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.
No matter what strategy you’re using to generate leads, if the target audience is wrong, the strategy is not going to produce the results you’re looking to achieve. You might have the best product or service out there, but your message is not reaching those individuals who truly want or need it. Here are a couple of ways to ensure you’ve identified your ideal target market and are getting the most from your marketing dollar.
Internal Market Research – when was the last time you sat down and wrote out the characteristics of your ideal customer? We’re talking demographics, psychographics, and geographic location. Being more specific in defining your target customers allows you or your marketing person to craft the copy and offers that speak directly to them. Think of your marketing like a V16 engine powering your business; having the right target audience is 10 out of 16 cylinders. Remember – clarity is power, so get laser focused on your target market.
Your action step – write out a minimum of 21 characteristics of your ideal customer.
Measure and Test – start with a small target group and measure your results. I’ve worked with business owners who “Go All-In” on a marketing strategy and invest thousands of dollars, only to find out that the return on that investment didn’t even equal a return of the investment. By starting with a smaller target group and tracking results, you are able to determine which offer worked best to attract the most customers, and put your energy and effort into the one that produces the best results.
Your action step – Review the number of leads each marketing strategy you use is generating. If you’re not tracking leads per strategy…start today!
Wrong Target Audience - The number 1 marketing mistake that a majority of the business owners I’ve met with are making that is producing lackluster results in their businesses.
Comment below on what action you’re going to take to ensure you’re reaching the right target audience for your business. We look forward to reading your comments.
Author: Drew Schwegman, Northern Kentucky Business Coach