America the melting pot is a nice aspiration. However, most people live in areas where their neighbors share similar values and motivations to themselves. Most people choose to live in a location where they feel they fit it. It is a natural part of human nature. When it comes to smaller neighborhoods, you'll find that New York City is filled with people and places to consider. That includes Wall Street
There is no one America, and there is no one NYC. People in NYC share values in common, such as openness to cultural diversity, drive, and a live and let live attitude, among others. But, each neighborhood has its unique flavor and shared values and experiences.
Take Wall Street, for example. It's a great neighborhood and has some real character to it, but more often than not people don't take advantage of what the city provides. The people who generally live in Wall Street are the audience that you would usually cater to. Taking that a step forward, you should consider how the people of your community relate to your business. If you run a cafe, for example, make sure that you're putting yourself in the proper place and environment.
A coffee shop in Wall Street will want to be built for people hard at work and on the go, as many who live and work in Wall Street often can be. The city is more densely packed in Wall Street, and the audience is a bit different then you'd find in, say, Bushwick. Make sure that you know who you're working with and who is around you when you're developing the audience profile of your business.
Once you’ve identified your target and what they value, it is time to focus on your message to them. This is where you craft your marketing message. A great message uses the benefit your product or service provides to shows how it solves your target's needs. In addition, it has to communicate how your business is different from others who may also have solutions.
In our Wall Street example, a benefit was allowing the audience know they're talking with someone they can trust. Many successful small businesses in the area embrace the Wall Street community.
A marketing strategy in its most basic form is the set of tools that you will use to deliver your Brand Message to your target through in-market advertising. This is based on the media the target uses the most.
This is where it can be challenging because now you have to consider the cost of the different media and what you can reasonably afford as a marketing budget. This is why media targeting is so important. You can’t afford to waste money so finding those niches where your audience congregates can improve results and reduce cost and improve the bottom line.
These are the three most basic steps in developing a small business marketing strategy in Wall Street.
A marketing plan outlines how you will add all three recommendations together.
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Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkenIn profile
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