And while no one is denying targeting your market is the way to go, at the same time James says business owners should also have a degree of flexibility and be open to new markets and new angles for their business. "You may be missing out on opportunities to expand your business simply because you’re too focussed on your particular customers right now," he warns. "Focussing too narrowly can be detrimental."
Keeping your marketing plan linked to your business plan is the key, says Bohan. Looking at the cycles of your business can give you some idea as to the best times to get your brand out there and in the face of your target audience. He knows for many SMEs the budget is tight, and many hesitate to commit funds to marketing as the return on investment can often be hard to fathom in the short term. However, to create a product or service that grabs your profiled customer or client, whether it’s immediately or six months down the track, is invaluable. "Over a period of time, if you’re not investing in your own brand, you’re going to go nowhere. You’ll always be like a start-up business."
Venus v Mars
When it comes to target marketing, Bec Brideson discovered many businesses were missing out on a larger proportion of the consumer market. With almost 80 percent of advertising creatives in Australia being male, but approximately 80 percent of the country’s household purchasing decisions being made by women, there was a huge discrepancy. She founded Venus Advertising, claiming it to be the first agency to specialise in marketing to women.
For any business owner looking to appeal to women, she has come up with five tips on how best to approach this part of their marketing strategy:
Stay away from the colour pink: Quite often this is a token effort and it’s not going to help. "A lot of guys things think ‘Just splash a bit of pink paint on it and it’ll suddenly appeal to women’. That’s a big no."
Wise up to the market: Investigate the latest statistics and research. For example, 50 percent of women shop in DIY stores now, Brideson says. And 90 percent buy over-the-counter pharmaceuticals. "So it’s really understanding what is the majority of your audience and how do you appeal to them."
Stay away from the stereotypes: Reverse sexism can be just as unhelpful as the usual clichés, says Brideson. Making fun of men is not really what women want to see.
Spend your media dollars in direct proportion to the people you target: Car companies will often play their ads during sporting matches, yet women influence 85 percent of all car purchase decisions. "So maybe you’re missing the people who you really should be targeting."
Re-evaluate your product: Think about its appeal to women. "Are there barriers to them purchasing it? If you actually made some small adaptations to the features and benefits, would more females buy your product?"
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Venus v Mars
