Who is your target market? If you answer is “people in the debt industry,” you might be throwing your marketing dollars out the window. Who in the debt industry? What segment? What role? The more you know about your ideal clients and prospects, the more targeted your marketing efforts can be. The more targeted your marketing is, the more profitable and successful your strategies become. Identifying your target markets not only drives your success rates, but also helps you focus your effort and time.
Casting a wide net to gain exposure and get new business seems like a good idea in theory. If “everyone” is going to be at one conference in the industry, why not pay X number of dollars in order to be there as well. But have you taken a closer look at who really is going to be there? Just because a certain conference pulls in a large number of attendees – does not always mean exhibiting there is going to be your most successful marketing venture. Say you have a higher-priced product/service – typically used by only larger firms in the industry. As a marketer, you should really be thinking about what percentage of the attendees at this particular event will be from those larger firms. Once you determine that, you should factor in your cost of exhibiting, travel, and out of office expenses for your employees. If only 1-3% of attendees at this conference are within your target market – at what point are you throwing your marketing dollars away? Sure you will get your name out there, next to 50-70 other vendors, but will it be in a meaningful way?
The key here is to know the end goal of your marketing strategies. If you are merely looking for simple brand awareness and recognition – a larger list might sound more appealing. If you are looking to gain direct leads or see a complete sale, sometimes a list of 5 people are better than a list of 5,000,000 if they are your target market.
insideARM consistently puts on smaller, targeted events. Our goal is to educate where the subject matter directly matches the professional. Check out some of our newest events and programs:
- ARM-U: The FREE virtual conference exclusively for operations, compliance, and ARM industry training professionals, collection attorneys, and others as determined by insideARM. Courses will take place throughout the day June 3rd starting at 11am EDT, and continuing on June 4th.
- First Party Outsourcing Summit: This is a first of its kind round table event for creditors and agencies about the unique challenges of first party outsourcing. While the subject may have been addressed in a single session at prior industry conferences, this is the first conference devoted exclusively to the issues for both sides in the First Party environment.
- Compliance Professionals Forum: CPF helps compliance professionals navigate the complex and fast changing world of regulatory oversight. If you have responsibility for compliance related to communicating with consumers about debt, allow CPF to be your compass.
Looking to spend your marketing dollars in a more focused way? Let us know how we can help meet your marketing goals!