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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 channels 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 relationship 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 communication - is as important and has as much impact on how the message 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 customers. 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 business, evaluate which channels will give you the best results for the least amount of money, and create a lead generation implementation 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 communication." 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 variations are being created all the time. Some of the most common

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

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Page 2

channels are: print advertising, like magazines and newspapers; broadcast advertising, like radio and television; direct mail; billboards; 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 something 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.

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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 customers as a regular part of their lives.

Look at the "marketing funnel," which was introduced in business 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:

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Credibility - Is this medium believable? Do your customers trust it?

4 Appropriateness - Does this medium have the right kind of impact? Is this the way your customers want to be approached and communicated with? Is it consistent with their picture of themselves?

Associations - What other thoughts does this medium bring to mind? Are they pleasant or unpleasant?

If you can successfully choose the lead generation channels that will attract customers, they'll be more likely to be receptive to your message and drawn irresistibly into the "magnetic f ield of your business.

Cost

You are running a business, after all. So, unless you're extremely profitable or have unlimited money to spend, cost will be a factor in selecting the lead generation channels you'll use.

First, you'll look to the financial condition of your business, your budget, and your revenue goals to see how much money you have to get the results you want. Then you'll evaluate the efficiency and effectiveness of the various channels available to you. The most efficient channels will give you the most "exposures" in your target market for the least cost. The most effective channels will give you the most qualified leads for the least cost.

What's an "exposure"? Let's say your target market is doctors. A hundred doctors drive to work every day between 8:00 and 8:30 a.m. and listen to a particular radio station. A block away from their med- ical center is a large billboard. If you play a radio ad at 8: 15 every morning, you will have 100 exposures every day - 100 doctors hear- ing the ad once at 8:15. If you advertise on the billboard, you will have 200 exposures every day - 100 doctors seeing the billboard twice a day; in the morning on their way to work and in the evening on their way home. Reach times frequency equals exposures.

What if your radio ad and your billboard both cost the same amount of money per month? If the radio ad brought in more inquiries from doctors than the billboard, it would be more effective, even though the billboard was more efficient with twice as many exposures for the same price.

Effectiveness in your channels is ultimately more important than their efficiency. But if you haven't yet determined the effectiveness of the channels you want to use, trying the most efficient

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The E-Myth Mastery Program ' , ,

Module 7: Foundations of E-Myth Lead Generation Business Development Process: LG-0020 Page 6

Keep the variables as consistent as possible. You don't want to compare the cost of a quarter page magazine ad with a full page newspaper ad, or a one minute radio ad with a thirty second television ad. Because of all the variations among the many different types of channels, one easy technique is to cost everything at its smallest available cost, and then do any necessary "equaliz- ing" later. For example, one local newspaper may take no ads smaller than an eighth of a page, whereas another newspaper may accept smaller placements.

At this stage, consider only those costs you'd pay to an outside party to place your message in the channel. Don't add in your internal costs, such as preparing advertising copy or writing press releases, because these are highly variable and under your control. If you're considering unpaid, "non-advertising" channels, like word of mouth referrals, press releases, or trade articles, document them on the worksheet, even though the costs will be "zero." You'll still need to compare their reach and coverage with the higher cost alternatives.

Evaluate each channel in terms of relevant subjective . criteria. Although cost and coverage are important factors in your channel selection process, there are a number of other criteria you need to consider. The main ones are:

The channel's fit with your company's image and strategic objective.

The channels you use should be consistent with the image you want to portray to the outside world, most particularly to your target market, and with the strategic goals and objectives you have for your business. Once your business is associated with a particular medium, it may be hard to shift the association in people's minds. Think strategically and with a long term view; use your "double vision." Be wary of choosing those channels that are most expedient in the moment, if they don't serve your company's future vision.

8 Your company's ability to use the channel effectively.

Does your company have the internal resources, skills, and talents to make the best use, or even adequate use, of the channel you're considering? Do you have the writing talent to create an effective press release? Do you have the artistic and copy writing skills to develop four-color magazine ads? Do you have the financial resources to produce a television ad? Do you have the marketing, administrative, and logistical resources to plan and carry out a community event?

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ones, consistent with the reach and attraction criteria discussed above, may be your best strategy.

With so many possible channels, so many variations in how your customers think and behave, so many other demands for your money, and so many other factors to consider, you definitely

@%-* '"SWWUd i i - w C t% "r b*,, z need a system for selecting and implementing the best possible - $i.$ r he^^^^^ cCq &+ ''6 i, .* L -=.< lead generation channels for your business. Here are the six

p&:til"A'M r;"*&<st. &*ui*:eilW$J r r

$ ~ & % h . ~ u r p i a & . ~ n l ~ * ~ * ; benchmarks that will guide you successfully through that

> m,=- process, and more easily than you might imagine.

Identify a range of appropriate channels that fit your tar- : get market. Review the lead generation channels described

in this booklet and make a list of any others you know. Then,

I I*i Subjective Criteria

+ [xxkx-) Order of Preference

+

Determine Your

6 [ Prepare Your Plan )

create a specific picture in your mind of your target customers - how they live their day-to-day lives and what types of channels might reach them at home, at work, and at play.

With a clear picture of your target customers in mind, go through your list of available channels one by one and identify those that best "fit" your target market. Which ones are part of their daily routine; vehicles they see, hear, or experience in the normal course of their lives? And which channels, in and of themselves, create positive associations and negative associations within the minds of your customers? You probably won't want to consider using a lead generation channel that your customers instinctively reject, no matter how prevalent or inexpensive it may be.

The result of this benchmark will be a "customized" list for your business of those lead generation channels that best fit the customers you most want to attract. You can use the worksheet at the back of this booklet, Lead Generation Channels Checklist, to develop it. (As a general guideline, this list of channels that best "fit" your target market should have a minimum of five and no more than twelve channels.)

<'. Evaluate each channel in terms of cost and coverage. This -- step will require some research or, at the very least, some edu-

cated guesswork. Using the Lead Generation Channels Cost and Coverage Evaluation worksheet at the back of this booklet, write in the names of the channels you're going to evaluate. Then, write in how much it costs for one "placement" in the channel, for example, the cost of one radio ad, one magazine ad, one direct mailing, etc.

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Be realistic and objective in assessing your company's abili- ties. Better to choose a more modest channel and execute it well than to be overly aggressive and end up with a sloppy, unprofessional result.

Other subjective qualities of the channel, like its impact on your customers, its credibility, and the level of intimacy or connection it promotes.

Impact is the conscious or unconscious feeling that your customers associate with a given channel and the way that feeling influences their behavior. For example, the lead generation channel of telemarketing is a "fit" with the vast majority of target markets - almost everyone has access to a telephone. But, repeated instances of receiving telemarketing calls at inconve- nient times, during dinner or late at night, and the cold or pushy attitude of some of the callers, have caused many people to feel angry and resentful at the channel of telemarketing itself. The behavior many customers adopt based on this feeling is to auto- matically reject any offer made via telemarketing.

To determine the impact of the channels on your list, put yourself in the shoes of your target customers and ask yourself how they would describe or react to each of those channels. Do your customers think billboards are exciting and fun, or intrusive and tasteless? Do they think the Internet is contemporary and cutting edge, or complicated and scary?

Credibility is the level of believability, trust, and confidence that your customers have in the channel. And different people have different views on the credibility of the various lead generation channels. Some people believe anything that's printed in a newspaper, but little of what they see on TV. In general, unpaid channels tend to be more credible in people's minds than paid advertising.

Intimacy is the extent to which the channel fosters a close, personal connection between the customer and the message being delivered. How well does the channel draw the person into your "magnetic field" and, thereby, into relationship with your company? Does it touch them? Does it move them? Does it reach them inside, where they live? Intimacy is established through strong emotional associations, personal identification, and engagement through as many senses as possible. Attending an event sponsored by your company would be more intimate than seeing your company's product

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Page 8

on a billboard. This is also why an advertisement featuring a celebrity gets better results than the exact same ad featuring an unknown actor or model - people perceive that they "know" or are familiar with the celebrity and, therefore, are more likely to express an interest in the product.

Your goal is to identify channels that have strong, positive impact and high degrees of credibility and intimacy. Use the Lead Generation Channels Subjective Criteria Evaluation worksheet to document your comments regarding these criteria with respect to each of the channels you're considering.

List channels in order of preference based on your evalu- - ' ations. So far, you've developed a list of the most appropri-

ate lead generation channels for your specific target market and evaluated each of those channels based on the objective criteria of cost and coverage, and various subjective criteria. Each of those evaluations reveals facts, figures, and impressions that will inform your channel selection process. Now you must go through your lists and evaluations and create your final list in order from "best to worst" or "most appropriate to least appropriate" lead generation channels for your business. If you find any of the channels from your original list are, in fact, not appropriate or a good fit, take them off the list entirely. Record your final list of channel selections on the Lead Generation Channels Selection List worksheet at the back of this booklet.

:: Determine your budget. This benchmark requires you to leave the world of lead generation channels behind, momentari-

ly, and shift your attention to the world of money. How much money do you have available to spend on your lead generation activities during the year? Your budget should give you the answer to this question. (The budgeting process is discussed in FN-0030, Your Basic Operating Budget.) If you think your budget does not accurately reflect the amount you can or want to spend, put some serious thought into determining what would be the right amount. How much of this money do you want to spend on your primary target market and how much on other markets? Moving on to the next step and being able to get your lead generation "house" in order depends on your having a realistic budget number to work with. The Lead Generation Budget Planning worksheet at the back of this booklet will guide you through the process of allocating your budgeted money for the market you're working on now among the channels you want to use.

Prepare your lead generation channels implementation -

"

plan. This step will propel all of your lead generation planning * qs f l

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and no "nauthorized copying, adaplation, distribution or display is ;ermined.


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and development into actual implementation and results. It will give you and your staff a fm footing for your weekly and monthly lead generation activities. And as one of the key products of your lead generation system, it will provide a basis for innovating, quan- tifying, and orchestrating this critical area of your business.

Your plan should be a one year plan, starting sometime within the next two to three months. (If one year into the future seems too difficult to think about right now, try it anyway. You can revise your plan later on, if needed.) Your plan should show the market being targeted, how you want to position your business to that market, which specific channels you'll use, when you'll use them, how much you'll spend, who is accountable for the activity, and what result you are expecting. A complete descrip- tion of the contents and format of this plan will be discussed later in this business development process.

The marketplace is populated with a huge variety of channels that companies can use to reach the hearts and minds of prospective customers. Some of these channels, like signs, placards, and word of mouth, have been in existence since businesses began; others, like the Internet, are as new as the latest technology.

There are two main categories of lead generation channels: paid channels and unpaid channels. Paid channels are commonly referred to as advertising, which is clearly paid for and sponsored by the company with a vested interest in doing so. Unpaid channels are typically thought of as publicity or, in a broader sense, public relations.

Many small businesses depend on word of mouth to help generate leads. Spontaneous word of mouth, especially coming from someone who is well known and respected, can be very effective. Because of this, some word of mouth has crossed over into the "paid" arena via compensated referral programs. Of course, when it becomes known that someone is being paid to promote a certain company or its products, the credibility factor drops.

Because of the different types of channels and the many variations on each type, sticking to hard and fast categorizations is difficult and, fortunately, of little benefit. As companies create new ways to use lead generation channels, changes appear in the market rapidly. And that's the good news. Because, while you're about to read descriptions of some of the many types of lead generation channels that exist, what you choose to do is

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limited only by your own imagination. So don't be afraid to pick and choose, combine different ideas, or create something completely unique.

.....-......... ................ ..--A-

PRINT ADVERTISING Newspapers Magazines Newsletters (external) Tradelorganizational Directories Telephone Directories Catalogs, Brochures, Flyers

BROADCAST/ ELECTRONIC ADVERTISING Television Radio Facsimile Internet

DISPLAY/ OUTDOOR ADVERTISING

Signage Billboards Placards Posters Bumper Stickers Vehicle Signage Vehicle Advertising

DIRECT RESPONSE Direct Mail Telemarketing

Business Conventions, Trade Shows Fairs, Exhibits Contests Premiums/Novelties (calendars, note pads, key chains, magnets, etc.)

PUBLICITY, PUBLIC RELATIONS

Press Releases Feature Articles Product Announcements Newsletters (internal) Speeches Seminars Annual Reports CommunityICharitable Events

Charitable Donations Sponsorships, Endorsements Alliances with other businesses

WORD OF MOUTH Spontaneous Word of Mouth Referral Programs Testimonials

So many different lead generation channels to choose from! How can you possibly decide which ones to use? Actually, it's not as difficult as you might think.

Earlier in this booklet you read about the three general criteria of reach, attraction, and cost and how they apply to your lead generation channels. Now we'll re-examine those in terms of the specific criteria you can describe and evaluate to make the best decisions about which channels are best for you.

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Review the criteria for evaluating lead generation channels in this section, then apply them to each of the channels you're considering, using the worksheets in the back of this booklet. The Profile of Key Lead Generation Channels chart (page 13) will give some additional guidance.

Reach: Reach is the number of people (or households or businesses) exposed to a particular channel at least once during a specified time period. For example, a newspaper might have a circulation, or reach, of 100,000 people a day; a spontaneous word of mouth referral from a satisfied customer to a friend would have a reach of one. Market Coverage: Market coverage is the percentage of the target market you reach. Reach divided by the total number in the target market population gives you the percentage of market coverage.

Cost: Cost is the dollar amount required for the channel provider to carry your message. This could be the cost for one thirty-second radio ad, the printing and postage costs for one thousand pieces of direct mail, and so firth. YOU will also want to calculate the cost per person reached by the channel.

.- - _/- 7 Frequency an Exposures: These are not technically criteria for evaluating channels, because they are as dependent on your own discretion (and on your budget) as they are on the channel you use. But they're worth mentioning because they are related to the channels and their reach, and will play a part in your channel selections. Frequency is the number of times within a specified time period that an average person is exposed to the message, such as running your ad in the sports section and the business section of the newspaper with 100,000 circulation. In this case, 100,000 people would see your message twice, resulting in 200,000 exposures. As was mentioned earlier, reach times frequency equals exposures. Exposures is an important concept to consider because it often takes multiple exposures to a message before a potential customer is moved to take action.

Fit with your target market: At the beginning of this process, you made a "broad brush" evaluation of which channels best fit your target customers. Now you'll want to consider in more specific terms, and document on the worksheet, how each channel is suited to the lifestyle of the people you most want to attract. Do

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they read the newspaper every day from cover to cover, watch TV occasionally, and never listen to the radio? Do they open and read every piece of mail they get, or routinely toss out direct mail? Are they "networkers" who join organizations and refer to their directories regularly?

Fit with your company: There are two ways to look at the fit between a particular channel and your company. One is its "strategic" fit - its appropriateness to your strategic objective and the image you want to project. The other is more of a "practical" fit - the capa- bility of your company to use this channel effectively.

Impact: Impact is the force or influence exerted on a person by the channel, usually due to a feeling or an association it has raised. When evaluating the impact of a channel on your target customer, think about the feeling that channel produces and how your customer responds to it. Different people respond differently to the same feeling. A sensory laden "infomercial" may produce feelings of anxiety or personal involvement which one person responds to by taking action (inquiring about the product), while another responds by rejecting it.

Don't consider the impact of the message at this stage; think only about the impact the channel, itself, has. It may take a little effort on your part to separate the channel and the message as you try to determine impact on your customers, but do your best.

Credibility: Credibility is the level of believability, trust, and confidence your customers have in the channel. To most people's minds, certain channels are more credible than others. What's in the minds of your customers? Do they believe the messages that are conveyed by this channel or are they unsure?

Intimacy: Intimacy is the extent to which the channel fosters a close, personal connection between the customer and the message being delivered. Is the channel really speaking to me? Is it drawing me in, or keeping me at a distance? Is it compelling me to respond?

Two worksheets are provided at the back of this booklet to help you record your thoughts and observations about these criteria. Modify them, if you like, to suit your particular needs. Just remember that the result you're after is a clearer, more refined picture of exactly which lead generation channels are "right" for your business - or, more to the point, which ones are the best matches for your target customers.

This document is confidential and proprietary to E-Mylh Worldwide and cannot be used, disclosed or duplicated without the prior wrinen consent of E-Mylh Worldwide. Thls is an unpubl~shed work protected by lederal copyright laws and no ~ ~ u t h o r i z e d copying, adaptation, distribution or display IS penmed.

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

Page 13

NEWSPAPERS

MAGAZINES

TRADE, ORGANIZATIONAL

DIRECTORIES1 EXTERNAL

NEWSLETTERS

TELEPHONE DIRECTORIES

TELEVISION

RADIO

INTERNET

DISPLAYIOUTDOOR

DIRECT MAIL

TELEMARKETING

BUSINESS CONVENTIONS1 TRADE SHOWS

PRESS RELEASESJPRODUCT ANNOUNCEMENTS

Very accessible; timely; variety of options Lack of distinctiveness; high level of for size and 'sophistication" of ad; excel- skimming and skipping; short 'shelf lent coverage of targeted locations; high life;" relatively poor production quality credibility; repeat exposures from one placement; reasonable cost

High prestige and credibility; many High cost; long lead time for placement options for targeting specific geographic and demographic markets; repeat exposures from one placement; high quality production; 'pass along" readership

Booklets published by a particular group High level of targeting to specific markets; Inconsistent quality; lack of distinctive- for distribution to its members, clients, or repeat exposures; prestige through asso- ness among listings: text and graphic other specific constituencies, containing ciation with the sponsoring group; rela- constraints; may need to meet criteria nameladdressltelephone listings andlor lively low cost or requirements for inclusion advertising.

Very accessible; excellent coverage of Relatively low quality production; long targeted locations; repeat exposures; intervals between changeslupdates; long 'shelf life"; relatively low cost high clutter

Multi-sensory; high attention; high impact; High production cost; high placement high level of coverage of most markets; cost; fleeting exposure; multiple place- ability to target demographics ments generally required to generate

response

High level of coverage; ability to target Fleeting exposure; moderate level of geographic and demographic markets; production effort required to produce reasonable cost effective ad

A collection of international computer net- Active engagement by customers; conve- High level of effort and expertise to ini- works linked together to form one large nient; repeat exposures; message and tiate and maintain; lack of access in network, which provides easy access to presentation can be changed frequently many markets information from businesses, universities. governments, and other organizations

A variety of signs generally found in outdoor High visibility; high repeat exposure; high Little ability to target demographics locations including: signs in windows or on attention; relatively low cost buildings at business locations; small placards and posters hung in various locations; large billboards, usually in heavily trafficked locations along roadways; vehicle displays, such as bumper stickers, signs painted on or attached to your own company vehicles. and your company's advertising displayed on busses, taxis, subways, etc.

Marketingllead generation messages sent Ability to select specific, targeted cus- "Junk mail" image individually, via mail, usually to large num- tomers; ability to personalize the mes- bers of potential customers sage; length and depth of message

Marketingllead generation messages com- Ability to select specific, targeted cus- 'Nuisance" image municated individually, via telephone, to tomers; ability to personalize the rnes- large numbers of potential customers sage; length and depth of message; abili-

ty to interact with customer; high level of engagement; ability to get customer's commitment to 'next step"

Events sponsored by industry, commercial Ability to target very specific markets; high High level of effort required; for small organizations to bring buyers, sellers and attention and engagement; many options businesses, can disrupt normal course other constituents together for a variety of for disseminating your message; ability to of business activities, including meetings, information interact with customer and personalize dissemination, demonstrations, networking message; multi-sensory; ability to get cus-

tomer's commitment to "next step"

Information written or prepared by your High credibility; accessible; timely; No certainty that items will be placed; company and released to various lead gen- excellent coverage of targeted locations; lack of control over what ultimately eration channels for the purpose of secur- "no" cost appears ing non-paid space in those channels to promote your company, product, brand, etc.

Thfs document 1s confidential and proprietary to E-Myth Worldwide and cannot be used, d~sclosed or duplicated without the prior wrinen consent of E-Myth Worldw~de. This IS an unpublished work p r o t a e d by federal copyright laws and no unauthorized copylng, adaptation, distribution or display is permmed.


Our primary target market is owners of small retail appliance stores in rural and suburban areas of our territory. This segment makes up 78% of the appliance businesses (the other 22% being large retailers and department stores) and 61% of the dollar volume of sales.

The central demographic model of this market segment is male, 45 to 60 years old, business owners with little or no college education, married with three children, and an average total household income of $52,000 per year.

The positioning strategy for this market is: General classification: Brand preference Relative standing: Preemptive persuasion Gratification mode: Interpersonal Purchase preference: Value

Western Distributors' positioning with clients is a combination positioning. We are closely identified with the sole manufacturer we represent, which is one of the best known names in the appliance industry. It is not the "top of the line" manufacturer, but is known more as the Work horsen appliance for the average household. Although retailers are not compelled to carry our line, it is a great fit with their own preference for value. Our products are the best for the price. We also want to create our own positioning which dis- tinguishes us from other distributors our clients have dealt with. Appliance retailers are often frustrated by distributors' lack of personal attention and lack of ongoing contact with the retailer. We want to play heavily to the interpersonal characteristic of our clients by stressing that our staff will provide friendly, personal service and that it will be easy for the client to maintain contact at whatever level works best for them.

Unique selling proposition: The right products, the right price, the right people.

Positioning statement: As the exclusive representative in your area, we're the trusted experts at providing you with the full range of household appliances that meet all of your valued customers' needs, at a price that fits their lifestyles. We're always here for you to make sure you're able to provide these quality products to your community. Your customers will come back to you, year after year.

Channels and messages should focus heavily on interpersonal elements. Our primary lead generation channels for this market will be: trade show exhibits, trade journal advertising, phone contacts, direct mail reminder cards, follow-up visits to retail locations, and premiums handed out at trade shows and delivered to retail locations.

Our lead generation goals for the plan year will be to increase our market coverage from 60% to 90% (there is no reason why every small appliance store in the territory shouldn't be exposed to our message) and to increase our sales appointments from three per month per sales representative to one per week in the first four months and up to two per week in the remaining eight months. Our territory is a sufficient size to support this.

This section should have twelve pages, one for each month of the year you're planning. The name of your target market and the month and year should be prominently displayed. It often helps to set up each of the twelve pages with this basic information, and to develop your monthly comments for all twelve months before beginning the detailed planning. This gives you

This document is confidential and proprietary to E-Mylh Worldwide and cannot be used, disclosed or duplicated wichout the prior written consent of E-Mylh Worldwide. This is an unpublished work protected by federal c q y q h t laws and no unauthorized copying, adaptation. distribution or display is penhted.


a broad overview from which to construct your plans. Here is a sample plan for one month of Western Distributors' lead generation activities.

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TRADE Continue preparations $3700 Vice President. MIA SHOW for July trade show Marketing

TRADE /page ad in Appliance $ 475 Marketing Assoc. 1 per month auto- JOURNAL Monthly (Regional matically phced

Edition)

PHONE Introduce company 8 0 Marketing Assoc. 10 calls per day, CONTACTS invite retailer to booth 1 st 2 weeks of

at trade show June

REMINDER Follow up to phone call $ 150 Marketing Assoc. Mail by June 22 CARDS 8 others not reached

Total 200 cards

FOLLOW UP Prepare list for target $ 300 Sales Rep. 5 visits per week VISITS visits

PREMIUMS Check inventory 0 Marketing Assoc. 61 1

Total $920

Comments: Busy month for retailers due to graduations and Father's Day. Lay groundwork for the July h-ade show with phone calls, reminder cards and deliv- ery of premiums.

Completing your implementation plan is a controlling calendar, which takes each monthly plan you've generated and translates it into discrete and specific benchmarks that will accomplish the results you want. Remember that the activity on your monthly plan may actually take weeks or even months to plan and execute, and some additional time to follow up. So, while your individual monthly plans give an overall picture of lead generation activities for the month, your controlling calendar provides the necessary plan and detail for how those activities will be accomplished.

This document is confidential and proprietary to €-Myth Worldwide and cannot be used, disclosed or duplicated without the prior wriilen consent of €-Myth Worldwide. This is an unpublished work protected by federal copyright laws and no unauthorized copying, adaptation, distribution or display is pemlined.


J u n e 1 9 9 8 - -

ITEM 1 2 3 4 5 8 9 10 11 12 15 16 17 18 19 22 23 24 25 26 29 30

6 8 Assemble Materiels -1 8 **

&

PHONE O$e CaY Call Call C ~ U Call Call Call Call Call \&" o*s CONTAC~SQ\ .+ l o l o l o l o l o l o l o l o l o a 4

ee

FOLLOW-UP $4 Visit Visit Visit Visit 5 3 2 5

VISITS

@ 3 PREMIUMS P

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Vtsit Visit Visit 3 2 5

Page 17

The facts and figures you'll be documenting as you evaluate these channels may tempt you to believe that formulas and worksheets will lead you to a clear conclusion about the "cor- rect" lead generation channels for you. You may even see circulation numbers and demographic data and market research "proving" that one channel is better for you than the others. But, beware - don't fall into the trap of believing that data and statis- tics alone will give you all the answers.

Choosing your lead generation channels is as much an art as a science. Numbers and research aren't as exact or as clear as they seem. Understanding real people isn't a precise exercise, and numbers and research - no matter how precise they seem - are not precise.

Numbers and research are useful in a general way. They can highlight general trends and point you in directions that you probably had not seen before. So, by all means, use them. But use your common sense and experience, too. Ultimately, you'll

This document IS confidential and proprietary to E-Myth Worldwide and cannot be used, disclosed or duplcaled wrth- out the prior written consent ol E-Myth Worldwide. This is an unpublished work protected by federal cOpyr~ght laws and no unauthorized copying, adaptar~on, distribution or display is permitted.


learn more about your markets from your own tracking and observations. Identifying the right key indicators, tracking them over time, and seeing your lead generation results improve will tell you if you're using the right channels for your customers.

Communicating with your customers is fundamental to the suc- cess of your business. Unfortunately, it's anything but obvious which means of communication will "do the job." Which channels will convey your message in exactly the way you want it conveyed? Which will have the exact impact you want them to have? Which will create exactly the right impressions in the minds of your customers?

Your dedication to the work of lead generation is important. As you select the best lead generation channels for your business and your customers and design a plan for using them - and beyond that, as you immerse yourself in the process of doing this work, which you will do over and over again - you will receive tangible and far-reaching results in your business. Results you can measure; results you can feel.

What results? Not only will your business be exposed to larger numbers of qualified leads than ever before, but those leads - those people - will feel more strongly connected and attracted to you than ever before. They'll be queuing up outside your door, calling you, or doing whatever they need to - ready, willing, and able to become life-long customers. Because you've cared enough to reach them in a way that addresses them as individu- als; that speaks to them, touches them, and recognizes their needs and preferences. This is one more piece of your business kaleidoscope that can distinguish you from all the other businesses out there who are vying for your customers.

This document is confident~al and proprietary to E-Myrh Worldwide and cannot be used, disclosed or duplicated without h e prior wr'men consent of E-Myrh Worldwide. This is an unpublished work protected by lederal copyright laws and no unauthorized copying, adaptation, distribution or display is permmed.

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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