It may seem as though the days of “I know half of the marketing budget for this business is wasted, but I just don’t know which half” are long gone. However many businesses, especially smaller ones, don’t have the expertise they need to plan, deliver, and measure their targeted sales and marketing activities.
A business owner needs to know how to optimize sales and marketing activities and resources through branding, budgeting, and targeting in order to make the most of the allocated budget for outreach. Let’s try a simple example: it is likely that nearly everyone reading this has hired an attorney, accountant, or contractor, right? You may even be an attorney or accountant. Anyway, most people will not hire just any attorney, accountant, or contractor. Instead, they’ll hire one that has the expertise and experience to address their specific needs
That’s where targeted sales and marketing activities come in. Companies utilize branding, positioning, targeting, and their expertise to drive sales and growth.
Legal expertise for bankruptcy is very different from the expertise you’ll want for an intellectual property need. Likewise, accounting requirements can vary for different business categories. Targeted sales and marketing activities, focused on your areas of specialization, will be the defining force that propels the growth of a company. They are built upon a company’s expertise and time spent pursuing competitive niches. In order to identify the growth areas most viable for your business, start by simply listening to your customers. They will show you where the gaps in the market, and your product, exist.
Once identified, choose the best strategies and targets with which to address your customer’s needs. Metrics such as past experience, expertise, sales volume, margin, and growth potential can help to build your strategy. Remember, your company’s strengths are the foundation of it all.
Think of a small accounting firm specializing in taxes. Maybe bookkeeping isn’t a profitable offering for that business, and that’s okay, as long as the business knows it. Their specialization is taxes and that is where their focus should remain.
Here’s another example based on personal experience as a marketing consultant: I know that trying to build websites, for under $1,000, in a week is not a good idea for me. Digital expert or not, I’d lose my shirt!
However, I recently met another digital marketing company that uses this as their base-level offering. After all, people want turnkey websites at that price point, and this company found a way to deliver them. The last time I checked in with them, their small team in the US had been leading a larger production team in the Philippines, building about 15 websites each week.
It’s all part of being customer-centric. I believe in this concept because I have seen it work magic, and I have practiced it in one way or another for over 25 years. To me, it’s like a religion.
Now, in the digital age, with all the data available, a customer-centric strategy makes understanding your customer, their needs for specialization, and employing targeted sales and marketing activities easier than ever.
Attorneys, accountants, consultants, contractors (or any business for that matter) cannot be all things to all people. Every company needs to specialize, focus, and position itself to be the best at something.
The problem with trying to be all things to all people is that no one will ever understand what you are really good at. Being a “jack of all trades, but a master of none” when trying to focus on sales and marketing activities to drive business growth is counterproductive to your goals.
I’m looking forward to helping you overcome your marketing challenges. In service to my customer-centric beliefs, if you have topics or questions you’d like to see covered, I’d love to hear your suggestions!
[Editors’ Note: To learn more about this and related topics, you may want to listen to the following webinars:
This is an updated version of an article originally published on May 1, 2018]
©2022. DailyDACTM, LLC d/b/a/ Financial PoiseTM. This article is subject to the disclaimers found here.
Scott Steer is a New York-based marketing strategy/engagement/activation consultant focused on optimizing omni-channel marketing.
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