Testing for your lead generation engine

education, lead generation, Marketing, single target market, Testing

One of the best assets for your long term business, is getting a person’s email id. Once you have that you can keep educating them, to someday come to test your products or services.

However as time has passed, people have become more and more reluctant to give away their email. So while sending emails is cheap, the costly part is that people have become “blind” to emails being thrown at them. In that manner, email marketing has become more expensive because it’s lost its ability to immediately get you attention.

Which means people have become resistant to the idea of giving away their emails. So until you have isolated your audience very clearly – the single target market – and created something which that specific audience desires, you won’t get people wanting it. And if people don’t want it, they won’t give their email ids.

So understanding the conversation which could go on in the mind of your prospect, due to which she may want to look at what you are talking about, becomes critical. And you can only get this by testing. While I have written so many blog posts on this topic, at the end of the day, until I test and see a response, I am not sure if what I have built will generate leads ( or get email ids) Sometimes what I think the customer may be looking at bombs completely. This is primarily because marketing is 50% psychology and you cannot always get the psychology of your audience right the first time.

Once something starts generating results, then you can go out and and invest your complete budget into the campaign, to get the emails, but till then, test with limited exposure and figure out what works and what doesn’t.

Till next time then….keep testing.

Carpe Diem!!!

A day of marketing challenges

campaign, Marketing, single target market

Today was a very dense day in terms of doing some massive amount of brainwork. Generally my day is full of a lot of transactions which eat up my brain power. Today however was majorly about thinking through a couple of market related problems.

In one situation we had to sit down and physically analyse the database, because there was no response from the database to a campaign we sent. In any campaign, if there’s a problem with the response, then the first thing I like to look at is the database. So after testing multiple messaging when we didn’t get a response, we had to sit down to figure out the challenges with the database. So we went down the list of companies with a comb to figure out what could be the challenge. This was pretty time consuming as well as mentally exhausting.

In the second case, it is still work in progress, I had to analyse on figuring out a single target market for one of the service areas that we deal in. Figuring out a single target market is time consuming because you have to start with the whole market and then keep stripping down. However in this process, you don’t want to miss out on any portion of the market to analyse. So you try to analyse the market from the attributes perspective first, then usage perspective, to ensure that you are not missing out on a lucrative market.

After that you have to see if the market has a decent size for you to operate in. While you have niched down to such a specific market that has only say 100 participants, then the chance of you being able to convert a substantial number is limited. Having said that, this quantity is a relative thing. If you are selling airplanes like a Boeing or Airbus, in any country you may not have more than a handful of airlines. But because the ticket size is so huge that even those handful is a big market.

I shared how in a typical day we analyse the marketing issues. I will look forward to your comments on how you analyse marketing related problems.

Till next time then.

Carpe Diem!!!

The actual nuance of identifying a Single Target Market – 2

Marketing, messaging, niche, segmentation, single target market

When you do the exercise of narrowing down a segment based on different attributes or use cases, as I listed in the previous post on this topic, you keep eliminating a lot of the other areas which could divert your attention.

Then once you have been able to come down to the narrowest market (single target market) and figured out the economics of reaching out to that market, you can start working on the messaging.

Messaging is a very complex topic and by just reading a few lines here will not show you the gravity of the work that needs to be done to work it out. However by narrowing down, you can now put yourself in the shoes of the person whom you could be talking to. Once you are in her shoes, you can start thinking about what would go on in their mind related to what you are offering. Since you have too only think for this one person, life becomes much easier and you can create more targeted messages.

Sometimes the things you sell, don’t directly feature in the mind of the person, so you need to go one stage upstream and then create the messaging. Like no one, would think of outdoor – wedding – catering, until there’s a marriage that is taking place in the family. So in such cases your message will need to be focused on how it will get moulded with the marriage discussion going on in the mind of. the person you are targeting and then place the idea of an outdoor wedding. Since if they won’t think of an outdoor wedding, they can’t think of an outdoor – wedding – catering.

You cannot create powerful messaging without entering the mind of the prospect. And the best way in my opinion is to get down to a single target market.

Till next time then.

Carpe Diem!!!

My fascination with Marketing

Assumptions, Marketing, psychology, segmentation, single target market

I have been involved with marketing directly or indirectly for a very long time. Inspite of that, I keep getting fascinated with things that get thrown up when you start analysing something from the basics of marketing.

Last couple of days I have been involved in doing some deep thinking on two of our product / service lines which have not been moving. Whenever something doesn’t move, my first emphasis is always to identify what’s wrong with the database / market. More than 50% of the problems in marketing can be resolved if you have identified the market clearly and then gone about getting the database accordingly.

So one challenge was with a set of partners that we had been trying to court and the other was related to a service offering. When I got down to analysing why the partners were not responding to our messaging, it slowly dawned on me that those companies would not have customers who could need the services we offer.

As an allied example – If you are a carpet cleaner and people you are sending the message to are not responding, then you need to figure out if those people actually use carpets. If they don’t use carpets, then even the best message won’t get you an order. On the other hand if you go to a neighbourhood where you have houses where you can be sure that people will have carpets in their houses, then even a mediocre message will get you some traction.

However since we get so bogged down with transactions, fighting fires and managing teams, we tend to forget the basics. So we start with one assumption and then another gets added and then we forget how many assumptions have got stacked up. But when I do get down to doing work from the basics, there are so many things which get thrown up.

Marketing is 50% maths and 50% psychology / human behaviour. So you can’t miss on the maths, because your survival is based on the maths. On the other hand figuring out the psychology of what will get people to buy is critical. So starting with the smallest unit of the addressable market helps with addressing both the issues well.

Marketing also has immense leverage because it can help your business grow dramatically if managed well. That’s another reason, why I am fascinated with marketing.

Till next time then.

Carpe Diem!!!