By Stuart Hartley @anglestuart
Marketing activity can be expensive and time consuming its therefore important to consider choosing a preferred group(s) of potential customers to target your marketing at. It’s also almost impossible and unnecessary to try and reach everyone with your marketing. Even the likes of Coca Cola and McDonalds, two of the largest and most well-known global brands do not market to everyone.
CUSTOMERS are the centre of the marketing universe
− Product = customer benefits
− Price = cost to customer
− Place = convenience
− Promotion = communications
In most markets there is a wide diversity of customers’ needs so market segmentation and target marketing can be useful in identifying similarities and differences.
The success of each product or service is determined by the ease in which value can be explained. As different groups may have different criteria for buying and different needs it is important to communicate the appropriate benefit statements to the appropriate audience
We can identify ideal profiles of potential customers by trying to group them according to particular factors. We do business to customer and business to business profiles in slightly different ways.
These profiles then help us to choose our potential customers.
Taking this one step further and an important warning, not all customers are good customers.
- Some customers demand more time or discount
- Some customers pay late
- Other customers appreciate you and don’t quibble about price
Clearly customers with a greater lifetime value are worth more of your time and effort