Four key reasons to focus your marketing
There are many business owners out there who believe they can sell their product/service to anyone – sand to the Arabs and all that. I’ve no doubt they are very good sales people and could sell to anyone they sit in front of. It doesn’t mean they should be trying to sell to anyone. I believe that you have to focus your marketing and let me explain my reasoning.
You don’t have the money
There are 65 million people in the United Kingdom. If you take out of the equation children, there are nearly 53 million adults. Even if you won the highest possible EuroMillions win (190 million Euros)and didn’t retire, that’s just over £3.18 per person. £3.18 isn’t going to get you very far. I’m guessing that you haven’t got that much money in your company bank account.
You don’t have the resources
How are you going to generate enough marketing to reach 53 million different people? Even though 64% of the UK population are said to be active on social media, you need to produce regular, engaging, content across a multitude of social media channels – Facebook, Twitter, LinkedIn, Instagram, Snapchat, (even) Google+. For the other 36%, you’ve got advertising (TV, radio, print), direct mail, trade show and exhibitions. All which need people to do things. If you have enough people, you’re almost certainly not and SME business.
You won’t get a positive ROI
In a ideal world, you will get back more money than you spend. Your marketing has to be profitable or there is no point in doing it. If you are using so many marketing channels, in order to reach the whole population, you are highly unlikely to generate sufficient profit from enough channels to pay for the losses on each.
Not everyone wants to buy from you
For every product or service you sell, a huge chunk of the population will never want to buy from you:
- They don’t need it
- They buy from a competitor
- They don’t have enough money
Why would you possibly want to spend money trying to sell to people who will never buy your product or service? There’s nothing wrong with chasing your competitor’s clients but if they are never going to need it, it’s a waste of time and money.
If you focus your marketing you get to reduce the amount of money you need, the resources you need and delivers a positive ROI. You remove the people who will never buy from you and concentrate on those who are likely to.
I hope this helps.