Getting the right message to the right person at the right time and in the right place is frankly, very difficult. But, it's also very easy. Allow us to explain.
The journey from developing and launching a product or service to actually getting someone to make a purchase is usually a long and tricky one. Every entrepreneur or business owner will believe that they have the solution that everyone needs – this is just part of the problem!
The reality is that at this early stage only you believe in the product; no-one else cares!
We know from multiple experiences that most inventors don't research the market well enough before investing thousands of pounds in developing a new product. That said, if your product is ready to go to market, what next?
Your product solves a problem, yes? And it will be very beneficial to the customer too, yes? Ok, so now you have to prove it – to the right people.
Before you set out your marketing strategy, there are two things you need to do beforehand:
1. Define your buyer
2. Set your marketing budget.
Some basic B2B criteria required to begin your target market segmentation (consumer marketing is far more in-depth). You'll need to define:
Country/location you wish to sell in to
Industry/market that will benefit from your product or service
Size of business/turnover of the company who can afford/benefit from the product or service
Contact type/specialism who is likely to understand the benefits
You then need to consider contact demographics such as:
Person type e.g. influencer/buyer/end user
This all seems pretty straightforward, however listing your target audience and reaching them are two different things.
When you have a clear understanding of who you need to reach, you'll have a better idea of the potential market in terms of numbers. If your target market is fairly local, the numbers are likely to be small, manageable and low cost. Even if you identify 10,000 contacts across the UK, you can break them down by county, town and so on.
So, you have identified 500 potential contact types but remember, each and every contact is going to behave differently. Do you send out 500 emails or direct mailers and hope for a 1% response rate?
The reality is that when you're starting from the ground up you need to start small; research your market, understand the needs of your customers, understand the needs of their customers, understand who the individuals are, how they behave and where they look for information. Ideally, start with just a handful of contacts - identify 10 companies that you really want as customers and focus all your efforts on them.
We agree it's hard work, but if you truly understand where you need to place your message, how and to whom, you will have a far better response to a tailored message, and you need only to spend a small amount of money to reach them.
Even if you start by targeting a handful of contacts, each one will teach you things that you don't yet know. And, if you do make those early sales, they will help to give you the 'leg up' to a broader group of contacts going forward.
In summary, if you research, segment and know your customer, you can then tailor your messaging and deliver it creatively through accurate channels. Do this and you will get it just right!
At TPMC, we've been splicing and dicing market data and creating 'on-message' communications for more than three decades, so if you need any help then don't hesitate to contact us.