“If you build it, they will come” should be revised to say, “If you build it, market it well, they will more likely come.” Although a product or service may solve a problem or fulfill a need or desire, a business needs marketing to surge ahead in a competitive marketplace. Every type of business, from local stores to large companies, can benefit from a well-executed, targeted marketing campaign that brings increased sales, and other invaluable advantages.
Opportunity to Reach New Markets
A business can’t be all things to all people, and that’s where target marketing comes in. Examples of target marketing include introducing the product/service in a new geographic area or pursuing a new segment of customers. To market successfully, a business needs to do a deep dive into their customer mindset and competition. Who is the ideal customer, and how do they think and feel? How does the product/service fulfill a need or desire? How is the competition attracting customers? Target marketing is effective since it allows a business to hone in on its ideal customer and the customer, in turn, can more easily find the business. It’s efficient and maximizes the marketing investment since resources are used well.
Increased Name Recognition and Brand Awareness: The Rule of Seven (and probably more)
In marketing, the “rule of seven” is a popular notion that states it takes at least seven touchpoints over 18 months before a consumer will act on a purchase. And there are many factors that contribute to the “magic” number for a business, such as ensuring that touchpoints are high quality, contain a unique selling proposition and address a need. Seeing a consistent message over time builds trust in the product or service and creates a favorable impression of the brand.
Build Customer Loyalty & Improve Customer Retention
Reaching the right customers through target marketing leads to customer loyalty. Segments of customers likely share common interests, derive value from the product/service and feel a connection to the brand. Options abound for building customer loyalty – everything from perks/rewards to refer-a-friend programs and VIP offerings. A loyal customer becomes a repeat customer.
Marketing to existing customers is usually low on the priority list, but it’s proven they are more valuable than newer customers. Consider these statistics: 80% of future profits come from just 20% of existing customers, and they are more likely convertible (60-70% vs. 5-20% for a new prospect). Repeat customers spend 33% more than new customers.
Partnering for Marketing Success
An often-overlooked aspect of marketing is partnering with a company that can do the heavy lifting. Partnerships can bring the loyal, ideal customers to a business, and it expands reach and revenue. When seeking a partner, transparency is key. Ask about retention rates, return on investment and make sure the target audiences are aligned. For example, BirthdayPak is a marketing partner to local businesses across the country. BirthdayPak provides multiple touchpoints targeted to affluent women starting with their birth month and then beyond through a multi-channel marketing campaign. (How it works.) Partnering businesses have seen an increase in revenue, repeat customers and a rate of return that easily pays for the program. For more information on how your business can partner with BirthdayPak, please visit BirthdayPak.com or call 888-544-3872.
BirthdayPak is a rapidly expanding national brand, and franchises are available. Many BirthdayPak franchise owners have sales and marketing backgrounds, and are a partner in the success of participating businesses. To learn more, visit BirthdayPakFranchise.com, call 888-206-0083 or email Franchising@birthdaypak.com.