At its very foundation‚ the purpose for Marketing is to generate qualified leads. The first step in finding qualified leads is to define what “qualified” looks like. In the Educational Marketing System‚ we do this in step 3 (3rd of 15): Determine your Target Market. Many marketing efforts fail because people are taking a shotgun approach and try to market to anyone and everyone.

This approach‚ however‚ is not only ineffective‚ but also results in problems. First‚ it waters down your message‚ so you lose the attention of your target market. It also wastes the time of your sales team as they sort through the bucket of leads that comes in‚ trying to determine who is qualified and who isn’t. Last‚ it becomes very difficult to measure success because the measurables have not been clearly defined. Choosing a target market allows you to focus and gets your message in front of the prospects you want.

Do Your Homework

Once you focus in on your Target Market‚ you need to learn everything you can about them. Learn what matters most to them about your product or service. When you know everything there is to know about your prospects‚ you can address the issues that matter most. Also‚ innovate or make changes to your product or service to align your company with your target market’s wants and needs.

The Marketing Formula

In order to communicate clearly with customers and prospects and cut through all the clutter‚ you need to follow a simple formula. In the Educational Marketing System‚ we use a formula based on modern psychology and people’s decision–making process. We call this 4 step system the Marketing Formula:

• Get their attention. You do this in 2 ways:
  1. First tell them exactly what you do
  2. Identify the problematic issues they’re facing
• Promise valuable information. Make them believe that by continuing to read or listen to your marketing piece‚ that they will have the valuable information needed to make the best decision possible when buying what you sell
• Low–risk offer to take the next step. Make them continue on in the buying process by offering them something that is perceived as a low risk way to continue
• Capture their info. Capture your prospects contact information so you can continue their education process

Note: See the section on Tactical Marketing to determine the best way to communicate with your Target Market.

How do you handle leads?

According to a recent survey‚ the leads generated by marketing can be put into 3 different categories. The categories and percentages associated to them look like this:

• Ready to Buy – 12.5%
• Long Term Buyers – 70%
• Not Qualified to Buy – 17%

Generally this causes a problem in any organization‚ especially when Sales & Marketing are acting independently. Why? The marketing department is rewarded based on the volume of leads it brings in. The focus is on quantity and not quality. Sales people are rewarded based on the number of leads closed. As a result‚ they spend their time sifting through marketing leads‚ looking for “Sales Ready” leads – ignoring the “Long Term Buyers”.

The result is that the vast majority of your prospects (about 70%) are ignored until they come to the point where they are ready to buy. By the time they are ready to buy‚ they go to the most convenient vendor. If your company isn’t staying in touch‚ educating them why you’re the best option‚ your chances of winning their business comes down to chance.

Our system closes the loop and solves the problem

We solve these problems with an Educational Marketing System™. You will be able to properly take care of your prospects and create a continuous stream of customers coming to you as they mature in the buying process.

By qualifying leads as they come in‚ you can give the “Now Buyers” to your sales force for immediate action. The “Long Term Buyers” will be placed in the “Educational Cycle”. When they are ready‚ they will be ready to buy from you.

Even if Sales does not close the prospect immediately‚ the “Now Buyers” are also automatically included in the Educational Process. They can continue to be educated alongside the “Long Term Buyers” and stay inside of your system.