So, do you work in a construction-related trade? Are you looking for more leads to grow your business? In the video below, Joshua D Brewer shares the “Who, What and Where” of a real marketing strategy, that grows businesses.
You can always find more videos like this on Construction Business TV .
Joshua D Brewer begins,
So, what is the “Who, What and Where” of an effective marketing strategy? Number one is your target market. You may do many things well, but an effective marketing strategy focuses on one target market at a time. Whether you're a brand new business or well established, your primary marketing strategy must focus on the thing that you do exceptionally well. Preferably, a recession-resistant service. That will ensure a strong foundation for your business.
In this current generation, where technology and economic conditions are changing so rapidly, when was the last time that you did a marketing profile on your target market? Has the demographics of that target market changed? Has it changed from residential to commercial? How do changes in the economy affect your target market? Will that affect your business? By putting together a proper marketing profile for your target market, it will ensure that your marketing efforts are sending the correct message to that group of people.
RECAP: Point number one is the “Who” of an effective marketing strategy, identifying and describing your target market.
So now the “What” of an effective marketing strategy? What does your target market want? Do you know what they want? Your marketing strategy must communicate what your customer wants and how you're going to fulfill those needs better than your competitor. Even if you do know your customer's needs like the back of your hand. The challenge that we still face with creating a modern marketing strategy is how are you going to communicate that to a prospect before you ever have a chance to meet them. Until your potential customer understands that you know what they want, you will never have an opportunity to bid on their projects because the percentage of face to face prospecting continues to decrease. Therefore, you must be able to take what you know about what your target market wants, write it down and publish it on the Internet!
Where is your target market? Most importantly, where is their attention focused?
Ask yourself, “are my marketing messages actually in front of the eyeballs of my target market?”
“If I know who my target market is and I know what my target market wants. Do I know where my target market is spending their time?”
Where are you spending your marketing dollars? It blows my mind when I analyze a client's books, and I see the least profitable marketing expenditures that you can imagine! Just like every tool that you purchase, you expect that it will make you money. You must require that every dollar that you spend in marketing is going to make you more money, too.
I'm going to share with you now a secret that I've learned after analyzing hundreds of profit and loss statements over the last 20 years. When you look at your P&L, be sure to select the option to show the percent of income. That's going to make sure that the marketing row is going to show you the dollar amount and the percentage of revenue. If the rate shown is over 7%. You need to take a long hard look at how you're investing your marketing dollars. I can tell you that a well-crafted marketing strategy only reinvests about 2 to 5% of the total revenue back into the marketing efforts. Only invest 7% of your top-line-income back into marketing, if you are trying to push rapid growth. If your marketing percentage of revenue is above 7%, somethings wrong.
Now that's a measurement that you can look at regularly to know how you're allocating your dollars?
What about your time? How are you investing your time? Are you spending fruitless hours at networking events? Now I'm not advocating that you cut everything out! I'm merely asking when the last time that you tracked your actual return on investment was? So that you know the time that you're investing is returning you more business.
Effective marketing strategy is your plan to allocate your time and money towards profitable marketing opportunities properly? How much of your marketing strategy focuses on the Internet? Did you know that a recent survey conducted by the manifest.com shows that over 80% of every generation is on social media? That includes baby boomers! Of the baby boomers that are on social media, over 96% of them are on Facebook at least once per week.
This data just further supports the findings by social media today that over 96% of Americans search for local businesses using the Internet. So, the easiest way to grab anyone's attention - is through an Internet search. Everybody uses Google, Bing, Yahoo, or some other search engine.
If you already know “who” your target market is, you know “what” they want, and you know “where” they are, “how” are you going to get their attention? Especially when it comes to search.
We've put together a very cool interactive presentation called “A Successful Contractors Website Top 10.” Follow this link so that you can see, exactly, what your website needs to be competitive in search engines. Then you can get your message in front of your target market.
In conclusion, if we are growing our businesses, we will be expanding to ever-younger generations. Therefore, understanding the differences in our target market’s demographics, their everchanging needs, and where they are focusing their attention is critical for us to create an effective marketing strategy. If you have any questions about the specifics for creating your marketing strategy, ask in the comments below. You can also ask us out on LinkedIn, or you can even send us a message directly through quality-trades.com.