BETTER MARKETING FOR BETTER BUSINESS

Sharing our thoughts on the world of today's media.

Target Market

What I Learned from Watching Television

What I Learned from Watching TV About Business

Reality TV shows are everywhere, and many people are addicted to watching them. This is an interesting phenomenon in our culture that cannot be ignored when it comes to marketing. While this may not be something you enjoy watching, there are a few reality shows which can add value to the business world.

These shows have the same main goal as all television shows. To sell ads to generate revenue in online and offline products. A couple of the shows that may have some business value are Shark Tank, The Profit, and the Billion Dollar Buyer. Each of these television shows highlight real-life businesses looking to fix, or grow, their business.

Entertainment value aside, each of these shows offer business concepts which can be helpful to any business owner. The value in these shows is learning about the process and concepts of the show hosts, who are also successful business owners. They offer guidance and help for their guests, who are usually business owners in need of extra help.

The main thing to gain from watching these television shows is growth. For many local businesses there isn’t a boss they can go to for advice, or development, and instead are left to find their own ways of increasing growth. It’s possible a good “self-help” book could help. However, seeing and hearing extremely successful business people, inspiring other struggling business owners to do better, may also give you some great tips to use, which would improve your own game.

Shark Tank – Business owners pitch their products to the “Sharks” in the hope of receiving an investment from one of the Sharks. Concepts learned from watching this show includes: knowing your valuation and knowing your numbers (cost per acquisition, sales trajectory, target customer, and the market you are in.) There are lessons to be learned on what you should do and what you shouldn’t do. In addition, the pitch itself has some strong lessons to be learned, including the level of preparation in a great pitch.

The Profit – This show has been on six years now and has Marcus Lemonis as the host and businessman. The show’s concept is he goes into a business to make an offer for partial ownership of the prospective company. One of his main thoughts to business owners is to know your numbers. During each episode, the show takes a detailed look at his (and his teams,) working with a business, not only in coming up with the initial offer but in his making improvements to the business for future growth and profitability. He spends a good amount of time talking about three things in the initial evaluation – people, product, and process. Lots of detail on these three throughout the episodes.

Additional Business Reality Shows include the Billion Dollar Buyer, Undercover Boss, Girl Starter, and The Apprentice to name a few. In addition to these, there are various bloggers and vloggers who may also have some value. We are not endorsing any of these shows or people on these shows, but rather presenting them as an opportunity to expand your current business knowledge.

How do I Choose the Right Target Market?

The Right Target Audience

Marketing dog food to a family which doesn’t own dogs would be silly of course. You know your target market is important in creating an effective marketing campaign. When business owners are asked who their audience target is, many businesses may say “everyone” or “anyone interested in our services”. These targets are too general and let’s face it, you won’t be able to please everyone. Targeting a specific audience means you focus your marketing dollars on an audience who is more likely to be your customer. A good starting point is looking at your current customer base and finding similarities, characteristics, and interests between them.

Audience choices are made based on your goal, If you are looking to build brand awareness, a wider audience is best along with a media platform which can reach a wide, yet relevant audience. If the goal is to launch a new product, engaging your current client base is probably your best bet. If the goal is to get new customers to make purchases, it is important to focus on the ideal customer. However, when choosing your target market, keep in mind your audience demographics; age, gender, income, education, marital status etc. Also, consider personality characteristics, including; behavior, lifestyle, values, and attitudes.

For example, a construction company could choose to market to homeowners between the ages of 34 and 54 with incomes of $90,000 – plus in Omaha, Nebraska. To define the market even further, the company could choose to target specifically those interested in kitchen remodeling and bath remodeling, and possibly even those in older homes. This market can be broken down further but, by doing so, the market could become too narrow and exclude potential customers.

 

What is your Goal?

You may be asking yourself, “Where can I find all of this information?”  Try searching online for research others may have done on your target market. Explore magazine articles, blogs or forums. These are all excellent mediums to discover the opinions of your audience. You may even consider looking at your competitors’ target market looks like, maybe based on their marketing creative, to narrow down what you are looking for in your ideal client or how you can differentiate your target market. Not finding the information you are looking for? Conduct your own survey, ask current customers for feedback.

Once you have defined your target audience, it is easier to figure out which media choices (link to Buying Media blog) will fit best to reach your market and how they will remember your brand. Nonetheless, having a defined target market will be a greater investment for your time, energy and money.