Join Eddie Davila for an in-depth discussion in this video Reaching your market, part of Business Foundations.
- Friends, family, business partners, there are so many people in our lives and so many others we have yet to meet. Developing and maintaining relationships with all of them can be difficult, but these are the people we count on for support, stability, and growth. Nowadays, companies understand that their customers serve the same purpose. Customers support the company. A loyal customer base provides stability and our present and future customers provide an opportunity for growth.
So, how can companies reach their customers? How can they create an emotional connection that will drive a person to buy your product or service? Well, there are three basic issues that need to be considered. Who's the target market you'd like to reach? What does the company want to say and how will that message be delivered? Let's start by considering the target market. A good marketing department will isolate people that they would like to target as potential customers.
Sometimes the market is quite narrow, so reaching most of them might be rather simple. On the other hand, some target markets are large and diverse. They contain people with very different lifestyles. This could pose challenges in reaching all of them in a simple and cost effective manner. So, we may need to dissect the target market into smaller slices, reaching each slice with a different message, or using a different medium. Now that we know the market, what do we want to say to them? Are we trying to make them curious? Do we want to stir emotions, excitement, inspiration, fear? Perhaps the goal is to build trust.
Some companies want to invite customers to be part of a group. Ultimately, we hope the customer will be called to action. Make a purchase, join our club, visit our website. While a good product or service will satisfy a customer, customers need to be aware that the product exists. They must trust they will get value for their purchase and they must be driven to seek out the product or service and then purchase it. Developing a message that can quickly inform, inspire, and move someone to act, that's not easy.
It requires creativity and a deep understanding of human behavior. With our message in hand, it's now time to deliver the message to our target market. How can we make contact with the customer? Digitally, in their cars, at an event, in a trusted atmosphere, perhaps they hear about us through a friend, or maybe they learned about us at a store. Each of those mediums is different. So, a marketing executive has to be able to send the same message using different mediums.
Is your message something that can be delivered using audio, video, pictures, digital messaging? Is your message simple enough that it can be powerfully delivered by other people? All the while, we need to remember that our budget is limited. So, as we consider identifying the target market for our message, crafting a message for that market, and then delivering that message so it is heard or seen by our customer, we have to ask ourselves, are we maximizing our investment? If we spend a million dollars to communicate with 200,000 potential customers, how many of those people will need to purchase our goods and services such that we make a profit? Relationships are a two-way street.
Both parties need to feel enriched by the relationship. By knowing your target market, crafting a meaningful message, and knowing how to deliver that message via multiple mediums, companies can communicate with customers, new and old.
He also reviews the basics of the people side of business: managing employees and developing customer relationships. Last, he covers the financial and information management aspects of business and provides a basic explanation of economics, so that you can understand the relationship of your business to the bigger picture.
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- Understanding business goals, stakeholders, and resources
- Developing a product or service
- Selling a product or service
- Raising capital
- Managing employees
- Managing customer data
- Understanding finances
- Managing resources
- Understanding economics