Consumer-focused businesses have three key challenges:
In all my years creating marketing plans, these challenges continue to pop up. And the product, service, size of the business or the number of employees makes no difference.
Okay, practically speaking, there are still many consumer sales and marketing challenges that creep in, like:
But ask any CEO what’s important to them, and you’ll hear these:
But what does this mean for a small business, professional service providers or businesses that need marketing help?
Let’s take my coffee client as an example. My client sells specialty coffee from legendary, coffee-producing countries around the world:
Coffee has become like wine or craft beer. Its flavor profiles, price points and manner of consumption vary by individual preferences. Coffee manufacturers therefore will have to consider the following:
The challenge is this: what coffee drinkers want is all over the board! For example, the ways that individuals consume coffee fall into several categories:
All these various consumer desires meant we had to focus. Together with my client, we chose gourmet coffee that was organic, fair trade and non-GMO in whole bean and k-cups. And not just good coffee, but some of the best and rarest coffees in the world.
We targeted the aforementioned segments to increase profitability by tapping into a fast-growing and underserved niche.
We also differentiated our brand by adding a charitable donation for every purchase. Why? Because we know consumers like brands that align themselves with a good cause. “Cause marketing” can create additional value for consumers. In fact, one consumer culture study found that over 80% of Millennials believe it is important for a brand to align with their values, and 71% are willing to pay more for a philanthropic brand. Ultimately, your company should be thinking beyond the product, to the value of the brand.
Companies, financial planners, lawyers or accountants must focus on their target segments and being true to their brand. This will help develop consumer-oriented strategies that deliver. They will also help address the inevitable consumer sales and marketing challenges head-on.
©All Rights Reserved. June, 2021. DailyDACTM, LLC d/b/a/ Financial PoiseTM
Scott Steer is a New York-based marketing strategy/engagement/activation consultant focused on optimizing omni-channel marketing.
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