Last
modified October
20, 2009
Are
You Proactively Targeting Your Marketing?
Finding
the right person who is ready to buy right now is next to impossible, but good
target marketers are figuring it out.
Do
you remember studying demographics (Marketing 101) and
building the perfect customer profile? Two things to consider
up-front – the possibilities of the market segment
and the fit with your organization:
Possibilities
- Is
it a growing segment?
- How
big is this group currently?
- Is
there a lot of competition for you in this segment?
- How
strong is the customer brand loyalty?
- What
share of the market is reasonable to assume?
- Sales
potential?
- Profit
margins?
This
will require some research on your part, but valuable information
is available on the Internet or with a small sampling of
the projected segment. Make sure to consider trends in
your reasoning: growing age population in specific parts
of the country, food preferences in different parts of
the country, etc… Remember that sometimes larger
market segments also have more competition; try to get
as many facts as possible.
Fit
- Does
this segment “fit” your objectives?
- Do
you have the necessary resources to reach them,
the way
they want to be reached?
- Do
you have the time to spend reaching this new segment?
- Can
you provide the value needed to make them happy?
- Do
you have access to good distribution channels?
Once
you’ve done your homework, you need to decide the
best, most cost-effective way of reaching this segment.
In this case, a lot depends on your resources, time and
the rate at which you plan to achieve market growth in
this specific area.
Incentives
Ideas:
Small Business Recovery?
Is
your business a small business, defined as 500 or fewer
employees? If so, did you know that your business drives
the U.S. economy? It’s true; more than war or international
trade, small businesses employ just over half of all U.S.
workers and create the majority of net new jobs. Because
their rate of economic recovery is relatively sluggish—with
unemployment hovering near 10%--should revitalization efforts
boost small business to incentivize the hiring of more
employees?
How
important are small businesses to the U.S. economy?
Small
firms*:
- Represent
99.7 percent of all employer firms.
- Employ
just over half of all private sector employees.
- Pay
44 percent of total U.S. private payroll.
- Have
generated 64 percent of net new jobs over the past 15
years.
*According to the U.S. Department
of Commerce
Two
new ideas are being floated to assist small businesses
who are carrying the lion’s share of economic well
being for the U.S.:
- Boost
incentive to hire by giving small businesses a "new
jobs tax credit" for every net new job created over
the next year.
- By
and large (no pun intended), big banks are not lending
to small businesses at their customary rate. So the second
idea is to help small businesses get the help they need
through the Small Business Administration (SBA) lending
programs so they can start hiring again.
What
thoughts and ideas do you have? Please share them with
us.
It
Isn’t Business as Usual!
The
world is changing, as we all know, so deciding how to
succeed is on everyone’s mind. What marketers are
starting to find is that the new business universe is smaller
than
ever so every customer matters, a lot!
There
are lots of things you can do:
Stay
positive: Start thinking of ways to talk to
new customers without forgetting the old ones. Look at
what others are doing, learn what you can and jump in.
Market: Be
sure your marketing never stops or even slows in action.
There are marketing activities that can and should be used
daily to ensure that your business is not forgotten. Add
marketing efforts to your schedule every day.
Procrastination
kills: Keep yourself and your business moving
forward, keep your eyes open, look for opportunities
and keep going! Get a personal coach or find a cheerleader-type
person that is willing to cheer you on to victory.
Magnify: Sit
down and prioritize your top three to five target groups.
Gather insights, talk to friends, listen to what is happening
in the world and wedge your business into it.
Expand: Grow
your universe, build your selected communities, establish
dialogue and take action.
Communicate: Cultural
brands are built by groups of like-minded individuals who
share brand experiences with others. Get others to help
you! Find ways to help them.
Use
new methods: You’ve heard a lot about
social media, mobile marketing, proximity marketing and
other one-to-one approaches. Take a look, ask a friend
who can show you the way, “rethink” your
approach.
Act
Fast: Be smart and act faster than you have
in the past, it’s the only way to get ahead in
these unusual times. “He who hesitates is lost.” (Proverb)
Sustainability
is the true goal. If you want to grow a business or product
line that can react and adapt more quickly to future opportunities
and changing times then get busy, make it happen!
4th
Quarter Push
Get in the Game Now
Yes!
It’s football season and that means it’s
time for the “4th Quarter Push,” both on
and off the field.
Lead
off by knowing where you are now~
Inventory Assessment. Review your existing inventory
to evaluate slow moving items and decide sales goals before the end
of the tax year.
Cash
in, Cash out. Make a spreadsheet specific to
the 4th quarter to show best possible results, cash flow
and where your dollars are being spent. Do you have outstanding
collections that need attention? How are your cash reserves?
What expenses and a solid emergency/savings plan for
this period do you anticipate?
Separate
maintenance from capital expenditures. Plan
as best you can what to spend and when; remember that
usual repairs and maintenance are tax deductible, whereas
capital purchases must be depreciated over a period of
years.
Presentation
is everything. Try to create the perfect retail
experience with consistent branding of your image not
just inside the store, but with every ad, circular and
conversation outside the store as well.
Review
your website. Go online and actually shop your
own web site. Review your ordering experience; is it
intuitive? Is there easy access to placing orders for
each product? Can customers easily reach someone for
assistance?
What
your 4th Quarter Push needs now is the crowd!
Build a plan and implement tactics.
For example, add a calendar to your 4th quarter spreadsheet to
include your marketing/PR activities:
Advertising
Collateral
Email blasts
Newsletter
Article and Profile Submissions
Live Web Casts
Podcasts
Blogs
Branding Kits
Company, Principal or Stakeholder Profiles
Releases
Alerts
Profiles or Interviews
Hut
one! Hut two! Hike!
