New customers don’t come along for free, nor do they turn up by accident. They become your customers only after you have invested in finding them, have engaged with them and can provide exactly the right product or service for them. Most people we speak to haven’t considered this when marketing their business, their product or their service.
Once our coaching clients understand that there are certain unavoidable ‘customer acquisition costs’ – their brand’s marketing activities can be confidently backed up with an appropriate marketing budget.
As we discussed in our blog about finding your niche, once you narrow down or ‘target’ – your ideal customers – you eliminate a large chunk of the market that you no longer need to spend energy competing against on price alone. Marketing specifically to your niche is way more cost-effective and brings more ‘quality’ customers to your business than if you were to market your services blindly to everyone, without a target marketing strategy.
What is target marketing?
So, what exactly is a targeted marketing strategy? It’s a planning document that identifies your target, and then stipulates how you will deliver the perfect message to someone who wants to hear it. For example, someone in your niche market who has been searching for a product like yours online receives a friendly offer from you in their social media feed and is happy to click on it to find out more. Or it might be someone who is interested in your type of service who opens your informative newsletter and gains some more knowledge about it, for free. We can’t emphasise enough how important it is at this stage to get your message right. Once you’ve had a go at writing a message, run it past your business coach or engage a copywriter to ensure the customer knows what you want them to do! It would be a huge loss if the customer was almost through the door and then didn’t know how to engage your service or buy your product and walked away.
Targeted marketing strategies are much more likely to generate a response and a higher quality client – making it a good investment in your budget. Building Great Businesses can help you build the most effective target marketing strategy to ensure a great return on your customer acquisition costs.