Your Very Own Local Business Accounting Expert, On Truly Identifying Your Targets

Your Very Own Local Business Accounting Expert, On Truly Identifying Your Targets

October 30, 2012

Autumn is in full swing now, and it’s truly feeling and looking like it here in Somerset Area.

Which makes it the ideal time to liven up your business by taking a “cold” look at how you’re actually finding new customers.

I’ve been burned a few times by not following the advice which I’ve put together here, before I learned it the hard way.

There is a lot of “waste” in most small business’ marketing, but it can be ameliorated by digging deeper into who you’re really seeking out.

Would love to hear your thoughts on this…

Your Very Own Local Business Accounting Expert, On Truly Identifying Your Targets
Do you know the profile of your ideal customer or client?

Because that’s the first place you must start when creating a marketing campaign to get new customers.

Many clients I see approach their marketing from the following perspective:

“I need more customers, so I will run an advertising campaign. I will then choose a good media (direct mail, TV, radio, internet, etc.) and work with the representative to come up with the kind of ad which works best for that medium. This will ensure success.”

Actually, this seems to be completely backwards.

The most successful clients I work with have the following approach:

“What is my exact target market and what do they want? Next, since I know my target market and what they want, I can create a message which matches up with what they care about (not just what I provide). Lastly, the right media isn’t a big deal because I just pick the one which reaches my target prospect most effectively.”

Do you see the difference between these two approaches?

I sure hope so, because it can make a big difference in your bottom line.

So, now that you operate from this paradigm, how do you narrow down your target market? Well, what you’re really talking about is coming up with the right list.

In selecting a list you want to target people most likely to have an existent interest in what you have to offer as well as some things in common with your present good customers.

These commonalities might be found in age, sex, occupation, income level, neighborhood or geographic area, credit card ownership, family size, magazine subscribed to, or any number of other areas. These factors are called demographics and the professional sources you might rent mailing lists from can be incredibly sophisticated in finding or compiling a mailing list of people who conform to your set of desired demographics.

In business-to-business marketing the same sophistication is available. Lists of companies can be obtained by size, sales volume, asset value, number of employees, type of business, geographic area, magazines subscribed to, credit rating and other factors. Lists of executives, owners, sales managers, personnel managers, purchasing agents, stockholders, or secretaries are also readily available.

List selection can be as simple or sophisticated as you need or want to make it. The owner of an upper class club might want to obtain a mailing list of homeowners within a 50-mile radius of his restaurant who have at least one bank credit card.

A private jet manufacturer might want the list of corporate officers and business owners with net worths in access of a half million dollars all across the country.

As a rule, the more demographic factors you can use in controlling the list, the costlier the list. To a great degree, extra money spent in narrowing down the list to fit your desired factors is money well spent.

But the money truly can be very well spent, because you reduce the waste in your marketing when you can narrowly slice down your target to the most responsive possible.

Oh, and see below.
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