Why Some Small Business Owners Don’t Use Target Marketing
Posted by: Linda in Target Marketing, tags: Small Business Owners Don't Use Target MarketingWhy do some small business owners don’t use target marketing?.
The answer differs for each business owner. But most of the reasons fall into four main categories:
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1. They really believe they can market to everybody - that everybody wants what they sell.
2. They don’t know how to predict characteristics of their potential customers in order to separate the target market from the market at large.
3. They don’t know how to conduct target market research themselves, and
4. They can’t afford to hire a marketing agency to do it for them.
This post covers the first reason that some small business owners don’t use target marketing. The remaining three reasons will be covered in my next three posts.
Reason 1: Some Small Business Owners Really Believe They Can Market To Everybody - That Everybody Wants What They Sell.
The truth is there are no products or services that everybody is going to want badly enough to pay for it. Only people who really believe they will benefit from a product will exchange their money for it. How much money they’ll pay you for it depends on how much they desire the benefits that your product offers.
Some may be willing to pay for your product but not enough that you can make a profit. Others may be willing to pay considerably more in order to get special benefits that increase your costs. But will they pay enough for you to make a profit after adding those increased costs? Some aren’t going to buy your product at any cost. They just don’t want it, can’t see how it will benefit them, and probably wouldn’t use it if you gave it to them.
Now that’s a hard pill for some small business owners to swallow, but it’s reality. Only some people will be willing to buy a product at a price that enables you, the business owner, to make a profit. Those people are the ones that you need to target.
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Predicting Characteristics Of Your Potential Customers
Posted 10-27-08: Why Some Small Business Owners Don’t Use Target Marketing
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The one-size-fits-all mentality is a strange one. We live in a world where we like to have things to our taste, but when we’re giving to the world, we think taste doesn’t matter.
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The funny thing is Linda that even if a business has a wide market, narrowly focused advertising is far more effective than trying to address all potential customers simultaneously.
Less confusion that way. “It does this, this, this AND this! Why, just put it in your pocket, and 20 minutes later, you have french toast!”
Simple products always sell the best. It’s an iPod. It plays music and it’s fun. That’s why competing brands under the same parent company; got to hit different segments with different messages.
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Hi Linda! You’re absolutely right. It’s much more effective to find the specific customer and reach them with your marketing. The advertising dollars will go much further.
Yes, yes, yes. I’ve learned this the hard way, and more than once, unfortunately. It’s so important to know your target market and market in a way that best fits your target. I tell ya, once I started thinking this way, things got easier, and I started earning more $$$. (:
Hi Debbie and Clint,
I can tell from your comments that you are not making the mistake of failing to target a market.
Clint, I especially appreciate your testimonial that targeting your market increased your sales.
Warmly,
Linda
Jeremy and Larry,
Thanks for you conversation. It really adds to this post.
Warmly,
Linda