Probably the most misunderstood part of business is Marketing. Marketing is not the same as Advertising . And it is not a cost. It is an investment. (If something makes you up to 20 times what it costs, it is an investment. Insurance and bank fees are a cost.) But if your marketing doesn't work it is a cost, and you should either change it or stop spending money on it now.
Why do you need a Market Strategy?
The average consumer receives over 3000 commercial messages every day- 1000 more than just 10 years ago. You must rise above the commercial clutter to attract your customers' attention. Your objective is to create "Top of Mind Awareness" so that, anytime anyone in your market place needs or wants your product or service- they call you first.
The second major reason a Marketing Strategy is essential is that because of increased competition, the cost to get in front of a buyer has tripled in the last ten years, and when you do meet one, the results are half what they were. As a consequence, it now costs twice as much to get half the result a decade ago.
Having identified your target market, and your Unique Selling Points it is time to develop your offer to your marketplace. This will be built around the identified customer needs of your target market, and your points of difference.
People waste thousands of dollars on marketing. We are bombarded all the time by all types of marketing. So you need to stand out. While it may appear confusing, there are really only four types of Marketing. Every form of marketing invented (even eMarketing) falls into one of these categories or is a combination of them:
- Advertising
- Public Relations
- Word of Mouth
- Cold Calling
Find out more about the four types of marketing when you request a Free Preview of copy of The Five Pillars of Guaranteed Business Success...
Of the four Marketing Strategies, Advertising is usually the most expensive. While there may be some cost associated with the other strategies, the major cost is your time. Which marketing strategies are right for you? Well, it depends....
Your marketing mix will depend on:
- the type of business
- the type of products & services
- your position in the marketplace
- who are the customers
- where are the customers
- who are your competitors
- your Points of Difference
B2B businesses will have a very different marketing approach to retail businesses. A small B2B business will rely on non-advertising marketing forms more than a large retail. A low margin / high volume item will rely more on advertising than a high margin / low volume item, which may rely more on PR and Word of Mouth.
However, even for small businesses there can be value in some advertising, but it is easy to waste your money in some media such as the Yellow Pages. Beware: the difference in response between a poor ad and a good one can be up to 20 times!
Find out which of these strategies are the best for your business when you request a Complimentary Business Evaluation....
Word of Mouth is the favourite of small business, but is poorly used. The general belief is that all you have to do is provide great products and services and your customers will loudly sing your praises to everyone they know.
Unfortunately it doesn’t quite work that way. Surveys show that they will tell two others. But if one of your customers has a bad experience (your fault or theirs), they will tell 11 others. This is payback time and they intend to punish you, and the story will be so good (or bad) it will be retold by each person who hears it to 3 others. Do these sound like good odds?
You might believe that your customers never have a bad experience, but if they do, the last person they will tell is you! Your customer service may be good, but your customers are the final judges of that.
Even your most loyal customers will leave you for all sorts of reasons. They may have moved, been taken over, the buyer has left or a competitor has stolen your business. So, anyone relying on passive word of mouth is in a Decaying Business.
If Word of Mouth is important to you, you must be proactive. Key Word of Mouth strategies include:
- Referrals
- Joint Ventures
- Networking
When you complete this analysis of your position in the marketplace and what makes you different, you will be able to choose the right Marketing Strategy for Your Business.
Find out more about these marketing strategies when you request a Free Preview of copy of The Five Pillars of Guaranteed Business Success...
Creating a Marketing System that Drives Your Sales
Having a marketing strategy on its own does not make you profitable. It is your Marketing System for measuring and managing your marketing that deliver the profit.
Your Marketing Strategy may be a mixture of advertising and Joint Ventures. Your Marketing System monitors, measures and manages your marketing. Empower Business Solutions advocates the Five Profit Driver Marketing System. This is based on the very fundamentals of your marketing:
- Increasing the number of Enquiries
- Increasing the conversion rate of Enquiries to Sales
- Increasing the Average Value per Sale
- Increasing the number of Times a Customers Buys from You
- Increasing the Profit per Sale
When you increase each of these drivers by just 15% (nothing in marketing terms), with the power of leverage, your profits will double. By measuring your performance in each of these areas as you implement your strategies, you will understand what is working for you, and where you are wasting time and money.
While you can also increase Profit by cutting costs, this is a limited strategy as there is only so far you can cut before affecting quality and service. The Five Profit Driver marketing system, on the other hand, is a "no limit" system. By developing a system around each of the Five Profit Drivers, you will massively increase your profits.
Find out more about the Five Profit Drivers when you request a Free Preview of copy of The Five Pillars of Guaranteed Business Success...
The Five Profit Driver System is the marketing system Empower Business Solutions utilises in its marketing coaching. In our coaching we show example after real example on how you can apply these strategies to your own business and develop your own Marketing System. Thousands of businesses in Australia have used this program which is based on 13 years and over a million of dollars of research. This program has been developed from tests and data collected from the most successful companies.
From the Five Profit Driver marketing coaching program, you will learn:
- How to target the best buyers and make them your customers
- Low or zero cost customer generation strategies
- How to deal with Phone Enquires
- Quoting
- Sales Methods
- Packaging your Product for Maximum Profit
- Cross-selling and Up-selling
- Differentiating your Product
- Cutting your Marketing Costs
- Pricing Strategies
- Increasing Customer Loyalty
- Follow-up Programs
A critical part of the Marketing System for most business, is Your Sales Pipleline. It is essential that each step of the sales process is identified and systems put in place to understand performance at each stage. Poor training and badly targeted lead generation strategies are just two reasons for underperformance.
The Five Profit Driver marketing system is guaranteed to rapidly and massively lift sales in your business.
Just some of the things you will find out are:
- How to double or even triple your client base within 12-18 months with absolutely ZERO cash outlay! (This is not theory. Its been done over and over!)
- How to get your staff to approach your business with the same passion and energy as you do.
- How to create offers that your competition simply cannot compete with.
- How to position your company as the market leader overnight.
- How to make it virtually impossible for a client to say no to your offer when they are genuinely in the market for your product or service.
- How to completely revolutionize your advertising results through implementing just a few closely guarded secrets.
- How to systematise your business, process by process, so that you can one day walk away with out jeopardizing your earning.
- And MUCH more
In addition to this information- which we will help you implement in Your Business, you will receive:
- Actual scripts to implement the strategies outlined.
- Real, tested sales letters you can model to structure your offers.
- Real life examples of Joint Venture proposals that have yielded hundreds of thousands of dollars in sales
This program covers the development of Business Strategy to ensure that your marketing is focused where it will have greatest impact. The first stage in this process is to set goals and directions for your business. Empower Business Solutions helps you determine your business through an objective analysis of your business strengths and weaknesses and an analysis of your "Market Universe". Through this process we help determine your Market Strategy, which will allow you to determine:
- Your Ultimate Strategic Position
- Your Unique Selling Points
- How you present your Business to your Market Place
- How to present an Offer that your Customers and even your Competitors' Customers will want
Behind each Profit Driver, you will have a series of Marketing Strategies designed to increase the profits generated from that part of the business and a Marketing Plan to deliver each strategy. The Five Profit Driver System is your Marketing Management System which gives YOU control over how much profit your business makes.
If you are unsure if this program is right for you, request a Complimentary Business Evaluation and find out how to:
Multiply Your Profits and Make Your Business Run Without You
When I read your book, I thought you were writing about us.
At some points I laughed, pointing out to my husband - this is what you do, and other times, I felt like crying. I finally understood what was happening in our business and what we needed to do..
Sally & Michael
Business Owners
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