The quest
to market effectively can sometimes seem like a vacation gone wrong or
like pulling Excalibur from its granite sheath. Take heart. A simple marketing
formula from which all else flows enhances your chances of achieving success.
Learn to apply it and you will be able to make marketing sense of everything
downstream.
Remember this: M
> M > M. The sequence rules.
- Market >
– define your targets as finitely as possible
- Message(s)
> – devise message(s) the market should hear from
you
- Media–decide
the best media for you to deliver and follow up with for those messages
in that market
The sense of this
formula is as much in its simplicity as in its logical sequence. To
manage each step to profits requires some knowledge and skill
plus adherence to the sequence. Let's explore the first step
of this marketing tripod, Market>, and see what magic awaits you.
Choosing your Market–and
defining it carefully–-is a giant first step. You may decide
to engage multiple targets, but for our discussion, one will do.
Consider suitability.
If a market does not fit you, or you the market, forget it. To estimate
suitability, you must know both yourself and the market.
To know yourself
I recommend the Strong Interest Inventory which compares
your attitudes and interests specifically to the patterns established
for about 180 North American occupations which require post-secondary
education. The idea: with people, likes attract. I also recommend
The Keirsey Temperament Sorter (a short-hand version of
the Myers-Briggs Test and available in Keirsey's fine book Please
Understand Me II) because it is self-scoring and shows your temperament
in the 16 standard classic styles established by Myers. Asking your
best clients their perceptions of you will give you unbelievably accurate
insights…if you ask the questions correctly. You may survey your
clients online, by mail-in form or orally.
Knowing your
target market before making a decision presents a slightly more
difficult problem. Tackling these questions will help.
- What do I
know about this market? Where is it located and how far-reaching
is it? What are its needs that I can answer with my services, products
and style? Are there common characteristics I should know about? Does
this market have a special association, jargon, a way of doing things?
Are there any inherent underwriting problems? What is the gestation
period for cases in this market? Can I afford to pursue this market?
Is it large enough or rich enough?
- What does
this market know about me? Do I have any inroads into this market?
Is this market "a natural fit" for me? Why? Is there someone
else like me in this market I should know about?
- Does this
market suit my situation? May I stretch to penetrate and develop
this market, or must I become a wolf in sheep's clothing to get in?
Is this market made up of people I would like to do business with
over a long period of time?
- Does this
market have good prospects for my selling efforts? How does it
feel? What do the numbers tell me?
- Is this where
I should focus some of my organized activities?
Also consider questions
of your own before choosing any market. Take your time. Get answers.
Make informed decisions. The time, money and excitement squandered on
bad marketing decisions almost always track back to deciding a wrong
market or segment. Family business, for example, views itself quite
differently than non-family business, although both are considered closely
held or small business by many advisors and are treated the
same. Lawyers and accountants exhibit wide differences in temperament.
Your marketing will
work best when you focus. The more accurately you choose your targets,
the more profitable…and satisfied…you will become.
Questions? Email
jhmco@melchinger.com
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