So, last week I asked the question if the Boutique Customers for your specialized (Boutique) products and services look for them in the same place as the General Customer. This is one of the big advantages of the Boutique Brand. The more specific of an audience you are addressing the easier they are to promote your products and services to. They will generally have some very particular ways that they search for vendors. By marketing your products and services in these venues then you will most directly connect to your customers. By placing your Branding Message in front of the people that are most likely to buy your products than you have done the best that you can in generating interest and leads for your business.
What this means is that you are wasting as little resources as you can on prospects who are not likely purchasers. There is an old adage that "50% of your advertising spend is wasted, the problem is you can't tell which 50% it is." Well, here we are trying to minimize that waste. This is important because Lead Generation is the most expensive activity in Marketing to grow. It is much less expensive to improve your Lead Conversion (the percentage of Leads that become Customers). But this focus also improves your Lead Conversion as you are generating leads for your business that are more likely to be buyers.
This leads us back to our Brand Message. Take a look at your Marketing Materials and Advertisements and make sure that they are aligned with Your Brand Message. If you remember Your Brand Message is the promise made to a prospect. So your advertising placement needs to align with the values of Your Brand Message. You want to ensure alignment to make sure that your prospects get a consistent message.
Finally, we need to talk about pricing and discounting. If you are executing a Boutique Brand, then you need to be above average on pricing. This is because you will have targeted a portion of the market that you are satisfying completely. They will end up desiring your products as they are the best fit. Which leads us to discounting. Don't do coupons. If you want to discount, then see if there is a partner program that you can create. This way you can adjust pricing to customers if you want, but keep that discounting in an one on one format. So, you can discount - just don't go into broadcast mode with it. Jim Sackman Focal Point Business Coaching Business Coaching, Executive Training, Sales Training, Marketing
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