For those of you in business, retaining customers and clients and developing new ones is the key to staying in business. But before you launch into the next great marketing campaign that will put your business over to top, ask yourself these three questions:
Are You Hitting Your Target Market? Find Out Here
What are the market segments for your business?
I come from a real estate background so there are many layers and segments to that business. Yes, you have buyers and sellers. But then you can break each of those into price bands, locations, etc. Why is this important? In Anna Ritchie’s article “3 Tips for Keeping Your Buyer Personas Fresh and Alive” she displays this graphic below.
It would be impossible to develop this or any sort of strategy if you don’t have your target markets segmented properly. Each of those segments has a voice and will be most effectively marketed to in that voice.
Which segment delivers the most ROI?
So, now you’ve segmented your target markets. Do you know which one offers the most ROI (return on investment)? Do you know which one you market to most easily? Most naturally? Sometimes the buyer persona you resonate with the most is the one that yields the least ROI, but since it is more comfortable, it’s the one you continue to allocate resources towards. Find out which market segment has the highest return for your business – if it happens to be from a segment you don’t relate with personally, too bad, learn to speak and market in terms they understand.
Which segment refers the most new business?
This could very well be the same that delivers to most ROI, and if that’s the case – great! But if you’ve got a market segment filled with socialites that love to talk about how great your business is, you better make sure you market to them with content that shares easy. Hubspot calls it remarkable content.
Remarkable content is literally content that will be remarked upon by your audience, so that comes down to adding value to your readers’ lives, jobs, or soul. – Kirsten Knipp, Hubspot
Identify the market segments your business does business with. Find out which one of these generates the highest ROI and allocate resources accordingly. Generate the most remarkable content with the market segment that refers the most new business to you. Do these three things and watch your marketing begin to gain traction and move the arrow up and to the right.
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