Who wants you?
Too many Marketers think the way to make your brand bigger is to be able to appeal to a bigger, broader audience. While targeting everyone “just in case” might feel safe at first, it is actually less safe because you spread your resources so broadly, you never see the full impact of the resources. Instead of going after who you want the most, go after those consumers who want you.
To illustrate this point, we look at types of target markets:
- Selling Target: You can sell to anyone who comes in the door and wants to buy. You can reactively sell to anyone who shows interest in your brand, regardless if they fit your ideal target. However, as your brand is constrained by limited resources, you should not spend your limited Marketing dollars against this large of a target, especially when you have seen no signs they will respond enough to provide an efficient pay back.
- Marketing Target: The smartest Brand Leaders know their ideal consumer. With increased access to data, we know more and more about these people. Just like the shoe-shine person, you should focus your limited resources on those consumers motivated by what your brand offers. These people will respond to your brand story or your product offering, providing the fastest and highest return on investment and effort.
- Program Target: When working on a specific campaign, the target narrows even further. These are the people you want to stimulate to see if you can get them to see, think, feel or do. A specific program target is smart when launching a new product, or lining up to a specific time of year (Back to School).
I was working with a bank who told me that their target market for a first time mortgage (home loan) was 18-65, new customers, current customers and employees. Sarcastically, I said, “You have forgotten tourists and prisoners”. As I pressed to help them narrow their consumer target, they pushed back saying that they didn’t want to alienate anyone “just in case” someone outside the usual target wanted a home loan. Sure, the odd 64-year-old might be tired of renting for the past 40 years and wants to finally buy their first home. But they would not be offended if there was a 32-year-old in the advertising. The reality is that first time home owners are usually in their late 20’s or early 30’s. The age target should be 28-33. I told the bank I could narrow their target from 100% of the population to 1% with one simple line. I said, “We should only target those who are looking to buy a house”. No one buys a house on impulse. And no one ever wanted a mortgage, without buying a house. Consumers usually spend 6-12 months looking for a house. This is complete common sense, but why was it lost on the bank? Think about the difference the focused target market makes. Instead of just randomly advertising to everyone on mass media, you can focus your resources where the consumer would be most open to your message. Advertise on real estate websites, use billboards beside new housing developments and buy radio ads on Saturday afternoon when people are looking at new homes. We narrowed the target market to: “28-33, already considering buying a house within the next year and nervous about their debt load.”
Narrowing the target is a choice. It is a myth to suggest that a bigger target will make your brand bigger. You will be much more successful convincing a small segment of the population to choose your brand because the promise matches up perfectly to what they want. They are already motivated by what you do.
Realizing not everyone can like you is the first step to focusing all your attention on those that can love you.
Brands need to stand out to win! Brands have four choices: better, different, cheaper or not around for very long. Your brand positioning statement must be simple, unique, own-able and motivating enough to get consumers to think, feel or act differently about your brand. To read more about how to drive your Brand Positioning, here is our workshop that shows everything you need to know, to have the smarts of strategy, the discipline of leadership and the passion of creativity to generate brand love in today’s modern world.
Beloved Brands: Who are we?
At Beloved Brands, we promise that we will make your brand stronger and your brand leaders smarter. We provide a new way to look at Brand Management, that uses a provocative approach to align your brand to the sound fundamentals of brand management. We use workshop sessions to help your team create a winning brand positioning that separates your brand in the market, write focused brand plans that everyone can follow and we help you find advertising that drives growth for your brand. We will make your team of Brand Leaders smarter so they can produce exceptional work that drives stronger brand results. Our Beloved Brands training center offers 10 training workshops to get your team of brand leaders ready for success in brand management–including strategic and analytical thinking, writing brand plans, positioning statements and creative brief, making decisions on creative advertising and media plans.
To contact us, email us at email@example.com or call us at 416-885-3911.You can also find us on Twitter @belovedbrands.