“My target market for used cars is 18-34,” my client began. “I’m hoping to stimulate business with them by offering an extra $500 off a car.”
“What about financing?” I asked.
“What about it?” he repeated.
“Didn’t we just discuss that the most important consideration for 18-34 year olds in buying a car is financing?” I questioned.
“Yeah…” he agreed, thinking.
“Since financing this your target market’s main concern, wouldn’t you be better off applying the $500 toward lower payments or a longer payment period?” I wondered.
He stared at his computations. Suddenly, he slapped his hand on the table, looked up, and exclaimed, “Okay, I get it! It all seemed so logical before you walked in. Now I realize I was not fitting my offer to what my target market wants.”
This situation happens everyday in many businesses. In the crush of daily routine, businesspeople see a need to stimulate business. To do so, they make a special offer to potential buyers. Most of them are not working from a written marketing plan. Thus, they don’t have a timetable of what offer to make, when to present it, and how to communicate it. They look at the business’s revenues or talk to their accountants and know they need more sales. In response, they come up with a special and advertise it.
They do all this without thinking through the offer. They don’t identify a target market. Anyone will do. Without target market information, they are unlikely to offer a special that appeals to their best potential buyer and also to communicate the offer through a media that will reach him. That sets up a situation of making an offer that either does not stimulate business from the target market or does not reach it at all.
Their attempts to improve revenues fail.
Learn from their mistakes. Create offers that fit your target market and prompt them to buy. For the best results, do this from a written marketing plan.
This week's marketing trivia challenge is How do you match your offers to your target market? E-mail me your answer.
“What about financing?” I asked.
“What about it?” he repeated.
“Didn’t we just discuss that the most important consideration for 18-34 year olds in buying a car is financing?” I questioned.
“Yeah…” he agreed, thinking.
“Since financing this your target market’s main concern, wouldn’t you be better off applying the $500 toward lower payments or a longer payment period?” I wondered.
He stared at his computations. Suddenly, he slapped his hand on the table, looked up, and exclaimed, “Okay, I get it! It all seemed so logical before you walked in. Now I realize I was not fitting my offer to what my target market wants.”
This situation happens everyday in many businesses. In the crush of daily routine, businesspeople see a need to stimulate business. To do so, they make a special offer to potential buyers. Most of them are not working from a written marketing plan. Thus, they don’t have a timetable of what offer to make, when to present it, and how to communicate it. They look at the business’s revenues or talk to their accountants and know they need more sales. In response, they come up with a special and advertise it.
They do all this without thinking through the offer. They don’t identify a target market. Anyone will do. Without target market information, they are unlikely to offer a special that appeals to their best potential buyer and also to communicate the offer through a media that will reach him. That sets up a situation of making an offer that either does not stimulate business from the target market or does not reach it at all.
Their attempts to improve revenues fail.
Learn from their mistakes. Create offers that fit your target market and prompt them to buy. For the best results, do this from a written marketing plan.
This week's marketing trivia challenge is How do you match your offers to your target market? E-mail me your answer.
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