Soapbox Time- target markets
Many businesses today focus intently on developing business plans, acquiring start-up monies, creating product, hiring staff and minding their bottom line intently – as they should. However, one of the pitfalls for businesses small and large is using standard, cookie-cutter promotion and advertising tactics that often yield nothing more than a debit in the bank account.
Business owners and entrepreneurs should recognize that just “running an ad” may not yield the results they desire, and in many markets won’t be the best use of hard earned (or borrowed) money. Even if you produce, sell or distribute a “universal” product, blanket marketing and advertising can cost a pretty penny. The key to choosing the right promotion strategy for your business is defining your target audience.
Often marketers ask customers the question “Who needs your product?” And the answer is typically “women” or “men”. That is not a target audience. I swear if I hear one more MLM energy company representative say “Everyone needs what I’ve got…” I might just scream. Okay, so that’s a little dramatic, but really now can we just think before we open our mouths?
Clearly defined targets include demographic, geographic and even psychographic indicators. These are the basics people.
Take the time to consider these questions to help you create a profile that can define your target clearly:
• Who wants this product/service? (age, gender, race)
• Where do these people live? (work, recreation, education)
• What motivates this person to buy? (income levels, cost, discounts)
• What type of life does this person lead? (busy, tech savvy, children)
• What benefit does this product/service offer this person?
One of my dear friends and clients actually breaks this down really well in a new book that will be coming out soon. Sarah Zink gets it. And she’s even got a workbook (I helped with the design) that can help those challenged in targeting. It’s the best $7.50 you can spend if you struggle with this topic.
Using the answers to these questions above and others like them creates a profile that shows you a target, outlines the type of message they need and even where they should hear or see it. Now you can choose the right tool to communicate with your desired customer. Perhaps it is an ad in the local paper, or perhaps it’s a promotion at a local event, or a direct mail postcard and promotion to certain zip codes. Whatever tactic you choose, you’ll be making an informed, targeted choice about where to spend your time and resources to communicate with the person most likely to become your customer.
——–
Vibrant Resource: Sarah Zink Business Training can whip anybody into target marketing shape. Seriously.
Vibrant Challenge: See if you can write down in one sentence who your primary target market is. Okay…I’ll give you two sentences.
Promo Items -
Pens. Note pads. Magnets. Letter openers. They’re everywhere. These items may seem like start-up staples for small businesses to help promote your business – and sometimes they are. The thing to avoid for any businesses is spending time and resources (creative and financial) on projects that don’t yield results.
Choosing the right promotional item is important because it is reflective not only of your brand, but also of how useful your company is. Sure everyone in business needs a letter opener, but is that how they’re going to choose a printer? An accountant? A dry-cleaner? Remember, everything you do in marketing or promotions should help tell your story!
When you’re ready to choose promotional items for your business, stop and take inventory of your strategies and tactics for generating new business. How will this item play into your overall sales or marketing strategies? Should you spend $.35 per plastic click pen to hand out to the masses at a local event, or should you spend $2 per pen on something a little nicer to leave behind after a sales call or visit? Do you want something that has desk-life to reinforce brand awareness or do you want an item that goes for the Wow-Factor?
Going for the Wow-Factor with kooky novelty items may grab attention at a convention, but may not be reflective of the professional brand you’re trying to establish for your company. Vice versa if you’re business is built on fun, choose something that’s interactive and unique rather than a boring office tool. A good promotion company should be able to help you choose the best item as long as you are clear with them about your company’s image, budget and the goals you want to achieve.
Most importantly, spend your money wisely. When you’re starting up or on a tight budget here are some things to remember:
• Don’t invest in branding disposable items.
• Have a distribution plan for every item you order.
• Buy in bulk for discounts only if the item has value and shelf-life.
• Avoid trinkets and invest in items that build your image. Remember - you get what you pay for.
—–
Vibrant Resources: My preferred vendor for apparel and promotion items is Gerry Fine. Love the quality control, insight, experience and creativity at Gfinelogo.
Vibrant Challenge: It’s time to get real with yourself. Are your promotional items too cheesy? Have you calculated your ROI?