Last year, I was gifted with a pair of new shoes for Christmas. This is good for people like me who call ourselves ‘minimalists’. I don’t need a lot of things so when I do, I just ask for them at holidays and birthdays. It helps me to save time and money. The problem with this particular gift is that it’s something I wouldn’t wear. For me, I didn’t value the shoes as they weren’t my style.
This is a problem I’m seeing more and more as I get older. Sure, it’s nice to get others gifts. It’s something I would encourage more people to do. But my point is that many people will give gifts to others that won’t be valued. They’ve only wasted their money. While we’re good at knowing what we like, turns out many people are horrible at knowing what others like.
According to Jake Rheude, in 2019, about 34% of people surveyed returned at least one gift they got during that holiday season. This is up from 28% in a previous year. This very well could be because the receiver didn’t value the gift they were given.
This doesn’t just happen during the holidays either. It happens in the business world. Too many businesses and entrepreneurs are marketing to the wrong people. Ones who won’t value their product or service. And you guessed it, they’re wasting their money…a lot of it. If this is you, what can be done?
You need to do the research. It’s arguably the most tedious part but it has to be done. This way you can actually find out what your target market values instead of pretending to know and flushing your money down the toilet. If you don’t have the time, there are plenty of marketers out there who are ready for hire and can do a lot of the research for you.
An example of this would be if you were a chiropractor. We all know that chiropractors work with people’s spines. Instead of just advertising on a local billboard, where many people who see it, won’t value your service, narrow down your search and advertise to maybe a community of 55 and older folks. These people are more likely to be interested in your service but would actually value what you have to offer. This is where the power of marketing comes into play for your business.
The real secret though lies in educating your prospects and building that trust with them so they are more likely to do business with you. It’s the most effective marketing strategy out there by creating that value and it’s known as education-based marketing. I’d love to give you more insight if you’re having trouble with this aspect of your business.
As for my shoes, I did decide to keep them and have worn them only a few times, but they rest in my closet most of the time.