With oil at 100 dollars a barrel, we can barely afford to produce waste, including marketing waste. What can you do?
- Find out who your true target customer is, so you can focus on her in all your marketing efforts. Be detailed, specific. Try to describe her in terms of demographics, lifestyle, friends, family. Then think of someone that you know who fits that description and finish the picture.
- Think of what will really help her and how much she can or is willing to pay for that benefit. Again, be specific. Everyone has insurance. How does your insurance product help her better than the commodity insurance product?
- Think of how you might influence that person best. Best bet: ask her what she really reads and watches and who or what she really listens to. Read, watch and listen. Not just skim, see or hear.
- Find out how many people there are in that target segment. Then you know, for instance, if it's worth your while to place an advertisement in the national newspaper or to approach her via her club or gym. The latter is produces less waste and gives your more opportunity to interact with and influence her directly. It is more effective. It may even be less expensive and more fun.
- Find out and decide if, realistically, you can grow your brand and how. If you have a very large market share it may not be easy. But, if you find alternative uses for your product, that can produce growth. If you can't, focus on another product.
- Then calculate, calculate, calculate. Calculate your target sales and the resulting ROI. Is your planned effort worth it? Or is to bound to be just "marketing waste"?