Wednesday, June 10, 2009

MARKETING Series: 6 Steps to Successful Target Marketing

A Short Overview to Help Begin the Discussion About Target Markets

DISCOVER * DISSECT * DISCERN * DESCRIBE * DEVELOP * DIFFERENTIATE


Differentiate

I mentioned differentiation when discussing the other “D’s” but this process of developing a positioning strategy and communicating it needs some quick thinking all by itself. What do you provide that is unique, invigorating and compelling to customers? What exactly sets you apart from others providing the same product or service in the same space? What are those attributes that customers tell you drove them to value what you deliver? Have you ever asked a customer?

Differentiation is not simply being different; it is setting yourself apart from the competition in regards to how well you meet customer expectation and deliver value – all within the context of gaining market share. Not every element of differentiation will help move you forward in acquiring market share and not every attribute has the same weight of importance to each target market.

Attributes of differentiation that matter to the target market are those that drive buying behavior and deliver value in a way that the customer is not only satisfied, but they are exceptionally pleased and motivated to share their relationship experience with you to others. They become evangelists for you. They believe in you. You have proven by your behavior that you fulfill your brand promise and they you consistently deliver the value you promise.

This takes effort, leadership, and the willingness on your part to be constantly learning from the results of each customer interaction.

IF you need some objective, 3rd party help in working through differentiation, click here – the initial contact is FREE.

~~~~~~~~~~~~~~~~
SHARE YOUR STORY

Please, share your journey of the Differentiate process by using the comment section for this blog. These questions are only thought-starters: you may have something else to share.

Did you discover that you were differentiated – or did you discover you were “just like” the rest in the market messages you were sending? How did that make you feel? What will you do?

Did it change what you think in regard to the value you deliver?

What did you learn in the process?

What was the result (what changed)?

What advice do you have for others who need to do this?


Copyright ©2009 by P. Griffith Lindell

Wednesday, June 3, 2009

MARKETING Series: 6 Steps to Successful Target Marketing

A Short Overview to Help Begin the Discussion About Target Markets

DISCOVER * DISSECT * DISCERN * DESCRIBE * DEVELOP * DIFFERENTIATE


Develop

Now is the time to start thinking about what you are going to say to each target market. What kind of conversations will be meaningful to the hearers? You want to develop messages that appeal to the target market. Look at what they value: does your offering meet the reasonable expectations of someone with those values.

Your messages must first attract their attention – now you have some data to best form that. You know what other messages are being sent to the market – make certain that yours will stand-out both in visual appeal and in content.

Then your messages must be acceptable – i.e. believable. Don’t make claims that have no real meaning (we are the best at blah blah). Of course you are, and so is everybody else. On what measure do you deliver “best?”

Testimonials are a way of establishing your believability. Research studies that you have completed are another way of establishing credibility.

Remember, the concepts of believability are based around the characteristics of the Target Market and what their values. Be certain, then, that you are speaking their language in a way they want to hear it.

IF you need some objective, 3rd party help in working through your messaging, click here – the initial contact is FREE.

~~~~~~~~~~~~~~~~

SHARE YOUR STORY

Please, share your journey of the Develop process by using the comment section for this blog. These questions are only thought-starters: you may have something else to share.

What was the hardest part in determining the messages to which each target market would respond?

How do that process make you feel?

What did you learn in the process?

What was the result (what changed)?

What advice do you have for others who need to do this?

Copyright ©2009 by P. Griffith Lindell

Sunday, May 31, 2009

MARKETING Series: 6 Steps to Successful Target Marketing

A Short Overview to Help Begin the Discussion About Target Markets

DISCOVER * DISSECT * DISCERN * DESCRIBE * DEVELOP * DIFFERENTIATE

Describe
For each of the segments of the target market you have identified, list words that describe elements of value. The words may describe physical things like location, wide isles, varied selection or emotional attributes like friendliness (I’m more than a customer) or ease of doing business, or fast response or ability to really listen.

You might be thinking everybody values these attributes. The question is not the general nature of the application of the Golden Rule; rather you are describing what drives buying behavior.

What elements of value mean something when customers are making choices in your market? Don’t be hung up on psychographic or demographics for this exercise – you are looking for the combination of attributes that describe value expectation driving behavior, not intent. What do people actually do? How do they behave?


You may meet a new customer that will tell you a story of intent (I’ve been meaning to come by, or check this out for months etc.). But they did not. The value delivery was apparently not compelling enough to change behavior.

This simple matrix may help.

Name of Target Market Target Market Name 1 Target Market Name 2 Target Market Name 3
Main Characteristics Chrctrstcs1 Chrctrstcs2 Chrctrstcs3
Elements of Value (EOV) EOV1 EOV 2 EOV3

Keep it simple. Lists of words or phrased for characteristics and values. No one paragraphs needed here. Focus on what is meaningful to behavioral change and/or loyalty.

IF you need some objective, 3rd party help in working through understand target market characteristic and values, click here – the initial contact is FREE.

~~~~~~~~~~~~~~~~

SHARE YOUR STORY


Please, share your journey of the Describe process by using the comment section for this blog. These questions are only thought-starters: you may have something else to share.

Were you able to make the chart?

What insight did you gain in the thinking process?

Were you able to engage customers in a conversation about what they value in doing business with you?

What did you learn in the process?

What was the result (what changed)?

What advice do you have for others who need to do this?

Copyright ©2009 by P. Griffith Lindell

Friday, May 22, 2009

MARKETING Series: 6 Steps to Successful Target Marketing

A Short Overview to Help Begin the Discussion About Target Markets

DISCOVER * DISSECT * DISCERN * DESCRIBE * DEVELOP * DIFFERENTIATE

Discern

Evaluate rationally the choices customers have in the marketplace.

The question you want to answer is: where are they currently getting their needs met? Why there? This step may be harder to accomplish than you realize. You must step outside of yourself and your intimate knowledge about your product (how very special it is and how well you think it meet needs) and walk in the shoes of the customer.
What drives them to choose your competitor?
How many choices do they have in the market?
What habit patterns might you have to overcome so they choose you? Be rational, not emotional.
Think about the data you have collected to date, and absent any special knowledge about the provider or the product, why would someone choose a particular competitive offering? Answers to these questions will help you discern the needs of your target market and then craft a strategy to met them in a better way – offer greater value - then the competition.

IF you need some objective, 3rd party help in working through walking in your customer’s shoes, click here – the initial contact is FREE.
~~~~~~~~~~~~~~~~
SHARE YOUR STORY

Please, share your journey of the Discern process by using the comment section for this blog. These questions are only thought-starters: you may have something else to share.

Was it easy or hard to step out of your shoes and put on the customer’s shoes?

How do that process make you feel?

What do you believe now that you may not have believed before?

What did you learn in the process?

What was the result (what changed)?

What advice do you have for others who need to do this?


Copyright ©2009 by P. Griffith Lindell

Monday, May 18, 2009

MARKETING Series: 6 Steps to Successful Target Marketing

A Short Overview to Help Begin the Discussion About Target Markets

DISCOVER * DISSECT * DISCERN * DESCRIBE * DEVELOP * DIFFERENTIATE

Dissect

Begin now to analyze the customer’s dilemma or need. Here are four questions you might want to answer to help in the analysis:

What has driven them to your place of business?
What’s the driving dilemma that your offering solves i.e. what do they need?
Why do they need it?
What are the elements of value that are significant?
For the example above, after some questioning in informal groups, this client discovered that because she was female, the women who came to her thought she could better relate to their financial needs.

People may use what you offer simply because of location – you are convenient. Maybe it’s how simple and direct your website was built that met the need for a fast response and enough information to make an “educated” decision. Maybe it’s the warranty you offer. Or the free support. Or the easy-to-use instructions.

Don’t get analysis paralysis – use the data to find patterns that are meaningful the building a relationship with your customer base.

IF you need some objective, 3rd party help in working through your target markets, click here – the initial contact is FREE.


~~~~~~~~~~~~~~~~
SHARE YOUR STORY

Please, share your journey of the "Dissect" process by using the comment section for this blog. These questions are only thought-starters: you may have something else to share.

What did you learn about customers when analyzing their need? Be general – not trade secrets!

What did you learn in the process?

What was the result (what changed)?

What advice do you have for others who need to do this?



Copyright ©2009 by P. Griffith Lindell

Wednesday, May 13, 2009

MARKETING Series: 6 Steps to Successful Target Marketing

A Short Overview to Help Begin the Discussion About Target Markets

DISCOVER * DISSECT * DISCERN * DESCRIBE * DEVELOP * DIFFERENTIATE

Discover
Is your product (either tangible or service) for absolutely everybody? Probably not. Focusing on who the “target” buyers will be is the first step in discovery. If you have a micro small business with a retail brick and mortar location, discover who in the neighbor has been trading with you and you may be on your way of understanding your target market. If you have a cyber business, discover who it is that is going to your site, how long do they stick, what pages are of interest and you begin the process of discovery. Discovery is simply being aware.

One client noted that those people who came to her for financial advice seem to fall in these categories:
  • Newly married
  • People in relationships but not married
  • Female recent college graduates
  • Divorced women
  • Single moms
  • Females in the workplace
  • Women in management
What do you discover when you look at that list? Hint: She now had a focus for her practice that she had not articulated.

IF you need some objective, 3rd party help in working through your target markets, click here – the initial contact is FREE.

~~~~~~~~~~~~~~~~
SHARE YOUR STORY

Please, share your journey of the Discover process by using the comment section for this blog. These questions are only thought-starters: you may have something else to share.

Have you determined your target market(s)?

What did you learn in the process?

What was the result (what changed)?

What advice do you have for others who need to do this?


Copyright ©2009 by P. Griffith Lindell

Tuesday, May 5, 2009

MARKETING Series: Strategic Thinking

Do you have the right attitude to sustain and grow your business? These thoughts are only a very quick guide to help begin the process. Strategy is a rich, deep, and broad topic that people spend years understanding. What is written below is a guide to help you begin the process of thinking strategically

Analyzing environments
Thinking strategically begins with the discipline to be a life-long learner. Become intentional in the reading of resources available to you. Use, for example, the company name index in the Wall Street Journal to keep abreast of those in your space. Read articles with “key words” in mind. Do you have a list of words that are important to your industry? Develop one and use it as a guide.

Use filter tools available for the Web that will sort information by key words and phrases. Review, assimilate and take learning from what is written. In some formal or informal file system, organize information about the external business environment in which you operate. Read with a highlighter. Tear out articles in your magazines and sort by topic. Develop an understanding about the players in all sectors – those providing the raw materials, or the manufacturing, those who are the suppliers, the vendors and, of course, the competitors.

  • What are the opportunities that will be opening?
  • What are the threats that could be impediments to your success?
  • What strengths does your firm have to sustain and grow your business?
  • What weakness must be addressed that could weaken your ability to respond to the market space in which you operate?

Formulating & implementing strategies
The analysis will produce the grist needed for the strategy mill and allow you to strategically address the needs of the customers in the changing marketplace. For many, the fun is formulating strategy. For successful firms, implementing the strategies drive that success. Once a strategy is agreed upon, ask yourself
  • What needs to be done to move from where we are to where we want to go?
  • What are the benchmarks that will help us determine progress?
  • Who will be responsible for implementation?
  • What is the budget for implementation?
  • What does success look like?
  • When will the process start? When will it end?
Responds to environmental conditions
The analysis in step one must help you become better able to respond to the opportunities and threats that are outside your control – the external environment. Of course, your internal team is important; however, the goal is to heighten your awareness about "what is happening" in the market place. What opportunities might we focus upon? What threatens our ability to sustain and/or grow our business?

Helps organizations improve performance
The purpose of strategic thinking is that your current firm will become adaptable to the external environment and make better use of your internal strengths while bolstering your internal weaknesses. Strategic thinking will:

  • Improved efficiency – doing the right things that reflect best practices and assumes that there is a normalized flow of environmental factors
  • Improved effectiveness – doing things right that makes maximum use of your strengths and, in some way, ameliorates your weaknesses
  • Improved elasticity (flexibility) – recognizing what was “right” yesterday, may not be the “right” strategy tomorrow. Wars, famines, economic free-falls, weather etc. can dramatically change the external environment. Flex to the change. Don’t flex your values. Flex your responses to the environmental changes.
Are you developing your strategic thinking attitude? Begin today - it will shape what you read and how you read it!