Can You Market To A Goldfish?
There are 4 main facets of marketing: branding, sales, positioning, and psychology. Take all of this and add a large dose of strategy and you may have an effective plan.This is great except, there is one element most companies miss.
I was recently speaking to my Father, and the conversation came up on why I chose to leave photography 25 years ago to focus on sales, marketing, business and becoming an Entrepreneur. During this conversation it dawned on me… I am fascinated by human behavior. Why do people operate the way they do, what pushes them to take action, what influences them to buy? It is through this 25+ year journey that I understand it, and today I want to share my discoveries with you.
Most business owners market daily in hopes of increasing their profits and sales. The interesting fact is that most of these business owners do not have fundamental knowledge of marketing. Today we have seen a steep incline in marketing courses, degrees, and training; however, there is a vital difference in academic marketing and practical marketing. Practical marketing cannot be understood from reading a book, it has to be experienced. My goal is to give you the hands-on Street Smart Marketing at a MBA level; right from the trenches of my businesses combined with the thousands I have coached and consulted.
During the past 8 years speaking, coaching, and training on my own as well as for Tony Robbins and Chet Holmes I have created over millions of dollars in new business opportunities for my clients via creative marketing strategies. I am a student of marketing, a coach, and trainer of marketing. More than anything I am a true marketing enthusiast.
These aforementioned practical marketing strategies and concepts will be covered in my new book “The Award“! The book currently under review, includes real world street-smart business and marketing strategies for all businesses on-line, off-line, blogs, social media, as well as search engine marketing!
Today’s Consumer Has The Attention Span Of A Goldfish
Business owners, entrepreneurs, or those just looking to increase revenue and profit: You MUST market differently than you have in the past! The market has changed, capturing the attention span of your audience has decreased. According to best selling author, and friend, Sally Hogshead, you have only 9 seconds to Fascinate your audience. This is about the attention span of a Goldfish. Because of this, in today’s marketplace takes being bold, being creative, being real, being transparent, and being authentic. To be successful today, you must know your potential customers wants, needs and desires prior to your first conversation. Long gone are the days of “winging it!” It is ineffective at worst, or non-productive at best.
Time is money and it is imperative that you implement these marketing strategies and ideas to increase the efficacy of your marketing. Today is different and no matter what business you are in, you need to embrace newer marketing methods including (SEO) Search Engine Optimization, Google AutoComplete Optimization, and (SEM) Search Engine Marketing.
Back To Basics!
Regardless of your success, profit, or position it is important to get back to the basics. It is through this solid foundation that any company will start to grow more effectively.
The 4 P’s of Marketing
How many of you recall the 4 P’s of marketing; Product, Price, Place and Promotion? I remember my introduction to marketing class, discussing all of this marketing theory while attending the University of Florida in 1988.
There is much more to marketing than product, price, place and promotion, especially in terms of today’s market. Marketing is about psychology; it is about HOW people think and WHY they take the actions they take. If you can get to the core of these two questions, half of the battle is already won. Understanding your customers thoughts and actions is essential in marketing.
Marketing is about strategic positioning, product strategy, product development, product management, public relations and advertising.
Many people automatically count public relations (PR) out when discussing their marketing plan. For many this could be a HUGE mistake, public relations can be a vital part of your marketing strategy; mixing in the right amount of PR will create awareness in the news and media, and is very effective as PR material is perceived as unbiased. Although less relevant today, the old adage goes, if you see it in the news or read it in print, it must be true. Including public relations as part of your marketing mix is extremely effective in driving sales and should be near the top of your priority list! Yes, especially today!
The 5th P Of Marketing
And finally the 5th and most important “P” in marketing… and the one that is not often discussed, it’s People! To be an effective marketer, you need to understand people and how to tap into their human needs. One may want to study Abraham Maslow. One of Maslow’s gifts to the world was the hierarchy of human needs. You see, in order to more effectively communicate with someone, it helps to know who he or she is and where they currently are on the human needs scale. When you understand someone’s wants, needs and desires, you can more effectively communicate with them. When you understand them, you can position your company, concept, product, service and or idea more effectively to meet these needs. The Fifth “P” People is all about communication.
Communication can and will dictate the health of your business. Those who successfully communicate and understand the needs and wants of their customers will most effectively meet those needs. It is, really, a simple concept as long as you use proper marketing strategies.
Let’s look at the Five “P’s” of marketing:
1. Product: you must have a product or service to offer.
2. Price: your pricing strategy will determine if you and your business are generating revenue and how quickly. If you are not making money… is it worth it? Consider pricing that will create value for you and your business as well.
3. Place: This is the medium in which you will offer your product or service; retail, on-line, home, person to person, Television, radio, etc…
4. Promotion: How are you going to let the world know you and your business are available? There are so many effective ways to promote your product and service… and those who know me hear me say… what is your follow-up plan and how have you wrapped a system around your promotion to include follow-up. Tailoring this promotion plan is key. How are YOU promoting YOUR business, how many ways and what is your follow-up plan?
5. People: It’s all about people’s needs, wants and desires. How we can be the solution for satisfying these needs.
Being knowledgeable about people is the secret! If you want to become and effective marketer, this is a journey I highly recommend that you begin. And, if this is not something you want to pursue, make sure you have someone in your corner that is an expert on this topic!
While many spend precious time discerning customer demographics…you should be looking into customer psycho-graphics. Find out what makes your customers tick and more importantly what drives their actions.
As a marketer, it is important to know and understand that people make buying decisions initially based on emotions then they substantiate their buying decision with logic. Learn why people will emotionally want what you are offering…follow that up by attaching logical support onto your product or service. This is commonly referred to as education based marketing. First understand the why, and then make the data and research (logic) that will support their decision to do business with you available. In turn this will make the process smoother for clients and customers. If you can appeal to people’s emotional and logical needs there is less turbulence in the purchase process.