This is the trifecta, the essential basis of marketing that everyone in business must understand. You must be intimately familiar with the details of each of these areas in order to build a successful business of any size. While this information may not be new it is one of the biggest areas most small business owners and entrepreneurs overlook when they are first starting out. Many never even come to study or understand it after years of being in business. If you are in business, small or large, knowing and embracing this information is essential to your success.
The three M’s are:
- Message and
Now let’s look at each individually:
The first, and some would argue, the most important of the three is most often the one that is overlooked. This is the foundation of any good business, whether it is product based, service based, business to consumer or business to business. You must understand the intricate details of the target market you are trying to reach, and you must make sure you are reaching out to the right target market. You can make the beef jerky in the world, but if you only market to vegetarians, you will probably find that you only have a few sales, if any at all.
This is the language and meaning of your product or service. This is the information you are portraying to your market, the ‘message’ of what you want them to understand about you, your product and/or your service. You must have a clear, concise message that calls out to your target market, cuts through the ‘noise’ in the market place and entices your market to want to get to know you, like you and ultimately trust you and buy from you.
The medium is the method through which you deliver your message. Once you know your target market, you can determine the best message to speak to them, then you can take those two and combine them to find the best mediums to deliver the message the most effectively. There are no inherently bad mediums – everything from radio to umbrellas can be effective when you know your target market and you have the right message.
Not knowing how to use the 3 M’s in marketing can essentially make your chances of success minimal. It can lead to extreme frustration and, ultimately, failure. Take the time to get really clear on each of these, in the right order, and you will have a much better chance at the small business success you are seeking.