It is no secret that technology has dramatically changed how businesses market to a target audience. In prior years, people might have ventured into a town gathering place to speak to many people at once. Companies might have held up signs at farmer’s markets or purchased billboards. Then, marketing evolved to include newspaper ads, radio spots, and television commercials.
While TV commercials and direct mail marketing campaigns still have high relevance, it is important for businesses to modernize and create a comprehensive marketing plan that includes every marketing tool available. By forming a well-constructed marketing plan, businesses will be able to streamline their ads to target a specific audience. This will increase a company’s conversion rate on their marketing dollars, leading to a higher return on investment.
Identify the Target Client
The first step in any comprehensive marketing plan is to identify the target market. It isn’t cost-effective to simply advertise to the entire world. While a business would like to make a customer out of everyone, some people simply do not need the product or service that the company is offering. With this in mind, businesses need to take steps to identify their target market. These include:
- Who is the target client? Think about the company’s ideal customer and what that person looks like. The company needs to know their target client.
- What does the target market require? What does he or she need? The company needs to figure out a way to meet these needs.
- Where is the customer located? Where does he or she live? Where does the target customer work and who else lives in the area? This will give the ad campaign some direction.
- When is the customer most likely to need the product or service that the company is offering? Is this a certain time of year? Is it dictated by the time of day or the weather outside?
This is the job of a target market analysis. All of these questions need to be answered to deliver an effective ad campaign. The marketing campaign needs to be designed around how the company can meet the needs of the consumer. This will lead to a higher conversion rate and a more effective use of valuable marketing dollars.
Analyze the Profit Centers of the Business
The next step of a comprehensive marketing plan is to identify the profit centers of the business. The profit center of the business is the area of the company that makes the most money with the least amount of effort.
Identifying the profit center of the business is important because this often provides the greatest opportunity for growth. A company is able to increase its revenue flow without having to significantly add to their overhead costs. This is a great place to focus the marketing campaign.
Separating from the Competition
The next step is for the business to find a way to set itself apart from the competition. This might mean finding a new segment of the market that the competition has not yet touched. It could mean tailoring the product to find a new angle in the market to attack.
One of the surest ways for a business to make more money is to avoid attacking the same target market as the competition. Figuring out what makes the business different from the competition it an important step in identifying this area of the market. Once the company has figured out what makes itself different from the competition, it is time to identify the unique selling point.
Incorporate the Client, The Profit Center, and the USP
With increased knowledge of both the product and the customer, it is time to incorporate both into the USP. A strong marketing campaign is going to give the customer concrete points that they can take to the bank. This should focus on the unique selling point of the company or something that no other company does. Furthermore, this unique selling point is often a slogan that the customer will remember. Some examples of other unique selling points include:
- “Clinically proven to work”
- “Faster, better, and stronger”
- “Immediate relief when it matters most”
- “Delivered on time or it’s free”
These unique selling points will help the business set itself apart from the competition because the customer will remember the slogan. This slogan will become synonymous with the company itself.
Develop a Plan to Execute the Message
With the unique selling point, the complete target market analysis, and the company’s profit center in hand, it is time to deliver the message to perfection. This requires a comprehensive marketing campaign that might take many forms. Some of the important components may include:
- Direct Mail Campaign: Despite the revolution of technology, nothing will ever compare to physical mail. Even something as simple as a postcard can grab someone’s attention in a way that they will remember.
- Social Media: Social media plays a huge role in marketing today. Social media provides an opportunity for companies and their potential consumers to interact directly. This ability to personalize a campaign to the individual needs of the consumer cannot be overlooked.
- Banner Ads: Simple banner ads on the internet are still effective. Targeting certain websites that are frequented by the target market provides the opportunity to reach a tremendous amount of people at a relatively low cost. This helps the marketing campaign reach a wider audience.
The exact marketing campaign will vary with the message, the market, and the company’s profit center but all of these components could play a key role. Ultimately, this plan is more effective because more knowledge is being put to use in a targeted, effective fashion. How does this knowledge lead to a higher return on investment?
More Knowledge Leads to a Higher Return on Investment
With this knowledge of the target market, the profit centers of the company, and the unique selling point, businesses can rapidly improve their bottom line in two ways.
First, with a targeted marketing plan, the overhead costs are going to decrease. Businesses will spend fewer marketing dollars in a more targeted fashion, saving the company money.
In addition, thanks to a detailed analysis of not only the target client but the company itself, the conversion rate is going to be higher. This means that more people who see the company’s marketing are going to convert into paying customers. This leads to increased revenue.
What this adds up to is an improved bottom line with more profits. More knowledge translates into a higher return on investment for the company.
A Free Marketing Analysis Session from Adwise
Businesses who would like to grow their bottom line need to make sure that they are using their marketing dollars wisely. To this end, companies have an opportunity to schedule a free marketing analysis session with Adwise.
This complimentary session will give businesses the opportunity to sit down and meet with experienced, innovative professionals in the marketing field. With a generous breakdown of their current marketing scheme, the professionals at Adwise will help businesses identify innovative ways to improve their marketing strategy and center it around their unique selling proposition (USP).
Businesses need to showcase what makes them different and pair this with their target market. Why not sit down with Adwise Marketing today and let their decades of experience work wonders for your marketing campaign?