Audience Analysis This section focuses on defining your target audiences. These are the groups of individuals for whom your marketing messages are designed.
sell existing customers, you need to know which ones are most likely buy. Don’t forget to identify other important audiences in your marketing plan. They may include employees, the media, industry groups, local officials and other key influencers.
Create Customer Profiles One of the best ways to define your target audience is to begin by profiling your current customer base.
Budgeting Before you can plan what to do, you need to plan how much you intend to spend. This section focuses on budgeting for your marketing efforts. At a high level, you should determine how much you can or need to spend to achieve your acquisition, retention, sales support and brand-building objectives. For example, if one of your business objectives for next year is to acquire 100 new customers, and historically you know it costs an average of $100 to acquire a single customer, you should budget $10,000 for that effort.
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Step one: Differentiate between those who have flood insurance and those who do not. Are there unique characteristics to each group such as age, property value, household income, proximity to a water source, mortgage value, number of total products owned? Step two: Identify which characteristics are representative of those who are most likely to purchase or renew a flood insurance policy.
Perform Audience Segmentation Based on your customer profiles, you can define specific audience segments. Consumers will likely fall into one of three buckets (prospects, customers, or lapsed customers), which are further classified as high, medium or low value. Additional segmentation should focus on audience need. For example, if you are going to develop a campaign to up-
Establishing Your Budget There are four basic ways to approach budgeting: 1. Historical Method. Determine budget based on what you spent last year, with a percentage increase for inflation or other marketplace factors. 2. Task-Objective Method. Determine budget by asking what it will cost to achieve a set of standard goals/ objectives.
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South Carolina Agent & Broker • Spring 2012
Elba, Alabama • 800-239-2358