I've spent a lot of time thinking about how I market the services of Firejuice. We've been clear about who we want to help, namely business owners, entrepreneurs and CEO's of medium-sized companies, but not which service we want them to take note of!
It's made me realise, for marketing to be effective, it does require not only a target market but also a target product. That single offering that gives you the highest chance of becoming part of the customer's life.
- Target market = that group of customers within the broader market where you have the greatest chance of success.
- Target product = that one offering amongst everything you sell that gives you the greatest chance of an initial sale.
Reading marketing theory, one is always reminded of the 4P's of marketing: Product. Place. Price. Promotion. But somehow we all get stuck on the promotion "P". What I've been reminded of lately is the importance of choosing the right product to accompany the promotion.
Just think about how McDonald's do it - they promote an "R40 burger meal" in the hope that you spend R150 upgrading on size and adding to your order. What they promote, and what they hope to sell, is not the same thing. Intentionally!
Think carefully about what product you want to do marketing for. It's part of the marketing mix!