- Your TM has a big problem. They think about it all the time, it keeps them awake at night.
- Your TM wants the problem solved. The impact and cost of the problem is big enough that they will act to solve it (some people have problems they are quite happy to live with!).
- You can easily find your TM. Do they belong to associations? Are there conferences for this target market? Are there publications? Where do they hangout? If it’s not easy to find your target market, it will cost you a lot of money to find them.
- Your TM has money to spend. No point having a terrific service if your target market hasn’t the money to pay for it. I know this sounds basic but it’s often overlooked.
- Your TM has a history of paying to have this problem solved. You want to focus on a target market
Management does not know specifically what it costs to recruit a new customer. Plus, there are no accurate statistics on the average customer lifetime value.
Without this knowledge, it is impossible to make sound decisions. You cannot determine how much to invest in marketing. If you spend more to gain a customer than their lifetime value, ultimately you will go broke. In the absence of this information, many businesses can and often do fail. To make matters worse, few of the casualties understand why they failed.
Solution: Before you invest large sums on marketing, determine the average lifetime value of a customer. An excellent book that I highly recommend on this topic is The Loyalty Factor by Frederick Reicheld.
Management makes no attempt to build a customer database. This is especially so with most retailers, restaurateurs and department store owners. However, I’ve seen this in many other businesses.
Solution: A …
The main privilege from using advertising balloons comes from the money itself. Advertising with inflatables costs no more than 300$, not to count the positive effect that balloons bring to ordinary passers-by. Advertising balloons are a funny way to attract people’s attention. Everyone likes balloons, because they bring the idea of holiday and celebrations, and having the name of your firm, service or product on a happy balloon will make people remember the name itself. Advertising balloons are the perfect solution for companies with medium or small-sized advertising budget to take part in the competition of winning the customer’s preference.
There are different kinds of advertising inflatables: advertising balloons or blimps, custom balloons, helium balloons. Advertising blimps and balloons are usually attached on a solid ground or tied to a rooftop, and they reach about 120 feet in height. Every balloon has specific shape and size: some are the shape …
Networking. Perhaps the most commonly used approach by small business owners. However, it is often poorly executed. Many people attend a networking function and take the wrong approach by trying to meet as many people as they can. They bounce from person to person, handing out business cards like it is an Olympic event and they are vying for the gold medal. They fail to realize that the most effective way to network is to cultivate relationships and give referrals to other members first.
Referrals. This marketing strategy places a close second in preferred methods of generating new business leads. The key here is to develop a systematic approach to ensure that you take proactive approach instead than a passive one. Rather than assuming that satisfied client will refer someone to you, ask for that referral. Tell people who your ideal client is and ask for their help in finding …
Do It. Most home improvement contractors post a sign when they’ve got them, when they remember, or when working on a really nice project. This defeats the whole purpose. Every job, no matter how big or how small should get a job sign. Consistently displaying your company’s sign, like all forms of marketing, brings in higher returns and helps to create brand awareness. Create a system that ensures your signs are getting out (and coming back) when they should.
Make Sure Your Job Sign Has A “Take-One” Box. Do you know what a take-one box is? Maybe you’ve seen them on real estate “for sale” signs. A take-one box is just a simple container, attached to your job sign that allows you to provide written promotional material to interested neighbors. Sometimes they’re called “info tubes.” You can insert a flyer, letter, brochure, business card, reference list or any other promotional …
Springtime is associated with rebirth and a new beginning. It’s also a particularly auspicious time to start a new marketing campaign. A portion of the Christmas shopping debt has been settled and the shock induced by a pile of holiday bills has worn off. In addition, numerous studies show that increased sunlight tends to improve people’s mood, which often manifests itself by increased consumption of goods and services. Here are three techniques you can use to follow the lead of retail outlets and make the weather work for your business:
- If you sell a tangible product, feature your Springtime product lines on your front page and other high traffic pages. Customers are actively looking for Spring products. Some seek them out of true necessity, some sense that Spring will arrive more quickly once they’ve purchased a new wardrobe, and yet others are hunting for bargains and closeouts of your Winter
The first step calls for you to take off your traditional marketer’s “hat” and think about the experience your cleint will have the moment they purchase the product.
The key question to ask yourself is – “What will they be feeling?”
Reflect on their experience long enough to get the full impact of the warm and fuzzy feeling they will be enjoying.
Now tell yourself you are no longer marketing products, nor are you a writer of sales copy bullelted with the usual consumer benefits. Come to the realization you are a Feelings Marketer. To get this deep on the inside of you think about the purchase experience of the new car buyer. As they take delivery are they thinking horsepower, or style.
They are rehearsing in their minds the great feeling they’ll get when they drive down the I – 1 and their vehicle attracts the attention of …
Beware of the quick fix… Most organizations have been using band-aid approaches such as integrating data sharing or changing incentive compensation systems without looking at the whole picture. Stop the knee jerk reaction to solve it NOW. Take a breath and create a long-range plan to address a complex set of barriers.
Promote people who are cooperative team members… Some might say that sales and marketing “personalities” are two very different animals. They think differently and act differently and approach the same customers with very different points of view. Added to that is the unspoken habit they each have of “looking down” on one another.
When integrating these divergent cultures, have marketing and sales both report to the same department head. The simple proximity of people, with joint department meetings and problem solving teams, helps to break down barriers that no new technological fix could achieve. And then promote those …
- Audience will be more advanced: Ads of 2020 will be created according to the audience motion. This will also lead into the feature, in which audiences will be able to choose outcomes at key moments in the ad films.
- Buyers will be more techie: Without any doubt, the buyers of the future will have a formal background in predictive analytics. Increasingly, with so much data to process, human buyers will be assisted by virtual agents.
- Fewer media sellers: By 2020, the majority of ad deals will be struck silently inside of machines. Remember 1960’s ‘Mad Men’, the practice of large teams of junior sellers hitting the streets and pitching banner ads to agencies will be dated in the same way. However, by the year 2020 there will be a period drama or ad movie based on the online ad industry circa 2004, which will be rather more humorous.
- Target people
Avoid Your Competitors
Look for some new niche markets you and your competitors overlooked. You may uncover a market you can dominate with little or no competition.
One quick and easy way to find profitable new markets is to sub-divide your current market into several narrowly defined niche markets. Then customize your advertising to the unique needs of prospects in each niche market.
Tip: You can narrow the appeal of an existing web site without losing its effectiveness with your main market. Just create customized web pages for each market segment you want to target. Then add a link to each of these specialized pages on your home page.
Use Alternative Marketing
Look for alternative media your competitors may be overlooking. For example, many internet marketers are beginning to use direct mail postcards to generate traffic to their web sites. It’s a low cost way to bypass the heavy competition …