Jan 25, 2021
The difference in results of your marketing is around the willingness to do deep thinking about your customer. To not be lazy, to not be sloppy and above everything else not be guilty of Lazy Marketing.
Here’s an example. You take two people.
They each make $300,000 a year. They each live in $1 million houses.
So demographically they’re affluent.
Now we’re going to market to them.
One of them travels incessantly. Five days a week on the road. Which they now hate. He’s overweight, unhealthy, eating bad food in airports, his relationship is in trouble.
The other one works from home, he loves it.
His desk looks out his window at his park across the road. He takes time off every day to take his dog for a walk. His marriage is in good shape.
Now - Do they feel equally affluent?
Demographically they’re affluent but we don’t want to be marketing to them the same way.
We’re going to fail with one.
Odds are we’re going to fail with both.
Bad advertising, bad marketing is simplistic and it’s lazy.
It always tries to lump too broad of a spectrum of people into one group and then to talk to them in a mass advertising mass marketing kind of way.
So, there’s not that many differences in structure in how you market to the affluent. In a broad sense there’s not much difference in what they want and what they don’t want than anybody else.
But there are nuance differences that really have big impact.
Remember they automatically have more choice.
So the more discretionary money you have to spend, the less price matters to you in a category, the more choices you have in that category and you can be more selective.
So marketing to them now means about being identified as for them and not for everybody else.
The difference in results is around the willingness to do deep thinking about your customer.
To not be lazy, to not be sloppy and so here’s a litmus test and it’s kind of the survey what do you know about your customer.
I can sit here, and with my customer I can talk to you about them for around three hours about who that customer is. I know that person intimately. I - so I can tell you demographics things. I can tell you psychographic things. I can tell you geographic things. I can tell you their pain buttons. I can tell you their desire buttons.
So if you can’t sit and tell me about your customer for three hours without running out of useful and relevant things to talk about, then I would say you’re not prepared to market to them effectively. If you have to put or you are putting a big umbrella over them you don’t have intimate enough information and your marketing could do a lot better.