How to Spend Your Marketing Budget:
In the last post you read about market segmentation: hopefully you were able to create a really clear picture of who your target market is, and answered a large number of questions about their spending habits and behaviors. If you have yet to read the post, click here to read Keys to Marketing Part I.
Back to the previous example of the garden center, assuming you found out that your target markets were:
1. Local landscaping companies that buy large quantities of mulch, fertilizer, and decorative plants
2. Middle aged to older women who are passionate about gardening.
Let’s start with local landscaping companies. You found out from your survey and other various methods that this target market:
– Shops based mainly on price
This fact gives you an idea of what to emphasize in your ads. Things like bulk discounts, and merchant credit accounts will be effective.
– Has a problem with waiting in line behind customers buying a flat of flowers
Maybe you need to create a special checkout system for these companies that eliminates waiting.
– Heard about you from Google searches, or saw your sign out front
These are both valuable. You may need to ramp up your search engine optimization to grab more of these, or consider a billboard in an area where local landscaping companies may spend a large amount of time driving.
– Are mostly owned and operated by middle aged males 35-45
You found out from your research which radio stations these individuals are likely to be listening to while driving to jobs, what television shows they are likely to watch at night, and are often spending time on Facebook in the evenings. You now know how to target radio, television, and social media advertising efforts.
– Are mostly middle income 60-100k
You found out from your research what recreational activities this income category is most likely to partake in, what stores they shop in, and what their other spending habits are. From this information you can target advertisements in related publications, and arenas where these individuals will spend time.
Secondary Target Market – Middle aged to older women
You found out from this market segment that they:
– Shop based on the quality of the plants, and the knowledge of the staff
This information gives you key themes to emphasize in your marketing messages and advertisements.
– Regularly use Instagram to Share Photos of Their Garden
Sign up for Instagram and start sharing my friend.
– Enjoy Posting Pictures of Their Gardens On Facebook
Gaining a large Facebook following is valuable for most businesses. Start encouraging and incentivizing Facebook likes on your business page. Get innovative and push it as much as possible in your other ads.
You are hopefully starting to see how market segmentation, and information gathering can help you focus your marketing efforts with laser precision. If you want to find out more about market segmentation, I’ve created a number of awesome tools to help you develop your market segments and start creating ads that really work. They’re absolutely free through my newsletter.