Ways to apply the truism ‘The better you know your target market the more successful you’ll be’.
I’ve already blogged a little about using social media to make meaningful contact with your customers and them with you. And regardless of whether you’re using paid media such as radio and press, or unpaid media, such as social media, you need to make sure that you are getting bang for your dollar.
To illustrate I was recently involved in hosting a quiz night at a retirement village. One set of questions related to big brands tag lines. We thought that they would be easily recognised. However, we were surprised to find out these retirees could only match on average 50% of the tag lines. When I asked them why they, summarised it by stating they were very savy with their time and ignored the TV commercials.
We all know there’s more to promotion than TV commercials and the tags lines would have been used across countless media. So somehow these brands had been carefully edited out by this group.
What did I take away from this experience? It could have been that older people can be more discerning and harder to engage. The more general insight was to acknowledge the importance of using communication channels, messages and offers that resonate with your customers. Hence:
- Trial different channels, designs and offers
- Measure promotional spend and results
- Then compare the options to select the most costeffective
- Keep measuring over time to monitor any changes
- Return to point 1.
Here are some ideas for finding different channels to try:
- When talking to your customers ask them how they found you/your latest offer
- Use ad response tools that indicate how people found you/your latest offer
- Research your customers e.g. a car dealer will turn the customer’s car stereo on to find the radio station they are listening to; or through formal research
- Talk to your suppliers and people operating in the same target market
- Watch where your competitors are promoting.
Sales revenue and bottom line profit can see a big lift by getting your promotion right. Apply a bit of science and give this part of the marketing mix the attention it deserves.
Go 2 Market principle: to achieve effective promotional cut through to your customers is a science and a very worthwhile investment. Don’t skimp on it.