Marketing, in a small business owner’s vocabulary, is often an overwhelming undertaking. The thought of identifying a target market and then figuring a way to reach them through advertising, promotions, social media, and other generally recognized marketing efforts, seems like an impossible venture. The funds to do a good job, the personal needed to complete the mission and the time required just doesn’t seem feasible for a cash and time strapped business.
Open marketing, that is what I call the process of trying to reach your target market with the hopes of harvesting a portion of them as customer to grow your business. Open marketing is a wait and hope process; the ad is placed, the web site is up, social media has been activated and now the waiting begins.
The budget forecast has been worked many ways. Income is usually based on so many responses from marketing and so many closed sales. The “what if’s” budgets shows what could happen using a variety of possible responses to the marketing process. When it’s all said and done, this marketing becomes a numbers game.
Personal or relationship marketing is based on the value, both current and future, of a single client instead of a large target market. It focuses on creating a strategic marketing plan to reach an individual that has been identified as an ideal client. The objectives and strategies are unique to each customer profile.
This type of focus allows the benefits to be developed in greater detail for a prospect as well as the methods of communications. Personal marketing is based on first getting a new client and then keeping that client for years to come. These new, lifelong clients will also be your main source of referrals. A more accurate budget forecast is now possible since you know what these clients will purchase each year in the way of services and products.
Marketing efforts will also include a rewards package for your lifelong client base. The marketing dollars originally intended for your hope and wait program can now be diverted in part, as rewards for your base clientel.
Nick J. Petra CFP e-mail me to see how I can help you set up your own personal marketing plan.
“A possibility is a hint from God. One must follow it.” Saren Kierkegaard