Your Marketing Strategy

Do you have a marketing strategy?

What is a marketing strategMarketing Jack Zenerty?

Your marketing strategy is the core of your marketing plan.

It includes your target market.  Add to that your core product – which directly matches your target market needs and is customized to fulfill their wants.

Now the next step is crucial.

Do you have a plan to effectively gather customers AND then systematically move them through a sales process where you continue to sell them MORE.

Now I was intentionally vague by saying only MORE.  The MORE can be another product, it can be a regular on-going service, it can be an up-sell, a down-sell or a cross-sell.

Again look at the crucial step above – too many organizations only focus their marketing on the first stage – trying to find that magic formula to effectively gather customers.  That is only 20% of the reason for success for a business.  Like the Pareto Principle – 80% of the profits will be in the sales process that gets you to sell more.  Examples are everywhere – the automobile industry – sell a car and then they sell you warranty, then service, then parts.  Bill Gates became rich selling you Windows, then office productivity tools, then Windows again, and again, and again.

See a trend here?  One way to make your business more successful is to have a product that needs to be replaced at various intervals.  So if your product does not – then find a way.

I see a glaring mistake based on that exact principle happening all over the country – but organizations are trying to fix it – some better than others.  And it is making their industry struggle since they did not set up their business to sell again and again to the same customer. This is the post-secondary education industry.

They thought since they had a steady stream of customers (students from high school) coming to their doors that they did not need to sell to them again.  Yet now with raising costs, their primary product profitability is at risk – and it is getting harder and harder for them to gather new customers as choices increase for students exiting high school.  If they had put in place a system to re-educate people through-out their career and built that into their sales process they would be much better off right now.

Lessons learned . ..

Don’t let it happen in your business.

Business Focus

Purpose of Business

  • Think of your business as gathering customers!
  • How do you find and keep customers.
  • Do not worry about profits at the start – instead focus on the customer.

Perfect Customer

  • Who is your perfect customer?
  • Describe your target market.
  • Who is NOT your favourite customer?

Customer Satisfaction

  • Business success is all about customer satisfaction.
  • Need to satisfy your customer so they buy again.
  • Then need to build on referrals – by having satisfied customers refer you.
  • How will you – – and your customer – – measure satisfaction?

Value

  • What is the VALUE that you add – describe it – how can it be measured or recorded.
  • Is that value the same for all customers?
  • What increases that value?
  • What could decrease that value?
  • What is in if for me? (Me being your customer)

Core Product

  • What is your Core Product?
  • What emotional need is fulfilled by your product?
  • What are you the best at?  Where are your strengths?
  • What opportunities are there related to those strengths?
  • Match your strengths to the opportunities.
  • What unique ways could you offer or change your core product?

Sales

  • What is the best way to get a customer?
  • How could you get a sale today?
  • In the next 4 hours?
  • In the next hour?
  • In the next 10 minutes?
  • What could you do repeatedly to get sales?

Seven Ways to more Profits

Great article over on MOMeo Magazine.com written by Gina Bell.

It discusses seven profitable ways to get more profits.

Here is a snapshot countdown in my FAVORITE order:

7 — Capitalize on your Unique and .. .
6 — You have a BRAIN – use it.
5 — Be like a 6 year old – Ask Ask Ask!
4 — Hide and Seek is only for kids – not business!
3 — Find a partner – a partner that works with you.
2 — Create – Duplicate – Share again and again.
1 — The BIG ONE!!

Go check it out now.