We all know marketing is essential to stand out from the crowd, attract new clients and add more money to the bottom line. Effective marketing enables a company to get the products and services which it offers out into the marketplace and in front of potential customers who are interested in purchasing those products and services.
Marketing is half science and half experience and creativity. It is important that an organisation does not focus only on one marketing avenue but rather utilises different avenues which will allow as many doors as possible to be opened (i.e. online and offline marketing).
Busting Marketing Myths:
- “I don’t have time for marketing”
Many people use this simple excuse to avoid creating a marketing plan and dedicating the necessary resources towards devising, executing and refining a successful marketing strategy. - “I don’t need to understand marketing”
Not understanding marketing is the reason that many companies’ marketing plans are defective in their planning, execution or refinement. While you don’t need to be a marketing expert it is essential that you have a basic understanding. - “I don’t need marketing, I have enough clients now”
We all know that when times are good it can be easy to not take the time to keep the funnel filled. Effective marketing should be able to help lead generate for you 24/7/365, even in tough economic times. - “I’m not ready for marketing”
If you are in business, you are need marketing. Use an expert if you don’t have time. By starting a marketing plan and/or marketing activities, big or small, you can begin to get insights into your consumers, industry and market. - “I can’t afford it”
An effectively planned and executed marketing strategy will provide return on investment – it is as simple as that. You need to prioritise funding for marketing in your budget - “My business is different”
While your business may appear different in service and/or products offered, it is still a business at its core. All businesses have a similar marketing processes, one of the only refinements in a company’s marketing plan is focusing on the core competencies of your business.
Why Marketing? It’s in the Why
Many well-known brands know what they represent. Once a company’s brand is prominent enough that they have achieved either total or average consumer recognition they can refine their marketing to touch consumers in different ways. Apple is a prime example of a brand which is selling its products based on emotion and passion – Apple doesn’t need to say its passion for the highest quality products is why you should buy it, that is a given based on how they are perceived and how they place themselves in the market.
Things to consider:
- What draws people into your business? What draws people into purchase your products or services? For example, what do realtors sell? They sell piece of mind and a home.
- What differentiates your company from the competition? Possibly nothing but marketing can position your company and products/services in such a way that the consumer perceives they are somehow receiving extra value – this can make a consumer choose to do business with you, or allow a company to charge a premium for its products / services.
- A company’s marketing should equal the thoughts and needs of the people we want to connect with.
Understanding your customers
Your company’s marketing should speak to the problem(s) and challenge(s) faced by your clients or their desired outcome. A key component of the marketing strategy is to do the necessary market research to learn about your industry, competitors and above all your clientele.
- Demographics
Find out everything you can about the customers you are trying to connect with. Who is your target market: Age Sex Class Personal Insights and Interests Needs and Key Drivers - Customer Personas
Once you understand who your target market is, narrow it down to your ideal customer. Be specific; narrow it down to who your best customer over the last year or six months was. After you do this, use this customer persona for your marketing. Keep the number of personas to one, two, or, three, and market to these ‘people’ (your ideal customer) and focus on provide solutions for their needs.
Things to consider in this process are:
- Understand the market volume and your company’s market penetration
- Standout for the value that your products/services offer and deliver
- Psychographics – Find the emotional trigger of your clients and where possible demonstrate additional added value
- Create leave behinds (follow-ups)
- Understand what gets in you the door, and then refine and capitalise on this approach
- Cater to the wants of a client which may be different from the actual needs – it is ultimately the client’s final decision at the end of the day
Co-written with Martin Breeze, Mortgage Broker, TMG The Mortgage Group
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