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One way to grow your business is to get new customers walking in the door and spending money with you.
Be willing to “pay” for new customers.
It’s a fact. Unless you plan on getting all your new customers through walk-in traffic, or you think that your charm and great products alone will keep your phone ringing, you are going to have to pay to attract new customers.
For example, if you buy an ad in the yellow pages, in a coupon pack, or in the local newspaper you are spending money to acquire new customers. If you place an ad that cost $100 and you get one new customer, that customer has cost you $100 to acquire. If you send fifty letters to hot prospects, at a total cost of $50, and get three new customers, it’s cost you $16.66 to “buy” each of those customers.
The trick, obviously, is to “buy” the most customers for the lowest cost.
A great way to spend less and get more is to target your efforts at acquiring new customers.
Targeted marketing is all about getting your message/offer to the group of people who are most likely to buy your products and services. Your hottest prospects.
Let’s use the example of a fictional home improvement business (carpet store, handyman, lighting store, landscaper, etc.) near our home in Grand Haven, Michigan.
One of the least targeted, most expensive ways for this business to buy new customers would be to take out an ad in the New York Times or Better Homes and Gardens magazine. Those ads would be delivered to people all over the world – a very few of whom might live in the Grand Haven area.
The Grand Rapids Press would be better – targeted at everyone in West Michigan, and The Grand Haven Tribune would be even more targeted – at just the people living near Grand Haven.
Even so, newspapers are aimed at everyone that reads them – not just those who own homes.
To get even closer to the target (people who want to buy new carpet, or finish their basement, or remodel their kitchen), the business might take out an ad in the special home improvement edition of the newspaper.
The most targeted approach might be to send a brochure to just the very best prospects – perhaps everyone who has bought a new home over $200,000 in the past year. Sending brochures would probably cost less and get more high quality customers, those that will buy larger amounts, more frequently.
The moral is… precision equals profit. The more precisely your marketing efforts are targeted at your hottest, best prospects, the more profitable they will be.
Content Copyright © 2008 WhizBang! Training    Â
By Bob Negen
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