5 Marketing Moves for Business Success
Effective marketing can be simplified into five moves five concrete actions that you can implement immediately. Your challenge: try one or more of these NOW.
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| 5 Marketing Moves for Business Success |
The five components of a company's marketing strategy, referred to as the 5P formula, have historically been used to deconstruct marketing. These 5 elements also become a part of their brand if they are carried out consistently, well, and for a sufficiently long time.
Overall, things are going well. The 5 Ps are typically listed as follows because no one can seem to agree on exactly which of them is most crucial: people, product, place, process, price, promotion, paradigm, perspective, persuasion, passion, positioning, packaging, and performance.
Wow. I'm going to attempt to condense effective marketing into five steps, five real-world things you can do right now. Try at least one of these RIGHT NOW, is your challenge.
First move: ascend.
Next time you're speaking with a prospect, when the topic of price comes up, DOUBLE your standard price and watch what happens to see if you can get a different result.
Is this crazy?
Perhaps, perhaps not. On the other hand, perhaps you are insane for competing on PRICE rather than charging for VALUE. Businesses that compete on price suffer losses. Period.
They'll imitate your price first, of course. To reduce the price of something, you don't need imagination, creativity, innovation, market leadership, or vision. Additionally, it is detrimental to everyone involved. Profits are always reduced when prices are reduced. A 1 percent decrease in price results in an 8 percent decrease in profit, according to studies.
What happens if you increase your price by two times?
a few things. Prospects believe that:
* A rise in the worth of your goods or services.
* A higher level of prestige associated with using or owning your product or service.
* A higher degree of confidence in you and all of your other products (the halo effect).
* A higher level of assurance that your product or service works.
Be expensive or, she added. be liberated. Being one of the most expensive service providers is remarkable People brag about their $21,000 platinum-plated cell phone or their $200,000 Italian sports car. Nobody brings up their $19,000 GM sedan.
With great success, I've advised businesses on how to increase prices by twofold, and I've advised independent consultants on how to increase fees by twofold [and, in one instance, threefold]. They received more clients, not fewer, in each of those instances. For more information, see Move 3.
And perhaps as a result of this, you'll lose a few unprofitable customers along the way. When more profitable clients do come along, you won't be able to serve them if you don't get rid of some of the less profitable ones first. To keep concentrating on a market segment that can pay your old (low) prices is to commit professional suicide. Customers aren't attracted by price. Value attracts clients. Furthermore, clients who value your work will pay you appropriately.
A strong price point is also zero. Free is amazing, too. This is another aspect of moving up when you give VALUE first. without charge. Send them your brilliant idea if you have one for a potential client. Did you find an article, a profile, or some research that has a direct impact on your business? Clip it and mail it to the top person with a brief note. Even better, if you have a business lead for them. Now the door to that prospect is open.
Second Step: Enter.
Moving in entails getting closer to the client. Live in their world, consider their issues, and consider their clients and potential customers. Do some research as a first step. Preparation. Homework. Every salesperson now has access to industry, local, business, and company news via the Internet. How can you possibly present a credible solution if you haven't done intelligent research into the problems, pressures, and issues facing your prospect?
If you enjoy spending all day at a computer, going outside might be a better option. Visit companies, speak with your contacts in the industries you serve, and learn firsthand what's happening in their world. What are their challenges, perspectives, obstacles, and priorities? What are their dreams, only-ifs, and biggest aspirations?
Undoubtedly, this requires a lot of work. This type of effort is not typically demonstrated by salespeople. Which is precisely why YOU should. Our next movement is Move 3.
3. Advance.
Going above and beyond what most salespeople do is the only way to advance. It entails putting in the actual, arduous work that distinguishes one from a partner and one from a peddler.
Avoid doing things your prospects find annoying if you want to advance.
According to a survey conducted by Purchasing magazine, the top 10 things that buyers dislike about salespeople are listed below. Look to see if any of the following professional sins you (or your sales team) may be committing.
10. Promises broken.
9. lacking in originality.
8. Appointments that are not kept.
7. Lack of understanding of the client's business ("What do you guys do here?").
6. taking the consumer for granted.
5. Absence of commitment.
4. Inadequate product knowledge.
3. Excessive aggression and a lack of listening.
2. "Just checking in" indicates a lack of interest or purpose.
insufficient planning is the biggest pet peeve.
Additionally, you can advance by raising your prices (remember to Move 1) and VALIDATING your goods and services through concrete figures.
Author Jeffrey Fox refers to this process as "dollarizing" in his insightful book How to Become a Rainmaker. One of the most effective sales techniques is dollarizing, which involves demonstrating the return on investment by demonstrating how the amount spent will result in THIS much savings, profits, sales, new clients, hours, etc. using real numbers that your prospect will provide you with. You change the topic of conversation to SELLING MONEY from selling what you are selling.
You can clearly express this in hard currency by using an exercise I use in my seminars called The Money Machine.
By allowing you to monetize against: The Money Machine goes a step further.
* Alternative goods and services.
* The potential prospect's inaction.
* the potential of performing it independently.
* Additional items that the potential customer is already at ease spending money on.
With the ability to demonstrate the math behind this much IN for this much OUT, your product or service suddenly transforms into a real investment. Selling money for a lower price is the easiest thing ever!
Stop playing the ridiculous game of closing the sale, and you'll be moving forward in another way. Closing is not a technique, a trick, or something that involves power plays or magic words and looks. The two most effective questions to ask your prospect as you draw closer to the conclusion of your value-based discussion are: Closing should be a natural extension of your conversation.
1. Does what we've discussed up to this point make sense?
2. What should I do next, according to you?
If you've prepared for the meeting, talked about the prospect's main concerns, and quantified the value of your solution, then, of course, it makes sense.
Answer to Question 2: Let's move forward or let's complete the paperwork. You can assume that the sale is not yet ready to be closed if your prospect replies, "Get Out" or "Drop Dead.". Sincere though it may sound, carefully listening to the response to this question will enable you to address any underlying hesitations, concerns, or problems before the prospect responds with an abrupt No! to any other traditional ask for the sale language that so many sales trainers advise. Keep in mind that your goal is to assist the prospect in buying rather than to make a sale. Please feel free to ink that on your forehead if you feel the need to.
Move number four is to step aside.
You can't be all things to all people, which is something that the majority of sales and marketing professionals struggle with. The theme of Move Aside is identifying your specialty and asserting your authority in it. In plain English, this means you want to become the go-to person for your particular product or service, which is the exact opposite of being a "jack of all trades and master of none.".
These two hypothetical representations of your good or service will elicit very different responses from the people you talk to.
I believe this will work.
This is precisely what we were looking for.
I'll use one as an example. There is a legitimate business that offers catering, odd jobs, house cleaning, and carpet removal among its services. I'm not sure about you, but when I need a caterer, I look for someone who offers catering services around the clock.
After the carpet removal job and before serving my guests, I didn't want to worry about whether they washed their hands. Even though Sam's Catering and Good Eats Catering may also be excellent choices if I'm looking for a caterer for a wedding, I might be drawn to Wedding Bells Catering a lot more.
Here's one more illustration. Numerous graphic design firms handle a wide range of projects, including websites, logo design, brochures, collateral materials, wine labels, book packaging, etc.
They can do just about anything. Also, business is generally doing well. Some of them struggled to set themselves apart from the competition, while others had trouble building a solid clientele and referral network (but let's face it, if they were succeeding like gangbusters,
they probably wouldn't have asked for my help). While we've had some success growing their current business, most of my clients balk when I suggest that we consider moving aside and specializing in one area or creating a niche for themselves.
MaxEffect is one business that has accomplished this (unfortunately, not as my client!). They made a challenging decision. They stepped aside. With their expertise in graphic design and marketing, they could do a lot of different things,
but they only focus on Yellow Pages ads. There you go. These are your go-to people if you want a killer Yellow Pages ad with bold graphics, original or stock photography, a clean layout, and a strong, persuasive message. They've created countless Yellow Pages ads, developed a devoted clientele, and received a steady stream of referrals in addition to a steady and expanding flow of client work.
Go to http://www.max-effect.com to see for yourself.
Moving alone is Move 5.
You're currently surrounded by a sea of gray. Me too is the new norm. You can find more and more and MORE of the same old thing being sold by the same old people in the same old way everywhere you look. Boring. And lethal.
People don't buy gray, which is the problem. If you, your business, and your products disappear into the background, you might as well stop operating right away. In other words, all businesses fail. Simply wait; it will happen. 17 of the top 100 companies from 50 years ago are still in existence today if you need any more evidence. Moreover, none of those 17 companies are any longer the market leaders.
Why? A shift occurs. If you blend in with the crowd instead of standing out from it, no one will notice you, much less seek you out and tell their friends about you.
Here is an example of a business that hasn't been performing poorly, but also isn't as outstanding as they once were.
A recent call to American Express found an executive resolving a billing issue. When the operator asked her if she had exceeded her expectations for the call, the executive replied emphatically, "No.". The representative resolved a billing issue for her. That is the anticipated outcome.
Now, that would have exceeded expectations, wouldn't it, if the rep had given the executive a $50 American Express gift check redeemable at any of American Express's online retail partners? That story would be worth telling to 10–20 people. That's not moving alone. Can you picture the executive telling everyone, Hey, I called AmEx to correct my billing error? Guess what, they did it.
The following is a helpful test to determine whether your marketing and sales strategies fall under the heading of moving alone:
* is categorically unacceptable in your sector.
* Clientele will make remarks (remarkable!).
* defies common sense (I like to call this uncommon sense).
* Some people think you're crazy, including your rivals.
* People will be AFRAID to copy, including your rivals.
Play around. Become irrational. Develop a disposition. Be seen.
Safe is risky, as author Seth Godin famously stated, maybe the best way to put it. Furthermore, the risk is secure.
Let me summarize the 5 marketing moves before I go.
1. Increase in value when moving up.
2. Get closer by moving in.
3. Get smarter as you advance.
4. Getting specialized by moving aside.
5. Get Noticed by Moving Alone.
Together, these will also assist you in making the Ultimate Move, which is to become incredibly great.
And keep in mind Jerry Garcia's wise advice.
The best of the best is not something you want to be associated with.
You aspire to be the sole practitioner of your field.