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Budget Planning: Guiding Principles for Picking the Best Markets to Target on Digital in 2020
If you want your marketing strategy to be all things to all people – be prepared to have a large budget.
If you want to target multiple markets at the same time – be prepared to have a large budget.
If you want to market multiple products — be prepared to have a large budget.
The secret to a smaller, more efficient budget? Niche marketing. With niche marketing, you can even put the most limited budgets to very efficient use.
With the backdrop of COVID19, if you’re revisiting your current marketing strategy or building a new one, these recommendations will come in handy!
What Is a Niche Market?
According to HubSpot, a niche market is “a focused subset of a broader market of consumers or businesses. This group has a specific set of needs that can be met by a targeted product or service that addresses those needs.”
Examples of niche markets:
- If one of your target personas is Generation Z, you might target college students as a niche market.
- If you build software for real estate professionals, you might focus on mortgage brokers first as a niche market.
- If you have multiple skincare products, you might focus on an anti-aging skin cream first as a niche.
Rather than trying to reach every single one of your buyer personas or target markets at a time, try focusing on only the one with the most lucrative potential.
Rather than marketing all of your products at once, try focusing on one that has the potential to achieve the most revenue.
Once you have determined your niche, a reduction in the budget will happen if you:
- Hone in on your niche market(s) – the more targeted you are, the less you will spend.
- Choose a market that is profitable and reachable through digital media.
- Start by focusing on the platforms that have the best likelihood of reaching these markets.
- A secondary consideration is to look at the capabilities of your chosen platforms – do they have groups, for example? How will you reach the prospect once in the platform itself?
From there, you can choose the right combination of text, video, graphic and curated content. You can maximize the budget by mixing it up and repurposing what you have already created..
Text-based and curated content is more affordable. However, text-based content is easier to add SEO value to, while curated is less so.
Images and videos are the most expensive content to create, but these costs can be reduced by leveraging tools like social media stories, mobile apps, and through smart planning.
A digital marketing budget can add up quickly — but it doesn’t have to. The beauty of approaching it from a niche perspective is that once you have identified and grown a lucrative niche, you can use the revenue to expand into other target areas.
The secret is to plan your scale and approach it strategically. That’s where The Purpose Company comes in. We help you build a marketing budget that is scaled for growth and driving real results even during challenging and unpredictable market conditions.
Contact us today for a consultation. Call 647-880-9709 or visit www.thepurposecompany.ca.