Archive for the ‘Target Market’ Category
Apologies if this graphic is ‘too big’, but the key point behind today’s post deserves it!
The 7 Steps Have Been Updated!
Yesterday, I mentioned that the book: Duct Tape Marketing (the worlds most practical small business marketing guide) has been changed to reflect the evolution of marketing as a ‘mission critical’ business function.
There’s been a shift away from marketing that interrupts and toward marketing that attracts. Some refer to this as ‘inbound vs. outbound’ marketing or ‘prospect-initiated’ vs. ‘seller-initiated’ marketing. Why? In a word, “Google”. As Wayne Gretsky once said, “I go to where the puck is going to be . . . not where is is now”. Similarly, marketers want to be found by prospects when they (prospects) are ready to buy (or, are seriously looking for information to help them do so in the fairly near future).
STEP 1: Strategy Before Tactics
The ‘old’ Step 1 was “Narrow Your Focus”. The idea behind that is still sound — find your ‘ideal client / market / niche’ and go for it. The idea was that by not seeking to be all things to all people, you’d stand out or differentiate yourself to the people you most want as clients.
The ‘new’ Step 1 is “Strategy Before Tactics’. Now, in addition to defining your Ideal Client and market, you also want to be really clear about why your firm would be seen — by your Ideal Client — as a ‘preferred provider’ of your problem-solving expertise. We call that ‘differentiation’ and part of that is clarifying your ‘Message’ so you’ll stand out to your Ideal Client.
As the above graphic shows, this combination of aligning both your Mission / Message with your Market is the basis of your Strategy.
Strategy is the FILTER for Your Possible Tactics
Once you have a laser-tight clarity about:
1. WHO you want to attract / sell and
2. WHY / HOW you can stand out to your Ideal Client
you have found your Strategy!
Tactics Without Strategy . . . Is a Problem . . . for You
Using any Tactic without the benefit of a coherent Strategy, is like trying to build a house without a blueprint. Your workers may show up and they can hammer wood and nails all day long but . . . in the end, it may not look like what you want nor will it serve the purpose you had in mind.
It’s easy to just pick a(ny) tactic . . . and ‘go to town’ with it. Business people do it every day! But without a strategy to help you decide if it will support your long-term business goals, you may be spending more time and money than you like and getting less ROI for that than you want. (Ouch!)
Your Marketing Strategy . . . Helps You Decide What’s Relevant
. . . and, what is not. Once you have your Strategy defined, USE IT — as a filter to see which marketing tactics will ALIGN with your goals and SUPPORT you in achieving the success in your business you desire.
If any tactic — and they’re all intrinsically good at some level — is going to support you and your success, then you should consider using it. If it won’t, don’t. Simple.
KEY POINT:
Effective marketing reflects an ALIGNMENT of the DECISIONS you make (Strategy — WHO / WHY) and the ACTIONS you take (Tactics — WHAT / WHEN / WHERE / HOW) to market your services. And THAT . . . is why we say, “Strategy BEFORE Tactics” at Duct Tape Marketing.
Tomorrow, another change in the 7 Steps . . . and, why!
Amazon’s new Kindle ‘Fire’ — is a brilliant marketing decision
Sure, the pricing is absurd. Absurdly good. For consumers. Some believe Amazon’s losing money on every tablet they sell. So the brilliance isn’t because of the extremely good price.
Kindle is playing on its strengths, not competing on its weaknesses
The tablet computer market is crowded. Over-crowded. So another tablet is not a smart idea. Neither is creating an alternative to Apple’s iPad. Kindle Fire makes neither mistake.
Kindle Fire is both unique AND beneficial
Kindle’s Fire is different and better than Android tablets that are both supported — and limited by — Google. Amazon’s Kindle Fire is supported by Amazon’s version of Android and its own content — a far more extensive resource. Also, Kindle is not seeking to woo a wide market like Apple is doing with the iPad. Instead, Amazon is targeting its significant base of loyal Amazon customers who are seeking a convenient way to access Amazon’s content.
The Kindle Fire is also not as elegant as an iPad. It doesn’t have to be. it just has to provide access to Amazon’s extensive content. Just as when Coca-Cola gave it’s vending machines away for free — because Coke™ made its money by refilling their machines. Brilliant!
KEY POINT:
“Never bring a knife to a gunfight” — Amazon is defining it’s own ‘Fire’ power and will likely be a winner because of it.
I’ve recently found a very cool site — fab.com. Fab is the brainchild of Jason Goldberg. I posted about him earlier in the week.
Clarity of Vision = Focus = Power
In marketing, it’s important to know what you stand for . . . as it helps you to stand out by standing up for something specific. Jason, as CEO and Founder of FAB.com has done this beautifully, IMHO.
FAB’s Focus . . . Design and Customer Experience
As you read the ‘Mission Statement’, it’s pretty clear that two terms come clearly to mind . . . DESIGN and CUSTOMER EXPERIENCE. This tight focus makes it easy for FAB’s management to make decisions — decisions that align with the audience of people who are FAB’s target market — people who appreciate both outstanding design as well as a good bargain.
KEY POINT:
Mission . . . drives how you operate and how you’re perceived by your target market
