You've Got to Know Your Audience

In marketing, there are a lot of variables, strategies and tactics that you have to consider when laying out a marketing plan. None is more important than your target audiences.  Many times, there are more than one, so identifying who they are, why they should be interested, how they think, how they buy and how to reach them is critical.  For a would-be entrepreneur, it can be a daunting task, especially if your business is a part-time venture.  You know, it's really cool when a person's interests and hobbies turn into a real business enterprise.  It's even better when you do it with other people who share the same passion for what you're doing.  Anyone can start a business today but growing a sustainable business takes vision, talent, some good fortune and a lot of hard work, and it should all start with a business plan that accurately depicts the target audiences.  After that, all your decisions on products, pricing, distribution and promotion can be made with those markets in mind.  Today's guest and his partners at Phantom V have done just that.   Mike Hammerly is a partner in a Missouri distillery named Phantom V.  An automation specialist by trade, Mike and his four partners got together a few years ago and started to build something special.  They all had the interest in making spirits but they all also had the experience and expertise to do it the right way, with a business plan and sound marketing strategy.  Over the past few years, they've developed a nice niche for inventive, delicious alcoholic drinks that people love.  And while they're currently only available in three states, there are people from all over the country asking for Phantom V spirits.  Listen in as Mike tells the story of how they got started, how they're growing organically, how they're figuring out the challenges of distribution, marketing and growth and how they've positioned themselves for a step to the next level….and it all starts with knowing your audiences and making great products that your markets love.