Have you concluded that you really should expand the definition of (what you call) “your market”?
Instead of diving in to try to reach millions of people you don’t know, try a technique called PEGGING to expand your reach based on your customers’ preferences.
- Identify the primary trait(s) your customers have in common. To help you see how this works, let’s follow an example. Imagine that your customers are all Catholic.
- Look for secondary demographic traits of subgroups within your market. Are some single mothers? Are some grandparents? Are some high school students?
- Choose one subgroup with 2 shared traits. (e.g. Catholic single moms). Survey. Listen. Observe. What do they read? Which websites do they visit? Which blogs do they read? Who do they listen to? What do they buy? Where do they shop? Which associations do they join?
- Then obtain access to those websites, subscriptions to those magazines, membership in those associations, use of related lists, etc.
- Send outbound marketing messages through those websites, magazines, associations, stores, lists, etc. to reach out to a broader group of single moms beyond those you have had as customers in the past. Include a secondary message that would particularly appeal to the Catholics among them. You’ll attract even more Catholic single moms and have expanded your marketing methodologies.
- Now select a second subgroup from within your existing market (customers) that differs from the first subgroup. Catholic grandfathers perhaps. Again, reach out to that subgroup of existing customers. Don’t just sell them more products. Learn who they listen to. Find out what they read. See which memberships they value. Observe which websites they visit.
- Now repeat the process. Do a marketing outreach through those websites, magazines, associations, lists, etc. (with a Catholic sub message) to sell products to a broader group of grandfathers, including those who are Catholic. Make sure to choose a range of characteristics (age, career, geographic location, income level).
- For many companies, 3 or 4 subgroups capture the range of people within their customer base. You will undoubtedly end up with dramatically different websites, blogs, stores, publications, associations, and list…AND that’s the idea. After a few rounds of research and marketing outreach, you will have an expanded data base of prospects and some new effective marketing mediums.
- This technique can help community banks attract more small business customers away from the large impersonal financial institutions that precipitated the recession of 2008/2009.
