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ON POINT

with Dave Lowe & Dave Moyer

MARKETING 101
Identifying Your Market

Note: Part two of a five part series on Marketing (refer to May Newsletter for Introduction)

Before we take a look at your market, lets review the four key principles of marketing:

  1. A clear identification of your Market
  2. A clear vision and articulation of your Message
  3. A strategic plan for delivering your message – your Method
  4. A clear understanding of your "why" - this is your Motive
An argument could certainly be made for a different ordering of the principles but for now, lets assume they are all critical to the success of your business and leave the "which should be first" debate for another day. Principle #1 - Clearly identify your market! The most important word in principle number one is “your” - not someone else's market or even the market you think is yours, but your market! This is the market that your best customers is found, this is the market where you are profitable – with time and resources (for more on analyzing your time/cost objectives, read our On Point Article in the April CPN Newsletter), this is the market where you deliver the best value for the best return, and this is the market that allows you to provide the best value. Said another way, successful marketing is about reaching YOUR market, not THE market!

It's very simple: market to prospects who need and want your product and service – when they need your product or service! Now, before you start typing your objections lets put this in context: we are not advocating against all mass media campaigns. We recognize that radio and TV, billboards, blimps, bathroom walls and place mats can all have an impact (more on this topic when we get to Principle #3). What we are saying is that a lot of money can be spent – and wasted – simply because we didn't follow a few easy guidelines.

Okay, enough with the introduction, lets get to the crux of market identification and it starts with one easy step – become an expert in your market!

The following concepts, learned and implemented, will assure that you spend your time talking to the "right" customers!

Focus on Current Customers – Where did they come from and what makes them the best? Don't make this simply about profit! The real question relates to value; did they get was best for them? (review the CPN Newsletter for April for a financial perspective on identifying "best" customers)

Know the Goal – Branding, data acquisition, education, and sales are all valid goals of marketing but the methodology is specific to the intended goal. A good Google Adwords campaign can produce thousands of clicks (visits to your site) but only yield minimal sales. Would this be a success or failure? The answer must be determined by the goal.

Listen to the Experts – Your customers! The marketing gurus don't know your customer as well as your customer knows themselves. Surveys, customer service calls, and referral analysis are just a few of the ways we can practice good listening.

Take Notes – In marketing lingo, this means test, test, test and it applies to all four key principles. Your market may change and testing will let you change with them.

Back to School – Study your industry, your competitors, and your team. Learning is critical to sustainability so don't rest on past success! Marketing sites, webinars, and books abound – just be sure to weed through the material that is best categorized as "marketing manipulation".

Next month we'll move from market to message – from who to what! In the meantime, spend a few moments to examine your current marketing and ask yourself two questions: Do I really know who I'm talking to and am I sure I'm saying the right thing? On Point takeaway of the month:

On Point takeaway of the month: Only one thing is guaranteed when you spend a lot on money on marketing – you've spent a lot of money!