Archive for the ‘Ideal Customer’ Category

Give that “Feel Good” feeling with your marketing

I recently began attending church. I’m not gonna get all religious on anyone. But it’s taken me about 20 years to WANT to go to church. Why? Because I finally found one that relates to me as a customer. I am the ideal customer for this church. Why do I say that? Because they talk to my needs, wants and desires. They have me down to a “t”.

It’s only taken me 45 years to understand why other people go to church…because it makes them feel good. That’s it. It’s that simple. It just took me that long to get my butt to the right church.

But there something more I want to talk about. It’s about that “Feel Good” feeling. This church isn’t the only place I’ve felt it. People get that same “Feel Good” feeling from Oprah. She just makes us all feel good about ourselves. She makes the mediocrity of our lives somehow become special. She transforms us and our lives with that “Feel Good” feeling, if only for the moment.

Recently, a friend of mine went to a business conference and shared her experience with me. What fascinated me most was how impressed she was that one of the billionaire speakers treated her with respect, consideration and sincerity. That billionaire made my friend feel good, important and respected. She transferred the “Feel Good” feeling to her.

The overriding take away I got from her experience, was how much time and detail was spent on making her and the other attendees feel good. And now my friend was spreading that “Feel Good” feeling to me.

Wouldn’t it be a wonderful world if we all spent our time giving each other sincere consideration, respect and that “Feel Good” feeling?

What makes an ordinary business stand out from the pack? I bet if you spread some of that “Feel Good” feeling around you’ll see a meteoric rise in business. Isn’t this what the Law of Attraction is about anyway? Send that “Feel Good” feeling out to others and they will send it back. And, isn’t that what the bible says? Do unto others as you want them to do unto you. OK, I’m a little rusty on my bible quotes, by I still “got that loving feeling”.  Sorry, I couldn’t resist

Black Friday and Retail Marketing

Most people think that Black Friday is the hugest shopping day of the year. And, well, it may be if you are one of the large national retail chains that has a big budget to promote large loss leading discounts to hundreds of thousands of people. But, if you are a small local retail shop, it’s one of the quietest days of the year. Why? because everyone is out at the mall, chasing the deal. The consumer doesn’t actually get around to shopping local, until the last week or two of the month.

How do you compete?

As a small business owner, you DON’T! At least not head-on. So instead of going after the Black-Friday shopper, try an alternative.

There are a lot of customers that don’t like the crowds and rush of mall shopping. Send email or a personal invitation to your best customers and invite them for a private shopping event. Or, host a customer appreciation holiday event. Offer hot cider, hot cocoa and holiday cookies while they shop.

How do you add value to their shopping experience? What can you offer that the big chains can’t? Personalized service for one. A flexible and intimate shopping experience is another. Focus on your strengths and add a holiday twist.

Always go back and evaluate what your customer wants. Why do they shop with you? Focus on the customer and giving them the ultimate shopping experience.

And Happy Thanksgiving to you.

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How do I write a Marketing Strategy?

A marketing strategy is a process that enables you to optimize your resources (time, money, people, etc) and focus them on the best way to generate sales and achieve a sustainable advantage. An effective marketing strategy defines how you will attract prospects, engage customers and overcome competitors.

The marketing strategy is the underpinnings of the marketing plan which includes the tactics used to implement the strategy. The strategy is dynamic and interactive. It can change and evolve in real time based on changes in the company goals, competitor actions, or customer responses.

In a corporation, there is typically someone responsible for overseeing the entire marketing strategy for a product or business unit. There are then sub-groups responsible for a given tactical area such as advertising, distribution channels, internet and public relations. Each of these specialists then develops the detailed tactical plans for their area of expertise.

In a small business, it is usually the owner or maybe one marketing person responsible for the entire marketing strategy and implementation. As you can image, this gets very overwhelming. How do you begin?

The marketing strategy is where you define who your customers are (the customer segments), which ones you want to work with (your target), and the benefits you have to offer them (the positioning). As a small business owner, you want to identify the target customer that brings you the most joy and personal fulfillment to work with. That’s why you are in business for yourself, right? Don’t you want to be happy, have freedom and control your destiny? If so, you need to find the customer that is the best match for you and then talk directly to them.

Customer Segmentation

Customer Segmentation is when you divide the market into discrete customer groups that share similar traits. There are four basic ways to segment the market. They are based on psychographic, demographic, geographic or physiographic data. When you segment your customers, you want the division to be meaningful and measurable.

The Target Customer

Now that you know all you can about your customers, you need to identify which of these segments you are going to target. To do this, you will need to determine the profit potential of each segment by analyzing the potential revenue vs. costs of selling to that customer. As an entrepreneur, your costs also entail your time, effort and personal fulfillment. Which segments are easier for you personally to work with? Which ones will bring you the greatest joy? Profitability isn’t always measured in dollars.

Positioning

Positioning is the perception your customer has of you, your company or your product/service in relation to their perceptions of your direct competitors.

To effectively position your product or service, you need to know what makes your customer tick. What problems do they have that you can solve? How can you/your product help them better than anyone else? What makes your solution uniquely better than anyone else’s? Be sure to tweak your product/service and pricing to best meet the needs of your customer.

Now that you know who you are going to talk to and what you are going to say, you need to move to the next step in your planning process. The next step would be to clarify how you are going to deliver your message and where. This leads you out of the strategy phase and into the tactical phase of your marketing plan.

I just came back this weekend from a seminar that focused on wealth consciousness. I define wealth consciousness to be the mindset one has that helps them attract more wealth into their life.

What does this have to do with marketing? Marketing is about creating a relationship with your customer. So, the more you know about your customer the more successful you will be at addressing their wants, needs and desires.

The wealth consciousness seminar looked at the relationship people have with money based on their socioeconomic class.

People in the Lower Class who are Poor tend to work for cash and then spend it on items that eventually wind up being discarded in a landfill. For example, they buy sneakers which wear out and then get thrown in the trash. They also are most likely to work with their hands and be laborers and artisans.

From a marketing perspective they tend not to have a long term view and don’t plan for the future. They tend to live paycheck-to-paycheck. So the quality of the product they are purchasing is not as important as the price and the style. They are satisfying immediate needs and urges.

The Middle Class has a tendency to work for cash and then buy liabilities. A liability is something that takes money out of their pocket. For example, they buy a house to live in and have to pay the mortgage. Or, they may buy cars and boats for personal use, all of which create an outflow of cash. A middle class worker is likely to work in a professional job that uses their head (thinking, education, knowledge). Managers and teachers would fall into this category.

The middle class will have a mid-term view on purchases. They will use their disposable income to buy perceived luxuries and toys. They do not expect items to last forever, and they want instant gratification. There is a tendency amongst this group to make purchases to improve their perceived status.

The Upper Class tends to take their cash and buy assets which then generate more cash. Then they take that cash and put it into more assets to generate more cash, and so on. An asset is something that puts money into your pocket. It could be a rental property (as long as the mortgage payment is lower than the rental income). It could be a business. It could be a tool that is used to create more cash. A “tool” like a snow plow could be considered an asset if it is used to create income rather than solely for personal use.

The Upper Class uses their network to generate income. They realize that wealth is created by connecting with people and offering them a service or product of value. They build their income through referrals and connections.

It takes time, patience and persistence to create assets, networks and thus wealth. In most cases, if you are targeting a wealthy customer, then they will be of an older demographic because it takes time to accumulate the wealth. They take a long term view on their purchases and want a quality product that will last for years; a good value. They will pay more to get quality of materials and craftsmanship and are drawn to items that give them years of enjoyment (think durable). They will be drawn to classic style, not too trendy, but it must be of high quality.

When you sit down and think about the ideal customer for your business, try to identify how that customer relates to money and income and how that relates to the product or service you are offering. How does this wealth consciousness change your relationship with your customer? How do you need to position your business so that you are appealing to the wants, needs and desires of your ideal customer? Is your marketing strategy in need of adjustment?