With “super sized” meals and a trend of everything going up in size, it is no wonder that many business owners suffer from a sales appetite that far exceeds what their business can support. We live in the world of BIG, BIG, BIG. Every business wants to have the biggest piece of the pie when it comes to market share. However, much like the saying, “too much of anything is not good for you”, so is true when it comes to marketing your business.
Often one of the first questions I ask a new client is who are your customers? And, who will buy your products? This lets me know how badly they are suffering from trying to satisfy a BIG appetite. When they start to rattle off a long list that doesn’t have any real geographic or demographic segment and pretty much describes the world, I know that they made the right call by hiring Purple Diamond. I am excited that they are visionaries, but it is my job to make sure that their vision works with the marketing budget and the size of the sales force that they presently have. If they are a sole proprietor and wear all the hats in their business I know that they cannot possibly handle a market that large. To be effective in marketing and sales it requires determining what your target or niche market is. Look realistically at 3 segments to help determine your target: geographic, demographics [age & income], and psychographic variables [any attributes relating to personality, lifestyles, interests, etc.]. When you have narrowed your market you can save on the cost to promote your product or service, the expense to distribute the product or service, and make it easier to cover your sales territory effectively with a smaller sales force. This saves you money and offers the opportunity to use language in your marketing material that will reach that targeted group and increase sales with a more directed approach. Advertising requires getting your message heard and understood. Can you imagine having a $5000 holiday advertising budget for the month of December and trying to do a TV campaign for the entire United States? It is a waste and it will not work. However, you could easily have a significant impact by advertising by zones in Cable TV where you can segment by networks like Lifetime or HGTV that are geared towards certain demographics and psychographic variables. And, you could increase the number of airings of those commercials during your scheduled contract by buying one geographic zone or multi-zones depending on what the cost per commercial spot is. If you are a local restaurant or a store and the majority of people who visit your location live in a 5 to 10 mile radius, why should you pay for areas that just do not make sense for your ad campaign?
So, maybe it is time to put your market plan on a diet! Take the time to analyze who your current list. Note where they are from, their age, sex, what their income level is and if you know anything about their lifestyles [ex. Do they like to garden or play sports?]. Get as much detailed information and then review where you are spending your advertising budget, what the message is saying and if you are closing record sales with what you are currently doing. Time spent developing a strategy before you launch your advertising and sales campaign will never be wasted. Find your target and aim and enjoy the benefits of getting your marketing plan in shape!
All my best to your success!
“Success wears the Purple Diamond!”