The new wave of marketing strategy is not new, however it does seem to be taking off in the small to medium sized business arena, especially amongst service providers who exchange their time for money.
WOFTAM marketing firmly puts branding in the back seat, enabling businesses to make spur of the moment decisions with quickly implemented tactical offers and promotions.
Many businesses following this strategy state that POF is the main driver behind adopting the WOFTAM strategy.
Struggling with the lingo? - Check out the glossary below....
Those who have implemented WOFTAM marketing have widened their target audience to include everyone, everywhere, with noticeable increase in FOMO seen within all of the activity taking place, most notably during networking opportunities and on-line media.
In order to avoid the time consuming development of an SMP, these businesses are ready to fire at will, issuing a wide barrage of messages and offers they expect will eventually reach a target audience of real value.
This has been called a SGA tactic by the marketing industry and was notably popular when Television was the king of media, although this tactic seems to have become a favourite with any media channel today.
Is your business into WOFTAM or BUOTAM marketing?
A small number of businesses have taken note of this activity and have decided to define an SMP before developing and implementing BUOTAM marketing instead.
They have a decidedly niche markets with a specific target audience in mind, which has dramatically reduced WOFTAM, even though this approach may appear to be slower.
Of course, businesses who have the ability to undertake WOFTAM because of the budget and resource available to them, may believe they have the upper hand.
Time of course will tell, and it will be interesting to see which businesses experience the most positive and sustainable growth as a result.
The question for entrepreneurial business is today is are you into WOFTAM or BUOTAM marketing?
For those not up with the play on the latest marketing lingo, a definition of terms is below:
- WOFTAM - Waste of flipping time and money.
- BUOTAM - Brilliant use of time and money.
- POF - Putting out fires.
- FOMO - Fear of missing out
- SMP - Single Minded Purpose
- SGA - Shot Gun Approach