As a business owner, you know that you have hundreds of
options at your disposal when it comes to marketing your company. Especially
now, in the 21st century with the invention of new technology that
has captured the eyes and hearts of your prospective customers. With all the
options at your disposal, how you do figure out what type of advertising is
worth investing dollars in?
In order to answer this question, you first need to
understand how the demand for your product or service is divided up among the
general population, and then examine who each type of marketing is designed to
target.
As a general rule, it has been discovered that at any single
point in time, approximately 2% - 3% of the total population is currently
searching for a given product or service (this is your hot market). Approximately 8% of the population will be
looking for a product or service at some point over the next 3 months (your
warm market) which leaves approximately 90% of the population in the position
of not even having what you offer on their radar.
Let this sink in for a moment. 90% of the population is not
in the market for what you have. Now let’s examine our marketing options. Most
marketing is designed to target the 2% - 3% of buyers who are hot to buy now.
This marketing includes newspaper, magazines, flyers, coupons, Yellow Pages and
Google Adwords. Does this make sense? Of course it does! If you’re not spending
some of your time and hard earned resources to ensure that you can be found
when someone is looking for what you have, then you’re crazy. The challenge
however is that a large chunk of your hot market already knows who they’re
going to buy from before they even start looking. Unfortunately for you, it may
not be your company.
