I was delivering a marketing seminar recently to a room full of entrepreneurs when I was asked a great question by an attendee in the audience. Now I don’t know whether or not he clearly understood the depth of significance to successful marketing his question posed, but it was profound.
His question was essentially, how do you coach your clients into determining what types of marketing they should do?
Now I answered his question pointing out 5 key areas that I investigate with my coaching clients to make that determination. Now are there more factors to consider? Maybe. However if you take into consideration at a minimum these 5, I believe you’ll see agreeable results in your marketing.
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➊ Know Thy Target Market
➋ Know Thy Financial Fitness
In other words, how much money, time, and other resources do you have available to you to market your business? How much do you anticipate you will need? Typically, cash-on-hand is a trade off for time and other resources – the more cash you have the less sweat equity you need to invest in your marketing and vice versa.
➌ Know Thy Strengths
What marketing-related skills are you good at? Do you write well? Are you a good public speaker? Are you outgoing or more of an introvert? Make a list of your dominant skill sets and peruse marketing strategies and tactics that align with them. Remember these great words to live by… “Do what you do best and hire out the rest.”
➍ Know Thy Passions
It’s not enough to just explore what you’re good at. You must take into consideration whether or not you enjoy doing them; because if you don’t, believe it or not your lack of enthusiasm and energy will be picked up on by your target market.
➎ Know Thy Risk Tolerance
What’s your tolerance for risk? Are you risk tolerant… in other words you are comfortable taking risks or do you tend to be risk-averse which is more conservative?
Simply put, certain types of marketing are riskier than others. But unlike investing in the financial industry, higher risk doesn’t necessarily equal higher potential results.
So in closing, it’s critical that you take the time to intimately know both your target market and yourself. This is how you determine what will work best for you. Not by playing follow-the-follower and being a me-too marketer or choosing the so-called latest and greatest marketing strategy.
That doesn’t cut it. Your marketing has to create an ELF experience for both you and your target market – ELF being an acronym for easy, lucrative, and fun. And if it doesn’t provide that ELF experience, I highly recommend you consider changing it.