14 Oct Management Rock: Prioritize your target markets
What are Marketing Rocks?
If you’re running on EOS® (Entrepreneurial Operating System) you know how to use Rocks for your Quarterly meetings. We’re big fans of EOS® and are frequently asked for ideas on what marketing Rocks would look like.
This Rock is ready for you to copy, paste, and adjust as needed.
We hope this saves you time and keeps you focused on your marketing foundations.
Marketing Management Rock: Prioritize your target markets
Target markets work best if they are clear and prioritized. During the day-to-day grind of marketing operations it’s often difficult to prioritize efforts. If there is a clear target market hierarchy then content, events, and ads for the primary target market will take priority.
Feel free to cut, paste, adjust, and use for your next Quarterly Rocks:
Rock: Prioritize your target markets
V – Vision: Think about the Pareto principle (80% of consequences comes from 20% of causes). Likely 80% of your revenue comes from your top target market. Maximizing your growth in one main area can get you to your vision more efficiently.
S – Specific: List out your target markets and put them in priority order.
M – Measurable: Decide what percentage of your marketing should be allocated to each target market. For example, 60% of your efforts could be for your primary target market, 30% for your second, etc.
A – Attainable: This is attainable if you already have your target markets well defined.
R – Realistic: If you have strong opinions at your company about the target market priority then this will be a challenge. It’s realistic but may take several discussions to come to a consensus. Note that you should not have an even priority split. There is always a hierarchy.
T – Timely: As you build your priority list, look at how you have spent your marketing time and money over the past year. Is it geared towards one market more than others? Think about how long it will take you to adjust your efforts to the new prioritization.