| |
| |
|
Marketing Information |
|
|
|
Marketing Is A Long-Term Investment
"Dig your well before you're thirsty" is the title of a wonderful book by Harvey Mackay. When times are tough some businesses stop marketing. They reason, 'No one is buying so why should I advertise?' The other time some businesses stop marketing is when they are selling like crazy. Again they figure - 'I can't handle any more business right now so why promote?' Two key points here. Advertising is only one narrow form of marketing. Marketing is about sending messages. You send messages in a plethora of avenues; advertising, customer service, by association, quality, public relations, sponsorship, awards, etc? And the second point; marketing is a long-term investment. Selling is immediate. When times are slow you need to crank-up the selling efforts. How do you escape from a sales crisis? Improve selling skills, search out new markets, offer more value and most importantly be systematic. When there is a fire, put out the fire. That's sales. Preventing the fires of tomorrow is marketing. That is why marketing is so difficult to justify or measure. The good marketing you do today will pay off in a few weeks, months or even years. Is it worth it? Only if you want to be in business in a few years. Invest wisely in your marketing. Many of the principles of investing money apply to marketing. Don't put all your eggs in one basket. Your message must reach your prospect along several avenues. That conveys more credibility. For example; you might advertise in a magazine, sponsor a community event, send out news releases and offer extras on your website. Your investment portfolio should be diversified, so should your marketing. Warren Buffet's long-term strategy to 'make smart investments and hold' can apply to your marketing. Make a long term marketing commitment to yourself. Stick to it. Be consistent and persistent. That is smart investing and smart marketing. Consider the different forms of currency in your business. Cash is the most obvious. A signed order is another. Receivables are currency - you can even use them for collateral - or sell them. But some forms of currency look better than others. If cash is best then you might be tempted never to give credit to customers. But you might lose sales because of that. So you may decide to give credit to approved customers - knowing that you can likely convert the receivable to cash. Even signed orders are currency - you can factor them to obtain financing. Marketing is another form of currency in your business. Good marketing creates customer awareness, goodwill, education, credibility, even desire. All of that can be converted into signed orders, receivables and hence cash. All forms of currency are convertible. But the conversion rate is not 1 to 1 nor is it totally predictable. Some receivables become bad debt. Some signed orders get cancelled. Some marketing efforts just spin off into the universe like a lost asteroid. For that reason do not expect that every dollar spent on marketing pays off the same. For example if you do a mass mailing some of those envelopes go undelivered, some never get opened, a few get read - and even fewer acted upon. But you need to mail to the whole list to reach the ones that read it. You might believe that cash is a better currency than marketing. Marketing can be better than cash because a creative marketing campaign can pay back many times over. If you realize that when you market you are creating currency - you can view your marketing in a more productive light. The more creative you are in your marketing - the greater leverage you get. Marketing like currency is synergistic. When you have money the banks will loan you more - but when you have none and want some, what do they say? 'You got none so we can't give you any.' Marketing works the same way. When you generate lots of exposure - you get more. When you are hot everyone wants you. When you are cold - you get the freezer. Keep sending your marketing messages regularly. Some businesses get busy with business and forget to market. And then the feast runs out and they start marketing again. Because marketing is currency there are times when instead of cash you might accept payment in marketing currency. This might be a straight barter deal. I give you $1,000 of my product for $1,000 of your product. This is one way to get 'free' advertising. Trade your product for ad space or media time. This only works if the media company needs your product and don't have budget, (cash), to buy. My financial planner gave me some good advice when I left the corporate world to start my business. I showed him the corporate package I received and asked how I should invest this money - stocks, funds, or pay down my mortgage? He asked a few questions about my business. He then advised me to invest my money in the business because that is where I would obtain the best return over the next few years - then gradually as business growth levels or slows to invest in other long-term investments. It was smart advice because growing my business was another form of investment. I continue to make both short term and long investments in my business. You might examine your business in the same light. © George Torok is co-author of the national bestseller, 'Secrets of Power Marketing' Canada's first guide to personal marketing for the non-marketer. He delivers seminars & keynotes to corporations and associations across North America. You can reach him at 800-304-1861. For more information about his programs visit www.powermarketing.ca
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
The 3 Unknown Steps of Marketing Success To be your own marketing expert you first need to know where to begin. It's no good learning how to be a good copywriter, if you don't know what medium is best to promote your work through. The Day I Learned to Start Saying No It was the fall of 1998 when I had just started my first business as a marketing communications writer. Most of my clients hired me for newsletters, brochures, and sales materials, but I would get the occasional request for something different. Your Company Need More Marketing? Or Just Better Marketing? Many sales problems can be solved by improved marketing. Selling harder is often not the solution. Painless Marketing for People Who Hate to Market Face it?you know you've got to do something to keep a steady stream of clients coming to your professional service firm. But when it comes to the m-word (marketing), you'd rather not. Have You Captured Me Today? There are many Web sites I visit every day and will probably never return to again. It's not that I didn't like the site, or that I wasn't interested in the topic, services, or products offered. Differentiate or Die Sounds pretty harsh, doesn't it? Well, I can tell you from personal experience with both my own business and with my clients, "differentiate or die" is not an exaggeration. Whether you're a small one-person shop or a large government agency, solvency and the future of your business rely on you standing out in a competitive marketplace. The Dare-To-Be-Different In Marketing Checklist There is a big payoff in being different. When you accept "what is" you place yourself in the category of "sameness," and people don't buy sameness. Why Surveying Matters What is the single most important thing you can do as a business owner? That is a question that this week I think I have found an answer to. The answer? Keep your ear to the marketplace by listening to your customers. One-A-Day Marketing Vitamins Is your business growing, or are you on a plateau in need of a boost to move up? I know that I always tell you it is best to have a positioning statement and a plan. But sometimes, you just need something to get you off square one. Why You Buy Behavioral economics is a new science that sheds light on some of our most important decisions. It is the study of how and why people make money-related choices. The Truth About The Fallacy Of 7 Ted Nicholas is a marketer with a proven track record. He has started, operated and sold 21 profitable businesses, and is responsible for the direct or indirect publishing of hundreds of books and publications. 3 Strategies to Market Your Business Even When There's No Money Many small and home based businesses know they need to market and yet, have little or no money to do so. Sadly, many use this as a reason not to market. Why Your Business Need a Website Web Presence gives your business a distince edge over your competitors, especially when you want to expand your current customer base. For exmaple, if Jane wants to find a real estate agent but she does not know who is the best in her area. How Do You Get Past The Gatekeeper? The best joint ventures are with people in your own network - those that already know, like and trust you. However, there's nothing to stop you from partnering with "cold" contacts - those you've never associated with before, and you would therefore need to build a relationship with. Peddling Your Own Wagon Through Local Exposure In my e-book "Articles That Sell", I've shared the secret of marketing your business on the Internet. If you've been active in your efforts, you've been writing and publishing free reprint articles. The Most Powerful Marketing Strategy Available To Small Businesses Most small business owners want to generate huge profits, with little effort and in the least amount of time. If you fall into this category then joint venture marketing is the fastest, easiest and most profitable way to do that. Top 5 Tips For Media Selection Marketers have a wide variety of media at their disposal. Most of us think first of the advertising troika of newspapers, magazines and TV. Build Relationships Personal marketing makes it easier to sell, by building relationships nurtured on awareness, value and trust. Make your relationships more fruitful by making them personal. Qualify Prospects Using Direct Mail Marketing When a prospect responds to your lead generation sales letter, how do you know if the prospect is a qualified lead or not? By qualifying them before they respond.At my direct mail lead generation firm, our definition of a qualified lead is someone who meets four criteria:Authority: They have the authority to buy Readiness: They are ready to buy now Budget: They have the budget to buy Need: They need your product or serviceAnyone who meets some of these criteria but not all is simply a lead that needs to be cultivated. Stay in Touch with Leads and Get More Closes How many leads have come into your business since the beginning of time that never closed? That is a salient question. Who knows how many, but I bet there are a lot.
|
| home | site map |
| © 2006 |
