct media they realize that buying advertising with emotion really can give poor results.
Look closely at where you are advertising your business and why you are making those choices.
All my best to your success!
~Charlene
“Success wears the Purple Diamond!”
Tags:
Advertising Plan,
Advertising Strategy,
Business Success
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