Archive for October, 2010

As you begin to learn marketing, then you probably have this same question I get asked all the time:

How do you reach specific market segments?

Here’s the answer:

When you start to learn marketing, you must approach it as you do any new skill. You must start at the beginning.

Famous pro-football coach who would take his players into locker room at beg of each season, sit them down and say, “This is a football.” Start with the basics.

The first step of developing marketing strategies is getting clear on the basics, including figuring out the demographics and psychographics of your target market segment.

If you are not familiar with demographics, they include the factual and easily verifiable pieces of information about your target segment. Demographics include age, gender, income level, occupation, education level, family circumstances and make-up, race and ethnicity. Many entrepreneurs stop with demographics when they learn marketing, but there are other pieces of information you need to know about your target market that may be even more important that the demographics…

I’m referring to psychographics…

Psychographics are more ambiguous and harder to nail down, but the payoff, when you get them right, can be huge. Psychographics include the attitudes, values, lifestyles, and opinions of your ideal client/customer. These are the specific, identifying characteristics that make your client and customer unique – and, often, they are the specifics that will help you reach exactly the right person for your product or service, making your marketing highly effective.

Psychographics cover everything from the kind of car your ideal client drives to the size and type of house they live in, the magazines they read, where they shop, the activities they participate in, the TV shows they watch and much, much more.

Once you understand who the target segment is, figuring out the marketing strategies that will reach them becomes easier. You know what magazines they read, what websites they visit, what is important to them, what they are searching for on Google. You understand their pain and how to tell them how you can help, then you can find them with a direct mail list service – the more specific the better. You can use radio, TV, seminars, books, direct mail, email – pretty much any media as you develop your marketing strategies. You have to know where you will catch their eye with your message – and to know that you have to know who they are and where they would be likely to see you.

As you learn marketing, and begin to do the research on who fits into your target market, the best place to begin is with your own clients and customers. Spend some time interacting with them, reward them for answering a survey for you – dig into the people that are already buying. Find out where your current clients spend their time, and then see if there are more good prospects hanging out there too – whether it’s certain social media websites, TV shows, networking groups, stores etc.

If you don’t have current clients to research, then start to research the target market in places you think yours would be hanging out – like specific websites. If you know your prospects frequently visit a specific site, go to www.Quantcast.com and look up the site and start to learn about that website’s target market. And, ultimately, if you don’t have that, you can start with your imagination…

Imagine who that target prospect is… how old are they? What do they wear? Are they male or female? What TV shows to they like? What are the things that drive them on the surface? What are the inner dreams and desires that drive them?

Start to build an ‘ideal’ prospect, then as you learn marketing more and more, you can direct your efforts and strategies to this ‘ideal’ prospect, making everything more personal and specific.


Oct
04

How to do marketing that matters – Loyalty Campaign

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When you start to dig in and learn how to do marketing, you often here about special gifts and discounts for new customers…things that will entice them to build a relationship with you and buy. But what about the customers you already have? It’s equally as important not to neglect your loyal customers as it is to get new ones.

As you learn how to do marketing you have to focus on many different areas, so it can be very helpful to create a marketing plan that includes developing specific promotions and systems to keep your current customers engaged. Many businesses fail to utilize one of the single most valuable tools they have, their existing customer database – you should consider it one of your best assets and make sure you continually work to serve the wants and needs of those people who have already invested in you.

One great way to incorporate a loyalty campaign is to offer something to those people who have been customers that you don’t offer to anyone else. If many of your customers are local you can host a cocktail party in their honor. You can create a special ‘premium’ group for clients and customers that come back often, giving them special access to discounts and deals not otherwise available, etc. When you think about how to do marketing with your loyal customers, you want to think about making them feel special and appreciated and you want to do something different for them that is not available to anyone else.

In some instances businesses even create ‘paid’ loyalty options within their marketing plan, by this I mean where you offer a premium membership level that has an annual or monthly fee, and gives the client access to products or services not otherwise available or to year-round special prices, closed-shopping experiences where only other premium level members can come, one-on-one services etc. If you look around you will see many examples of this, everyone from Costco to Country Clubs.

Create a loyalty campaign for your business today and you will be sure to keep your customers longer and drive more sales in your business, without the costs of new-customer acquisition. As you continue to consider how to do marketing for your business, keep this in mine, you’ll be glad you did.


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