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Small Business Marketing Strategy - The Importance of Identifying Best CustomersTip! Business War Management: As well, the business strategy simply means the application of war management techniques in businesses to win in their respective battle. Every entrepreneur has opponents and challengers in business or even in job seeking and there is every need to manage and survive to become fit. Best customers. Most small business marketing efforts simply don't lavish enough attention on their best customers. Either the small business doesn't know who its best customers are, or it doesn't believe it's important to "love them up". Well, your competition loves either of these marketing mistakes. Each is especially effective at driving your customers into their waiting arms. Why hand over your best customers to your competitors? Why not make your competition earn their customers the old-fashioned way, with costly advertising campaigns and sales promotions?
Best customers may be just 20% of the total number of your customers--but they can easily drive 80% of your profits. Not sales--profits. It's the classic Pareto rule of 80/20. To leverage these best customers, you must first identify them. If you don't know who your best customers are, then how can you market to them? You can't, and your small business marketing will suffer because you'll pitch unnecessary advertising dollars at your least profitable customers, and spend too little on your best ones. Tip! When a powerful business strategy is in place it provides the fuel that drives your life and drives your actions. Best customers deserve more marketing dollars. It's that simple. Your most valuable employees receive higher compensation, right? Then why don't you spend more on your best customers? After all, they're spending more on you. Each small business has its own unique challenges in first identifying who the most profitable customers are. It's not easy, no matter what the marketing gurus out there say. It takes diligent work and perseverance to uncover and identify who these "best" customers are. But, it can often be accomplished, provided the entrepreneur who owns the small business possesses the will to find out who the best customers are. Once you've made your mind up that you need to identify and market to your most profitable customer segment, everything else boils down to strategy and tactics. And yes, it is possible your small business simply can't target its best customers. Some
businesses have no way of identifying them; others can't find an economical way to communicate with their best customers, once they do recognize them. Tip! In other words, the right marketing strategy can overcome slight problems in the copywriting or even the carrying out of the plans. Even the best copywriting on the planet won't make a success out of a poor business strategy or concept. But if you can accomplish both--identify and communicate with these top 20% who drive major profits--then you can seriously make more money. You can reach out to your best customers, incent them to keep returning and buying from you, and then move forward in your prospecting and try to find other people who look like them Remember: Brand (who you are) + Package (your Face to the Customer) + People (customers and employees) = Marketing Success. © 2006 Marketing Hawks Craig Lutz-Priefert is President of Marketing Hawks, a firm providing essential marketing vision for small business. Marketing Hawks also sponsors the ongoing small business adventures of entrepreneur Crystal Trino at the JourneyToday website. |
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