Six steps to maximize your marketing
1) Itemize the tactics you now use.
2) Break these down into each of the three purposes (numbers,
amount, frequency) you are trying to advance with this tactic.
3) Look at your list. Could some tactics work under more than
one purpose? Ask yourself, "How could I use this tactic to advance each of
the other two purposes?"
4) Write down new uses you come up with.
5) Call the people who can help make it happen.
6) Execute properly and watch it catapult your business.
Do you know how to make your business grow?
How many ways?
Eight, 80, or 800?
Would you beleive that there are only three ways?
By the time your done reading this, I think it will open up over’ a greater
horizon of marketing opportunities for you.
Let’s start with the ways you market your business or the
business you work for. You may use a combination of: advertising, direct mail,
direct sales, telemarketing, referrals, endorsements, etc. And it may be very
successful.
Now STOP and look at the big picture. Ask yourself, "Why
do we use all of these different tactics? What specific outcome are we trying to
achieve with each marketing approach?"
Ready—Aim—Fire. I recently visited Gettysburg. Pa.
All of the different weapons of warfare reminded me of the varied marketing
tactics we have available. But unlike most company’s marketing approach, at
Gettysburg there were three fronts in which each weapon played an important
part. It is up to each of us to take "the good ground" or each of our
three marketing fronts.
Your marketing trilogy: Here are the three outcomes all of our
points of customer contact should be focused on.
NUMBERS: The first, most obvious marketing outcome is
"to increase the number of customers or clients." To make this happen
we can use one of several tactics: a good referral system, acquiring customers
at a break-even up front to make profit over time, giving an incredible risk
reversal for them trying us out, alliances with noncompetitive businesses,
advertising, direct mail, telemarketing, special events, acquiring qualified
leads, developing your USP (unique selling proposition), using public relations
and others. But this, if our only goal, falls far short of the bounty we can
reap by looking at the next two ways to grow our businesses.
AMOUNT: The second way to grow is to increase the
average transaction value. Here are a few ways to do this: use up-sells,
point-of- purchase displays, discounts for increased orders, increasing your
prices (and margins), and improving your team’s salesmanship.
An example: let’s say you need your carpets cleaned. You
call the company of choice and tell them what you want done. They explain how
they also clean furniture but you don’t want to spend the extra $124, so you
pass.
Now what would happen if the carpet cleaning representative
sent you a note a few days before your appointment explaining something like
this: "Since you probably need your upholstery cleaned and while we’re
there anyway, I want you to know about our special "while-we’re-there
pricing." You see, if you have us come out in trio or three months just to
clean the couch, we still have to drive out and find you. But if we can do it
while we’re there anyway, we save tine and that saves you money. So here is
the special while-we’re-there pricing."
Do you see how powerful this upsell can be? And notice I used
direct mail (one of the tactics from the first outcome—numbers). This same
tactic can be to accomplish a second powerful purpose: increase the average
transaction value.
FREQUENCY: The third way to grow is the most under-used
yet, when executed properly, it can be the most profit-producing of all three.
This third factor is to increase the frequency of repurchase. And, when we
consider that statistics continually show that is costs one-fifth as much to
bring back a past customer as it does to convert a new one, you can see how
profitable this can be.
How do you boost this third factor of your business growth?
One way is to develop additional products to market to and through your clients.
You could also endorse others’ products to your client base or offer
preferred-pricing for more frequent purchases. Or by communicating with them in
a personal way by letter or phone, you can keep the positive nature of your
relationship intact.
Note: Remember, no matter what your product or service, there
are others out there courting your customers. If your clients feel the honeymoon
is over with your company, they will be tempted when others come to call. Don’t
give them reason to wander.
Let’s take the carpet cleaner example again. Suppose the
owner set up an alliance with a landscaping company, an interior decorator, or a
remodel or, etc. The carpet company, after serving you nobly, endorses the other
company for a percentage, reciprocity, or a credit. The owner gets increased
revenue and the other company reduces sale costs because of the trust the carpet
cleaning company had nurtured.
Now look at how you use your marketing tactics. Are you using
direct mail but restricting it to one-third of its power? How many other tactics
could you use to greater purposes? How about doing direct mail, like ALAMO,
informing me that I have only one more rental until I get a free day in a
mid-sized car (increased frequency) , or running ads for prospects who want bulk
discounts (increased transaction value) or, like landscaping services,
telemarketing to put recent buyers on a subscription-type service (increased
frequency) . After you start leveraging your position on all three fronts, you’re
sure to catapult your results.
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Bea Dee, Ltd.
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