Revisiting Your Niche: Essential for Mindful Marketing Budgeting
Are you worried about the shrinking marketing budget? You're not alone. In today's economy, everyone is being more mindful of where their money goes, and marketing is often the first to take a hit. However, before you make any drastic cuts, there are three tips you can follow for spending more mindfully.
In this post, we'll cover Tip 1: Revisit your niche.
As a healthy business practice, it's essential to reassess your target audience every six months or at least once a year. Taking a step back from the day-to-day grind can provide clarity on your current client lineup.
Ask yourself a few questions like:
Do you still enjoy working with your clients?
Are there common threads that connect them?
How did they all find you?
Have any new pain points or problems emerged that you're now helping your clients with?
By answering these questions, you may gain important insights that you can act on immediately.
For example, after we went through this process, we discovered that our clients who are experiencing growth all have a business coach. They are receiving valuable guidance that is focused and specific, and our marketing efforts are successfully funneling their clients to the correct service.
If you don't have a business coach, we can still help you, but we believe that the combination of business help and marketing help is a powerful partnership. Therefore, before you make any hasty decisions about cutting your marketing budget, let's revisit your niche and see if there are any changes you can make to maximize your efforts and your dollars.
Now that we've covered Tip 1 let's dive a little deeper into why it's so essential to revisit your niche.
Targeted Marketing: By reassessing your target audience, you can tailor your marketing efforts to attract the right customers. It's crucial to understand your customers' pain points, problems, and desires to create a marketing campaign that resonates with them. By doing so, you can avoid wasting money on marketing to people who aren't interested in your products or services.
Identify Trends: Trends and changes happen fast, and if you're not paying attention, you can miss out on potential customers. Revisiting your niche can help you identify new trends and changes in the market, allowing you to adapt your products and services to meet the changing needs of your customers. The pandemic and the aftermath as we moved through it is a perfect example of changing trends. Obviously, all events went virtual immediately after the pandemic. Then the trend began to change for our clients. We noticed more in-person events emerging but they were different than before. It was key for us to stay on top of the shifting environment so we could best help our clients make the right choices for their businesses.
Refocus Your Efforts: Over time, your niche may shift, and you may find yourself catering to a different audience. Revisiting your niche can help you refocus your efforts and resources to align with your new target audience. It can help you avoid wasting money on marketing campaigns that are no longer effective and put your efforts into campaigns that are more likely to resonate with your target audience.
Revisiting your niche is a healthy business practice that can provide valuable insights into your target audience, identify trends, and refocus your marketing efforts. By doing so, you can tailor your marketing campaigns to attract the right customers, adapt to changes in the market, and avoid wasting money on ineffective campaigns. So before you cut your marketing budget, take the time to reassess your niche and see if there are any changes you can make to maximize your efforts and your dollars.
Stay tuned for Tip 2 and Tip 3 in the upcoming weeks, where we'll cover additional ways to spend your marketing budget more mindfully. Remember, mindful spending can help you get more bang for your buck and grow your business in a sustainable way.
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This blog was written by Kristina Kury, Founder & CEO of Sprout Creative, working with small business owners and entrepreneurs who are busy running their business, overwhelmed with marketing, and whose growth has plateaued to turn their marketing into a more manageable, automated marketing machine.
You can follow her at @SproutCreativeLA on Facebook and Instagram.