How Can I Not Waste Money Marketing to the Wrong People?
So you’ve started to reconsider your company’s marketing strategy, or maybe you don’t yet have a marketing strategy at all.
You could easily contact any marketing firm and ask for help. Most agencies will gladly take your money and provide an assortment of marketing ideas. The question is: Will those ideas be effective and tailored to your individual business?
It all begins by understanding your ideal customer. This will be the foundation for your marketing strategy.
Why not just push out a lot of generic advertisements and hope someone takes the bait? This would be neither effective nor efficient. You might get a few sales from this method, but if you’re not attracting the right customers, you won’t be able to maintain those sales.
The trick here is to remember that not everyone is your prospect. If you believe your target audience to be “anyone with the money to purchase my product or service,” you won’t get anywhere. Valuable time, energy, and resources will be wasted by marketing to this vague consumer group.
A good agency will strive to allocate your marketing dollars in the most effective way possible, rather than just trying to sell you every service they provide. Developing a marketing strategy begins by understanding and evaluating your target audience to find the most efficient methods of contact.
In stressing the importance of understanding your perfect consumer, we must refer back to buyer personas.
To create these personas, you’ll want to ask questions, like:
- Is my ideal consumer male or female?
- How old is this person?
- What is his/her level of education?
- What is his/her income level?
- Is this person married?
- Does he/she have children?
- What does he/she value?
- What are his/her hobbies?
- Where does this consumer go for information?
The answers to these questions will largely determine your prime marketing venues. Reaching your ideal consumers is about more than just finding the right people. It’s about being in the right place at the right time with the right content.
If your target audience is older and rarely accesses the Internet, social media might not be the best investment for your business. If your potential consumers are most likely to read email updates early in the morning, that’s when your email blasts should be sent. If your ideal customers enjoy reading as a hobby, write a blog post about your company’s “Top Ten Picks for Best Novel of 2013”.
All of this information on your customer base can be found with the use of inbound marketing practices and tracking software.
For help with your strategic marketing planning, schedule a free consultation with the Innovations team!