A Marketing Mindset
- Marketing pros have marketing mindset. They realize they are in the advertising, marketing, lead development and prospecting business. They realize they are not in the business that their peers and competitors are in. Their business is the business of marketing their product or services.
- With a marketing mindset, marketing is your top priority. Set aside a certain amount of time every day to attend to marketing. Make it an essential daily task.If you do just one marketing task every day, by the end of the year, that will add up to a couple hundred tasks by the end of the year! Even something as simple as a phone call to a prospect, a fax or a letter to a customer can do wonders for your business.
- Create a marketing system. Focus on the 3 ways to improve sales:
- Increase the number of first-time customers
- Increase the dollar value of each purchase transaction
- Increase the number of times each customer buys from you.
- Increase first-time customers. Focus your efforts on those most likely to buy your product or service. This may seem obvious but many businesses waste vast amounts of money marketing to masses of unqualified prospects. Profile your customer and find others like them using targeted lists or media.Market to those who are ready, willing and able to purchase from you. Build your base of first time customers with outstanding products and service and then focus on marketing to them.
- Focus on ways to increase the value of each transaction. You can add value by bundling products, like the fast food industry does with value meals. Sell the benefits of upgrading a purchase.Focus on benefits such as greater convenience, time or money savings, longer lasting products, or the extra comfort or security that an upgraded package offers. Sell the added value received by purchasing a “deluxe” package. ALWAYS remember to ask for the sales and make recommendations to your customers.
- Market to your existing customers. Once you get a customer, continue to market to them. This is the most under-utilized and one of the most effective marketing tactics. When was the last time a restaurant owner or retailer asked you for your address? How can they get you to return if they don’t know who you are?Send letters, coupons and special offers. Send them thank you notes and birthday cards (you don’t need their birthday, just the birth month). Ask them for referrals and reward them for giving them to you. Start a preferred customer club or hold a special party for your customers.
Be sure to keep your list of customers up-to-date.Use each customer contact as an opportunity to learn more about them, their likes and dislikes. Ask what you can do to improve your products or services.
If your customers are businesses, give them leads and referrals and ask that they do the same for you. The bottom line is to build a long-term relationship with your customers and keep them coming back.
- Do not waste scarce resources on building your brand. Your brand is important but never plan marketing with the single goal of brand-building. Your marketing should:
- Generate customers (more sales)
- Generate prospects (more customers = more sales)
- Increase the value of a customer (more sales)
- Deliver greater value to your customer (loyal customer = sales and profits)
- Strengthen the relationship with a customer (long-term relationships = more sales and profits)
- Generate sales
- Deliver a positive ROI
If you market with the above in mind, you will build your brand and make money while doing so.
For more exciting ideas on exploding your business, without spending more money on advertising, contact Paul Flood Marketing for a Marketing Opportunity Analysis to uncover the lost sales and profits hiding in that are hiding in your business.