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Issue #16
In this issue: How does business
look for your company in 2003? Optimistic?
- Seminar Announcements
- Reminder & Gift:
- Walgreen's Town of Perfect- A Marketer's Dream!
- Missed the last issue?
- Upgrade Your FREE issue of Power Marketing
Tips!
- FREE Hot Air Balloon Ride in 2004!
- For Marketing Consultants ONLY!
- The Psychology of Marketing: It's Human
Behavior, Stupid?
- Machu Picchu Trip is on!
Welcome to Power Marketing Tips.
Power Marketing Tips is intended to motivate you to take marketing
action now, and to help you refine your long-term strategy (and, ultimately,
make you more profitable because you are a smarter marketer!)
Grab your favorite tea or coffee... and read this issue now... or
print it, and go find a quiet place to read it soon.
Enjoy!
Bob Martel
P.S. - Feedback always welcome. Be sure to read point number 9
below.
P.P.S. - Now available in paperback: How to Create All of the
Business You Can Handle! $24.95 at www.amazon.com, or $20.95 (through March
31st) and FREE SHIPPING at www.jmbmarketing.com. 208 pp.
If you are considering a purchase at
Amazon, go here:
How does business look for your
company in 2003? Optimistic?
We're already three months into the new year - in a tight
economy. Jobs are scarce, expendable income is shrinking, and although economic
indicators are promising... it's a tight market for doing business!
BUT- I maintain that "smart marketing" will see you through the
tough times. Business is out there but you have to make it happen. Reinvent
yourself, unbundle/bundle products or services, stick to your core value
proposition - but keep your eyes and ears open for new opportunities. Sounds
easy, huh?
As you look to the future, do you have a working marketing system
in place (or on the drawing board) to guarantee a steady flow of qualified
prospects? Do you have a good sales system in place to nurture leads, build
credibility and ensure a solid "batting average" or closing ratio? Are you
helping your best prospects make the smartest buying decision?
Answer 'no' to these questions and you will never truly succeed
to your potential. Answer 'yes' and the world will, indeed, find the path to
your door - bringing you all of the business you can handle!
WARNING: This issue is a mini-epistle. More than one subscriber
inquired about the future of this newsletter. Sure it's always nice to stay in
touch with your circle of influence, but I only share marketing tips when I
have something powerful to share with you. There are plenty of free marketing
newsletters that repackage and regurgitate the basics (as if the ideas were
rocket science). I try to share proven strategies and tactics that I am using
in the field with my clients.
Danger: There is soooooo much marketing advice on the Internet
that we sometimes read with one eye closed... and the other eye reading
something else. It's easy to dismiss yet another email as 'just more of the
same'.
Here's what people are saying about Power Marketing
Tips!:
"The September issue of Power Marketing Tips is fabulous! Six
pages packed with information, tips, questions, and suggestions all geared to
make me succeed and motivate me to get moving. Power Marketing Tips is the best
bargain around. I can't wait for the book… " Best Regards, Nancy
Sartanowicz, Workplace Strategies.
"Every issue is a money maker for me. Thanks for keeping me
focused on marketing, and for sharing "insider secrets" to maximize results."
Gary Yendol, Media Planet.
Now, on to this month's issue:
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Reminder & Gift: If you are looking
for a good reason to write to your customers, send an email here to request our
free report: 21 Reasons To Send a Sales Letter.
freereport@jmbmarketing.com
Visit www.jmbmarketing.com/claudehopkins.pdf
for a free 40-page gift - his pearls of advertising wisdom. If you want to
read Claude Hopkin's book go here:
www.extremenetworks.com.au/downloads/Claude/claudehopkins.htm
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Seminar Announcements (Spring dates being
finalized, full details to follow):
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Precision Direct Marketing with GIS Mapping Tools: April
24
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How to Create All of the Business You Can Handle! May 6
& 20
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Referral Marketing: How to Create a Power Surge of New
Business in 2003 - May ?
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Walgreen's Town of Perfect-
A Marketer's Dream!
Have you seen those humorous IBM commercials lately? They run
them during the football games and on Sunday mornings. You know, the
commercials where the executive team is examining the latest and greatest
business success tool. Just as the commercials proclaim, there really is no
such thing as a universal business adapter that connects everyone to
everything, no magic binoculars that let you see the future, no magic business
beans, and no other business gadgets to solve all of their business problems.
Wishful thinking, agree?
Then why is it that so many business owners are looking for
that one magic pill to solve all of their marketing problems? Sure, it would be
nice to have a steady stream of customers with no effort and no expense. That
happens only in Walgreen's land of Perfect, if you know what I mean. Since we
don't live in a town called Perfect, we have to work at marketing. You do know
that 'marketing' is a four- letter word: w-o-r-k!
In the town of Perfect, direct mail returns 100 percent
response, everyone reads your ads, and your phone rings all day long with
people anxious to give you their hard earned money (in exchange for the
exceptional value of your products and services). In the town of Perfect you
really don't need to spend a dime on marketing because everyone already knows
about your company, your services, and your products. No need for sales
letters, newsletters, email marketing, postcards, billboards, publicity. No
need for educating customers, training employees to be better customer service
reps, and 'cross-selling' is a dirty word. Ditto for 'up-selling.
Since none of us live in a town called Perfect, how do we
tackle this beast called 'marketing'? Well, there are two ways you can look at
this, as a business owner or "stakeholder'. Although Perfect does not exist,
you can get close to it by embracing marketing and putting a solid plan in
place.
Step one is knowing what you want for yourself, your family,
your customers, your employees (not necessarily in that order). Step two is
having a clear set of written goals. Step three is having a strong value
proposition and good products and services to offer! Put on those IBM business
binoculars and look at the year 2005, or closer - let's say December 31, 2003.
How's business look? Did you reach your business and/or personal destiny?
The decisions you make today about how you approach the
marketing of your business will determine
Remember these things as you look forward to the next 9
months and beyond:
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· Marketing takes time to see results. Direct
marketing, done properly, will bring you the fastest results. In any case, do
not delay marketing until you're at a point where it's too late.
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· There are negative consequences (down the road)
of not making smart marketing decisions now. Ask yourself, in the context of
your desired business destiny, 'what is the danger of not taking action now to
implement the marketing system I need in place'?
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· There are positive rewards that come from
testing and implementing a set of marketing programs over time. Rewards such as
measuring and lowering your customer acquisition costs, testing and measuring
your cross-selling and up-selling efforts, and knowing the lifetime value of a
customer.
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· Before you spend a dime on marketing, have a
clear picture of your customers, their needs, wants and desires, and the
underlying benefits that come from owning your product or service.
Remember, too, that the smart marketer always
wins. Be a smarter marketer than your competitor. This is the year to be
smart with your marketing dollars as well. I've said it before. While your
competitors are cutting back on staff and programs, you should evaluate and
redistribute your marketing funds, with a deliberate focus on lead generation
programs. Save 'branding and image building' for another time. It's all about
keeping customers and cost-effectively finding new ones.
In this economy, with revenue and profit margin pressures
on the rise for most industries, you have to make your marketing strategies and
dollars work overtime to keep you in the game, forget about growing! Lasting
growth will only come from a disciplined marketing culture and ongoing
investment. Are you measuring your marketing results to acquire and retain
customers cost-effectively?
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Missed the last issue? Go here and read
the "smart marketing"
checklist:
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Upgrade Your FREE issue of Power Marketing
Tips! Power Marketing Tips will continue as a free on-line newsletter, but you
will soon be able to upgrade to a printed 4 page version, published six times
per year. Each issue will include sales letter samples, copywriting tips, and
marketing ideas that you'll want to consider.Details coming soon.
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FREE Hot Air Balloon
Ride in 2004! I decided to offer a truly unique referral gift to
acknowledge you in a appropriate way. But there is one catch! I'll be your
pilot! Send me an email if you're interested in a hot air balloon ride.
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For Marketing Consultants ONLY! I am
offering a marketing consultant's coaching program in April, May and June. Call
me at (508)481-8383 if you are interested.
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The Psychology of Marketing:
It's Human Behavior, Stupid?
Isn't it amazing what people will do for a free gift, or what
they will spend to get a free gift with purchase? Doesn't something that's
valued at $189.00 seem great when compared to the costly alternative? Ever
notice that when you are given the choice of three product or service levels,
you tend to pick the middle choice or better? Why do we behave so predictably?
After all, we know in our heart that nothing is really free
in the market place. Contrasting comparative prices always helps justify a
purchase, and who among us wants the lowest level of product or service? We
deserve better, and we behave accordingly.
Ever notice those boxes you can check off in those fund
raising letters? It's proven that most people will check off the second or
third box on the reply card. Take a closer look next time and examine the
dollar amounts on the card. Why do we so readily respond to the power of
autosuggestion? Quite simply, we're all under the magic charm of someone's
power and influence to some degree, and-like it or not-we're all being
persuaded to comply with the wishes of others, every day.
This week's column is the first of three articles introducing
you to some of the powerful aspects of the psychology of marketing. We'll also
take a close look at the vocabulary of marketing, as well as some of the forces
of influence and persuasion. Marketing is so much more than a few direct mail
pieces, print ads, tradeshows and Internet campaigns. The more you understand
about the marketing principles behind any program, the better the results of
your own marketing efforts. The words you choose to use in copywriting, the
offers you use to attract new customers and reward loyal ones, and the way you
go about persuading your customers about the high perceived value of your
products and services each have tremendous impact on the return of your
marketing investment.
Let's agree on one basic fact. We are hypnotized into a
trance state of automatically making certain buying decisions. Need an example?
How often are you supposed to change your oil? How often should you have your
teeth cleaned? The automobile and dental industries have done a terrific job of
programming us, and for good reason. But what other industries, companies, or
fundraising organizations have programmed us to comply with their wishes? The
big question is how well are you pre-programming your customers to return, and
to spread the good word about your company?
Ethics becomes critically important in marketing, since many
of the psychological concepts can force people to comply with less than
honorable requests. Marketing with integrity and the best intentions for your
customers will keep you on the ethical side of things.
Although I am presenting retail examples, primarily, the
following concepts apply to any business.
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Principle of Authority: Furniture salesmen in white coats
with clipboards selling mattresses-brilliant use of this concept. Better yet, a
computer analysis of your "sleep comfort number". The computer does not lie -
the $5,000 mattress recommended by the computer is the one for you! The
salesman is taken out of the process. Brilliant. The home service company that
shows up at your door with a clean van and a clean service technician are also
practicing this marketing method. The sharply dressed tailor/salesman in the
men's clothing store is perceived as an expert clothier and fashion watcher.
Notice that he always recommends a few nice shirts to go with those two suits?
Legitimate authority can position your company at the top of your prospects'
mind and they will not question your expertise.
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Power of Reciprocity: Ever receive an unexpected gift, or
favor from someone? How did that make you feel? Whether you 'pay it forward' or
return the favor directly you have a deep-routed need to oblige. How do you
treat your top customers? Any better than the pool of high maintenance, low
profit customers? A simple referral program rewarding customers for sending
friends to you is a powerful example of reciprocity in action.
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Compare and Contract: "Isn't this $800 repair bill better
than buying a new unit for $12,000? The 'gold level' membership or service
contract is only an additional $12 per month… now doesn't that make sense
for you today? You could pay $1395 for the top of the line unit - which is a
very good decision, but the manager's choice is the $1195 model, which is much
better than the $995 unit." (Note: I am not suggesting bait and switch or
high-pressure sales tactics here).
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Testimonials and Endorsements: We all like to do business
with people we know, like, or trust… or with people with whom we know
others like and trust. Toyota's 'ask somebody' commercials brilliantly apply
this concept and further leverage the fact that nobody would admit they didn't
like the new car they just purchased, now would they? We're all looking for the
proof points that make our purchase decisions safe. What are you doing in this
area?
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Scarcity Sells: "Limit six per customer, today only! Only
three seats remain in this year's last seminar in this region. We're only
taking on one additional client this quarter. We only have five more copies in
stock and they are moving fast, so how many would you like today?" Enough said.
Sincere use of scarcity works. Credibility and honesty are critical.
Whether you are in retail, high tech, professional services,
or any other sector the above marketing concepts can ethically and sincerely be
applied to your business to either create new customers, build loyalty, or
simply to move a lot of product in a short period of time.
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Machu Picchu Trip is
on! A handful of subscribers responded favorably and are interested in a
trip to Machu Picchu next Fall. Of course, to make the trip tax deductible,
we'll hold a seminar at the summit or at the hotel.
Explore the lost city of the Incas with us! Send an
email if you are interested in
the trip details.
JMB Marketing specializes in marketing strategy and direct
marketing methods for companies in a variety of industries, including high
technology, service, retail, professional consultants, manufacturing, and
consumer products. Services are focused on helping clients to acquire and
retain customers cost-effectively, cross-selling and upselling, and using the
power of direct marketing technology to grow small business.
© 2003 JMB Marketing Group. All Rights Reserved. Content may
be republished with prior permission.
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