Intuitive Marketing
Several years ago, the New York Times published a report about Target, their data-mining practices, and how their algorithms were sophisticated enough to predict pregnancies. Target used this data to tailor offers and coupons to expecting mothers. The data looked at the buying behavior and patterns of newly pregnant women and the items they were consistently purchasing in their first trimester. This data was then used to tailor offers and coupons to pregnant women.
While many people may express their abject horror at the idea of this intrusion and possible privacy concerns, I find this information fascinating from a marketing perspective. Most major companies collect this kind of data and develop sophisticated and intuitive algorithms to grow their customer base, keep existing customers, decide what items to discontinue, and increase sales using their best sellers.
Now, I know what you’re thinking. “Kate, WHAT are you talking about? What does this have to do with my small business? I don’t know anything about data or how to apply any of this to my business!”
Hang in there, and I promise I’ll get to where I’m going with this soon.
One of the biggest mistakes I’ve seen from small business owners is 1) not knowing who their target market (or ideal client) is and 2) not effectively reaching their target market. A target market is a group of customers with shared demographics to whom you wish to market. Some of you may be thinking, “but I want to market to everyone!” and darling, that is a whole different blog. There is a saying in the marketing world: “If you market to everyone, you market to no one.”
My wish is for small business owners to think more intuitively, just as an algorithm, and start asking questions about their ideal client. Think beyond general demographics such as gender, age, income, education, and location.
Think about a day in your client’s life: Who are they? Where do they work? What are their values? Do they care more about price or quality? Do they like luxury services and goods? Where do they shop? What gym do they go to? What beauty or grooming services do they use? What restaurants do they visit? Do they prefer Starbucks, 7-11, or Dunkin’ Donuts? What issues matter to them? Do they watch tv, and what tv shows do they like? Do they like to travel? How do they spend their disposable income? What brands do they like?
The questions are endless. However, you can build comprehensive Ideal Client profiles by thinking intuitively. Using that information, you can begin to strategize ways to effectively tap into your target market and create ways to connect and attract your ideal audience.
It might seem overwhelming, but I promise we’ll take it slowly.
Until next time,
Kate
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