A generic marketing campaign to everyone is rarely effective. To maximise the impact directly on your sales you need to start by considering:-
- Who are our ideal customers?
- What products do they need that we can provide?
- What do your clients want to see?
Once we have these answers we can drill down into the start of a strategic marketing plan that will be driven to maximise your return on investment.
Who is your target market?
You need to understand the different segments among your existing customers by looking for groups with similar characteristics. The first and often the most easiest way is within a B2C sector is to segmented by age, gender or income. B2B customers is different and instead need to be broken down into different industries or by size. Also in both B2C & B2B, location is often a key factor, whether you are targeting local customers or looking for national/international opportunities.
Segmenting your market will help you to identify the similarities and differences in your groups. You will be able clearly understand what aspects of your offer appeal to each of the groups and adapt your product or service to more closely match their requirements.
This might mean modifying your product such as:
- or some other factor that is important to that market segment.
It might also mean adjusting the way you market your offer – so you change your pricing policy or use distribution channels that reach your target customers more effectively. You should also adapt your promotional messages to the different customer segments.
Finding and evaluating customers
Identifying which groups of customers you should be targeting is key to any business. Market research is one area that will help you to understand more about the your customers needs, tastes and spending habits and what different in the segmented groups of your customers.
A SWOT analysis will help you assess your strengths and weaknesses as a business and spot the opportunities and threats that are looming in your market.
It will help you evaluate:
- How you measure up against the competition.
- Understanding what your rivals are up to is critical.
- What you do better or worse?
- Where are the gaps – in their offer and in their marketing?
- Are groups of customers being ignored by rivals?
- Could you target these profitably?
This combination of market research, SWOT analysis will give you a picture of your marketplace and your own businesses potential. Only when you have all this information and knowledge can you confidently tailor your message to different segments of your market.
As SFB Consulting Group we will carry out your research for you independently and work with you at board level to produce a strategic marketing plan to fit your needs. We have vast experience in various sectors with suitable qualified teams to deliver the plan with the highest of quality with the results required.
With the recent changes in the data protection regulations there has never been a better time to revisit current process, procedures and results within your sales and marketing departments.
Call us today for an initial free consultation on 0800 699 0533, we look forward to learning about your business.