The forth element of your marketing strategy is Promotion. With the benefit of clarity regarding your Product, Price and People, you can now turn your attention to how you will Promote your Product. One Promotional option is traditional advertising. This is an area that must be carefully analysed from a cost-benefit perspective. While advertising can be very expensive, it can also be an effective way to raise awareness of your Product. Selecting the most appropriate medium is important.
Perhaps the oldest advertising medium is print. Would your ideal customer be more likely to read your ad in the newspaper or a magazine, or perhaps a trade journal? If you choose to use the print media, be sure your have an experienced copy writer create the ad.
Consider the benefits of advertising on radio or even TV. If you opt for the electronic media, it is important to choose the best time of day as well as the best day of the week. The type of program during which you advertise must match your ideal customer profile. As with the print media, have a professional create your commercials. Have you considered marketing on the Internet? E-commerce is emerging as an important part of the global economy.
In some cases, a carefully targeted direct mail campaign can be very effective. Lists can be purchased from many sources. The quality of the list – in terms of both validity of addresses and specificity of targets – is of paramount importance. It is well worth paying a higher price per name in order to ensure fewer returned pieces due to incorrect address and to optimise the chances of reaching a qualified prospect.
Telemarketing is another option. In the early years of the 21st Century, some countries are attempting to pass laws, limiting this growing industry, but it is unlikely telemarketing will disappear.
In some cases, your marketing plan might include more than one promotional strategy. One of our Focal Point Coaching & Mentoring clients is a financial planner specialising in offering investment products to senior citizens. His most effective promotion involves presenting free seminars on the subject. In the three weeks preceding such an event, he uses radio commercials, newspaper ads and direct mail to enroll his seminars. His ads and direct mail pieces are carefully crafted to induce only seniors with a minimum net worth of one-half million dollars to attend. In addition to offering real value, his seminars also afford him the opportunity to establish enormous credibility with the audience. At the end of his presentation, he urges anyone who is interested in a free portfolio analysis to fill out a brief form, which provides him with a list of pre-qualified prospects. His support staff follow-up and set up meetings between him and these potential customers. His closing ratio is one of the highest in the industry.
Before blindly deciding on a marketing strategy that may prove to be both expensive and ineffective, take the time to fully understand your Product, your Price, your People and your Promotional options. This up-front investment can save you countless dollars and ensure a sound strategy to aggressively grow your business in a cost-effective manner.
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These seven elements are universal; they are applicable in every industry and every business. They are also closely intertwined. A single change in one can change your sales and your profitability dramatically.
A second question posed regarding clarity in your business was this:
Who is your customer?
You have two categories of customer – internal and external. An internal customer is anyone who depends on you for his or her success and anyone upon whom you depend for your success. Using this definition, your colleagues and your staff and perhaps your professional advisors such as lawyers and accountants are your internal customers. Everyone around you whom you help, or who helps you, is a customer in some way.
Who is your external customer, the customer who uses what you produce?
This is the key area of business success. Your ability to accurately identify the external customer whose satisfaction determines your success of your business is critical to every element of strategic planning. What does your customer consider value? What specific benefits does your customer get from using your products or services? What does your customer really want and need from you in order to be completely satisfied? How does your product change or improve his or her life and work? Read more…
A keynote on the highly sought after topic of achieving maximum results from your team through leadership strategies, leadership styles and motivation tools.