Weekly Wave presented by WaveRez

Studying Your Market and Promoting Your Business

December 28, 2020 Greg Fisher Season 1 Episode 5
Weekly Wave presented by WaveRez
Studying Your Market and Promoting Your Business
Show Notes Transcript Chapter Markers

Not sure why it’s important to study your market and what are the different strategies you can use to promote your business? Tune in for this week’s episode to find out!

Hey everyone, thanks for dropping in for this week’s episode of the Weekly Wave presented by WaveRez. My name is Greg Fisher and today we’ll be talking about why it’s important to study your market, and what different strategies you can use to promote your business. 

Before promoting your business, the first thing you need to do is understand who your target audience is. If you are just starting out, the easiest thing to do is ask someone who has a similar business in the area. Ideally, you’d want to know where your customers are coming from, what their typical age is, what type of hobbies or interests they might have, are they families, and approximate household income. Keep in mind that this doesn’t have to be perfect, but it will serve as a basis for how you promote your business within different advertising mediums. For example, there are many ad platforms like Facebook where you can serve your ads using specific demographics. So if you wanted to advertise to everyone in your local area that is 40 to 45 years old, has kids, loves the beach, then you can do that. Another example is if your typical customer is much older, then you might use something more traditional like print or TV advertising where it would reach this audience. 

The next thing you’d want to do is drill down a little more so you can expand your understanding of your customers. This will help you make sure you will reach them when they are most likely to buy. Some of the questions you’ll want to know are what times of the day are most popular for booking? How long do customers take to make their decisions to book? If they are tourist, how long are they typically in town for? What days of the week are most popular for booking? If you are new, just ask someone in your industry and they should be able to share. For general info on tourism in your destination, get in touch with your local tourism bureau or CVB for traveler insights. If you are already in business, you should be able to look through your booking reports for this info. 

So now that you have a customer persona, you’ll need to craft the right message to reach this audience. It’s not just about finding the right platform to advertise on, but also how you deliver that message. Your logo, colors, photos, and tagline should align with your target audience. This means that you wouldn’t use photos of senior couples if your business attracts primarily young families. Over the years, you might notice that your audience starts to change, and this is why it’s important to re-evaluate your target audience every 5 years or so. There is a reason large corporations invest millions of dollars to re-brand every 5-10 years because if they don’t they could risk becoming obsolete. 

When crafting your message, you are not just trying to reach your target audience, but you’ll need to make a convincing argument so they’ll want to book with you. It’s important to be original and highlight what customers care about. I like to focus on 3 things: Trust, value, and call to action. Trust can be something like “500 5 star reviews on Google” or  “Over 100,000 Safe parasail flights”.  Value can be something like, “Brand new equipment”, or “Kids ride Free”. Your call to action helps the customer understand what they need to do next,  such as “Book online today”, or “Call to book”. If you’re not a professional graphic designer, don’t sweat it. You can outsource the work using sites such as fiverr.com for prices that any business can afford. I’ve had incredible designs for ads done for less than $10. 

I hope you enjoyed this show and gained some valuable knowledge. It’s important to revisit your customer profile and brand message frequently to ensure you are up-to-date with the latest trends.

If you thought this podcast was helpful, hit that like button and share. We appreciate all your comments and questions on social media. We also appreciate you reviewing the Weekly Wave on your favorite podcast app. Again, I’m Greg Fisher, and thanks for listening to the Weekly Wave.

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Who Your Target Audience Is
Expanding the Understanding of Your Customers
Crafting the Right Message to Reach the Audience
How to Make a Convincing Argument