How To Check Your Marketing Strategy Targets The Right People (3 Easy Steps)Posted on 18 Sep
Are you targeting the right people with your marketing strategy? It’s not particularly easy to work out if you are, or not. Your results will tell you in some ways, but without testing out different markets and campaigns you’ll find it hard to truly know. We’ve highlighted 3 easy ways you can begin to do this, because everyone wants to make sure their marketing strategy makes sense and makes money.
Stay tuned if you want to unlock hidden insights into your market and where the hot-spots truly are, as well as how to dig into what you’re doing and sanity check your marketing strategy…
Marketing Strategy Checks
Total Market Data
What is your total addressable market? Marketing strategy is about knowing that and refining your messaging to talk to the right people. If we talk to people who are the most receptive, we can get listened to far cheaper and easier.
But the problem with knowing who our market should be is that we don’t check to see when a surprise is going to crop up. The hint is the word surprise…
If you don’t know that a certain industry is showing a lot of interest in what you do, you don’t know that you should market to them. There will always be people we miss out on marketing to, and some who we probably shouldn’t market to. But if you can use data to verify your marketing strategy and the targeting you use, that’s a big advantage over competitors who do not have that data.
So how do you uncover something you can’t see? Intent data is one simple and easy way to do it. It takes very little time and is easy to analyze when you get the data.
This is the most interesting part we find about working with companies. Everybody knows who they want to find and talk to, but it’s uncovering the surprises that we enjoy most. Here’s an example…
A SaaS company uses intent data and wants to target anyone in North America who is in a Sales leadership position that has above 10 employees, but not enterprises. We can find that data and those people, but we can also find out if there happen to be a ton of marketing leaders looking at their competitors in these same companies too. We can also see if there is a lot of interest in the SaaS company and their competitors from CEOs, who were not part of the brief. The market is hardly ever as you expect it to be.
Checking what competitors are doing is a good exercise if you don’t take the findings too literally. Every company has slight differentiation from their competitors and may be running topical campaigns to different industries where they’re stronger. Each company may also be performing below optimal levels so it’s wrong to take what you find competitors doing as gospel. But…
You can gain an understanding of what most of the companies in your space are doing and pull the results together to establish trends and common ground between them. This is the information you’ll need to review, not the intricacies of each campaign each company is running.
A few things you can use to find out about a competitor’s marketing strategy:
- Check their blog, what are they writing about
- Review their resources and downloads library, are they making lots of the same format of content or on the same topics
- Check their social media, are they doing lots of collabs or sharing a lot of content around a specific topic
- Use Facebook Ads library to see what ads they are running to boost their content and campaigns – this is a good way to see what they’re really pushing
Sales and Customer Success
Sales should have a great understanding of who you should be targeting. But they’ll also have some insights that you won’t have.
Sales speaks to your leads and generates their own. There may be great uses cases for your product and service outside of your current ICP. Sales is the ideal testing group to find out if this new market is going to work.
On a more day-to-day level, they’ll know if the product sells better to SaaS companies against Finance companies, or non profits. Although Marketing should know who to target, that does not mean they’re only targeting the best people. Usually Marketing are targeting the good fits for their product. Not always the perfect based on real sales that have been made and experiences with prospects and customers.
On the flip side, Customer Success is a good measure of your targeting. If you’re closing deals with the wrong companies, the churn rate may be higher. There will be more complication in the CS side of things.
If CS is noticing that working with particular companies of a certain size or industry is harder and more problematic, it may be that you should focus your marketing strategy away from these types of companies.
CS can also think about the referrals they have been given from happy customers. If a lot of them are companies in a certain industry, you have a big hint right there to take on board.
And obviously, if there are 5 or 10 super customers who are crushing it with your service, analyze them. Why are they so good, why are they using your service so well? And what about their specific business makes that so? Often when you ask these questions, you’ll uncover more information that company size and industry data that you can use.
You’ll find that specific team sizes within your ideal client crop up. Or dependency on the client having a dedicated person to manage a process.
For example, we find that LeadSift works best for companies with a specific Marketing stack set up… here’s a quick video about this granular level of insight that is actually super powerful.
What do you think? If you want to get a check-up on your industry just drop us a message via our Driftbot. Don’t forget to share this article on social media and tag us so we can show you some love!