Sometimes the best marketing campaigns aren’t the fanciest. They’re simply the most targeted.
The mistake most businesses make in their marketing is trying to market to everyone. However, the widest possible net is not necessarily going to bring you the most fish if you just cast it into the ocean at random. Instead, you need to go to where the fish are. Better yet, you need to go to where the biggestfish are.
The problem with trying to market to everyone is two-fold. First, you won’t make as many sales. Your messaging will need to be general, which means it won’t connect in an impactful way that makes people buy in. Second, you’ll spend more money on marketing. Connect this to the first problem, and you’ve now spent more money for less return.
The solution is to target your audience in three steps. The very first step is to find out where the money is and go there.
Find the Biggest Fish
Making the most of your marketing budget starts with analyzing your return on investment (ROI). You want the greatest amount of payoff with the least amount of dollars spent. Think of a pay-per-click arrangement as an example. If you are paying $5 per click for Google Ads, you want people to buy the greatest amount of product on that single click. You do that by ensuring that the person clicking the ad is the one who is going to be purchasing in bulk.
Start by taking a look through your books to see where you’re making the most income with the least amount of time and money spent.
Let’s look at an example:
A business that sells tarps has two main types of clients: homeowners and construction companies.
Homeowners typically buy 2 tarps at a cost of $30.00 per tarp for a total of $60.00.
Construction companies typically buy 20 tarps at a cost of $30.00 per tarp for a total of $600.00.
So, if you target homeowners with a pay-per-click keyword, you will spend 8% of your revenue on marketing. If you target construction companies instead, you will spend less than 1% of your revenue on marketing.
That’s a pretty big difference for a single transaction, and much greater when you look at your marketing and revenues as a whole.
Set Up a Client Profile
Once you’ve found the sales channels that offer the most payoff, set up your client profiles. A client profile needs to be as specific as possible, but we’ll start more generally.
Here are some questions you can ask to set up a profile. Use the first list if your clients are consumers. Use the second if your clients are businesses.
Direct to Consumer
What are the specific characteristics of the consumer?
What interests are tied to those specific characteristics?
How does the consumer make buying decisions?
Where does the consumer source his or her information?
Where does the consumer “hang out” online and in print?
Social media sites?
What times will my client be most likely to be looking for this product or service?
Business to Business
What industry does this business fall into?
What are the pain points in that industry?
Not enough business?
What is the business’ main source of income?
How does my product or service fit into that specific source?
Get Even More Specific
There are two people to consider in the purchase process: the purchaser (or decision-maker), and the end user of the product.
While in many cases the purchaser of a product or service is also the user, it’s not always that way. For example, a parent purchases items on behalf of a child. An administrative assistant buys supplies on behalf of the office. A marketing manager buys advertisements on behalf of the company.
So, who is actually buyingyour product?
This question is often overlooked in favour of: “who is going to use my product?”
Often, you don’t need to convince the person using your product that it’s right for them. If you handed someone your product for free and they used it and found value in it, that is enough to know you’re on the right track.
The obstacle to selling is limited resources. Just because a product is awesome and people will use itdoes not mean people will buy it. You need to convince the person who is handing you the money that they’ll see a return on that investment – one that is greater than a different investment they might choose to make.
Here are some questions to ask to set up a decision-maker profile. Remember that you are thinking a little larger than the individual level to the group of people who make decisions like this.
What are their roles, positions, or job descriptions?
What are their pain points? (i.e. what frustrates or worries them the most)
What are their values and beliefs?
Where do they source information from?
What do they feel is most important to the end user?
There’s one caveat here: You still need to market to the target user as well. A parent may buy a child a toy whether or not the child is interested in it, but they’re more likely to buy if the child is excited about it.
Channel your marketing toward both the user and purchaser. For example, to market a toy, you could use easy-to-read language and pictures that call attention to how much fun the toy is. This grabs the attention of the child. Use a different approach to market items like the price of the toy for the parent (the buyer). For example, you could show a cost comparison chart.
Magnolias offers more extensive client profile set up. Call us to schedule a one hour consultationso we can help you target your marketing for better returns, and more clients.