There is a question that plagues most small business entrepreneurs: How do I find new clients? I will answer that question in this mini boost. But the short answer is Marketing.
The definition of marketing is “the action or business of promoting and selling products or services, including market research and advertising.” So, start by asking this powerful question: How do you promote your ability to uniquely solve a specific problem for your ideal customer most cost-effectively and profitably?
Four basic principles of marketing will provide you with the foundation to augment an effective branding strategy. By learning these four principles of marketing you will be on your way to marketing success. They are Specialization, Differentiation, Segmentation, and Concentration.
The four principles of marketing
1. Specialization
Don’t try to sell anything to anyone.
Your business caters to a particular customer…
with a particular product or service…
in a particular market area, you want to serve.
What do you sell and to whom?
2. Differentiation
Don’t be like everyone else, be you… but be the best version of you, you can be.
Your competitive advantage…
is your area of excellence and superiority…
and is because of your Unique Selling Proposition or USP as it is called.
“But my business or service is highly competitive!” you observe, “How can I be different when my competitors and associates are selling the same thing?” Great question! When your product or service is also sold by others, YOU are the unique selling proposition! You must create high-quality relationships.
Everyone can be the best at something. There is only one you. If you can identify and/or create a competitive advantage, and covey it to your customers, the flood gates will open. Again, if the product or service can’t be a differentiator, then BECOME the differentiator. Be unforgettable. Be indispensable. Be a competitive advantage for your customers. You are their secret sauce!
You can make more money and sales in one year with a clear competitive advantage with your customers that you might make in a lifetime if your competitive advantage is unclear.
How are you different and better than your competitors? Customers always want to know why they should buy from you versus your competitor. It’s not personal. The customer wants the highest quality for the lowest price. Don’t you?
3. Segmentation
Your ideal customer lives in a specific business neighborhood with a specific problem they want to solve.
Determine who are the customers in your target market that value your area of differentiation who will pay more for your specialization.
Real Estate agents solve the problem of houselessness. Insurance agents solve the problem of fear of tragedy. Wedding Planners solve the problem of wedding day mayhem. Daycare providers solve the time problem of working parents. Who are the customers who appreciate your specialized differentiation?
How would you describe your perfect customer… without describing your product or service?—JAY FORDE
Create a profile for your ideal customer. Give them a name and lifestyle. Imagine them trying to solve the problem you can solve. Describe your solution through the lens of their profile. Be authentic.
Demographics: Who is your customer?
The following examples give you some clarity of your ideal customer’s profile.
- Age
- Gender
- Income
- Education
- Occupation
- Location
- Family status
Psychographics: What is your customer thinking about?
The following examples give you some clarity of your ideal customer’s decision influencers.
- Goals & ambitions
- Wants, needs, motivations
- Hopes, dreams, aspirations
- Fears, doubts, worries
- Problems to be solved
Remember, customers only buy your product or service because there is a problem they want to be solved. Even if that problem is a lack of entertainment or a need for convenience. Your solution needs to overcome their Psychographic objections while appealing to their Demographic motivators. What problem do you solve? Know this with crystal clarity!
4. Concentration
Where are you focusing your time money and resources? There is an old saying: 50% of my advertising is wasted but I don’t know which 50% it is.
Focus your message on your best customers. What are the best possible ways to contact your ideal customer? Social media? Radio? Flyers? TV ads? Just like you, your ideal customer responds to a specific message in a specific way.
In this boost tip, you learned the 4 principles of marketing: Specialization, Differentiation, Segmentation, and Concentration.
You also learned how to promote your ability to uniquely solve a specific problem for your ideal customer most cost-effectively and profitably.
Be sure to contact me to help boost your business branding so you can boost your small business profits.
