"What am I doing wrong?" That's a question business owners
often ask themselves when business is slow. Often, the
answer is... "You're not doing anything wrong. You just need
to do some things better -- and you need to start doing a
few things you've been neglecting."
Here's a list you can use to evaluate your own marketing
efforts. It includes what I've found to be the 7 most
important marketing principles contributing to the success
of ANY business.
1. TARGET SPECIFIC NICHE MARKETS
Everyone may be a prospect for your product or service. But
your marketing efforts will produce the best results for the
lowest cost when you target prospects with the greatest need
for what you offer. Identify a niche market. Customize your
promotional material to appeal to their greatest need. Then
multiply your results by defining several other niche
markets and slanting your promotional materials to appeal
the biggest need of prospects in each market.
2. PROMOTE YOUR OWN USP
USP is short for "Unique Selling Proposition". It's the
compelling reason why a prospect will do business with you
instead of with your competition. You'll attract the maximum
number of customers when you offer a benefit they cannot get
from your competitors. If you don't already have a USP,
create one by adding something to your business you're not
already offering. Convert it into a benefit statement and
include that statement in all your advertising.
3. NEVER ADVERTISE WITHOUT AN OFFER
Always include a powerful offer in your advertising. Offer
free information related to your product or service to
generate inquiries or website traffic. Then make the most
compelling discount or bonus offer you can afford -- to
convert these inquiring prospects into paying customers.
This automatically leads to the next marketing principle...
4. COLLECT CONTACT INFORMATION AND USE IT TO FOLLOW UP
Most prospects won't buy the first time they hear or see
your sales message. You need a system to collect contact
information enabling you to reach them again with periodic
reminders and offers. Many businesses develop over 50
percent of their sales by following up with prospects who
previously requested information but didn't buy -- yet.
Advertising is expensive. Maximize your return on it by
following up periodically with the prospects it produced to
convert more of them into customers.
5. REMOVE THE OBSTACLE OF RISK
Do you know the major reason why people don't buy something
they want or need? They don't want to take the chance of
getting something different than they expect and maybe even
losing money. You can eliminate this risk by guaranteeing
satisfaction. If you sell products, offer a liberal money
back guarantee. If you provide a service, offer to continue
working without additional charge until the promised result
is achieved.
6. DIVERSIFY
It's easier and less expensive to get more business from
satisfied customers than to find new customers. Continually
find or develop new products and services related to what
you sell -- and offer them to your customers. Affiliate
programs offer a quick and low-cost way for Internet based
businesses to add new products and services to their
inventory.
7. NEVER STOP TESTING
Continually test and evaluate the effectiveness of
everything you use or do to promote business. Here's a
highly effective 80/20 guideline you can use. Invest 80
percent of your advertising budget and effort in proven
promotions and 20 percent in testing new variations. Most
businesses using this system continue growing -- even in a
highly competitive market.
Take a few minutes to evaluate how well you're implementing
each of these seven marketing principles in your business. A
small improvement in just one of them will boost your sales
immediately. An improvement in several will generate a big
increase in your total sales volume.
