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Reaching Your Target Markets SNAPSHOT The E-Myth Mastery Program" Module 7: Foundations of E-Myth Lead Generation Business Development Process: LG-0020 "The medium is the message." - Marshall McLuhan, educator and mass communications theorist Lead generation chan- nels are the methods, media, or vehicles you Print use to communicate the messages of your busi- BroadcastlElectronic ness to prospective customers. Channels DisplaylOutdoor are the "how" and mes- saaes are the 'what." Direct Response ~ogether, they attract attention and create Events, Promotions impressions that cause customers to respond. Publicity, The right channels, Public Relations combined with the right messages, will give you Word of Mouth the response you want - interest in your offer and an ongoing relation- ship with your company. Forget the drums and the cave paintings. surf the Net every A Business Deve OBJECTIVE CRITERIA: Numbers of People Reached Percentage of Market Reached Overall Cost Cost per Person Reached Fit with Your Target Market Fit with Your Company Impact Identify (Appropriate Evaluate Cost and Evaluate Order of Preference Determine Your [Budget) Credibility ( Prepare Your Intimacy :lopment Publication of Putting the Pieces Together" Santa Rosa, California, USA Thls document IS conl~dent~al and proprletary to E-Myth Worldw~de and cannot be used, disclosed or duplicated wlthout the prlor wrmen consent of E-Myth Worldw~de Th~s IS an unpubl~shed work protected by federal copyr~ght laws and no unautho- r~zed copylng adaptat~on, d~str~but~on or d~splay IS perrnmed

Reaching Your Target Markets - Turnaround Tour · PDF fileThls document IS conl~dent~al and proprletary to E-Myth Worldw~de and cannot be used, ... Business Development Process: LG-0020

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  • Reaching Your Target Markets SNAPSHOT

    The E-Myth Mastery Program" Module 7: Foundations of E-Myth Lead Generation

    Business Development Process: LG-0020

    "The medium is the message." - Marshall McLuhan, educator and mass communications theorist

    Lead generation chan- nels are the methods, media, or vehicles you Print

    use to communicate the messages of your busi- BroadcastlElectronic

    ness to prospective customers. Channels DisplaylOutdoor

    are the "how" and mes- saaes are the 'what." Direct Response

    ~ogether , they attract attention and create Events, Promotions

    impressions that cause customers to respond. Publicity, The right channels, Public Relations combined with the right messages, will give you Word of Mouth the response you want - interest in your offer and an ongoing relation- ship with your company.

    Forget the drums and the cave paintings. surf the Net every

    A Business Deve

    OBJECTIVE CRITERIA:

    Numbers of People Reached

    Percentage of Market Reached

    Overall Cost

    Cost per Person Reached

    Fit with Your Target Market

    Fit with Your Company

    Impact

    Identify (Appropriate

    Evaluate Cost and

    Evaluate

    Order of Preference

    Determine Your [Budget) Credibility ( Prepare Your Intimacy

    :lopment Publication of

    Putting the Pieces Together"

    Santa Rosa, California, USA

    Thls document IS conl~dent~al and proprletary to E-Myth Worldw~de and cannot be used, disclosed or duplicated wlthout the prlor wrmen consent of E-Myth Worldw~de Th~s IS an unpubl~shed work protected by federal copyr~ght laws and no unautho- r~zed copylng adaptat~on, d~str~but~on or d~splay IS perrnmed

  • The E-Myth Mastery Program" Module 7: Foundations of E-Myth Lead Generation Business Development Process: LG-0020 Page 1

    Reaching Your Target Markets

    "The medium is the message." - Marshall McLuhan, educator and mass communications theorist

    In the mid-1960s, Canadian educator Marshall McLuhan coined a phrase which was to become one of the defining expressions of the twentieth century: "The medium is the message."

    The truth in these words is that the way one chooses to convey a message - the vehicle, the medium, the channel of communica- tion - is as important and has as much impact on how the mes- sage is received, as the actual content of the message itself.

    For many years, the New York Times Magazine has carried the advertisements of Steuben Glass. These ads are simple, artistic photos of this company's beautiful crystal figures, and carry a minimum of text. Although, technically, these ads could run in any magazine, newspaper, or even on television, you won't see them there. The reputation and "elan" of The New York Times Magazine as the selected lead generation channel has become as much a part of the association in our minds as the words and images we see on the page.

    You don't have to be Steuben Glass - or advertise in The New York Times - to have this kind of impact on your potential cus- tomers. You just have to know which lead generation channels speak as eloquently and persuasively to your target market as The New York Times does to Steuben's.

    In this business development process, you'll review some of the many channels that are available to generate interest in your busi- ness, evaluate which channels will give you the best results for the least amount of money, and create a lead generation imple- mentation plan so that the channels you use help you achieve your lead generation goals in the most extraordinary way possible.

    "Channel" has a number of meanings, but here it's used in the sense of a "means of communication" or a "path of communica- tion." A lead generation channel, then, is any method, medium, or vehicle you use to communicate your lead generation message. It's how you broadcast your promise to your target markets.

    There are many types of channels available to you, and new vari- ations are being created all the time. Some of the most common

    This document is confidential and proprietary to E-Myth Worldwide and cannot be used, disclosed or duplicated wrth- out the prior written consent of E-Myth Worldwide. This is an unpublished work protected by federal copyright laws and no unauthorized copying, adaptation, distribution or display is permilted.

  • The E-Myth Mastery Program Module 7: Foundations of E-Myth Lead Generation Business Development Process: LG-0020

    , ' ( 1 '

    Page 2

    channels are: print advertising, like magazines and newspapers; broadcast advertising, like radio and television; direct mail; bill- boards; and word of mouth referrals from satisfied customers. We'll discuss these and other channels later.

    When selecting which channels to use for lead generation, most small businesses make the mistake of using one of these approaches: * "Everybody else does it this way." In this approach, you

    choose the most common channel or the one that your com- petitors and others in your industry use. "If they're doing it, it must be the best way."

    "It was handed to me on a silverplutter" In this approach, you choose the method that requires the least effort on your part. "The advertising guy called me and it sounded good, so I signed up."

    "Shot in the durk." In this approach, you try one method for a while and if it doesn't seem to be working, you try some- thing else. "For the money I can afford to spend, they're all about the same, anyway."

    "I've always done it this way." In this approach, you just keep advertising the way you always have, even though you have no idea if the channels you're using are giving you the results you want. "I know my name's getting out there and, besides, I can't afford the time, effort, or money to generate leads any differently." This is also known as the "throwing good money after bad" approach.

    With so many choices, how can you pick the best lead generation channels for your business? And does it really make a differ- ence? Why not just place an ad in the local newspaper and be done with it?

    The channels you select are important. The right choices will expand the value of every dollar you spend. Unless you have money to bum, your lead generation dollars need to be as well targeted as your message. Three key elements to consider in choosing your channels are reach, attraction, and cost.

    This document is cod~dential and proprietary to E-Mylh Worldwide and cannot be used, disclosed or duplicated with- out the prior written consent of E-Mylh Worldwide. This is an unpublished work protected by federal copyright laws and no unauthorized copying, adaptation, distribution or display is permitted.

  • The E-Myth Mastery Program Module 7: Foundations of E-Myth Lead Generation Business Development Process: LG-0020 Page 3

    Reach

    You can't attract new customers if they don't know you exist. You must reach out to them with a compelling message, and your lead generation channels are the carriers of that message. When considering the various channels, remember that your customers won't go out of their way to get your message, and they shouldn't have to. So you want to work with channels that reach your cus- tomers as a regular part of their lives.

    Look at the "marketing funnel," which was introduced in busi- ness development process MK-0060, Your Marketing Strategy.

    TARGET MARKET POPULATION "Market coverage" is defined as the extent to which your marketing activities reach your targeted customers, and the lead

    MARKET COVERAGE generation channels you use are the main vehicles for reaching them. In other words, your ability to reach your target cus-

    LEAD tomers, which is a prerequisite for creating customers for your

    GENERATION business, is vitally dependent on the lead generation channels you use. And if you don't reach sufficient numbers of your target

    SALES market, lead generation and sales will suffer.

    ~ttraction C j p ~ CUG /&qq e c ~ / a f i LC) Once the channel and its message have reached a target customer, you hope that that customer will pay attention to the message and be

    \ attracted by it - in fact, attracted enough so that he will take action. But, guess what! Before customers can be attracted by your message, they must first be attracted by the messenger - the channel carrying the message. Put another way, if you've selected a channel that your customers are either not interested in or, worse yet, one that repels them, they'll never even get to the message, no matter how compelling that message may be.

    Have you ever thrown out a piece of direct mail without even opening it up to see what was being offered? Or hung up on a telemarketing phone call before the caller was able to say more than, "Hello.. ." These examples (and you can probably think of many more) prove that the channel you select is an important part of the attraction equation.

    Of course, many businesses use direct mail and telemarketing quite successfully. Which only proves the point that you must really know your target customer. What attracts one person does not necessarily attract another. And what repels one person does not necessarily repel someone else.

    How do you determine which channels will attract your target customers? Consider these criteria:

    This document is confidential and proprietary to E-Myth Worldwide and cannot be used, disclosed or duplicated with- out the prior wrinen consent of E-Myth Worldwide. This is an unpublished work protected by lederal copyright laws and no unauthorized copying, adaptation, distribution or display is permined

  • The E-Myth Mastery Program Module 7: Foundations of E-Myth Lead Generation Business Development P