5 Marketing Success Principles for Every Business:
If all the rules of marketing have changed, why do we keep doing the same things?
In the good old days two main methods of marketing.
- Put an ad in the Yellow Pages and wait for the phone to ring
- Get a customer, open a business, take good care of the customer and get referrals
I was recently asked “does the yellow pages work? I responded with: “Are you in the yellow pages? Then no, because if it worked then you would not need to ask.”
You went into business to serve customers, not to become a marketing expert. But if you don’t have a strategic marketing plan, you won’t get to serve customers
- Reaching potential clients is getting harder. Decision Makers do not answer the phone, network or respond to email.
- Marketing is more complicated and technical. Traditional marketing works less and costs more.
- Just as you learned the newest marketing thing, the next new thing comes along.
LL Bean used to principally be catalog sales, but in 2010 Internet sales surpassed catalog sales. They did not do this on purpose. The call centers stopped getting calls so they had to redirect the call center attendants to become chat attendants.
Dominos spent millions of dollars on a brand image that was ruined by one video that two employees put on YouTube and it went viral.
Email is dying, especially for the under 20 crowd. They communicate via text, Facebook, and they call each other. Their most valuable asset is their cell phone. How do we market to them, what will the workplace look like in 10 years?
Do we adapt to them, or will they adapt to us? The workplace will adapt to them.
Purposes of marketing:
In today’s marketing world, we have 3 seconds to engage.
The headline usually tells you if you want to invest the next 30 seconds.
What do we do to retain customers in the age when loyalty is so low?
5 marketing success principles that every business must master
1. Be Strategic. What would you like your business to be? Most small business feel that their business finds them. Decide where you want to be in five years and then set goals:
Regarding lowering prices: “If I say yes to a lower price, then we’d both be unhappy – I’m not making money and we not doing enough to produce results for you to not feel your wasting money”.
Define Your Target Market. What is your ideal client profile? I don’t know “anyone, somebody or everybody”. Be specific in who you want to meet.
2. Execute multiple marketing strategies. Focusing on only one thing guarantees that it will fail. Track leads against multiple channels.
- Referral strategy
- Direct mail
- Social media
- e-mail marketing
- Groupon and other coupon offerings.
Need five to ten marketing activities at all times. Marketing is either a state of mind or it is a roller coaster. It takes multiple marketing programs executed well and over time to build a strong base of business. Do one more thing every month. Don’t do 2000 things 12 times, do 12 things 2000 times.
The whole purpose of a Social Media Strategy is to drive traffic to your website: social networking (LinkedIn, Facebook), communication ( blogs, twitter), multi-media (YouTube), collaboration(digg, Wikipedia, delicious) all sends leads to your website.
Use Google Analytics to determine exactly where customers come from: linked in, Facebook, blogs, or twitter.
LinkedIn major advantage is when your contact at a great client leave and you can continue the relationship at their new company.
Put your target market into LinkedIn and find out how to reach them.
3. Test & Measure. You have to known what works and what doesn’t work. Then stop doing what doesn’t work.
4. Be consistent and persistent. ” a sale happens when marketing meets opportunity”.
2% of sales are made on the 1st contact
3% of sales are made on the 2nd contact
5% of sales are made on the 3rd contact
10% of sales are made on the 4th contact
80% of sales are made on the 5th – 12th contact
87% of leads are never pursued
45% – 63% of all leads eventually buy
48% of all sales leads are dropped after the first call or meeting’
80% of all sales close after the 5th contact
73% of sales people do not have a growth plan for their top 5 accounts
Marketing is a process, not an event
5. Build value and trust.
People don’t buy from people they like, but from people who they trust will solve the problem. Trust takes time, give away as much as you can and educate your customer. Eliminate risk through trust. Give away the education, because most customers don’t have time to do it themselves.
The full presentation from Paul can be found at Http://portal.sliderocket.com/AQVYC/Fairchester