Concentrating your marketing dollars on a single initiative is hard. It’s like choosing which of your kids you like best.
But I promise you, unlike in parenting, it will be simpler in the end (take it from a mom of two newly minted adults…).
It’s All About Sharpening Your Focus
Focusing on a single core audience, with a single message, around a single offering helps you make real hay with your restricted marketing resources. Even when you need to support more than one part of your business with marketing investment, focusing on growth one-by-one can lead to more responsible spending.
Here are four approaches I keep front and center when building out a marketing plan:
1) Consider a launch program that utilizes assets you already have
Like… Your email list. Your existing collateral. Your barracuda sales team. Start where you can spend less, and earn more. Focus helps you create impact. But, make sure you have enough “owned media” to deliver on your goals.
2) Start with a single target audience. The question is: which one?
Well, your opportunity audience will be a two-part harmony, and it’s up to you to pick the part. Customers that may provide higher revenue per new acquisition are an obvious choice. But, have you considered the purchase cycle—the time it takes to make a sale after the first contact?
New customers who deliver a lower revenue point may actually provide greater revenue opportunity if there are more of them, or if they are easier to onboard.
Remember, this isn’t forever, it’s just a place to start. As your marketing delivers results, you’ll take the learning and move onto the next area of focus.
3) Time is actually on your side.
While you’re building out your priority marketing program, consider what you need to learn for the next one. Which channels have better ROI? What messaging approach might apply to more than one audience type? Build the right plan. Learn and optimize. That will make the next initiative better informed and more likely to succeed.
4) Consider the buyer journey in terms of time and cost.
It may take longer to generate awareness and engagement than it does to nurture those already in your database. And, while we’re all focused on new customer acquisition, a current lead database or existing customers may deserve some much needed love and attention.
“Start where you can spend less, and earn more.”
I ascribe to the philosophy of generosity. Nurturing current leads with new high value information they can learn from and use is always a profitable approach.
And never take retention for granted. Customers can be your greatest source of new business.
Reap the Rewards of a Marketing “Reality Check”
Focus doesn’t mean certain goals aren’t important overall; it’s simply a reality check on how to make the most of marketing spending. In all cases, marketing should pay for itself. With luck and smarts, it can actually pay for your next campaign.
Thinking about doing your own reality check? Let’s talk to see if a view from outside your organization can help. While you’re mulling this over, here’s a free Marketing Strategy Lab training to help you think through your roadmap for this year.