Many believe that casting a wide net will help with their overall sales growth, specifically with building the size of the top funnel because of the traditional “its a number game” mentality.
However, this is far from reality. In fact, companies are investing more and more each year just to sustain the previous year’s revenue levels.
Target Marketing while easy to define and speak to, there is a lot of work required to get the results that you are looking for.
A guideline of actions in order to do Target Marketing:
- Define your ideal customer
- Segment your existing customer base against your ideal customer profile
- Identify the marketing channels that would be most effective (note most effective, not most volume)
- Develop your overarching strategy
- Develop your channel-specific tactical plan that is in alignment with the overarching strategy
- Develop your value proposition per customer segment
Please note that buying a list of potential leads and then sending them a generic marketing message is not Target Marketing. This is just casting a smaller net, but without the laser focus.
The key here is to KNOW who you want to go after and zero in on them with a lot of energy.
You will see that the top of the funnel will shrink, but the quality of potential customers will increase, which means that at each stage of the sale, a higher percentage of potential customers move onto the next stage.
Target Marketing is for both B2B and B2C organizations, the only difference would be the marketing channels deployed (if even).
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If you would like to learn more about how PSM Advisor is helping clients with marketing strategy, please Reach Out to us and we’ll be happy to have a conversation with you.