Develop a profile of customers you would like to target
After analyzing the customers currently being serviced by the company, the next section of a marketing audit is where you describe the customer audience you would like to target. The retention of current customers and acquisition of new customers are the underlying concepts of business development and what marketing should support. The potential for increasing sales and raising awareness can be just around the next corner.
By understanding the total sales of a market and what your current customers represent to that market, you can begin to see your market share. After understanding your current customer, you can research if this is a developed market or if there room to go. Are there untapped customers still to be targeted in that market? You may see lateral markets as a way to increase sales. There also may be niche, unsaturated or growing markets worth putting marketing dollars towards. Fringe markets may be ones you have a smaller percentage of customers but see the need to raise awareness and could be worth developing. The need to increase marketing budgets, to help achieve these increased revenues and market share, may reveal itself.
By developing a data-driven marketing plan, it allows for definition, measurement, analysis and improvement throughout the execution. And ultimately, giving you control and the ability to report on the results.
After some research and conclusions, develop your target customer profile.
After analyzing the customers currently being serviced by the company, the next section of a marketing audit is where you describe the customer audience you would like to target. The retention of current customers and acquisition of new customers are the underlying concepts of business development and what marketing should support. The potential for increasing sales and raising awareness can be just around the next corner.
By understanding the total sales of a market and what your current customers represent to that market, you can begin to see your market share. After understanding your current customer, you can research if this is a developed market or if there room to go. Are there untapped customers still to be targeted in that market? You may see lateral markets as a way to increase sales. There also may be niche, unsaturated or growing markets worth putting marketing dollars towards. Fringe markets may be ones you have a smaller percentage of customers but see the need to raise awareness and could be worth developing. The need to increase marketing budgets, to help achieve these increased revenues and market share, may reveal itself.
By developing a data-driven marketing plan, it allows for definition, measurement, analysis and improvement throughout the execution. And ultimately, giving you control and the ability to report on the results.
After some research and conclusions, develop your target customer profile.
- What is the title of your target customer? What is their job function? One way this information might be used is in developing a messaging addressing their job responsibilities and challenges.
- Describe the industry being targeted. Apply Standard Industrial Classification (SIC) or North American Industry Classification System (NAICS) codes to industries. How a particular industry receives its information could help shape the vehicles chosen.
- List the geographic location of your target customers. This demographic can further reveal communications vehicle correct to reach these potential customers.
- Add the size of the company to your target profile. How many employees, sales volume, number of locations.
- List other information that may be used to describe demographics, ethnicity or behavioral issues. All of the above information can be used to help define the audience size of your target customers. Demographics can be refined to keep reach attainable.
As an advertising agency, Brigham & Rago is here to help businesses develop marketing communications plans to keep or capture new market share. We are ready to consult with you, then based on our experience and the information we gather, help put together a communications plan. We believe this plan will be a framework for a powerful marketing communications program. Our goal is to help you meet your marketing objectives by assisting in implementing and delivering a clear, consistent message. Call 973-656-9006 to set up a meeting to discuss your next communications project. Visit our online portfolio to see examples of work we’ve created for our clients.
