Target, Offer and Repeat

Posted on August 8, 2011 by

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The definition of insanity:” doing the same thing over and over again and expecting different results.” Albert Einstein
As much as we hope that we always maintain objectivity in our business, this is another classic mindset I have run into during my experiences working with turnaround companies.

When I speak to these entrepreneurs their primary concerns are that they need to increase revenues and they need more money, but when I observe them in action, they are typically doing the same thing as they always have.

Habits can be hard to break – especially for seasoned entrepreneurs.

If you find yourself in this position or the position of requiring more revenue – take a moment to reflect on what you and your company are doing?

In addition, here is a basic equation for the marketing process of generating sales: Target, Offer and Repeat.  The caveat to this – if you have a bad result from your marketing efforts, you will continue to repeat this performance.

Key questions to ask, during each stage of the above marketing sales equation is:

Target:  Who are your target customers? Are these profitable customers to be focusing on? Do they need your product? How do you define them? What are their behaviors and characteristics?

The better you define and understand these customers – the easier it is to find and communicate with them.

Offer: Does your offer meet the needs of your target customers? Is it presented in a manner that is easy for these customers to understand the value of the offer? Is it appealing enough to get them to act on the offer?

Repeat: Before repeating the above you need to objectively evaluate your results.

    • Did you get a positive or successful result from your offer? If yes, repeat.
    • Did you get a null or negative response? Don’t repeat – that would be insane (unless you are 100% guaranteed your target and offer are correct – they simply need time).

However, If you find yourself in this second position, I would still encourage you need to go evaluate your thesis relating to your target customers and your offer. If needed, rework either or both your target and offer before expecting a different result.

Happy Hunting,

Boomer

FYI – this blog post was initially inspired by http://www.entrepreneur.com/article/220098 by Brad Sugars

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