The 3M"s of Marketing
When it comes to marketing, every business owner should know that marketing is one of the most important aspects of a business.
There are three marketing concepts that you must fully understand if you are an entrepreneur.
I call them the 3M's of marketing: Market, Message and Media.
After reading this article, you will know how to improve your marketing strategy which will redound to the improvement of your business and generate more income for you.
The 1st M of marketing is the Market.
This refers to your target audience that most likely to buy your product or service.
You must know their demographics as well as their psychographics.
If you can't define them, you can't find them.
For example, are you going to offer meat to a vegetarian? Of course not.
The probability of you creating a purchase is nil.
Usually the best target audience for your product are those people who already bought similar type of product as yours.
The 2nd M of marketing is the Message.
It is what you want to tell your audience and how you want to tell them.
You must answer two key questions if you want your message to be more effective: (1) Why should I buy this/it? and (2) Why should I buy this/it from you? You must also focus your message on the benefits of your product to your specific market.
Also part of the message is branding yourself so that when customers think of a product they think of you.
You want your customers to see you as an expert.
What is your USP or unique selling proposition? That will be your primary distinguishing feature.
The 3rd M of marketing is the Medium.
It is the vehicle you use to deliver your message.
It is how you reach your target audience.
There are different medium that you can use such as advertisement in newspapers and magazines and even in the internet; television and radio commercials; using a referral system; etc.
The important thing is that you reach as many of your target market as possible with the least amount of expenses.
Now that you understand the 3M's of marketing, you'll probably approach it in a whole new light.
Remember that it is important to know your target audience (market), deliver the right message to them, and use the most effective and efficient medium possible.
So put this into use and see your profit increase dramatically.
There are three marketing concepts that you must fully understand if you are an entrepreneur.
I call them the 3M's of marketing: Market, Message and Media.
After reading this article, you will know how to improve your marketing strategy which will redound to the improvement of your business and generate more income for you.
The 1st M of marketing is the Market.
This refers to your target audience that most likely to buy your product or service.
You must know their demographics as well as their psychographics.
If you can't define them, you can't find them.
For example, are you going to offer meat to a vegetarian? Of course not.
The probability of you creating a purchase is nil.
Usually the best target audience for your product are those people who already bought similar type of product as yours.
The 2nd M of marketing is the Message.
It is what you want to tell your audience and how you want to tell them.
You must answer two key questions if you want your message to be more effective: (1) Why should I buy this/it? and (2) Why should I buy this/it from you? You must also focus your message on the benefits of your product to your specific market.
Also part of the message is branding yourself so that when customers think of a product they think of you.
You want your customers to see you as an expert.
What is your USP or unique selling proposition? That will be your primary distinguishing feature.
The 3rd M of marketing is the Medium.
It is the vehicle you use to deliver your message.
It is how you reach your target audience.
There are different medium that you can use such as advertisement in newspapers and magazines and even in the internet; television and radio commercials; using a referral system; etc.
The important thing is that you reach as many of your target market as possible with the least amount of expenses.
Now that you understand the 3M's of marketing, you'll probably approach it in a whole new light.
Remember that it is important to know your target audience (market), deliver the right message to them, and use the most effective and efficient medium possible.
So put this into use and see your profit increase dramatically.
