Category Archives: How To Build Marketing Plan

How To Use Target Marketing

 Issue 72 – Let’s Find Our Target Market

Introduction…I’ve heard business owners say, “everyone will want my new product or service.”  Everyone is not a target market.  Everyone is like carpet bombing.  If you have the budget of Coca Cola, it might work. Otherwise we can be much more effective with a target.

Who is your target market?  Here are several questions to ask yourself:

  • Who is financially able to purchase my product or service
  • Who has a burning desire to purchase my product or service
  • Who can I attract affordably
  • Who do I want to do business with (not all customers are good fits)
  • What are the other interests of my target
  • Where can I find my target
  • How can I find my target within my budget
  • When is the best time to reach my target

What’s your target market area?

  1. Local
  2. Regional
  3. Statewide
  4. Nation
  5. International

We all have a tendency to want to cover a larger area, thinking that we now have more prospects.  Maybe.  But, if we can’t reach them it’s not very useful.  One company I worked with got stars in their eyes and went international way before they coud support it.  That decision hurt the company.

One of the most successful roofing companies in the Dallas area focuses on just two cities.  There are 34 cities in the DFW area.  But in the first 7 months of 2017, this roofing company did over 650 roofs by targeting  two cities.  They earned an estimated $5 million gross profit.  But, they dominated those cities and were everywhere.  This company became the company to call.

Next week…We will discuss this topic “How To Use Targeting Marketing” in our next newsletter.  We will discuss two examples of finding our target market and what comes next.

In Conclusion...Target marketing is much more effective and affordable than carpet bombing marketing.  Unless you have the budge of Coca Cola, we do much better knowing who are target is and how to attract them to business.

How To Build A Marketing Plan No. 2

Tell marketing story

Telling your company story is the best marketing plan.

Introduction…In our last addition of this blog/video we discussed how our marketing plan should start with identifying our target customer and mavens. And it is helpful if we give that target a name so when we are writing ad copy it can also be focused.

Right message…Once we have identified our target, the next step is to create the right message or USP.  Our Unique Selling Proposition (USP) explains our position as compared to the all the other choices in the market.  One of the greatest USPs of all time was Domino’s Pizza…”Hot, fresh, 30 minutes or less, or it’s free.”  Unfortunately, they had to move away from that USP as their territories grew.  But, the pizza consuming customer always knew what they would get when they called for delivery.

A USP tells the chief benefits of whatever our business is marketing.  It may express the them in terms of your business, product or service.  This can be based on product, positioning, or price.  You could be the lowest price, the highest price, the best value, or the most convenient.  It could also be the longest hours of operation, 24-hour customer service, best warrantee or free service.

Twenty year ago I met a group of young guys who were selling after-market spoilers for autos.  They had a life-time warrantee on their product.  A tree could fall on your car and they would replace the spoiler at no cost.  Eventually, they realized that their customer was the auto dealers’ general manager who made the buying decision for their product.  After that realization, they would warrantee their competitors’ product and replace it for any reason.  Then they always were the first to get the call from the dealer.

Here are several more notable USPs:

  • Anacin “Fast, fast, incredibly fast relief”
  • M&M’s “Melts in your mouth, not in your hands”
  • FedEx “When it absolutely, positively has to be there overnight”
  • Metropolitan Life “Get Met.  It Pays”
  • Southwest Airlines “We are THE low-fare airline”

Our USP is the answer to the prospect’s question…Start with the question, “Why should I choose your business/product/service over any competitor’s option.”  If we can’t answer this question, then we may have a going concern problem.

Marketing values further strengthens our USP.  FedEx dominated an industry by a commitment to on-time delivery.  Mike Crow teaches home inspectors to AATP…always answer the phone.  If you just got a contract on your new home at 8:00 PM, you will want to set an appointment to inspect that home at 8:00 PM.  Not 10:00 AM the next day.  His students often get the job when others are unavailable.  This is a tremendous value to the home buyer.

Click here to watch How To Build Your Marketing Plan (story) No. 2.

Conclusion…Our marketing message is the story we are going to tell about our business.  We are going to tell it in all our marketing media.  The place to start is put one fact, feature, benefit, offer, promise, on paper from a series of brainstorming sessions.  Do this until you have exhausted everything known about your business and its competition.  Then we will be ready for next week’s discussion on how to communicate that marketing message.

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How To Build A Marketing Plan For Your Business

Marketing Plan

Introduction…I recently read in my trade journal, Self-Storage News, “New Rules For Marketing, Smart Web Marketing Tactics.”  I was excited to read what they had to say.  The article started, “Set Your Goals” and Set Your Budget.”  I agree we should set some goals for our marketing, but setting our budget as the second item is way too soon in my opinion.  Plus, a generic percentage of gross sales is meaningless as we should spend as much money on marketing as has a positive return on investment.

Let’s say for example we had a marketing channel that for every $100 we spent, it returned $500 in sales.  That would be 500% ROI.  If we knew that, we would most likely want to spend as many $100 as long as it remained profitable.

I would suggest we start with the basics.  Who is our target market?  And in that target who are the most desirable customers?

Several years ago I asked one of my fellow Certified Public Accountant how his business was going.  His response was, “Great, I’m very busy, I just can’t get people to pay me.”  Ok, so if you give your product or service away for free, it’s not hard to find freeloaders.

Here are a few questions you could ask to help find your target market (target avatar.)

  1. Who is the best paying customer?
  2. Who is the customer most likely do repeat business?
  3. Who is the customer most likely to buy multiple products from us?
  4. Who is the customer most likely to refer others?
  5. Who are the mavens that will most likely send multiple customers?

It is very helpful in your marketing to give that target avatar a name.  Make you marketing personal to that target.  Each business will have a different target.  So, let’s find yours.

For self-storage, we know that 70% of the properties are leased by woman who live within 3 miles of our project. Our target market area in a populated area is those living a three-mile radius.  So, it is relatively easy to get those demographics and spend our marketing dollars finding those most likely to rent storage.

Click here to watch video “How To Build A Marketing Plan For Your Business.”

In summary… Our marketing should start with our target market.  Once we know who that is, we can start to build our marketing plan.  We will continue to develop this subject of our marketing plan in future blogs/videos.  To learn more about marketing and/or self-storage optin to our “9 Little Known Secrets For Steady Real Estate Income…FREE” at www.self-storageinsider.com.