subject: Hitting The Target In The Age Of New Media - Part 2 [print this page] Shotgun vsShotgun vs. Specialists
So how does this apply to todays online realities? In the past, advertisers had only one choicethey took the shotgun approach, scattered themselves to every mass media outlet they could afford, and hoped a percentage of those people might pay attention. It was about trying to be all things to all people. It was spending money on local newspaper ads, cable television spots, etc., and hoping potential customers would catch a glimpse of them as they turned the page.
Its the equivalent of the long-ago era of the general practitioner whom everyone would go to no matter what his or her medical condition. Just as patients now go to specialists who can help them treat their specific injuries and illnesses, consumers have become selective about where they go to get their goods and services. Online it looks something like this: health conscious individuals who might have subscribed to a general magazine on health are now signing up for blogs, newsletters, podcasts, user groups, e-mail lists, membership sites, and more to address their exercise regimen, a preventative medicine program that suits their lifestyle, their specific heart condition, their type of diabetes, etc. More and more people are taking advantage of outlets with increasingly specialized information.
With so much out there floating around and vying for consumer attention, todays savvy marketers are likewise getting more specific in order to forge a competitive advantage. Theyre identifying who their potential customers are, cultivating these relationships, and in many cases even charging them for the privileges of membership. Lets say you have a dance studio in town that offers salsa lessons. In the past, youd put a medium-size print ad in the local paper, maybe shoot a local TV commercial, and hope for the best. Now, you can create a sizzling, colorful Web site with step-by-step instructions and high-energy videos of those lessons that students can pay an online subscription fee to see. Seeing is believing. Even if folks never step into your studio for the real deal, you get them to subscribe to your service to learn how to dance from home.
It can work the same in the sports world. If you give golf lessons in real life, you have to hope people see those local classified ads, right? But if you give golf lessons online and charge a fee to help your students progress, youve taken the world in your hands without paying any attention to geographical boundaries. You can now teach at any level you want, whether that market exists in your locale or not! Someone might buy an issue of Car and Driver for five bucks, but fans who want to go behind the scenes and into the pits of NASCAR can probably find a better outlet, which theyre willing to pay more for, to really get them into the action and on the inside of the sport they are ravenous fans of. The list of industries and examples goes on and on!
A lot of these opportunities lend themselves to a virtual delivery with cutting-edge technologies, but some of this ongoing flow of information extends to tangible media as well. There has been a resurgence, for example, of paper newsletters and, although still virtual, teleseminars as well, neither of which are considered new technology. Most of these models of selling information, or ideas, offer the basics for free up front, but if they want what youve got to offer, and you promise to go deeper, theyll be happy to pay for the privilege of regular updates and insider opportunities.
The key to setting the world (or at least your bank account and profit margins) on fire in this world of new media is niche-ing down your market to create value in the people youve niched into. By building your audience, you build your value, and that in turn increases your roster of consumers who will be willing to pay top dollar for the incredible things you offer. Rememberthe power is all in the presentation to the right audience.
So, when thinking about growing your business during the current economic shift, think big; but then make sure you think small with regards to what niche you can ultimately serve to prosper the most. After you figure that out, if you take the time to determine the best format or combination of formats to deliver your products and services to your audience, you will find a formula that is wildly profitable!
