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Issue #12
In this issue:
Marketing Happens In the Mind
– Make it happen!
I’m sure it’s at the forefront of your mind. What is an
m-life? If BASF doesn’t make a lot of the products we use, what do they
make? Better yet, why are they advertising to us? Don’t you wish you had
the same gazillion dollar marketing budgets? Oh, what you could do with a small
slice of what companies like this spend on seemingly useless campaigns.
But you are in small business – that ‘twilight
zone’ where you need to see actual results for your marketing investments,
right? To be fair, those campaigns are creative, but in the long run, we never
really know if they work. The ‘r’ word (results) is such a strange
concept to companies with such large advertising budgets, especially when
accountability for marketing return on investment is so rare.
Let’s talk about your MROI.
The secret isn’t necessarily spending more money than you
spend today (although more than 90% of small business owners drastically under
spend in the marketing arena). The real secret is learning how to generate
qualified leads and sales from the dollars you're already spending, and knowing
what’s working, what’s not, and what other innovative marketing ideas
deserve consideration.
You can get into the minds (and hearts) of your customers, even
though you don’t have a Fortune 1000 marketing budget. All it takes is a
little smarts, discipline, some basic human psychology, a commitment to
strategy, and powerful copywriting skills. Of course, a good product or service
offered at a fair price usually helps!
Here are six marketing tips you can take to the bank:
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Make every marketing dollar count: The auto industry knows
exactly what it costs, on average, to deliver you to the showroom for those
friendly, warm car-buying experiences that we all love. It’s called
acquisition cost, and it runs about $375 per customer. (It’s on the
invoice). Are you measuring acquisition cost? It’s not that hard to do.
Are you incorporating smart copywriting, drawing your prospects to your company
with a strong front-end offer? Let your accountant count every dollar you make,
but do not let your accountant decide your marketing strategy. Plan to invest
2-3% of your target revenue on marketing (but know you can success with less if
you spend it wisely).
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Make smart marketing strategy decisions: Do you have a good
grasp of the fundamentals of marketing? If not, don’t try to do it all
yourself. Get help, or become a student of marketing. (Send me an email and
I’ll send you a list of good books). Of course, you have a well thought
out marketing action plan and you are disciplined in executing your strategy,
right? What about lifetime value of a customer? This is a great time to enhance
your value to your best customers (and give them a big hug for staying with
you). It’s also a good time to look at possible joint ventures and
collaborate efforts – even with selected competitors!
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Know the value of your core competencies: Do you know why
your best customers stay with you? Do you know the underlying, deep benefits
that people realize from their purchase? What are the emotional benefits, the
intangibles? Ask for testimonials and you’ll capture some nice gems, in
your customers’ language, that will reveal the true value.
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Strengthen your marketing message: Can you answer the
question ‘why should people do business with my company given all of the
other choices in the market place’? Do your sales people really know your
company’s unique selling proposition? Do you have one? There are lots of
ways to position your company higher up the ladder in your business category
– and in the minds of your customers. Start by understanding why people
come back, and why others don’t!
-
Know your prospects’ buying criteria and decision-making
process: Why do they choose to by your products, and from your business? What
information do they need to make the right decision for them? Educate them and
help them make an informed choice.
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Put a lead management system in place: You’re spending
the money to generate good leads. Keep track of them and develop a stay in
touch system that nurtures the lead to become a customer. With a good lead
system in place, you’ll ‘keep the funnel full’. Of course, you
already have a good customer database so we don’t need to talk about that.
Now that you have read the above, ask yourself ‘what is the
danger of not taking action to improve my marketing’? In this economy, not
taking action could be fatal.
M-life? BASF? I wonder what an Enron or Global Crossing ad would
look like? Hmmm. While you’re pondering that, you may want to request my
report: 27 Rock Solid Reasons To Send Sales Letters. It’s free for the
asking via email and should trigger some good ideas for you.
Remember, the best marketer wins, and good marketing starts with
strong leadership and a clear vision.
Bob Martel
JMB Marketing
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