February 11, 2021
What Media Will You Use to Reach Your Target Market
An analysis and commentary on The 1-Page Marketing Plan
The 1-Page Marketing Plan
About the Book:
In The 1-Page Marketing Plan, Allan Dib reveals a marketing implementation strategy to map out your own sophisticated marketing plan and go from zero to marketing hero.
About the Author:
Allan Dib is a passionate entrepreneur, rebellious marketer and technology expert. As a highly sought after business coach, consultant and public speaker, he frequently shares his proven strategies and cutting edge tactics with people all over the world.
THE CUT
Every good company has marketing and advertising strategies they use to promote their business. However, not every company is maximizing their dollar and their potential with each advertisement. John Wanamaker, who some consider to be the “pioneer of marketing” said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” It is easy to get caught up in finding multiple different outlets to reach your audience and quickly begin hemorrhaging money for it. It’s one thing if your ads are working, but in most cases your ads are only half as effective as they should be. You have to be selective in keeping what performs the best and ending the ones that only cost you money. Measuring and tracking what your customers are clicking on is the first step to successfully quantifying your ads producing power.
WHERE TO FOCUS
Depending on what form of advertising you use either print, social media, search engine optimization (SEO), or other channels each has different capabilities and limits. Understanding their potential to produce for you with regard to cost should be a priority. You should constantly be checking your return on investment (ROI) for them. If it costs you more than you will make from it then its a failure, if the reverse is true then it’s a success. A lot of companies focus on quantity, how many different places can I put my name in order to be known? When they should be focused on how they get the people who would be concerned with their products to them. Targeting effectively with your ads will lower costs and provides a higher rate of success to entice potential customers.
FINANCES
Larger companies have more spending power and more reach than small businesses so casting a wider net has less of a burdening impact on overall sales/customer acquisition. That doesn’t work for many small businesses. Money made up front on a campaign is known as “the front end,” while money made with subsequent purchases is known as the “back end.” Putting these figures together make up the lifetime value of a customer. Lifetime value and cost acquisition are the two key measures of marketing effectiveness. Without one your marketing campaigns are most likely costing your business instead of providing for it.
A SUCCESSFUL MARKETING CAMPAIGN
There are three main elements to a successful marketing campaign: target market, message, and media. You need to make sure you are targeting the right audience. Your message should be clear, concise, and relevant. Finally, your media is the source you use to reach your target market. Radio, TV, direct mail, telemarketing, and the internet are all various forms of media.
YOUR PLATFORM: SOCIAL MEDIA
Social media is a form of media, not a strategy. It’s not the ideal selling environment. You can make people uncomfortable by overtly selling and constantly bombarding them with offers. However, it is much easier to gauge customer reactions and engage in a dialogue through your ad. Be mindful of the time drain social media can impose on you as well.
YOUR PLATFORM: WEBSITE
A website is crucial for giving your customers information about your company and what you offer. Use it to build a database of subscribers and nurture customers that may not be ready to purchase immediately.
YOUR PLATFORM: EMAIL
Three challenges to having successful emails are: getting your email delivered, getting potential leads to open it, and getting them to read the content. Use compelling subject lines and quality content to entice subscribers.
YOUR PLATFORM: POSTAL MAIL
Don’t discount other opportunities to connect with your target market. Physical objects can motivate people emotionally and can be effective in reaching different audiences.
THE MONEY
There are three outcomes to spending your money on marketing: it fails, you cannot measure it, or it succeeds. Always measure the results and adjust your strategy accordingly.
THE NUMBER ONE
The most dangerous number in business is the number one. Having one source of leads or customers can put your business at risk. Diversify to strengthen your position and be prepared for unforeseen circumstances.
HIGHLIGHTS:
- Use only what will benefit you, cut unsuccessful endeavors as they appear and encourage success where you find it.
- Start with a budget that protects you in case your marketing plan fails.
- Experiment with different kinds of ads, messages, and media.
- Track your ROI on your ads.
- Expect the unexpected, never leave yourself open to a problem that could arise.