Knowing Your Target Customer Will Save Cash

by Doug Smith, President, The Woodhaven Group

It drives me crazy the amount of cash that is wasted from poor marketing strategy or just dumb advertising.  John Wanamaker, the department store owner in Philadelphia, once said that “50% of my advertising is wasted. I just don’t know which 50%.”  I can help here.

Lets go back to marketing 101 to learn how to save cash.  It’s really very simple. Know who your customer is and know who is not your customer.

Once you have figured that out then determine what their urgent needs and wants are.  Then make sure your product or service delivers value at a reasonable price to fulfill that want or need.  Also, make sure that value delivered surpasses anything a competitor to that target group is offering.  After that,  stand behind the sale and develop your target customer into a raging advocate for your company.  How do you do that?  By showing you care about their opinion by listening to what they have to say and quickly solving any problems that may come up.  

Channel all of your marketing efforts into owning that target niche.  Focus your media advertising, public relations dollars, event advertising and Internet investment towards your target market.  Google can help you on that last part. You will see a higher return on  investment from your cash spent.

Put away your shotgun and get out the rifle. Or, another way of putting it…. don’t sell bikinis to Eskimos and don’t market down parkas at the equator.  Got it?  Good!!

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