Hello, again, and welcome to the 8th instalment in my series “Business Growth Masterclass”

As ever, before we begin, lets recap on the main points from last months discussion. You should by now,

  • know who your target market is, what their needs are, what their purchase behaviours are and how to reach them.
  • know how to use market research to find out more information about your market on a regular basis.

This month’s masterclass is about writing targeted messages for your target market.

In the last masterclass, I shared with you how to isolate your target market, and then how to use market research to gather information about that group of people to use in your marketing strategies.

Today we’re going to take your market research and use it to create a powerful marketing message. The strength of your marketing message lies in its ability to speak to the specific wants and desires of your target market, and tap into their emotional reactions, or hot buttons.

When you push those hot buttons, you motivate your audience to take action. The more people you can motivate to take action, the more leads you’ll have in store and on the other end of the phone line.

In this Business Growth Masterclass we will cover:

  • How a strong marketing message will supercharge your lead generation
  • Examples of strong marketing messages
  • A step-by-step process for developing your unique marketing message
  • Strategies that will strengthen your existing marketing message
  • How to test and measure the strength of your message.
  • How to be consistent with your strong marketing message

A strong marketing message will make a huge difference in your lead generation strategies.

A marketing message is simply a statement or phrase that you use to communicate information about your business to others. A strong marketing message will do four things:

  • Speak to the reader’s needs, wants or problems (hot buttons)
  • Offer a solution, advantage or benefit
  • Describe a point of difference
  • Motivate the reader to take action

As I said earlier, the key here is to motivate your target audience to do something after they read or hear the message. It needs to be strong enough to entice the audience to ask for more information, visit the website, pick up the phone or walk in the store.

You will put your marketing message on every piece of marketing material your business uses for lead generation, so it has to be powerful and consistent and speak to the group of people that you have identified as your ideal customers. Strengthening your marketing message has the potential to dramatically increase your lead generation before you even change your existing strategies.

Here are some examples of strong marketing messages that are used by successful businesses today.

Domino’s Pizza You get fresh, hot pizza delivered to your door in 30 minutes or less — or it’s free!
M&Ms The milk chocolate melts in your mouth, not in your hand.
Enterprise Rent-A-Car We’ll pick you up.
Nyquil The nighttime, coughing, achy, sniffling, stuffy head, fever, so you can rest medicine.
FedEx When it absolutely, positively has to be there overnight.
Dentist We guarantee that you will have a comfortable experience and never have to wait more than 15 minutes or you will receive a free exam.
Estate Agent Our 20 Step Marketing System Will Sell Your House In Less Than 45 Days At Full Market Value.

Let’s get started with the process you can use to create a new marketing message for your business, or refine the marketing message you already have.

Work through the following questions to brainstorm and record the aspects of your business that you will communicate in your marketing message. Take your time, and be as detailed as possible.

1. Use all the information you gathered about your target market to figure out what your customer’s hot buttons are.

Write down who your customers are, and what their problems, desires and needs are.

Take some time to revisit the behavioural and psychographic information you gathered when researching your target market. This will give you an idea of what kind of emotional hot buttons you should focus on when creating your marketing message.

Hot buttons are emotional triggers that motivate your potential customers to take action. Some common hot buttons are: price, location, exclusivity, results, safety, timeliness, convenience and atmosphere.

2. Describe the value or benefit that your product or service offers your customers.

This is what your customers get when they spend money at your business – the answer to “what’s in it for me?” How do you solve their problems? How do you meet their needs, or fulfill their desires?

For example, maybe you’re a grocery store in the neighbourhood, and you offer the convenience of being just a short stroll away instead of a car ride.

When you’re thinking about this question, think about your product or service in the context of the benefits, results, or advantages customers receive, instead of the features you offer.

3. Think about the outcome of the value or solution that you provide.

Brainstorm what happens when your customers receive the value or benefit from your product or service, what happens? Are they thrilled? Relieved of worry? Do they have more time to spend with their families, or do they put dinner on the table faster?

This is kind of like the storytelling aspect of creating your marketing message. Paint a picture of how you will improve the lives of your customers, in one way or another.

4. What is your company’s point of difference? What makes you stand out from the competition?

Your point of difference – or uniqueness – is something you will want to strongly feature in your marketing message. It is the reason that the reader should choose your business instead of your competition.

For this step, do some research on your competition and see what kinds of marketing messages they are using. How strong are those messages? What benefits and results do they promise?

If you are having trouble figuring out what sets you apart from your competition, think about including an irresistible offer, or a strong guarantee to give yourself an edge. (We’ll spend some time on powerful offers and risk reversal strategies like guarantees later on in the Masterclass series.)

5. What is the perception you would like others to have about your business?

How you wish your customers to perceive you will impact how you describe your offering in your marketing message, and the kind of language you will use. Revisit the vision you created, and write down some ideas about the image you want your business to project to the outside world.

For example, if your business is completely transforming its operations to become more environmentally sustainable, you will need to use different language and emphasise different features and benefits than you did before.

6. Based on the notes you wrote in response to the above questions, summarise the information into a paragraph of 4 to 5 sentences.

If you’ve got pages of notes, this may be a challenging part of the process, but that’s okay because it means you have a lot to work with. Take your time, and wade through your notes bit by bit.

You may want to start by writing 10 to 15 sentences, and then narrow those down to 4 to 5 sentences when you have a better idea of what specifically you want to focus on. Or, you could try writing three sentences for each question, and then working to consolidate from that point.

Keep in mind that the most effective marketing messages use strong, descriptive language that triggers emotional responses. Think about how you would describe your point of difference, or value-added service to a close friend, and write with that in mind.

7. Using descriptive language, consolidate your paragraph into a single sentence of 15 words or less.

This sentence will become your unique marketing message!

I know how challenging this part of the process can be, so to make it easier, I usually write a few different sentences that emphasise different things to give myself choices. For example, if you don’t know whether to feature your company’s commitment to unbelievable prices, or its guarantee of customer satisfaction, write one sentence each and compare which is stronger.

Aim to have two or three sentences that you’re happy with, and then test them out to see which is the most effective.

The only way to find out the strength of your marketing message is to test it. Don’t be afraid of making some mistakes – you need to get feedback!

Test your three draft marketing messages internally first.

Before you go out to the public with your drafts, test them on your friends, family, staff and colleagues first. Use their feedback constructively, but don’t be afraid to stand up for elements that you believe are effective or important.

Once you have gathered enough feedback, rework your draft messages and incorporate the suggestions you believe are valuable.

Incorporate feedback, and then test a few draft messages externally.

When you have refined your draft messages and incorporated staff and colleague feedback, you can start to test the messages out on your audience.

This doesn’t have to be complicated, or cost a lot of money. Simple tests using small-scale distributions will give you the information you need to choose which message is the most effective.

For example, place two or three ads in the local newspaper or on your social media accounts – one a week with a different message each time – and compare the number of leads each ad generates. Or, send out a small direct mail campaign, with the materials split into three groups – one for each message.

The message that generates the most leads is the strongest, and will be the one you choose to be your business’ unique marketing message.

Now that you’ve got a killer message, use it consistently on all of your marketing materials and in all of your campaigns.

Consistency and repetition are powerful persuasive tools to use to reinforce your message over time. Ensuring your marketing message appears on all documents related to your business will build your brand image and your company’s reputation.

Make a list of all marketing materials, stationery, signage and internal and external documentation that your customers and clients come in contact with. Then, incorporate your marketing message onto each of them.

Here’s a suggested list of materials to include:

  • Website
  • Advertisements
  • Direct Mail
  • Listings
  • Phone Messages
  • Email Signature
  • Business Cards
  • Letterhead

Now that you know what you’re going to say, and who you’re going to say it to, let’s dive into some lead generation strategies.

If you would like some help with the ideas introduced in this Masterclass, or to discuss any other aspect of your business growth strategy, use the following form to get in touch:

The next Business Growth Masterclass focuses on advanced strategies for lead generation that you can start implementing into your business right away. Our focus is to set up lead generation strategies that either immediately or over time will run themselves, so you can generate more leads with less time investment.

Business Skills Masterclass 8 – How to Strengthen Your Marketing Message

Advertisements

Business Growth Masterclass Sesssion 7: How to Identify Your Target Market

Hello there friends, and welcome to the seventh installment in my series “The Business Growth Masterclass”.

I’ve called this session:

How to Identify Your Target Market

But first, as usual, lets recap the homework set in the last installment of the Business Growth Masterclass.:

After the last session, “Managing Your Time To Make More Profit”:

  • You know what your time is worth on an hourly basis.
  • You know what time(s) of day you are most productive.
  • You have five strategies for improved personal time management.

 Yes? Brilliant! Now let’s get on with this months material.

Determining your target market is your first job as a business owner

This Masterclass officially marks the beginning of using Step One of the five-step process, (see November’s Masterclass) which shows you to how to bring a high number of qualified leads into your business.

Qualified leads are the group of people who are most likely to buy from you – they have a current need, problem or desire that your offering will solve or serve. These people are your target market, or ideal customers. Qualified leads are generally easier to convert into customers, so a high number of qualified leads mean a high conversion rate and, of course, more sales.

A great example of this going wrong… you own a hot dog and burger business and are standing outside a large conference venue, waiting for the lunch-break so you can take advantage of a huge rush of people in a short period of time (a great way to do business) to give away small hotdogs to generate customers for your business down the road. You have prepared all your toppings, flyers with simple directions, arranged for staff to handle the rush and stocked up to the gunnels to ensure you do not miss a single prospect. The group comes out and you manage 25 free hot dogs given away when you were expecting 500.

What went wrong? You did not realise the conference attendees were members of a health and wellness group comprising of 95% vegetarians!

This wouldn’t happen to me I hear you say, but the same kind of mistake COULD be made by any business owner – in fact, a lot of the businesses I work with have made just this mistake, but in the context of their own marketplace. The morale of the story; if you are talking to the wrong audience it doesn’t matter how good your offer is – you are wasting your time. Talking to your target market is absolutely CRITICAL to successful marketing.

So, your first job as a business owner is to work out who your target market is, and how the people in it think and behave.

In this Masterclass we will cover:

  • How your target market influences your marketing choices
  • A step-by-step process for identifying your target market
  • Types of target markets
  • Examples of target markets
  • Market research strategies

Generating qualified leads will make it easy to boost your conversion rate, because your prospects will already want or need your service.

A target market is simply a group of people with something in common – things like age, gender, opinion, interest, or location, – who will purchase a particular product or service. Your market can be broad or specific in scope, and it is unique to each business or industry.

Knowledge and understanding of your target market is crucial to the viability of your business. You have to know if there is enough demand for your product, or enough interest and need for your service. You have to know how to communicate with your customers, and understand their thoughts and behaviours.

Without a comprehensive understanding of your target market, you can’t make smart choices about your introductory offers, marketing strategy, pricing structure, and product or service mix. It’s kind of like driving a car with a blindfold on – you’d be headed for disaster.

In addition to being essential to confirm assumptions and understand purchase motivations, market research is something you will need to get into the habit of doing on a regular basis to monitor trends and stay ahead of the competition. Identifying your target market is not always easy, but I promise it will pay off in spades, so stay committed to your efforts as you work through this Masterclass.

Let’s start with an easy, step-by-step process to identify your target market.

You probably already have an idea of who your target market is – or who you want it to be. Start by describing who you think your target market is in two or three sentences on a sheet of paper.

As you work through this process, you may find that you were correct in your assumptions, or not. Either way, this Masterclass will uncover invaluable information about your audience.

When you set out to identify your target market, you need to find the group of people that has these four characteristics:

  • They have a particular need, want or desire.
  • They have the financial ability to purchase your solution to their need, want or desire.
  • They have the power to decide to purchase your product or service.
  • They have access to your business, through a physical location, Internet or catalogue

First, take a look at what your product or service offering is to your potential customers.

To find the group of people with the characteristics listed above, you first need to answer the following questions about your product or service:

1. What is the need, want or desire that my product or services fulfils?

 Does your offering primarily fulfil a desire, or serve a need or cater to a want? What is that desire/need/want?
2. What does my product or service cost?
 Do you offer a high-end product, or low-cost alternative? Do you sell large items, like a kitchen appliance, or small items, like household cleaning products?
3. Who makes the decision to purchase my product or service (who has the power or authority)?
 For example, if you provide a product or service for children, their parents are the people who make the decision to make a purchase.
4. How are my products or services accessed?
 Does your ideal customer need to live in the same town or region as your business? Or can they access your products online, or through a catalogue?

Demographics 

Now let’s look at the demographic characteristics of the people that need, can afford, locate and decide to purchase your offering. Some of the information in this table may be less important than others (like ethnicity or religion) depending on your product or service and the market you are trying to attract.

Age In general terms, what is the age range that my product or service caters to? Kids? Teens? Adults? Seniors?
Income How much do they have to make to afford my product? Is this single or double household income? Low? Medium? High?
Gender Does my product or service appeal to men, women, or both?
Generation What is the generation of my customers? Based on the age range I identified, are they baby boomers? GenX? GenY? Where do they stand in the overall family life cycle?
Nationality Is nationality relevant to my product or service?
Ethnicity Is ethnicity relevant to my product or service?
Marital Status Are my customers married? Single? Divorced?
Family Size Does my product or service cater to large or small families? Is family size relevant?
Occupation or Industry Does my product or service appeal to people in a certain occupation, or industry?
Religion Is religion relevant to my product or service?
Language Is language relevant to my product or service?
Education What level of education do my primary customers have? High school? University?

Psychographics

Now lets look at your target market’s psychographics. Psychographics are the qualitative characteristics of your target audience, like personality, values, attitudes, interests, or lifestyle. These characteristics can give you a lot of insight into how to best interact and communicate with your target market.

Lifestyle What kind of lifestyle group does your audience fall into? Are they conservative or trendy, travelers or soccer moms? Are they thrifty or extravagant?
Values + Beliefs What are their values and beliefs? Would you consider them environmentalists or safety conscious?
Attitude What kind of attitude do they have? Are they positive or negative? Open or critical? Easily led or opinionated?
Motivation Are your customers opinion leaders or followers? Do they tell others what products they need, or do they need others to tell them what is trendy and what works?
Activities + Interests What do they do in their spare time? What are their hobbies and interests?
Social Class What social class does your audience belong to? Lower, middle or upper? How much extra money do they have to spend on luxury items?

So, now that you’ve gathered all this information, what does it tell you about your ideal customers?

You’ve done enough research now to create a picture of who you think your ideal customer is. Being as specific as you can, write a 1-2 sentence statement about your target market.

For example:

  • My target customer is a successful young professional; a middle-class man aged 20 to 35, who is single, makes more than £10,000 per year, and is physically fit. He is university educated, and has an active interest in economics and politics.
  • My target market is affluent new mothers; married women with children under five years old, between the ages of 25 and 45, and have a household income of at least £50,000 annually. She is the trend and opinion follower, and her purchase motivations are driven by her peer group.

Now that you’ve made some educated assumptions about who your target market is, you’ll have to use some market research strategies to confirm them.

Market research is the study of a particular group of consumers – or markets. It is one of the most valuable activities you will work on as a business owner, since it keeps you connected and informed about your customers thoughts, motivations and behaviours. Market research also minimises risk and assumption-based decision making, which will improve the success rate of everything you do for your business.

When you begin your market research, you need to start out with a clear question that you want answered. Otherwise, you’ll quickly get off track and fail to end up with the information you really need. Think about questions like:

  • Am I right about my target audience assumptions?
  • Is my target audience interested in my new product or service?
  • I need more information about my target audience’s purchase motivations
  • What new trends are my target audience following?
  • What recent economic developments have impacted my target market?
  • How can I improve my customer service?
  • Has my target market changed in the past year?

Market research needs to be conducted regularly – regardless of how long you have been in business, or how well you know your target market. Trends shift, and environments are impacted by economic and political factors beyond your control.

There are two main types of market research – primary and secondary – and three main areas of market research – consumer, competitor, and environment.

Here’s a really helpful chart to use to organise information when you’re conducting your market research. This will help you conduct research that is comprehensive and cost effective.

PRIMARY
(First-hand information gathered from your customers or about your customers. i.e., customer surveys, observations about the competition, etc.)
SECONDARY
(Second-hand data or research that has been completed by or for someone else, but can be applied to your objectives.)
CUSTOMER
(Demographic, behavioural, psychographic and geographic characteristics.)
> info right from the source
> can be time consuming and costly – but most valuable
> most current
> most specific
> statistics
> trade journals
> public surveys by larger companies
> government publications and surveys
COMPETITION
(Marketing, product and consumer observations you can make or gather from your competition.)
> what works, what doesn’t
> adding value to existing offering (to give yourself an edge
> types of products that consumers are interested in
> types of lead generation strategies your competition uses, and the types of potential customers that you currently see
ENVIRONMENT
(Social, economic and political trends that may impact your business or your customers thoughts and behaviours.)
> newspapers
> trade journals
> consumer reports

Strategies for cost-effective secondary market research

Demographic Research (Customer)
Basic demographic research is something you won’t have to conduct yourself. Every town or region will have demographic information available online, or in town halls, libraries and business centres. National and regional statistical information is also available online or through government agencies.

Online and Consumer Research (Customer and Environment)
Primary market research can be expensive, so secondary research on general consumer behaviour and purchase data can be extremely useful for small businesses. Some information will be available online, while other information (usually free) will be available at your local chamber of commerce and business centres.

Primary market research strategies you shouldn’t miss.

Ground Research (Customer or Competition)
Spend some time in your local area at different times of the day observing and talking to the people who live, work, or spend time there. What do you notice about the area? How well is it taken care of? Why do people spend time here? Is anything missing? Get a sense of their age, gender, clothing and any other features.

Competing Businesses (Competition)
If you have direct competitors in the same local area, spend some time being “their” customer and making observations about their business. How do they advertise? What market are they targeting? Is there a niche market that is being missed?

Surveys (Customer or Competition)
Surveys are the most popular way to gather first hand information from your existing and potential customers. Take your time to administer them carefully and thoughtfully – surveys can get complex and variables can be high.

  • Keep your questionnaire short and focused on getting at the information you need to answer your market research question. This will encourage a higher response rate.
  • Remember that your information will only be as good as the people you ask for it. Try to get as broad a cross section as possible. Depending on your market research question, you may not want to limit it to your existing customers.
  • Choose a survey method – telephone, web or paper-based – and understand the pros and cons of each. Research some survey templates, and spend more time than you think you need to on crafting your survey.
  • Include basic demographic questions on your survey so you can cross reference responses with factors like age, income, sex, and profession.

Website Analysis (Customer)
Use a website tracking system like Google Analytics to monitor how visitors to your website behave and use the information available. These programs will allow you to see how many people visit your site, where they are from, what pages they are looking at and how long they spend on your site.

Customer Loyalty and Purchase Data (Customer)
Your point of sale system (if you have one) – depending on the level of features it offers – may also be able to run reports on customer purchase patterns and trends. If you have a customer loyalty program, you can keep track of purchase information in each customer’s file or account. The type of information you’ll need to keep track of here is behavioural: brand loyalty, product or service usage, purchase frequency, and readiness to buy.

Focus Groups (Customer)
Assemble groups of six to 12 people and ask them general and specific questions about their thoughts, opinions and habits as related to your marketing question. Be sure to assemble a cross section of people that is representative of your target market.

When you’ve completed your market research, analyse what you’ve learnt. Go back to your original question, and critique the outcome.

How has your market research supported the question(s) you set out to answer? Were your original assumptions confirmed or refuted?

  • Does my target market exist in my geographic area?
  • Does my target market actually want what I’m selling?
  • How does my target market want to purchase from me?
  • Is my target market interested in my new product or service?
  • How does my target market want me to communicate with them?
  • Is my target market large enough in my local area to support my business?
  • Are there areas of my research I could dig into for more information?

You may discover some hard facts to face about your business. Perhaps there is not a large enough market base in your area to support your business. Maybe you’ve spent a few hundred or thousands of pounds going after the wrong type of customers. This is all okay – don’t get despondent – it’s all valuable information that you can work with to make better decisions about your marketing strategies and product or service offerings in the future.

If you have flexibility in your product or service, you may be able to find ways to enhance your offerings and extend your target market to include more people, or a larger share of the marketplace.

Your market research is ongoing – each time you talk to a customer, supplier or sales rep, you’re gathering information about your clientele, and thus conducting market research. Consider keeping a log at the point of sale for staff to use to record customer comments and complaints. Review the log for customer returns, and reasons for returns, to get valuable feedback on your offering.

Remember, audiences, trends, products and services change, so stay ahead of the curve and keep on top of your market.

Plan to make market research a regular part of your business, and schedule time and money for primary research at least once a year. This is the only way to stay ahead of the competition when it comes to trends and environmental changes beyond your control.

If you would like some help with the ideas introduced in this Masterclass, or to discuss any other aspect of your business growth strategy, use the following form to get in touch:

The next few Masterclasses are about applying the information you have learned about your target market to refine your marketing strategies. You’ve clearly identified who your target market is, and how those people think and behave, so your next task is to determine what to say and how to reach them.

In the next Masterclass, we’re going to look at your marketing message and see how clearly you’re communicating with your audience. The strength of your marketing message is the backbone of your marketing materials, and a huge factor in the success of your lead generation strategies.