STRATEGY: Defining and Advertising to Your Target Audience
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The document discusses defining target audiences and marketing strategies for businesses. It emphasizes that businesses should focus their marketing efforts on a clearly defined target audience rather than trying to appeal to everyone. Defining customer profiles including demographics, interests and behaviors helps ensure marketing messages are tailored to the right audiences. Tracking how customers hear about the business allows measuring the effectiveness of different advertising methods. Pairing traditional ads with digital components increases brand recognition. The Lehigh Valley Business publication is introduced as a potential marketing outlet, with details provided on its reader demographics.
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STRATEGY: Defining and Advertising to Your Target Audience
- 1. STRATEGY Defining and Adver3sing to Your Target Audience Alex Renze) Lehigh Valley Business
- 2. When you want to start a business, there are three general ques9ons you ask yourself: Why am I star9ng this business? How am I going to run the business? HOW AM I GOING TO MAKE MONEY?
- 3. Sure, you can sell your product or service to make money .. But how can someone purchase that product or service if they are unaware that you exist? … that’s where MARKETING comes in So if marke9ng is a key factor during the planning stages of a business, WHY is it the first thing that business owners axe when cu)ng budgets? Doesn’t make much sense, does it?
- 4. A generic business plan begins with the “Execu9ve Summary” or “Business Descrip9on” that outlines: • Company Name • Market/Industry • Business Type (i.e. corpora9on, sole proprietorship) • Products and/or Services Offered WHO ARE THE CUSTOMERS
- 8. HOW AM I GOING TO MAKE MONEY? WHO ARE MY CUSTOMERS? TARGET MARKETING = +
- 9. MYTH: The more people I reach, the be^er my marke9ng is. If your goal is to build customer loyalty, Quality > Quan3ty. Reality Check: It is nearly impossible to develop ONE message that appeals to everyone. Solu3on: Define and laser focus your efforts on your target market.
- 10. The Rocky Horror Picture Show premiered in 1975.
- 11. In October 2010, The Rocky Horror Glee Show is aired on the FOX Network
- 12. How does The Rocky Horror Picture Show remain relevant aTer nearly 40 years? Audience Engagement: From the actors on the floor ac9ng out the show in front of the screen, to the classic audience shout-‐outs, Rocky Horror is an interac9ve experience. Target Audience: Or cult, in this case. Rocky Horror has become the poster movie for “acceptance,” par9cularly as a rite of passage into adulthood, a coming-‐out for members of the LGBT community, and one big party that celebrates freedom and self expression.
- 13. IT’S ALL ABOUT YOUR STRATEGY
- 14. Who are your compe9tors targe9ng? Can you target the same audience? Is there another untargeted market? Can you appeal to this market more than your compe3tors? WHAT MAKES YOU STAND OUT?
- 15. Define Your Customer Profile 1) What are their basic characteris9cs? i.e. age, income-‐level, marital status 2) What are their common emo9ons, interests, behaviors? i.e. technical, environmentally-‐conscious 3) Research the consumer trends of your audience: Where do they shop? How do they get their informa9on? If you know your customers you will know the right way to reach them
- 16. Audience-‐focused ad targe3ng depends most highly on these methods: BEHAVIORAL DEMOGRAPHIC GEOGRAPHIC
- 17. MEASURING YOUR RESULTS Yes, it can be done. Anyone who says it can’t be done is lying. Ask One Simple Ques3on: “How did you hear about us?” FAMILY/FRIEND RADIO COMMERCIAL NEWSPAPER DIRECT MAIL WEBSITE DIGITAL ADVERTISEMENT E-‐BLAST EVENT SPONSOR NETWORKING EVENT TV COMMERCIAL OTHER Look at all of the media outlets that weren’t circled. Many would jump to the conclusion that they are unsuccessful adver9sing media. They might not be as effec9ve on their own as the others, but they could be the perfect tool to enhance the adver9sing techniques that are working! How can you use one of the unselected words to direct your customers to one that is circled?
- 18. TIP When you pair your tradi9onal adver9sing – Print, TV, Radio – with a digital component, such as a Banner Ad or E-‐Newsle^er, you are increasing someone’s reten9on of your ad from 6% to 27% Customers will recognize your brand 4x more by using this “mul3-‐plaborm” adver3sing strategy!
- 19. ALLOW ME TO INTRODUCE YOU TO
- 20. 90% of LVB readers are Executive or Management Level and are able to make buying decisions for their business! The average LVB reader is 56 years of age with $142,000 average annual income and an average net worth of $1.3 million 83% of readers have taken some action in the past 12 months as a result of seeing an ad in LVB. 10,000+ readers subscribe to LVB’s “Daily E-News,” while LVB.com hosts more than 43,000 unique monthly visitors. • Only 100% Business News publica9onx in the Lehigh Valley • Largest business editorial staff in the region. • Circulated throughout nine coun9es • Reach more than 25,000 business decision makers using the “Power of Three”– Print, Online, and In-‐ Person Events. …why is Lehigh Valley Business right for my company?
- 21. Lehigh Valley Business– 73% The Morning Call– 33% The Express Times– 22% LVB readers plan to purchase or lease the following products for their company in the next 18 months: Computer Hardware/Upgrades– 53% Computer Software– 41% Office Equipment– 40% Building Maintenance/Supplies – 31% Gifts/Awards– 24% Company/Fleet trucks, trailers – 23% Office Furniture – 18% Manufacturing Machines– 13% Uniforms – 12% AV equipment – 11% LVB ONLINE • 92% of readers research products/services on the web before buying •49% of readers visited a company’s website in the last 18 months as a result of seeing an ad in LVB • 33% of “LVB Daily” E-Newsletter subscribers have visited a company’s website via a digital advertisement The Express Times– 22% LVB readers plan to purchase or lease the following products for their company in the next 18 months: Computer Hardware/Upgrades– 53% Computer Software– 41% Office Equipment– 40% Building Maintenance/Supplies – 31% Gifts/Awards– 24% Company/Fleet trucks, trailers – 23% Office Furniture – 18% Manufacturing Machines– 13% Uniforms – 12% AV equipment – 11% LVB ONLINE • 92% of readers research products/services on the web before buying •49% of readers visited a company’s website in the last 18 months as a result of seeing an ad in LVB • 33% of “LVB Daily” E-Newsletter subscribers have visited a company’s website via a digital advertisement
- 22. LVB readers or another member of the household plan to purchase the following in the next 12 months: Furniture: 30% Floor Covering: 24% Appliances: 24% Landscaping: 21% Lighting: 21% Jewelry: 15% The average LVB reader has an average annual household income of $181,000 with a net worth of $1.3 million © Readex Research 2012 LVB readers have attended the following over the last 6 months: Sporting Event: 69% Charity Event: 66% Concerts/Symphony: 57% Museum: 54% Live Theatre: 49% Art Gallery: 44% Wine Tasting: 39% Car Show: 32% • 15% of readers will purchase or lease a new car this year •50% will within 2 years •54% will spend $20-40k •15% will spend $40-50k 94% of readers OWN their home 24% of readers plan to renovate in the next 18 months 27% of readers plan to enroll in some sort of continuing education in the next three years
- 23. Imagine you are on the marke9ng team for Best Buy placing an ad with LVB. Knowing a li^le bit about LVB’s audience, which ad do you think would be more effec9ve?
- 24. Our editorial calendar is laid out to feature a different industry every week (i.e. technology, construc9on, senior living) to ensure that your company’s message is being delivered directly to your target audience!
- 25. Let’s go back to the Employee Benefits Administra9on: Target: Owners or Decision Makers of Small to Medium sized companies with ten to five hundred employees. Based on their target audience, in what issue of LVB would you suggest they place an ad? a. Employee Benefits b. Small/Family Business c. Healthcare in the Workplace d. Construc9on e. All of the Above
- 29. So What Can We Take From This? • Define your target audience and develop a message that appeals to that group • Create a STRATEGIC marke9ng plan based on data you have gathered through surveys and other techniques for which adver9sing medium(s) would be most efficient in ge)ng your message to the right audience • In order to increase brand recogni9on, use a mul9-‐ plaqorm marke9ng approach • ADVERTISING IS THE KEY TO ANY SUCCESSFUL BUSINESS – IF YOU ADVERTISE WHEN YOU’RE BUSY, YOU’LL NEVER BE SLOW!
- 30. ALEX RENZETTI MARKETING EXECUTIVE FOR AN ELECTRONIC VERSION OF THIS PRESENTATION, PLEASE EMAIL: ALEXR@LVB.COM Links to Get More Informa3on: Define Your Target Market and Sell More Products Easily