Five simple steps—five actual actions—that you can take immediately can sum up effective marketing.
Try at least one of these RIGHT NOW, is your task.
The five components that make up a company's marketing plan are referred to as "the 5P" in traditional marketing analysis. These 5 characteristics can also become a part of their brand if they are carried out regularly, successfully, and for a sufficiently long time.
Good news thus far, however, is because no one can seem to agree on precisely which of the five Ps is most crucial, the list usually consists of the following: people, product, place, process, pricing, promotion, paradigm, viewpoint, persuasion, passion, positioning, packaging, and performance.
Wow. Sounds challenging, huh? I'm going to try to condense effective marketing into five steps, or five doable deeds, that you can start using right away. Try at least one of these RIGHT NOW, is your task.
First Move: Upward
Would you like to try something new? When the subject of pricing comes up the next time you're conversing with a potential customer, DOUBLE your usual price and watch what happens.
Am I insane?
Perhaps, perhaps not. On the other hand, perhaps YOU ARE WEIRD for competing on PRICE rather than pricing for VALUE. Companies that compete on price suffer losses. Period.
Undercutting your price is the simplest thing for your rivals to do.
In fact, your price will be the first thing people repeat. Lowering the price of anything requires no imagination, no creativity, no innovation, no market leadership, and no vision. And it harms everyone involved. Always, reduced pricing equals lower earnings. According to studies, a 1% decrease in pricing results in an 8% decrease in profit.
What happens if you increase your pricing by two times?
numerous things Prospects think:
An improvement in the worth of your good or service
A higher level of status is associated with owning or utilizing your good or service
A higher level of confidence in you and all of your other services (the halo effect)
A higher degree of assurance that your product or service actually works
I once received some excellent advice from a marketing expert I respect. Be pricey or... be free, she urged. It's impressive to be one of the most costly service providers; individuals brag about their $21,000 platinum-plated phone or $200,000 Italian sports car. No one mentions their $19,000 GM car.
With tremendous success, I have advised businesses on how to double their rates, and I have advised independent consultants on how to double [and, in one instance, triple] their fees. They received more clients, not less, in each of those situations. For more information, see Move 3. And possibly this implies that along the line, you'll lose a few unprofitable clients. You won't be able to serve the more lucrative clients when they arrive if you don't get rid of a few unprofitable clients. Continuing to cater to a market segment "that can afford" to pay your old (low) prices is professional suicide. Clients do not find prices. Valuelocates customers. Additionally, those customers that value your job ought to pay you fairly and will do so.
Free is also a powerful price point. And, of course, free is remarkable. This is another facet to moving up - you move up when you give VALUE first. For free. Got a great idea for a prospect? Great! SEND IT TO THEM. Even better, got a business lead for them? Hand it over! Did you come across an article, a profile, or a piece of research that directly impacts your business? Clip it and mail it to the top person with a brief note. That prospect's door is now open.
Second Move: In
Moving in entails getting closer to the client. Live in their environment, consider their issues, and consider their customers and potential customers. Which action comes first? Research. Preparation. homework. Every salesperson now has access to industry, local, business, and company news via the Internet. How can you possibly present a believable solution if you are not doing an intelligent study into the problems, difficulties, and demands of your prospect?
Dislike spending all day at a computer? Going out on the street is an even better idea. Visit companies, speak with your contacts in the industries you serve, and learn firsthand what is happening in their world. Find out what their issues, perspectives, barriers, and priorities are as well as what their goals, "only-ifs," and major concerns are.
Is this a large amount of work? Oh, yes. Do most salespeople exert this level of effort? No way. Which is precisely why YOU ought to. Now let's move on to Move 3.
Move three: Advance
Going above and beyond what most salesmen do is necessary to advance. It entails putting in the effort—yes, the genuine, arduous effort—that distinguishes between being a partner and a salesperson.
Want to advance? Avoid doing things that will turn off your prospects, to begin with.
According to a survey by Purchasing magazine, these are the top 10 things that buyers despise most about salespeople. Check to see whether you (or your sales team) have engaged in any of the following improper professional behavior:
Breaking commitments
A lack of imagination
Missing and failing to keep appointments
Ignorance of the client's business operations ("What do you guys do here?")
Taking advantage of customers
A failure to follow through
Insufficient product expertise
Excessive hostility and a lack of listening
Absence of motivation or purpose ("Just checking in")
And my biggest pet peeve is being unprepared.
Additionally, you can advance by raising your prices (remember Move 1) and VALIDATING your product or service using concrete figures.
Jeffrey Fox, the author of the enlightening book How to Become a Rainmaker, refers to this process as dollarizing. One of the most effective sales techniques is called "dollarizing," which involves demonstrating the return on investment, or how "THIS MUCH SPENT WILL GENERATE THIS MUCH SAVINGS, OR PROFITS, OR SALES, OR NEW CLIENTS, OR HOURS, ETC.", and then essentially changing the subject from "SELLING WHAT YOU'RE SELLING" to "SELLING MONEY."
The "Money Machine" exercise I use in my workshops will help you express this clearly in physical currency.
The Money Machine takes things a step further as you can use it to generate revenue from:
Alternative goods and services
The potential while acting inert
the possibility of doing it on one's own
Other matters The potential customer is already at ease making a purchase
Your product or service suddenly becomes a true "investment," and you can demonstrate the math behind "this much IN" for "this much OUT" to others. Nothing is simpler than buying money at a lower price!
Stop playing the silly game of "closing the deal" as another means to advance. Closing is not a tactic, a trick, or something that involves power plays or magic words and looks. The two best questions to ask your client when you get close to the end of your valuation conversation are:
Is what we've discussed so far coherent?
What should I do next, please?
Answer to Question 1: Of course, it makes sense if you've prepped for the meet, talked about the rookie's main concerns, and quantified the value of your solution.
"Let's move ahead" or "Let's use the documentation," is the correct reaction to Question 2. Alternatively, if your prospect responds with "Get Out" or "Drop Dead," you can assume that the sale is not yet ready to be closed. Since so many sales coaches suggest using the standard "ask for the sale" terminology, it is important to pay close attention to the answer to this question to clarify any unspoken reservations, concerns, or challenges before the potential customer responds suddenly with "No!" Remember that helping the prospective buyers are your goal, not trying to sell them something. Be my guest if you feel the need to ink that on your forehead.
Move Four: Side step
Another concept that most sales and marketing professionals struggle with is the idea that you can't please everyone. Finding your focus and asserting your authority in a certain field of knowledge are key concepts in Move Aside. In layman's terms, this means you want to differentiate yourself from "jacks-of-all-trades and masters-of-nones" by becoming the "Go-To Guy" for your particular good or service.
These two concepts of your good or service will elicit significantly different responses from the people you speak with:
We can probably fit this, I believe.
We've been seeking exactly this.
I'll use one as an illustration. There is a legitimate business that offers "carpet removal, housework, menial jobs, and catering" as some of its services. I don't know about you, but I look for a caterer who works around the clock when I need one. Before serving my guests and after the carpet cleaning procedure, I don't want to have to wonder if anyone washed their hands." In fact, I might even choose "Wedding If I'm searching for a wedding caterer, I would choose Bells Catering over Sam's Catering or Good Eats Catering.
Here's an illustration. Several graphic design firms handle a variety of tasks, including creating websites, logos, brochures, supporting materials, wine labels, book packaging, etc. They will take up any task. Business is also doing well in general. (But let's face it, they probably wouldn't have asked for my help if things were believing that these skills!) Some struggled to define them from the marketplace, while some had to build a significant client base and referral network. We've had some decent luck growing their present business, but most of my customers balk whenever we discuss the possibility of "Moving Aside" and carving out a true niche or growing one thing that is their core specialty.
MaxEffect is one business that has done this with outstanding success; Unfortunately, they are not my clients. They took a risky decision. They stepped back. They definitely have the graphic design and advertising ability to do a wide range of items, but they only focus on yellow pages ads. I'm done now. These are your go-to folks if you want a spectacular yellow pages ad with bright graphics, bespoke or stock imagery, a clean layout, and a powerful, appealing message. They've created many Yellow Pages advertising, developed a devoted clientele, and receive a regular supply of referrals in addition to a steady and expanding flow of client business.
Move Fifth: Go alone
You are now lost in a sea of gray. Me too is the new norm. Everywhere you turn, the same old thing is being sold by the same old people in the same old way, and there is more and more and more of it. Boring. also lethal.
The issue is that gray is not widely purchased. If you, your business, and your products go into the background, you might as well stop operating right away. Or, to put it another way, all businesses fail. Just a matter of time, really. Need proof? Only 17 of the 100 largest corporations from 50 years ago still exist. Furthermore, none of the 17 are any longer market leaders.
Why? Shift occurs. Nobody will notice you if you don't stand out from the crowd; Even if they do, they won't go looking for you or 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. Has the operator met or surpassed your expectations for this call? the operator queried.
call?” and the executive firmly said, "No." She had a billing issue, which was resolved. That is what is anticipated.
Now THAT would have exceeded expectations, right? If the rep had presented the CEO with a $50 American Express gift check redeemable at any of American Express' online retail partners. It would be worthwhile to tell that tale to 10-20 individuals. What if the executive announced to everyone, "Hey, I contacted AmEx to rectify my billing problem. What's this? They succeeded! Not alone moving, that.
Using the following criteria, you can determine whether your marketing and sales initiatives fall under the category of "going alone":
in your industry "just isn't done"
Consumers will comment on (amazing!)
deviates from accepted wisdom (I refer to this as "uncommon sense").
Other people, including your rivals, consider you crazy.
Others will genuinely be AFRAID to duplicate, especially your rivals.
Become silly Go bonkers Take a stance. Gain attention.
This was possibly best summed up by author Seth Godin when he said, "Safe is perilous. Also, the danger is secure.
Let me sum up the 5 marketing moves before I go:
Advancement equals increased value
Move Into Approach
Move forward to become smarter
Distinction = Specialization
Move Alone to Draw Attention
Together, these will also assist you in making the Ultimate Move, which has become incredibly amazing.
And keep in mind these wise comments from Jerry Garcia:
You don't want to be viewed as the very best.
You aspire to be the sole practitioner of what you do.
