Marketing Essentials: Do you use the 5 M’s for your marketing?
Marketing is a challenge for most business owners. We go into business for ourselves because we are good at what we do, be it a profession or a trade. But with so much competition it is no longer enough to rely purely on word-of-mouth and referrals for business growth – more than ever we need to concentrate on marketing.
This can be a challenge if you are anything other than a marketing specialist. Although
marketers wouldn’t be happy with us for sharing their secrets, marketing can be broken down into five absolutely essential elements. We call them the 5 M’s of Marketing, all of which are tried and tested, and will ensure your marketing campaign is a success.
Marketing Essential 1: Market
Identify your target market – who are your potential customers or clients? A target market is that group of individuals for which your product or service is most relevant.
You don’t want to market blindly; a targeted marketing campaign will ensure that your message is delivered to those who need your service. You can look at target markets in terms of geographical location, age, sex or even education. A luxury car dealership won’t get any return out of a marketing campaign targeted at university students, just as a pensioner won’t be interested in an ovulation kits!
Identifying your target market is about relevance.
Marketing Essential 2: Message
What is your message? You need to explain why clients should choose your service or product over your competitors in language that is relevant to the target audience and reflects your organisation. The language you choose for a high-end jewellery store would be different from that used by a fast-food takeaway shop.
Your marketing must also convey a clear message that convinces them to respond (eg download a free eBook so you can capture email addresses) and/or buy, commonly known as a “call to action”.
Marketing Essential 3: Media
The medium via which you distribute your marketing message is absolutely vital, and again the target market is relevant here. There is a diverse range of marketing channels available, from traditional print formats (direct mail, newspapers, newsletters, etc) through to electronic forms of information distribution (websites, apps, SMSs and the like).
Don’t forget about potential exposure for free via the form of press releases – a story in the local paper may not result in direct sales, but it can certainly raise your profile!
Marketing Essential 4: Moment
In marketing, timing is everything! You always want to pick the right moment. If you are advertising beer to a targeted audience of heterosexual males who enjoy sport, then scantily-clad women in a commercial during a football game would be ideal. During a family game show would not.
Similarly, a marketing campaign for Christmas decorations would be more successful in October/November/December than in March and April.
Marketing Essential 5: Method
Even the most simple marketing campaign needs to have a well-planned method. What is your method of standing out from not only your competitors, but also every other business that is marketing to the same target audience? What can you do differently to ensure your marketing stands out?
There are thousands of simple yet effective marketing methods available. Do your research and find out what works best for your marketing campaign, your brand, your message and your target audience.
How will you know if your marketing campaign has been a success? You need to employ the essential sixth element – measurement! All forms are marketing need to be tested and measured to ensure you are gaining traction and generating a return from your investment.
After all, marketing for your business is an investment in your organisational growth, not a donation.
Do you use the 5 M’s for marketing?
Please share your stories of success ﾅ and if you’ve had any bad marketing experiences, please share them too!
