The business of marketing
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  • 1. The Business of Marketing With the compliments of Your Profit Coach
  • 2. The Business of Marketing Table of Contents 2. Introduction 2. A seven-step programme to Creative Marketing 2. Marketing lessons 3. Ways to save marketing money: 4. Ways to obtain free research 4. Media Lessons 5. Planning 5. The Process 5. Further Information 1 With the compliments of Your Profit Coach
  • 3. The Business of Marketing Introduction The difference weapons, you must be creative in how you use them. between a Everyone knows how important marketing is "feature" and a to any business. Extraordinary businesses "benefit" Marketing lessons understand this well and get close to their Let's explain this by customers. Ordinary ones just try to sell. looking at a "sharp Remember these key marketing lessons: knife". We call the process of setting up and running  Successful marketing can only be When you focus on the an extraordinary business “The Journey to engaged once you have a marketing word "sharp", that is a Results”. It involves being creative with your plan. feature of the knife. marketing plan.  When you start developing a marketing But when you talk about plan you should start to use the word what the knife can do positioning. (such as by saying "This is a knife that cuts bread A seven-step  Positioning means determining exactly what niche your offering is intended to easily"), you have focused on what the fill. programme to knife can do - in other words, the benefit that it  You must then ask and answer: Who is provides. Creative Marketing my Target Market? Three target markets have emerged in the Nineties: Here’s a seven-step programme for you to Women, Older people and ethnic groups. follow to assure yourself of a successful marketing outcome:  When you have clearly focused on your market or markets, you can clarify your marketing position. Once you zero in on 1. Find the inherent "drama" within that position for your product or what you are offering. service, you should measure it against The reason why people will want to four criteria: buy from you should give you a clue as 1) Does it offer a benefit my target to the inherent “drama” in your really wants? product or service. 2) Is it a real “honest-to-goodness” 2. Translate that inherent drama into benefit? a meaningful benefit. 3) Does it truly separate me from Always remember that people buy my competitors? benefits not features. 4) Is it unique and/or difficult to 3. State your benefits as believably imitate? as possible. There's a world of difference between  Until you are completely satisfied with honestly and believability. You must go your answers, then you should continue beyond honesty, beyond the barrier searching for another position. that advertising has erected by its  Just before you start on your marketing tendency to exaggerate, and state plan, you should practice thinking big. your benefit in such a way that will be accepted beyond doubt.  Your finished plan could be 10 pages 4. Get people's attention. long, but to start with, make it one People only pay attention to things paragraph long. that interest them.  It should be seven sentences long: 5. Motivate your audience to do 1) The first sentence tells you the something purpose of the plan. Tell them to visit the store, to phone 2) The second tells you how you'll the office etc. You want to tell them achieve this purpose, focusing exactly what you want them to do. upon your benefits. 6. Be sure you are communicating 3) The third tells you the target clearly. markets or market. Recognise that people aren't really 4) The fourth (the longest thinking about your business and that sentence) tells you the they'll only be paying attention half the weapons you will employ. time when they're reading your advert 5) The fifth tells you the niche. or other promotional literature. 6) The sixth tells your identity. "Knock yourself out" to make sure you 7) The seventh tells you your are putting your message across. budget, expressed as a % of 7. Measure your finished your projected gross revenues. advertisement against your  It must be simple and be easily strategy. implementable. Your strategy is your blueprint. If your advert fails to fulfil the strategy, then it is a lousy ad. Once you have given your plan the proper thought, brevity and focus, you can expand it Now that you have creative marketing to those areas pertinent to your business: 2 With the compliments of Your Profit Coach
  • 4. The Business of Marketing Ways to save  While expanding it the prime purpose of maximising profits must not be forgotten.  Profits are very different from sales. marketing money: Anyone can obtain sales, but it takes a Here are some tips for you about how you can guerrilla to constantly create honest make your marketing budget go further and profits. not waste money:  These profits will be achieved if you clearly state your goals, all of them, including timing, budgets for Don't feel that you must constantly everything, and projections. Without change your marketing plan projections you won't have a measuring This costs unnecessary production money and stick. dilutes the overall effect of your marketing.  You might want to consider what Stick with one programme until it loses market share you want, what key pulling power. personnel may be necessary, what inside services you'll need and what outside services you'll need to Make use of the concept of barter negotiate for the personnel for the Apply this concept if a newspaper does not inside services. want what you are selling, but you could trade with someone who has what the paper wants. You should re-examine the marketing plan Therefore you could get your ads at a fraction yearly, whether brief or expanded. Your goal of the price. should be to maintain it – and you should never stop marketing. Here is a list setting out You can also save money by getting the reasons why you should continue: access to co-operative advertising  The market is constantly changing. funds When you stop advertising, you miss evolving opportunities. Many large advertisers pay cash fees to small advertisers who mention the name of the large  People forget quickly. Remember people are bombarded with thousands advertiser or show its logo in their ads. This of messages every day. could increase the credibility of your ads.  Your competition isn't quitting! Set up a P.I or a P.O arrangement  Marketing strengthens your identity. When you stop marketing, you short- with an advertising medium change your reputation, reliability and Make your efforts more cost-effective (P.I = the confidence people have in you. Per inquiry, P.O = Per order)  Marketing is essential to survival and growth. When you cease marketing you People enjoy being asked about are on the path to non-existence. themselves and enjoy talking about  Marketing enables you to hold onto themselves. your old customers. Many enterprises survive on Repeat and referral Take advantage of this by asking questions of business. If the old customers forget your customers. It can give you expensive about you, you are doomed. research data for free.  Marketing maintains morale.  Marketing gives you the edge over Take advantage of "gang-runs" or competitors who have ceased “run-ons” marketing. This applies to your printers if you are patient.  Marketing allows your business to continue to operate. Being in a rush is a deterrent to  You have invested money that you good marketing and to inexpensive stand to lose. If you stop marketing all marketing the money you've spent is lost, and if you want to start again, you have to Avoid rushes like the plague. There are three start from scratch. main variables in saving money in marketing: Quality, Economy and Speed. To be truly successful in marketing, the first two should be selected. 3 With the compliments of Your Profit Coach
  • 5. The Business of Marketing Ways to obtain free The Ten Most Important Marketing Secrets research: 1. You must have commitment to your marketing programme. Here are the main questions that you should 2. You must think of that programme as an think about: investment. 3. You must see to it that your programme  What should you market – is it your is consistent. goods, or your services or both? 4. You must make you prospects confident  Should your marketing feature some in your firm. sort of price advantage? 5. You must be patient in order to make a commitment.  Should you emphasise yourselves, the 6. You must see that marketing is an quality of your offerings, your selection, assortment of weapons. your service, or merely the existence of 7. You must know that profits come your business. subsequent to the sale.  Should you take advantage of your 8. You must run your firm to be convenient competition or ignore all competitors? for your customers. 9. You must put an element of amazement  Exactly who are your competitors? into your marketing.  Who are your best prospects? 10. You must use measurement to judge the effect the effectiveness of your  What income groups do they represent? weapons.  What motivates them to buy?  Where do they live?  What do they read or watch or listen to in the way of media? Media lessons You must run the right marketing campaign in The correct answers to the above list would be the right media. How do you tell right from invaluable, but would need great research and wrong? at a great cost. As you probably don’t have an  Radio: The most intimate form of unlimited budget, you’ll have to be creative in media. Often, it takes place on a one- how you get the right answers at an affordable to-one basis (such as in a car or at cost. This is how you might go about it. home). First, go to the local library and ask the  Newspaper: Prime medium for librarian for books that have information for disseminating the news. Advertising in you. Some of these books will have market the newspaper, other than in the studies that apply to you and your industry. classified sections, should be newsy, Others will study products or services such as interruptive, and to the point. yours.  Magazines: Media in which readers become involved. You can put forth more information because readers will Secondly ask your customers! Your customers be more willing to take more reading a have the answers. Send out questionnaires. magazine ad rather than a newspaper Better still, work with them and watch what ad. they do. Run a series of CABS (Customer  Television: Most comprehensive of the Advisory Boards) – check with us for more media. It enables you to convince your details. prospects by means of actual demonstrations. Cable and Satellite TV The information will be invaluable. It will has the put the medium within the reach of all advertisers. This is not an show you what kind of people your prospects invitation to play around with TV. It is are, how to reach them through media, how to more of an invitation to give serious appeal to them etc. etc. These are the most consideration to what some describe as common and inexpensive methods, but are not "the undisputed heavyweight champion the only types. Remember to check for of marketing". important data at your local Chamber of  Direct mail: Allows you take the most Commerce, any industry organisation to careful aim at your target audience. which you belong and all the industry This can be very costly if misused. To successfully overcome problems you publications. must follow up with follow-up mailings, with telemarketing and with unique mailing packages. 4 With the compliments of Your Profit Coach
  • 6. The Business of Marketing  Outdoor signs and billboards:  It protects you from marketing lapses. Superb at reminding people of your  It is addressed to the relevant weeks of Important existence and your reason for being. the year. Notice However they do not work well © Copyright 2001- themselves, only in very rare 2009, Bizezia Limited. occasions. Works well with other forms All Rights Reserved. of Advertising. Worded and designed right, they capitalise upon the The Process This publication is Who is your the target audience? The more published on our behalf momentum generated by your other by Bizezia Limited. It exactly you know who your prospects are the marketing. is protected by easier it will be to attain accuracy with your copyright law and  Canvassing: Takes more time than marketing plans. reproduction in whole other forms of Marketing. It is however or in part without the highly effective. Select as many methods as you can. Select publisher’s written  Yellow pages marketing and only the ones you are able to do right. And permission is strictly select the ones that will be read, seen or prohibited. The classified advertisements: Hit the heard by your targeted audience. publisher may be very hottest of prospects. These people contacted at are taking the time to look up the kind info@bizezia.com of information you're offering, so you When Advertisers discuss media, they talk (telephone 01444 don't have to expend much energy about REACH and FREQUENCY: 884220). getting their attention or selling the  Reach: The number of people who will general benefits of your product or Articles and information be exposed to the message. contained herein are service.  Frequency: the number of times each published without  Brochures: Offer the greatest person will be exposed. responsibility by us, the opportunity to go into great detail publisher or any about your product or service. contributing author for Before we select a method of reaching the any loss howsoever  Telephone Marketing: Allows you to people, think of this... “It is not necessary occurring as a be even more intimate than radio to say everything to everybody, nor is it consequence of any advertising. It is very flexible. possible. Instead we should strive to say action which you take, something to somebody!” Your marketing or action which you  Tiny signs on bulletin boards: These message is the "something" and the target choose not to take, as serve to make you part of the audience is the "somebody". a result of this community, increasing the amount of publication or any view The main idea is to combine the right confidence people has in you. expressed herein. marketing message with the right marketing Whilst it is believed  Trade shows or exhibitions: media. that the information Opportunity to make contacts with contained in this purchase-minded people who are publication is correct at thinking about the primary topic of the the time of publication, show or exhibit. Further Information it is not a substitute for obtaining specific  Public relations, publicity or even Marketing puts the oxygen into your business professional advice and joining clubs and organisations: It no representation or ideas. If you want to breathe life into your warranty, expressed or fits in well with virtually all other business and would like to receive further implied, is made as to methods and often is the key to its accuracy or success. Publicity adds a great deal to information about this subject or other completeness. The your credibility. However bad publicity publications, please call us – see our contact information is relevant is harmful for your company and goals. details on the next page. within the United Kingdom. These disclaimers and exclusions are Planning governed by and construed in When you talk about any process (and accordance with English Law. marketing is a process), planning is everything. Think about how the pit Publication issued or updated on: mechanics can replace four wheels on a 14 July 2008 formula one car in about 5 to 7 seconds – they can only do it because they’ve planned every Ref: 60 single element to the nth degree. Here are your marketing planning elements – learn them well:  Choose the weapons you can use well.  List them in an orderly manner. This can be best accomplished using a marketing calendar.  It enables you to plan your budget and helps you to avoid unforeseen circumstances. 5 With the compliments of Your Profit Coach
  • 7. Paul Simister, Your Profit One-To-One Coaching And Coach Advice I help small business owners find hidden My main service is providing business profits from overlooked revenue coaching and advice on a one-to-one opportunities and achieve a higher return basis by telephone to UK businesses. from the time, energy and money they invest. If you own a business based in the UK, I’d like to show you how I can increase I am a Chartered Accountant, MBA and your profit. I think it’s much more Certified Guerrilla Marketing Coach. powerful to show you than tell you what This blend of finance, strategy and I’ve done for others. marketing skills is a powerful combination for increasing profit even if Go to www.profitin30minutes.co.uk and you hate marketing and selling. book your free coaching test drive. The Eight Pillars Of Business Your Profit Club Prosperity For those business owners who don’t The business development process I use want one-to-one coaching or are based to increase profit is called the Eight outside the UK, I am creating a low cost Pillars of Business Prosperity: membership site to teach you how to apply the Eight Pillars of Business 1. Your Key Numbers: how to measure Prosperity. and manage your business for See www.yourprofitclub.co.uk increased profit and cash. 2. Your Inner Game: how to create a Your Profit Mastermind Group powerful vision for your life and business which flows through into I have discovered the benefits of working everything you do. with a mastermind group of people 3. Your Market Position: how to stand committed to achieving similar goals. out from your competitors in a profitable market. I am in the process of starting a number 4. Your Lead Generation: how to of niche based or situation based magnetically attract your ideal mastermind groups to work together one prospective customers and clients. hour each week by telephone. 5. Your Lead Conversion: how to See www.yourprofitmastermind.com quickly and easily convert prospects into paying customers. Your Profit Coach Blog 6. Your Revenue Regeneration: how to turn one time customers into regular My business coaching blog is read by buyers. thousands of business owners each week. 7. Your Winning Team: how to attract, See www.yourprofitcoachblog.com build and keep a hard working and committed group of employees Paul Simister BA FCA MBA CGMC 8. Your Systems: how to systemise your 44 (0) 121 554 4057 key processes so your business works www.plancs.co.uk efficiently without you. © Planning & Control Solutions Ltd 2010 Your Profit Coach is a trading name of Planning & Control Solutions Ltd. Registered in England No 3897173 Registered office, 17 Beachburn Way, Birmingham, B1 2JB, United Kingdom