Marketing Stamina and the Single Target Market

B2B, budget, Marketing, Marketing Stamina, Product Management, segmentation, single target market

Marketing stamina is all about being able to last out in a market, while you take time to get in and dominate.

The single target market is a starting point within a market niche which you aim to pick up and dominate till you aim for the next one.

P&G or Unilever both have products which wash clothes. But they have an independent brand Tide / Rin ( P&G / Unilever ) which washes clothes white and Ariel / Surf ( P&G / Unilever) which removes stains from your coloured clothes.

Such large companies with massive marketing muscle, still go after one market at a time and generally create different brands to ensure a clear differentiation.

But the clearer objective is to concentrate all their energies to target one segment / one niche / single target market. By concentrating all your energies to focus on just that one market, you don’t divert your energies in trying to be everything to everyone. What that ends up doing is giving you more freedom rather than constraint to think creatively about various ways to meet the customer.

Since you only have to focus on one set of prospective clients, you then find the most convenient and cost effective ways to reach out to them and find the best messages which resonate with them, resulting in quicker market penetration. This means your funds which you budget as part of your market stamina can last longer and you have a much higher chance of success.

Till next time then.

Carpe Diem!!!

The best companies who could use my marketing advice

B2B, Business, Customers, ideal customer, lead generation, Marketing, Riding the elephant, single target market

I keep talking about a lot on the way you should identify the market, how you should target a segment and niche it . I talk about the challenges that come up when targeting the B2B space for a complex sale and how you can go about addressing them.

While most of whatever I talk about is overall good marketing practice, this is specially useful to people who own, run or work for companies who are less than $50 million in revenue, sell mid to high value products in the B2B space.

If you sell low dollar value items, then maybe a few things – especially about mapping different people in the organisation or structuring a value proposition or identifying the ecosystem may not completely be of value to you.

If you have already crossed the revenue of $50 million then chances are that you already are doing things and putting up systems which have helped you reach such a large turnover.

Its the companies, who are reaching about half a million dollars and want to break into the million dollar league and build processes which bring regular leads, who can benefit most from what I write. These would be my Ideal Customers.

All the concepts whether its the Single Target Market or the “Riding the Elephant” can provide immense leverage to companies who want to grow dramatically.

Till next time then.

Carpe Diem!!!

Focus on Single Market & Media

B2B, Focus, lead generation, Marketing, single target market

Today I was watching a video on YouTube about productising a service offering, to make it scalable. This video is an interaction between Chris Do and Greg Hickman.

I keep talking about a Single Target Market for your offering and how you need to focus all your attention to being able to dominate that market before moving into a different market. Getting all your learning whether its about the social media platform you want to use or the message you want to convey for this one focused market.

At the beginning of the video Greg talks about focusing for one year, with one offering using one media if you want to scale up. He talks about a couple of other “ones” also.

But these stuck to me, because while I only emphasize the idea of one market, this gentleman is going a step further, to also ensure your focus on the media.

I fully agree to the idea of focus to achieve your objectives. Once you have tested the media which is getting you the most traction in the Single Target Market of your choice , then you should only keep using that medium and see how you can reduce the cost, increase the traffic and increase the conversions.

If you do this with focused attention for a year, you would have created a huge “top of the funnel” to keep you busy for a long time. In case of B2B this focus from your marketing team will ensure that your sales teams have leads coming their way.

I am going to explore this idea and will keep you posted.

Till next time then.

Carpe Diem!!!

Lead generation in B2B – 4

B2B, budget, campaign, lead generation, Marketing, niche, segmentation, single target market

While we are on using social media for testing the campaigns, for the last 2 posts, one more thing you need to keep in mind is geography.

Different social media platforms and other PPC search engine platforms like Google have different pricing mechanisms for local, national and international markets. If you will start your testing from a broad geography, then you could end up paying a much larger amount for doing your testing.

One major challenge with social media is that costs can go out of control very fast. This is where starting with a Single Target Market helps. You can choose a very small segment of the market and then niche it further to ensure that you can do changes quickly and then roll out on a national or international scale.

With PPC advertising on social media the second challenge for B2B marketers is to get official emails. As I have mentioned in my posts in this series, earlier, until you have the emails, of people, you don’t own the information. But when people, raise their hand or subscribe to whatever lead magnet you have chosen, they generally end up giving you their personal emails.

So while you have got the information about the person and you can start sending information to her, you won’t know her company details and her designation.

That’s where you will need to figure out a way for her to give you information. This will make it a multi step process. While there are a lot of coaches who talk about social media advertising, very few talk about B2B related successes because of this challenge.

Till next time then.

Carpe Diem!!!