There's a saying that half of all marketing efforts are wasted, but it's impossible to tell which half!
I know from hard won experience how easy it is to waste money on marketing.
When I first set up my own business in 1998, I spent tens of thousands of dollars employing the best graphic designer and printing a great glossy brochure.
The feedback was 'Tom, that's one of the best glossy brochures I've seen!'
But did it get me customers and help build my business? No! It was a pure ego trip.
Now I know better.
Most marketing efforts are done for purely ego reasons alone and almost all fail to live up to expectations.
So what can you do about it?
I believe the best marketing campaigns are built not on glossy brochures or expensive TV advertising but on understanding the needs and wants of consumers and then providing solutions to these needs and wants.
Much of this is done by building powerful personal relationships and using the media to create awareness, credibility and trust in the hearts and minds of consumers.
Here are the Top 10 Questions to Ask Before Spending Another Cent on Marketing.
And, help solve that perennial question of how NOT to waste half your marketing efforts!
1. WHAT AM I TRYING TO ACHIEVE?
Always start with an objective in mind. Is it to attract new customers in a start-up phase or retain long-term loyal customers? The marketing tools and tactics for each of these questions will be vastly different. Remember to set SMART Goals.
=> Specific
=> Measurable
=> Attractive
=> Realistic
=> Time-framed
2. WHO IS MY BROAD MARKET?
Who exactly are you trying to target? The more you can find out about them the better. What industry do they work in, what is their level of education and income, what are their values and beliefs and where do they live are just a couple for questions to consider.
3. WHO IS MY SPECIFIC TARGET MARKET?
If you have a broad market try and segment it down. The more specific you can be the better. Think of the best way to eat a delicious and juicy orange. You must carefully peel away the astringent protective skin of the orange. Inside is the juicy flesh. When you have done this, carefully separate each segment without spilling a drop of juice. Take time to examine and focus on each market segment based on a range of different wants and needs. Regardless of size, each target market must be treated with precision and respect.
4. WHAT IS MY NICHE?
I heard a great saying from fellow speaker Maree Wrack recently. "Provide the fruit, not the whole supermarket!". Focus on your strengths and deliver this product or service really well.
5. WHAT PROBLEM CAN I SOLVE?
I believe running a successful business is pretty simple. As Bill Clinton said 'most of the big things in life are simple'. Being in business is about finding out about people's problems and then providing a solution for them.
Whether you are running a multi-million dollar enterprise or a business from home, the principles are the same.
6. WHAT MAKES MY SOLUTION UNIQUE?
What is it that makes your solution to a problem unique? Is it different from all the other possible solutions in the marketplace? This is commonly known as a 'Unique Selling Proposition' or USP. Identifying your USP helps to define your marketing strengths and identify markets.
7. HOW DO I REACH MY TARGET MARKET?
What is the best way to reach your target audience? How do they get their information? Is it worth of mouth, personal referrals or through the media?
8. HOW WILL I DELIVER THE SOLUTION?
What is the best way to deliver the business solution? What are the best and most cost effective distribution channels for my product or service? The channel chosen to communicate your message can define expense and effectiveness. Be realistic and savvy, make optimum use of your budget without cutting corners.
9. HOW MUCH WILL I CHARGE?
Pricing is a very sensitive issue. Do you want to position your product or service as a low cost, high volume business or high value, exclusive and expensive. Make well informed, long term decisions keeping in mind your company's needs and those of your target market.
10. HOW WILL I RETAIN EXISTING CUSTOMERS?
It is more expensive to attract new customers than service existing ones. The research shows that if you increase repeat business by 5 per cent you can increase your profitability by more than 35 per cent. How will you keep and retain existing customers?
Create a structured model to follow for all clients and keep this is a high priority.
Thomas Murrell MBA CSP is an international business speaker, consultant and award-winning broadcaster. Media Motivators is his regular electronic magazine read by 7,000 professionals in 15 different countries. You can subscribe by visiting http://www.8mmedia.com. Thomas can be contacted directly at +6189388 6888 and is available to speak to your conference, seminar or event. Visit Tom's blog at http://www.8mmedia.blogspot.com
What's your USP? Don't know, or worse still, you've never... Read More
Today I've decided to share with you a new word... Read More
Regardless how small or large your budget is, there are... Read More
RSS has been around for more than 10 years but... Read More
Universal principals are those "self-evident" truths that have guided brilliant... Read More
One of the most rewarding, inexpensive, under-used, and effective methods... Read More
There is a simple but almost mystical law which governs... Read More
"I wouldn't pay more than what I charge now."If you... Read More
Here are three alternatives to increase your testimonial numbers or... Read More
"Make money for taking surveys"," Cash for your opinion", "Make... Read More
I was saddened to hear of the passing of one... Read More
Have you started thinking about your Valentines Day Promotion yet?It... Read More
Tactical marketing processes are once again undergoing fundamental shifts from... Read More
Here are 9 low-cost but highly effective marketing tips to... Read More
When a prospect responds to your lead generation sales letter,... Read More
Marketing as we know it is over. Done. Finito.People the... Read More
I don't know about you, but I am still waiting... Read More
A consultant new in the city asked me how I... Read More
Here's a simple way you can generate lots of sales... Read More
Today's business environment has changed dramatically over the past 10... Read More
Entrepreneurs pay a lot of attention to the mechanics of... Read More
When you put time or money into any marketing plan,... Read More
Today's business marketing rules are different than they were in... Read More
With so much money invested on innefective advertising, it's time... Read More
So how do you effectively market your product or service... Read More
Rule Number One when writing marketing materials is "Know Your... Read More
Business card size works well for invitations to special events.What... Read More
Here's a proven, and truly easy way to start increasing... Read More
Today I want to share a question from a reader... Read More
There are a great many online business people who are... Read More
How many leads have come into your business since the... Read More
A successful marketing plan doesn't have to include an athletic... Read More
One of my associates sent me a promotional email she'd... Read More
RSS has been around for more than 10 years but... Read More
Imagine how much your sales and profits would increase if... Read More
In a previous installment, we spoke about how to come... Read More
I could tell you that the average temperature in the... Read More
Everything happens Quickly and Instantly on the Internet. In the... Read More
Some of the research that has been done today gives... Read More
I do think that it is entirely possible for an... Read More
Let's talk about how to keep your postage costs down.So... Read More
I don't mean you, I mean the YOU that is... Read More
If you run a small business you should be a... Read More
To prevent the risks of a promotion campaign for our... Read More
Effective customer newsletters find the right mix of promotional and... Read More
A consultant new in the city asked me how I... Read More
What if there were things you could start doing now... Read More
Ok, before we get down to the benefits of... Read More
Buying your promotional products and corporate apparel online provides five... Read More
Do you ever wonder if you could be doing a... Read More
Here are 5 high-impact marketing tips you can use to... Read More
Part #26) Food safety is becoming paramount.What this means to... Read More
Is Advertising Viable?At the turn of the 20th century, department... Read More
Trade Shows are lots of work, but they can generate... Read More
Even the world's best marketing strategy won't work for you... Read More
Many of the business owners I speak with are looking... Read More
Email CampaignsEmail marketing can be a tremendously valuable tool for... Read More
Not all benefits are created equal. Knowing which ones to... Read More
You can make the sale. You know your core message.... Read More
TIP #1: Avoid the "Too Much Information" Syndrome... Read More
In the world of business, marketing is often conveyed as... Read More
Today I've decided to share with you a new word... Read More
Good marketing, whatever form it takes, always meets certain criteria.... Read More
Why Trying to "Get the Appointment" Can be a Recipe... Read More
People are known to shop on impulse- buying an item... Read More
Marketing message x Credibility x Visibility = Marketing SuccessThese three... Read More
Marketing |