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These
are the three Golden Rules of Marketing – the
foundations of your business success. If
your answer to any of these questions is ‘no’ –
don’t worry – you’re not alone. But experience
tells us that if you are willing to apply these
principles to your business, you will see your profits
increase significantly.
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- Do you Test and
Measure every aspect of your Marketing?
Being
outstanding at marketing is fairly straightforward
– but so few businesses do it. You just need to
continually test new marketing strategies on a
small scale. It may be a new direct mail campaign,
a new ad, a letter to your customers, an email, a
new headline on your website, a two week telephone
campaign. You test small, then you measure the
results. What did it cost? What revenue did it
generate? If it was not profitable, you’ve
learnt an important lesson and move on. If it was
profitable, you roll it out and make it an
integral part of your marketing mix.
If you tested five new things every month and just
one out of the five was successful (if you use
our
marketing strategies it’s more likely to be four
out of five) then at the end of a year you would
have twelve new proven marketing strategies to add
to your mix. So testing and measuring all
of your marketing is the first golden rule of
Marketing.
Of course, before you test new marketing
approaches, you need to be testing and measuring
what you are already doing. For example, the
number of businesses who advertise and have never
accurately measured the response and therefore
don't know if the ads work - is scary.
If you're going to be great at Marketing, you
must, must test and measure everything.
- Are you clear
what the purpose of your business is?
Outstanding
business performers share a similar way of
thinking about business. The highest purpose of
their business is not to just make money or
increase profits. The highest purpose of their
business is to add real value to the lives
of their customers or clients.
We’re not talking about some vague
concept of adding value. We’re talking
about a deep commitment to enhance the lives of
those you interact with. Why is this so important?
It is the single most effective sales tool any
business can employ. If you call a company and
they just want to make money from you, you can
tell instantly can’t you? But if you call a
company and they’re willing to do whatever it
takes to make your life easier, solve your
problems, meet your needs and answer your
questions – don’t you just love it?
When we stop obsessing about how great our product
or service is, and start obsessing about adding
enormous value to the lives of our customers and
clients – our profits soar - and as an added
bonus, doing business becomes much more
pleasurable.
- Is your
marketing continually focused on explaining the
BENEFITS of your product or service?
One of
the biggest marketing mistakes that businesses
make is focusing on the details of their product
or service, rather than the benefits it offers
customers.
People will only buy from you when they, either
consciously or sub consciously understand how they
are going to benefit from what you are offering
them.
Every conversation you have and every paragraph of
your brochures, letters and website should convey
the benefits of what you have to offer. Of course,
for this to happen YOU
have to be clear on what these benefits are.
Sometimes, we’re so close to our business
that’s not such an easy question to answer. Ask
some of your colleagues what the top three
benefits of your product are. If they hesitate –
you’ve identified the first area where you can
make a significant difference to your marketing.
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