Posts Tagged ‘Target Market’


Developing Your Marketing Plan

Stock3-25 creating a mktg plan smallMarketing is one of the most critical components of your business’ success. You may have a fantastic product or service, but if customers are not aware it exists, there’s no point in continuing the line of work. In order to make sure your product is exposed to your target customers, you need to develop a robust marketing plan. Once you’ve spent time identifying the four Ps, start adding some elements and details to your strategy. Let’s look at the areas you should focus on when developing your marketing plan.

Validate the Market

How do you know you have a great product that will be of value to your customer? Answering this question is part of the validation process. You want to validate the market or make sure there’s a need for it. Here are a few questions to answer in order to help you do this.

  • How large is the market locally, nationally, and globally
  • How often do people buy your type of product?
  • How many customers are “in market” at any given time?
  • Will your customers buy daily, weekly, monthly, annually, or every five to ten years?

The answers to these questions will: 1) tell you if you have a sustainable product, and 2) help inform your marketing plan and tactics. After you’ve validated the market, start delving deeper into your target market or customer.

Define Your Target Market

In order for your product or service to sell, you need to answer the question: who is your target market? And the answer is never, “anyone.” The best way to be successful is to develop a customer profile with as much detail as possible. Answer the following questions:

  • How much income do your customers make?
  • Where are they located?
  • Are they male or female, or both?
  • How old are they?
  • What is their level of education?
  • What jobs do they hold?
  • Can you see the face of your customer? What do they physically look like?

Remember, the better you know your customer, the better your chances of making the sale. Once you’ve identified who the customer is, it’s time to articulate what makes them buy.

Create Customer Value

So many marketers and business owners are great at explaining what their product is and why it’s great. But very little know how to explain the product in a way that illustrates value to the customer. This is extremely powerful because if you can help the customer achieve a goal, the product sale will follow.

To do this, start by identifying what qualities your customers value most and least about your service. You must build your marketing strategy on customers’ perceptions of your product’s value to them. This approach is called WIIFM, or What’s In It For Me? It’s critical to keep your marketing plan customer-focused. By doing so, you are on the path to setting yourself apart from the competition.

Identify Your Competitors and How to Deal With Them

In today’s economy, it’s rare to find a product or service that has no competition. Your competition is targeting the same people you are, and as such, your message can easily get lost in advertising clutter and spam.

To avoid this, define what makes you special to your customers. Why is your product or service different and better? What is your competitive advantage? What do you offer that the company does not? Why should a customer hire you? Perhaps you offer a longer warranty than your competitor. Or you have proved results that another business does not. If you’re struggling with identifying your competitive advantage, the best thing to do is ask your customers why they bought from you.

Validating the market, identifying the target audience, creating customer value, and identifying your strengths from your competitors are the components that will shape the rest of your marketing plan. Once those steps are completed, it’s time to define the tactics you’ll use and determine your marketing budget.


How to Lower Your Bounce Rate on Your Small Business Website

???????You have a beautifully designed website. Check. Targeted keywords on the website. Check. You have a way to capture email addresses on your website. Check. So why aren’t you getting more customers from your small business website? You might have a decent flow of people visiting your site, but if they’re not converting to sales, it’s time to look at the reasons why. Start by examining your bounce rate.

What the Heck is a Bounce Rate?

Just like a shiny rubber ball, your bounce rate happens when people land on your site and then quickly bounce away. You can find your bounce rate by looking at your Google Analytics once e month. The technical definition for bounce rate: the percent of people who leave your site after visiting just one page. The higher the bounce rate, the more people are leaving rather than looking around. The average bounce rate is 50%. Here’s an illustration:

  1. Someone searches for something they’re looking for online.
  2. Your site shows up in those search results. They click your link.
  3. They land on your home page, don’t see what they expected, then leave.

So the question is: why are they not finding what they want? Why do they leave before even exploring your site? Typically there are a few reasons for this.

1. Your Design is Unappealing

While you wouldn’t expect a visitor to your site to hold bad design against you, first impressions really do matter. And if your website hasn’t been updated for 5 years, or is cluttered with ads or popups, there’s not much you can do to convince people to stay, even if your products are amazing.

Fortunately, there’s an easy fix for this: get a new design! Website design has come way down in pricing, and there are even templates and platforms you can customize and manage yourself.

2. Poor Keywords

Let’s say the name of your company is Red Ball Marketing. You don’t actually sell red balls, but people still land on your site looking to buy red balls. You’re probably not willing to change your company name, but you can put more effort into appearing in search results for better keywords. You should know your top 6 keywords. If you haven’t really put much thought into your keywords, you’ll get a mix of traffic of people looking for lots of things, but not really what you sell.

Figure out the top keywords your audience is searching for and make sure you use them throughout your site, especially in your blog titles and static pages. For your marketing company, that would be terms like:

  • Content marketing
  • Marketing firm
  • Marketing for small business

If you continue to work to build your presence online with those keywords, as well as blogging, you should start to move up those search results and attract people who are looking for what you’re selling.

3. You Lack Calls to Action

Now that search engines have led leads to your website, it’s your job to make them drink the koolaid. If your home page lacks any call to action, how will visitors know what you want them to do? Consider your call to action your instructions for visitors to your site. Do you want them to:

  • Buy from you?
  • Get a free quote?
  • Subscribe to your newsletter?
  • Download a free ebook?

Then let them know! Make your call to action bold, colored differently from surrounding text, and simple to follow.

Your website holds the potential to convert visitors into customers. But you’ve got to ensure you’re targeting the right people with your content and keywords, and that your site is an inviting place to shop. Then you can lower that bounce rate and increase sales!


Nextiva Tuesday Tip: Selling to Millennials? You Need a Loyalty Program

Stocksy_txp65da3129op6000_Small_134151If your small business doesn’t have a loyalty program—but does have Millennial customers as part of your target market—you may want to reconsider and add some type of rewards program to your marketing mix. The 2014 Loyalty Report from Bond Brand Loyalty reports that U.S. Millennials (defined as aged 20 to 34) are more likely than other age groups to participate in loyalty programs. What’s more, they’re more likely than other age groups to change their shopping behaviors based on a loyalty program, the study says.

A whopping 60 percent of Millennials would switch brands and two-thirds would change where they buy in order to get more loyalty rewards. In addition, 67 percent contend they wouldn’t be loyal to a company without a good loyalty program.

Consumers overall are enrolled in an average of 10.4 loyalty programs, and are active in about seven of those. While loyalty programs are widespread, consumers are getting slightly more unwilling to share personal information with them. Some 32 percent say they worry about divulging personal information, compared to 29 percent last year.

What works to get customers to spill their data? Offering discounts based on prior purchasing behavior, inviting customers to special events, customizing offers for them and inviting them to online communities for loyalty program members are all effective ways to get users to share their personal data. In addition, users say that when a company’s loyalty program makes them feel valued and important, they’re more likely to share personal information with that business.

However, there are some important differences in what works for Millennials as opposed to other age groups. Millennials are more likely to want to interact with your business on a mobile device. They’re also more likely to care about non-monetary rewards, such as getting recognized by their peers or being able to share their experiences with others.

Craft your loyalty rewards program to appeal to your desired customer base, whether that’s seniors who want plain old punch cards or mobile-loving Millennials who want to track everything on their smartphones. Your efforts will pay off in greater loyalty and higher sales. 




 
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