Business & Finance Corporations

Want To Save Yourself A Fortune?

I belong to my local Business Women's Network.
We often have someone to come and speak at our breakfasts and I almost always find them informative and inspiring.
Imagine though if I turned up one morning and the speaker took centre stage - only to start talking about the wonders of astronomy and how an XK540J is the best telescope to view the icy particles in Saturn's G ring.
Ummm, OK.
So what's wrong with this? It's pretty obvious that while his message might be fascinating for a couple of people at the event (I'm sure there's one or two avid astronomers in every crowd), most of us would be glaze eyed and restless five minutes into the presentation.
But it's not that the message isn't informative and inspiring - just that he's not telling it to the right group of people.
Why am I bringing this up now? I received a question from a new subscriber, Jo, last week who asked...
"How do I maximise publicity and public knowledge of my home-based business without spending a fortune on advertising?" It's a big question, and one I can't answer in one issue of Mumprenuer Magic.
There is a starting point however that must be taken before any marketing is begun.
And it's something that our imaginary speaker above has neglected to do.
Know your target market.
Who is the ideal person to purchase your products or services? Who do you most want to serve with your business? Put together a profile of them including their demographics (age, income, education and more) and their psycho-graphics (interests, values, typical behaviours etc).
One of the biggest mistakes I come across in this area is hearing that 'everybody' falls into your target market.
Let's say this is true (although I'm yet to come across a business where this is the case) - at the end of the day it doesn't matter.
Let me explain why...
According to studies conducted in the area (see http://www.
aaaa.
org/eweb/upload/FAQs/adexposures.
pdf
for further details) we may each be exposed to up to 600 advertisements a day.
Yet we only notice around 76 (and that's when we are asked to notice them).
Of that 76 only 12 made any kind of impression - and 3 of those was a negative impression.
So to be one of the 9 that make a good impression out of the 600 viewed every day you really need to stand out.
What do you think is the easiest way to stand out (without having a budget of a few hundred thousand or so)? The easiest way is to speak directly to the person you are trying to capture the attention of.
Now you can't necessarily get all the names of the people who fall into your target market.
But by using a targeted psycho-graphic and demographic picture you can talk to them in a way that they will identify themselves as belonging.
Here are some examples...
Are you a mum who runs your own business? Do you love a good book but never have time to read? Calling all hip-hop music lovers! Attention Legal Secretaries.
Some of these are based on demographics and some on psycho-graphics, but if you fall into the category is will catch your attention.
Target marketing doesn't stop there.
Knowing your target market will help with how, where, when and how often you market.
And those are all stories for another day! Leap 'n' Bound: Look at who you have been trying to attract to your business so far? Can you speak directly to them or do you need to be a little more targeted? Just because you target a narrow range of people doesn't mean others won't want to buy from you as well.
But it will mean there will be more people who really want to buy from you.
And they in turn will let others know.

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