Tuesday, April 13, 2010

Narrowly Define and Focus

All along your advertising, marketing, and sales should have been grouped together under the same direction of "getting new clients" focusing on a defined target market and pursuing prospective clients. This only works when all three avenues of creating clients lines up with how your business is defined. What is your core business and what is your strategy and goals to effectively target and reach prospects of your core business? First, what is your core business? Focus on the product or service that creates 70% of your business. Then, find the mediums of getting clients that create the most return. If you aren't getting any sort of true representation of what the medium is producing in regard to prospects or physical clients then you need to find out how you can know for sure. What is actually driving your business? You must know as much of a full answer to this question as possible in order to plan your resources (aka money) accordingly and get a great ROI.

Scenario: You advertise in radio, tv, and internet and decide that you need to cut back advertising because the budget isn't there and you determine to cut back everything the same amount. Then try and rationalize this decision. Is this because you don't know which medium is most effective in reaching your target market? Is this because you consider brand awareness in a healthy dose of all advertising methods a good method for brand awareness? But how much is converting to sales? Maybe you knew the rate of return your advertising and marketing had 10 years ago but do you know the response you are receiving from your advertising choices now? These are the kinds of questions you should be asking on a consistent basis and know the answer AUTOMATICALLY. If you do not, you may be throwing money out the door, infact, you probably are.

Narrow focus on a core strategy that gets 70% of your business. This is 2 fold: First, draw in customers for a specific product or service. Example: If you're a car dealer but 70% of your sales is trucs, you need to focus on advertising to truck buyers. Get specific with who a truck buyer typically is. Differentiate yourself in this way. Narrowly define yourself to the public, give them an opportunity to respond. Then when they do, you can provide the other products or services you sell once you already have gained their trust and credibility.

Second, focus on "getting new clients" in mediums that get more reach, more frequency, and cost less to market to your target demographic.

What is available is changing rapidly. Do your homework or hire someone with experience and whose job it is to keep up with trends and learn what gives your company the greatest benefits for its investment dollars. Ever heard of value investing? This is value marketing. Same concept, different application. The market buys when everythig is going well and gets bad results. The market sells when everything is going down, which is the worst time to sell. Don't be a product of your emotions or of what the market says. Determine value by a strict standard of measuring the company's results. If you can't measure the results effectively, then get out and find something that you know the direct result of your efforts.

Know someone that needs to hear this information, please pass this along. If you need assistance getting leads, prospects, and clients cost effectively, please contact me:
Your confidentiality will not be compromised.


Friday, April 2, 2010

No More Advertising "Crap Shoots"

If you own a company or know a company that spends over $50,000 annually in advertising and marketing, it's time for you to reconsider your advertising mediums and methods. You should be in a constant state of evaluating WHAT is REALLY driving sales and what isn't. It is time that we stop separating the categories of "sales", "marketing", and "advertising" and come to the conclusion that they SHOULD be under the same category of "Getting New Leads, Prospects, and Clients." There is more opportunity to measure ROI for advertising and marketing than ever before, so don’t settle for generic brand awareness campaigns in oversaturated advertising mediums while receiving no measurable results. There are TOO MANY OPPORTUNITIES, all you need is someone who understands how to identify and define who your target market is, how they respond, and the experience and education to think critically through the benefits and drawbacks to implement the most beneficial mix for your company.

Let me give an example, McDonalds spent millions of dollars on an advertising campaign recently just to “remind” people of their product. They don’t have a way to truly measure the actual results to know if their buyers came to get food because of the advertising or some other external factor. Since you aren't the size of McDonald's to be guessing with the results of your advertising, all the more reason for you to define what you are doing and how to best accomplish that. Why would someone listen to a sales pitch FROM YOU, the salesman? People are more skeptical of canned sales pitches and people promoting their own product because they are over exposed to people telling them how good they are. Generic brand awareness campaigns ARE NOT capturing your market anymore, they are a CRAP SHOOT. I suggest you cut out advertising all together and just go with sales OR work to make your advertising have a direct relationship with new prospects. Take advantage of the opportunity to re-evaluate and think strategically. Allow me the opportunity to share an advertising strategy with you that cuts out the “fluff” and “pie in the sky” mentality that the advertising industry has been giving you for years .

The evaluation is free. If you decide you like what I have to offer, I will provide you a template to go by or manage independently. That’s right, no extra costs to add me to your payroll. Secondly, this will require me to continue thinking strategically to produce measurable results to earn my keep.

Know someone that needs to hear this information, please pass this along. If you need assistance getting leads, prospects, and clients cost effectively, please contact me:
Your confidentiality will not be compromised.