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The profits of a business are totally dependent on marketing. Otherwise few,
if any, sales will be generated. But, what is marketing anyway?
Marketing is doing what it takes to convince enough customers to pay the
necessary price for your products and/or services to produce the desired
profits for the business.
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Let's discuss the 8 secrets business owners can use to greatly improve
their marketing success.
Secret #1: Give
marketing top priority.
The primary reason any customer chooses to buy your products or services is
because of effective marketing. The marketing process starts at the very
beginning and continues forever! It begins with Product Development,
ensuring that the product or service fills a need for potential customers,
so they will want to buy it. The next step is Pricing to ensure that the
business will achieve profits from sales and that customers will perceive
price to be less than their value of the benefits they receive. Effective
Positioning allows potential customers easy interaction with the business to
evaluate the product or service. The final step is Promotion, where the
business communicates with their potential customers about the existence and
benefits of the products or services to entice them to contact the business
to learn more. Marketing is culminated in Sales, when your customers value
of their benefits exceed the price of the product or s! ervice. You generate
successful sales only because you complete positive Product Development,
Price, Positioning, and Promotion. In fact, you will want your business to
be a marketing businesses. You will want to focus on marketing at all times,
to succeed.
Secret #2: Do
not confuse advertising with marketing.
Advertising is only a part of the last marketing step, Promotion, and it
occurs late in the game. You will often think advertising is all there is to
marketing, so you overlook the other 3 very important earlier marketing
steps. Consequently, you will lose the opportunity to control and develop
over 75% of all marketing, which must be well done first, to allow
advertising to succeed.
Secret #3: Do
not base your marketing solely on your own opinions and desires.
Owners believe their power and freedom of choice, as the boss, means that
they don't have to deal with the opinion of others. "I am now my own
boss" is only partly true. You are in virtual control of either
succeeding or failing to convince - The Customer- to buy your products or
services. You want to avoid IMPOSING your opinion on your potential
customers. Focus on fulfilling the perceived wants and needs of your
customers, from Their Perspective, so you will greatly increase the number
of customers that will decide to buy your products and/or services.
Secret #4:
Learn all you can about your potential customers.
You want to conduct in depth research of your chosen potential customers.
You will want to learn everything possible about Who your potential
customers are, What your potential customers THINK want to buy, Why they
THINK they buy, How they THINK they buy, and When they THINK they buy.
Secret #5:
Learn how to screen out undesirable customers.
You have the right and obligation to determine which potential customers
you will agree to serve. You should screen out undesirable customers early
so you can focus more attention on customers you want to serve. Sadly, you
often may not know how to select desirable customers from the pool of
potential customers you encounter. As a result, you often spend too much
time, money, and energy trying to deal with a handful of hard-to-please
customers who frequently demand lower prices at the expense of better
customers, who go elsewhere because they were ignored. You should know the
key criteria to help you decide which potential customers are acceptable.
Secret #6: Know
and appreciate the value of your existing customers.
You may often become so focused on getting new customers you ignore your
existing repeat customers. Your business will probably not survive without
repeat business. Repeat customers present a wealth of opportunities to you.
They frequently provide you excellent feedback; they provide an excellent
reference and referral service (read free advertising); they are the least
expensive and most likely source of additional business, and their
unnecessary departure causes substantial damage. Upset customers will
complain to at least 5 to 9 others. Stay close to your existing customers
and learn as much as you can from them.
Secret #7:
Create a positive identity that is distinct from your competitors.
Most customers compare. They need a good reason to choose your product or
service over others. You complete more sales when you understand your
competitors extremely well and position your products or services for
positive customer comparison.
Secret #8:
Consider the overwhelming power
Emotion has on the process of deciding to buy. The entire buying process
is governed by emotional forces (some say over 80% of the entire process is
emotional). Yet, you probably focus your energies on price and avoid the
real emotional reasons customers will buy. You should know and feel the
emotional connection your potential customers will attach to your business,
your products and/or services, and the way customers interact with your
business. You will want your entire marketing program to address the
emotional issues to attract and keep the right customers.
The normal human thinking process of deciding to buy almost always starts
with an emotional need. The emotional need causes the customer to consider
buying something to fill it. The search and evaluation of the possible
choices of products and or services is also frequently emotional, and
additional emotional forces are often added. The price issue comes in near
the end and, in reality, the customer wants to know the price to help
justify the emotional decision they have already made. In fact, the request
for the price from a normal customer is a very strong buying signal (does
the cost allow me to buy what I want and is it fair for what I decided to
get?). Business owners succeed when they know how to deal with this
emotional process and permit the customer to complete this process through
final payment.
What a wonderful opportunity! You can take charge of learning, succeed in
your goals, and have a ball along the way.
--
Provided as an educational
service by Bill Dueease of The Coach Connection, where “connecting great
people with great coaches” is their goal. You may receive a free copy of
the article “10 Insider Secrets Most Business Owners Never Learn” by
contacting The Coach Connection at 800-887-7214 or 239-415-1777 or coaches@findyourcoach.com,
or at www.findyourcoach.com/0o-business-coach.htm
September 16, 2003
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