Understanding and Knowing your target Market
Marketing, indeed, is abroad discipline, and its environment is so dynamic that each day provides us with what works, and what does not work. It now makes sense to me when Dina El Tabey, a marketing guru remarked that, ‘Marketing is about continually trying new ideas and refining ideas’. It’s good that we understand what works in today’s marketplace, and how best to tap into it.
You may have employed almost all the marketing mix – good prices for your products and services, known the right places to market them both on and off-lines, done your promotions very well, and even played the politics but still miss the profit. Something must be missing in the whole equation.
There must be a way out of this marketing-maze. Like we mentioned in the last article, the marketing that wins must be intentional! Being intentional in your marketing means that you are putting thought into areas and manner other businesses might be neglecting.
First, you have to be specific and detailed with what you want to achieve with your marketing efforts, and how it would increase sales. Every marketing effort that is not measurable is no marketing.
Every enterprise wants to increase sales but saying that you want to increase sales is not objectively convincing enough. For example, when you specify that you want to secure ten new clients from Ikeja in the month of March, who will buy your product or service is quite clearer. And the further you make clear your marketing objectives the quicker you actualize it.
How will you know if all of your marketing effort was an investment, an expense or waste of resources?
To implement intentional marketing, you will need to be intentional about your marketing communications to your prospects. This will also include positioning of your product or service, timing, the image, and the perception that you want the market to have about you. After all, all that exist in the world of marketing are perceptions in the minds of the buyers or prospective buyers.
Then, you will need to decide the best platforms to engage these targeted markets. You might need to examine the demography. Who are they? Are they younger or older generations, and what’s their preferred means of communication? For instance, an older demography may best be reached through a more traditional means while you’ll need to use more agile and digital means to connect with the younger generation.
Next, you will find out if you’ll require a 30 or 60 seconds elevation pitch or a short video that precisely puts your product or services in an irresistible light? An understanding of these would help you to better position your product or services better to this targeted audience in a way that will produce the desired outcome. (To be continued).