It’s your Money in the Customer’s Pocket
This afternoon I heard a really good marketing analogy from Tommy Wong that’s worth sharing with the world. Imagine there are people out there who have your money and you are asking yourself what you have to do to get them to give it back to you…
Because when you’ve found your target segment that’s exactly the conversation you should employ. It’s a dialogue between your business and these people who have your money. These people you have identified through market research to have your money in their possession.
What I really like about that analogy is the identification of the target segment as having a real relationship with your business (by default). They’re not just anybody, you don’t want to talk to just anybody out in the wide world – you want to start a discussion with those people who have your money.
So what are you going to do? How are you going to convince that limited group of people, the one’s with your money in their pockets, to give you the money back? To not spend your money in your competitor’s business? It’s a tough question to ask yourself…
But if you don’t have an answer for me then you’re probably already out of the ball game.
Would you make your service a little better than your competitor’s service? Would you value-add onto your product or service? Would you bundle goods and services? Will your quality be far and beyond what your competitor is willing to offer?
I like this analogy because it makes business about personal contact. You’re looking your customer in the eye… they have your money in their pocket… it’s your money not their money and you deserve it… because you are willing to earn it off them. That’s the challenge.
