SOARING PRECISION TARGET MARKET. By Lauri Flaquer

Transcription

1 SOARING PRECISION TARGET MARKET By Lauri Flaquer

2 Learn Effective Marketing Don t spray your marketing dollars into the public like a garden hose out of control! Identify your target market with a complete personality profile Dispense your marketing with an eyedropper. Stop wasting time Conserve your money Seize the opportunities that are perfect for you

3 By the end of this course you will have A clear understanding of the importance of identifying your target market. Learned how to create a profile of your target market. Understand how to dispense your marketing budget directly to your specific target market. Understand what is a persona and how to create them.

4 The Value of Target Marketing Learn to maximize your marketing dollars Greater impact from your marketing efforts Market your business on budget Identify your niche or specific market segment Get better results Attract and serve the right customers Grow your business Reap greater joy from your business

5 Imagine Marketing Bliss Imagine truly effective marketing Imagine every marketing piece efficiently communicated to an interested party Imagine going to an event and everyone wants to meet YOU! This dream is not so very far from reality. With Precision Target Marketing you can achieve incredible results from your marketing investment.

6 Marketing Like A Big Company Make no mistake about it, large companies know and understand their customer. They know exactly: Who they are Where they live What they do How much money they make How much they save How much they spend How they spend it

7 They know What kind of car their market drives How far they travel to work What they pass along the way How many children they have How old their kids are How often they drop them at sporting events Which sports they play What colleges they will go to

8 They Also Know Where their market REALLY wants to live What they would like to be, do and have if they had NO limitations What they think is holding them back What their fears are What their goals are Where they think they are failing How they rate their own level of success What challenges they and their family face

9 How Do They Know Their Customer They ask question, questions and more QUESTIONS! Customer surveys Comment cards Focus groups Customer Lists Market Research Information Internet tracking They test Market, offer discounts for additional purchases Use surveillance cameras in retail locations Have state of the art tracking systems that monitor customer behavior, spending patterns, product preferences, financial information, Social Media sites, internet usage and more

10 Segmenting A Market Understanding Purchasing Decisions

11 Micro-Targeting Your Market Who buys Mini Vans? Let s assume there are 100 people in America We have a marketing budget of $100 How would our results be if we added $1 to each square?

12 Micro-Targeting Your Market If you initially segment the market to women, you could now almost double your marketing efforts by putting $2 in each square. Since marketing to women is different than marketing to men, you have a much better chance of making sales with female focused messages.

13 Micro-Targeting Your Market We know that women ages buy minivans. We can now increase our marketing dollars to $6.66 in each square. This segmentation allows marketers to relate to women in this age group more specifically using language, imagery and scenarios that they can relate to.

14 Micro-Targeting Your Market The earning potential is at $50,000 or more per year. We can now spend $10.00 in each square, dramatically increasing our ability to use marketing strategies that have a higher investment. We also know that these women have more money to spend on luxury items.

15 Micro-Targeting Your Market Research shows that married women buy minivans. With 7% of the market you can now invest $14.28 in each square. Married women have specific needs and as a marketer you can address those her needs specifically.

16 Micro-Targeting Your Market College educated women speak, act and think differently. Our marketing efforts need to reflect their lifestyle, access to choices and decision making processes. We can now invest $33.33 into each square. This huge increase in financial clout would allow a marketer to have a major impact on the audience.

17 Micro-Targeting Your Market Finally, women who buy minivans have children. Mothers think differently and have concerns that women without children don t have. Mom s purchasing decisions are based on the needs of others. Marketing messages directed to her should reflect the impact that her decision has on her family. We now have a $ per square, giving us lots of money to work with. This will allow us to have intense focus and acute understanding of her as an woman, a mother and a consumer.

18 Corporations Segment Their Customers Marketing departments segment by demographic and psychographic identifiers They create personas of each market segment They name the persona that each group represents Large corporations have a variety of personas that they have identified and named. They market specifically to each persona, using language and images that represent each persona s values, ideals and lifestyle

19 Internal Marketing Once these personas are created, they are communicated throughout the organization Everyone know Jessica, Amanda and Kimberly They understand what she wants, how she makes decisions and how she prefers to shop They know what she likes and what she doesn t They know how much she is going to spend and on whom she is going to spend her money.

20 Meet the Personas

21 Career Woman Jessica

22 Thinking About Jessica At which stores do you think Jessica shops? Where does Jessica buy her groceries? Does Jessica have a gym membership? How does Jessica make her purchasing decisions? Where do you think Jessica went to college? What brand of cosmetics does Jessica wear? What does she pay attention to? What does she aspire to? What does she fear?

23 Small Business Owner Amanda

24 Thinking About Amanda At which stores do you think Amanda shops? Where does Amanda buy her groceries? Does Amanda have a gym membership? How does Amanda make her purchasing decisions? Where do you think Amanda went to college? What brand of cosmetics does Amanda wear? What does she pay attention to? What does she aspire to? What does she fear?

25 Affluent Kimberly

26 Thinking About Kimberly At which stores do you think Kimberly shops? Where does Kimberly buy get groceries? Does Kimberly have a gym membership? How does Kimberly make her purchasing decisions? Where do you think Kimberly went to college? What brand of cosmetics does Kimberly wear? What does she pay attention to? What does she aspire to? What does she fear?

27 Corporations Spend Millions to Gather Information You Could Get For Free Small businesses are uniquely positioned They are face-to-face with their customers They are on a first name basis They have personal relationships with them They have one-on-one conversations with them They converse with them on a variety of Social Media

28 The Key To Knowing Your Target Market

29 How to Access Target Market Info Ask your customers open ended questions Use the Five Why method Ask your employees questions Ask for opinions, advice and ideas Post questions on Social Media sites Join Social Media groups about your products Conduct online research Watch people in your target market shop Pay attention to what they buy and don t buy

30 Identifying Your Market The demographic identifiers are things about ourselves that we can t easily or instantly change The psychographic identifiers are the choices we make

31 Your Target Market Gender While this might not seem to be an important factor, marketing to men and women is very different. Age Age plays a huge factor in the way people think. Imagine marketing to someone at 10 years old, 25, 35, 55, 65, and 75 years old. The life stages are all different and the messages need to reflect those differences. Ethnic group Understanding cultural differences is imperative to effective marketing Marital Status Single, engaged, married, divorced, remarried, both men and women have different perspectives. Children Large shifts happen when children arrive. Purchasing decisions are different when kids are involved.

32 Your Target Market Location Are you marketing in a specific geographic location, pockets of people or global? Education Level Information is processed differently, using distinct language and reflecting lifestyles that are indicative of education. Career or Job Is your market from the same career, job or profession? If so, understanding them, their job and their jargon would greatly enhance your ability to market to them. Association Memberships Is your market affiliated with an association?

33 Your Target Market Income How much money does your market make? Combined family income What is the combined family income of your market? Socio-economic group What status is your market at? The norms of the groups are distinctly different. Political affiliation Frequently dictates the way people view the world and process information. Religion A determining factor in the view s people have.

34 Your Target Market Lifestyle Understanding your market s lifestyle offers valuable clues about what their life is like, where their focus is and on what they spend their money. Hobbies Knowing their hobbies offers more insight into what they like, how they spend their time and possible marketing opportunities. Free time How their free time is spent provides useful information about how they think, their values and what is important to them. Goals Do you know the goals of your market?

35 Your Target Market Fears What s causing them pain? What keeps them up at night? What s missing in their lives? Is it temporary or long-term? How does it affect their daily existence? Desires What do they want? What are their wishes, hopes and dreams? Are these immediate or long standing desires? Perceived level of success What is success? Do they think they re successful? Do others view them as successful?

36 Your Target Market Reading materials What books, magazines, newspapers, catalogues do they read? Electronic Communications Which websites, blogs, You Tube channels do they frequent? Media What TV shows do they watch? What radio shows do they listen to? Whose opinion counts to them?

37 Thinking Like A Marketer At which stores do you think your persona shops? Where does your market buy his/her groceries? Does your market have a gym membership? How does he/she make their purchasing decisions? Where do you think your market went to college? What kind of car does he/she drive? What does he/she pay attention to? What does he/she aspire to? What does he/she fear?

38 Realities: Not knowing your target market is a huge problem. If you don t understand your target market: You will end up spending your marketing dollars in the wrong places. You won t be able to create messages that speak directly to them If you can clearly identify your ideal customer: You can carefully place those dollars where they are most likely to yield results for YOU. You will get the results you want.

39 Understanding Your Market The better you understanding your market the more effectively you will be able to market to them Knowing your market will save time, money and cut the cost of doing business The key to effective communication is acute understanding of your market Getting inside the mind of your market allows you to speak to them in their own words Addressing them using the conversation that is going on in their head allows them to be open to your messages

40 Low Cost Research Ideas Social Media Brainstorming with employees, business consultants, networking contacts, etc US Census Bureau Town Hall Records Professional association statistics Co-Invest in Research with others who have a similar target market Focus Groups Opinion Leaders Surveys Immerse yourself in their world. Put yourself in their shoes.

41 Why People Buy People often have no idea why their customers buy from them. The following chart explains the reasons people and companies make purchases

42 Resources Page Most popular baby names by year Positioning how to be seen and heard in the overcrowded marketplace Al Ries & Jack Trout The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk Al Ries & Laura Ries Marketing To Women How to Understand, Reach, and Increase Your Share of the World s Largest Market Segment Martha Barletta

43 Thank You