Every business wants to win new customers. Competition for those new customers is something that every business owner deals with on a daily basis. When business owners describe their ideal customer as “anyone” what they expose themselves to is competition from “everyone” and competing with “everyone” is expensive. Imagine a business owner that claims his or her ideal customer is “anyone that has a car”. Now think of all of the other businesses that have an offer for a car owner. There must be thousands. How can a business owner build a business and marketing plan to compete against the masses? Unless they have unlimited time and money, they can’t. Most business owners resort to trying this marketing tactic, then that one. Jumping from the latest fad and whatever is the “marketing tactic of the week” with no real success. It is costly in terms of time and money.
There is a better way.
Instead of spending and wasting your marketing dollars trying to compete against everyone with tactics that constantly fail, you could take the strategic approach.
Invest in determining your target market, ideal customer, and ways for your business to differentiate and dominate within a very narrow market.
By taking a more strategic approach you eliminate the battle of competing with everyone and can determine how to grow you business in a very repeatable way. Your marketing budget can be invested in very specific methods that allow your business to narrow its focus, determine where your dollars should be spent and how to measure the effectiveness of you marketing spend. Instead of looking for “anyone who has a car” you’ll be building a business for “sales professionals with cars more than 10 years old, that spend at least 90 minutes in their car everyday, and want to decrease their fuel cost without hassle”.
Strategically narrowing your marketing efforts to prospects that value your product or solution will reduce your competition and your cost.
For information on how to think strategically about marketing download this eBook: 7 Steps to Small Business Marketing Success.