Wednesday, June 30, 2010

12 Ways to Improve Your Profits

By Janelle Rees

Over the past few months at Creative Territory we’ve downed our blogging pens while we’ve been busy developing the Marketing Health Check – a 12 point checklist to help local businesses pinpoint simple and cost-effective ways to turn their marketing dollars into increased profits.  Here’s a sneak peak from Section One of the marketing health check:

Who is your target audience? Consider:

- Primary audience (most important)
- Secondary audience (not as important)
- Stakeholders (industry bodies, the media, Government, other local businesses)

Understanding your target audience is critical for ensuring your marketing activities reach people who are actually interested in the products and services you have to offer.

There are three different audiences to consider:

Your primary audience: This is your most important audience. These customers are your bread and butter, the types of people you do business with every day.

These are the people you need to make sure your marketing is reaching.

Your secondary audience: This audience is not as important as your primary audience. These are people who might not personally be interested in your products or services, but might mention them to a friend, discuss your business in a social setting or influence other people to use your business.

Your stakeholders: These are the groups or individuals who are not necessarily customers, but who are affected by your business or who have an effect on your business. This includes groups such as the body corporate in your office building, your landlord, your local council, residents who live in the vicinity of your business and more.

Why is your target audience important?
If you don’t understand who your target audience is your marketing efforts cannot be guaranteed to reach them. On the other hand, if you have a clear understanding of who you want to reach the best way to reach them will quickly become obvious.

For example, it if you are a provider of after-school care services you would not want to advertise on television during the day. Why? Because your target audience, working parents, are at work and not at home watching television.

A more effective marketing activity might be to place an advertisement in the school newsletter. Your target audience is parents of students in the location you provide after-school care. An effective way to reach those specific parents is through their child’s school.

How do I know who my target audience is?
When you are identifying your target audience, think about gender, age, geographic location, income level, preferred leisure activities, their profession, their media activities (do they read magazine? Watch particular TV programs? Are there certain times of the day they listen to the radio?) and anything else you know about them.

It can be helpful to think of a specific individual who has all the characteristics of someone in your target audience.

Did you find this helpful or know someone who would? To access the complete Marketing Health Check including a worksheet to help you identify the characteristics of your target audience contact us today. We’ll arrange a time to meet with you to go through the health check in detail and provide advice specific to your business.

Creative Territory
think outside the circle

T: 08 8941 9169