According to the United Nations’ estimate in May of 2019 the world’s population was 7.7 billion people. That’s a pretty big number to try and wrap your head around. So let’s drill down a little more and focus on the population of the United States of America, which stands at approximately 329,122,997. For some this might also be a number that’s hard to comprehend, but it’s important to know for our conversation today. Whether you started your business to serve your local community, the entire US, or had a vision of serving the global market place, you can be sure that you will be competing against others selling the same product or service. With all the different marketing channels available today, how do you stand out instead of getting lost in the shuffle?
Have you ever been watching a sporting event or your favorite episode of This is Us and an ad comes on that you have no clue what they were trying to sell you? What’s the deal with that, right? Companies invest millions of dollars a year in advertising to get you and me to open our wallets and buy their product or service. For companies that have larger advertising budgets a miss may not cripple them financially, but for smaller businesses a poor marketing campaign that doesn’t produce results can spell disaster. So what can you do to ensure your marketing message hits the mark?
One of the most common issues I find in the marketing strategies of high-end (higher quality, higher price) businesses is the tendency to talk about the features of their products and services. While this issue is particularly common in technology, I see it in construction, medical, HVAC, and just about every other industry as well. The problem with this approach is that Features are all about you, your company, and your product, while your customers are far more interested in the Benefits they receive when they buy your product.
Let’s face it, every business out there needs customers to survive. When I sit down with business owners and ask them what they’re focusing on, a large majority say, “Trying to get new customers.” When I follow up with, “What does your marketing plan look like?”, they answer, “I don’t really have one.” And if they do have one, it often hasn’t been fully thought out, or they’re trying anything and everything to get new customers. But the number 1 mistake I see most business owners make in their marketing is – Wrong Target Audience.