In my last Marketing Minute, I wrote about ways to spend your marketing budget. But, it’s not good enough to aimlessly throw your dough at some public relations activities, a mailing or even your volunteer efforts. Like William Tell, you need to take careful aim, if you’re to ensure hitting the apple. Anything short could spell disaster – like emptying your budget and having nothing to show for it. No doubt, Tell’s son was pretty glad dear ‘old dad believed in targeting.

In marketing, targeting is simply taking careful aim. It’s about knowing and understanding your best prospect. Who are they (ideally, by name and title)? What is their business and industry all about? What makes them tick? What are their buttons and what can you do to push the right ones?

Beyond this is segmentation. That’s a fancy word for whittling your target audience down into smaller groups that behave the same, have similar, specific needs and such. For example, maybe you broadly target healthcare. That covers a lot of ground and probably more than you can successfully chew off. Plus, there’s a lot of competition. But, you think, “Hmmm … ya know, all those baby boomers are getting up there. I bet targeting the eldercare segment in a radius of 350 miles is just the ticket.”

When you’re targeting your marketing and subsequently segmenting them, don’t forget that not all prospects are created equal. Some will offer better profit opportunities. Those are the ones you should spent more on to reach. Think of them as you’re “A” list and treat them as such.

So, your job is to roll up your sleeves and do your homework. Research possible markets where you can do great work. Ideally, these are markets where you have some experience. Make sure there are enough prospects within it for it to be profitable. Next, segment the broad market into smaller groups and focus your message to addresses their specific needs. Finally, pull out the best of the best and treat them like kings and queens.

Until the next
Marketing Minute
all the best,
nt