Marketing is often called a “numbers game”. The more potential prospects you catch in your net, the better your marketing efforts. Unfortunately, that is not always the case. The ideal “net” has holes that will allow nonproductive prospects to escape. Examples of wide marketing nets include television and radio advertising.
As a small business owner, your marketing net has to have both big and small holes; the small holes will let the “unprofitable prospects” escape while the “big fish, real prospects, will remain in the net.
Fishing is a science. If you don’t know what kind of fish you are trying to catch, you may use the wrong bait. The same logic applies to the “big” fish a small business owner is trying to catch. A generic description of a prospect, i.e. 40 year old with college degree, is not specific enough. There are many other considerations that come into play: income level, marital status, numeric of children, special interests, etc.
All these traits help identify the specific target market that you hope to catch. Before you design a marketing program, take time and identify your target market to the smallest detail possible. With this information you will be able to design a “focused” marketing program. Budget considerations are important for a small business and the large marketing net is not the most cost effective marketing process.
Experience isn’t always the best teacher – evaluated experience is!
Nick J. Petra CFP Let us help you increase your bottom line call Nick at 602-989-1592.
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