Are you asking “I just don’t know what marketing strategies to implement for my business: what would work for me?”
You are NOT alone!
In fact, when we asked our Business Growth ClubTM members to describe their biggest business challenge, top of the list was ‘how do I select the right marketing strategies?’
So in this article, we will discuss the reasons for actually marketing a business, including some of the common pitfalls and erroneous assumptions made, and in the following articles we will explore the strategies that could be used.
So to the first point, and while we all know that the purpose of marketing is to increase sales, the actual practice of marketing is commonly misunderstood.
To explain, people generally believe that marketing is to conduct Brand Building Marketing, which is when you try and ‘get your name out there’ and are hopefully remembered by potential customers so that when the need arises for your services, hopefully you will have achieved a top-of-mind awareness and the potential customer will make contact with your business.
There isn’t anything wrong with this type of marketing. But in my view, at least fifty percent of the time, we should adopt a different format: Direct Response Marketing. This is when you try and get a target customer to respond to a marketing piece immediately, usually by making an offer of some kind. The theory is to make a compelling offer encouraging the prospect to respond quickly.
The second common pitfall is the target of the marketing campaign itself. Notice that in the beginning I used the term ‘increase sales’ as opposed to acquire New Customers. Most people assume that marketing is used only to acquire new customers, thus increasing sales. But this isn’t true.
Yes, acquiring new customers is essential to a business and marketing resources should be devoted to this effort. But there are some other groups that could also form the target of a marketing campaign. These are described below.
Past Prospects, who are people who nearly purchased last time but got away. Often, when approached again, these people will go on to purchase next time.
Past Customers, who are customers who have left your services or not purchased for some time (often called Lapsed Customers). Some customers you won’t want back, but many you will and indeed may well come back when approached in the right way.
Customer Marketing, who are customers who can either buy some more, buy something different or upgrade to a higher level. Part of this type of marketing can also include Referral Marketing. This is very often the hidden treasure just waiting to be discovered in a business.
Niche Marketing, who are a very specific demographic that would be ideal customers. This isn’t exactly different to general new customer marketing, but it does require a different approach.
These are very important considerations to make and I would ask you to consider these topics in the coming week, ready for next week’s article.
Because starting in next week’s article, I will introduce the most effective marketing strategies and provide the following summaries:
See you next week then!