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Tag: Market

  • How to Select the Right Marketing Strategy for Your Business

    How to Select the Right Marketing Strategy for Your Business

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    I’ve probably had more conversations about this topic with clients than any other: What marketing strategies should I use to market my professional services?

    These days, there are more options to market yourself than ever before. And you may have a tendency to look for something quick and easy that will generate a never-ending stream of new prospective clients.

    I wish that solution existed. Some of the newer methods of marketing, such as YouTube videos, are very powerful, but extremely difficult for the average person to pull off successfully.

    Over the years, I’ve had tremendous success with three primary marketing activities. And I’ve also helped a whole lot of clients implement these strategies successfully as well. Nevertheless, for all of them it can take a tremendous amount of time and energy to get consistent results.

    Here are the pros and cons of each strategy and my overall recommendations about how to integrate each one into your overall marketing plan.

    Networking and Direct Outreach

    This strategy about building relationships with others in your field who can connect you to prospective clients. This means having conversations, attending meetings (individually or in groups), and doing follow-up. Sometimes it means reaching out directly to those in your network (including LinkedIn), being proactive, and exploring possibilities for projects.

    Pros: Networking is the most concentrated, focused, personal kind of marketing. And if you do it well and consistently it can be extremely effective in building strong relationships and trust with your business associates and prospects.

    Cons: The downside of networking is that it can drain your energy. This is a particular issue for introverts like me. And networking only enables you to reach a limited number of people.

    Recommendation: Start marketing your professional services by meeting as many people as you possibly can – face to face. Join organizations and associations and then learn how to use LinkedIn to connect with new prospects.

    Speaking (Live and Webinars)

    If you want to gain a reputation as an expert, nothing is better than speaking. And it combines the best of networking and writing, in that you are connecting with people directly and also sharing your valuable expertise.

    Pros: Speaking can quickly establish you as an expert. And you can immediately follow up with those in your audience.

    Cons: The downside of speaking is that, for many people, it comes with a high fear factor, therefore a lot of people avoid it.

    Recommendation: As your network expands, start to find audiences to present your ideas through professional associations, chambers of commerce, and other groups both offline and online. Learn the skills of giving a great presentation and of following up with your audience members.

    Writing

    Publishing articles and books have always been a good way to market professional services. It establishes your credibility. And with the expansion of various platforms on the Internet, such as Medium, and tools such as WordPress, it’s easier than ever to put your ideas out there.

    Pros: There is no better way to get your ideas out into the world and in front of a large number of people quickly and at virtually no cost.

    Cons: The downside of writing is the sheer volume of online material. There are so many articles published online these days and sent out by email that it can be hard to break through. And yes, writing is a lot of work and takes lots of time.

    Recommendations: You should publish an online newsletter and blog as soon as possible. Work at growing your list and you’ll expand both your reach and credibility. Note that this can take years, so you need to be patient.

    This is the fifth of five articles about the 5 Pillars of Marketing, my marketing model that helps get your marketing on track. 5 Pillars article here.

    Social Media (supplemental strategy)

    For independent professionals, social media is a fast and easy way to communicate about what you’re up to in your business. It’s worth the time to set up LinkedIn, Facebook and Twitter accounts.

    Pros: It’s easy to set up social media accounts and start posting and linking almost immediately.

    Cons: It can take a long time to gain traction that results in any new business. And it can also eat up a huge amount of time.

    Recommendation: Think of social media as a supplement to networking, speaking, and writing. It can increase your visibility and credibility among those you already know.

    All of these marketing strategies take time to master and don’t yield immediate results, but in my experience, the time and effort you put into them will reward your investment many times over.

    Perhaps the biggest mistake you can make in marketing your professional services is implementing these activities randomly and superficially. For success, you need to do all of them regularly and frequently. And for that you need a solid, step-by-step plan.

    Cheers, Robert

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    Source by Robert Middleton

    Views: 1

  • Entrepreneurship Misconceptions

    Entrepreneurship Misconceptions

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    Don’t let what others think about entrepreneurs hold you back from greatness,

    Misconception is a thought or opinion that is incorrect based on the faulty thinking or understanding of people. Here, we want to clarify some of the misconceptions in entrepreneurship.

    They work for money

    Entrepreneurship isn’t all about money, it’s about solving problems for people and love what they do. Also, it’s about creating a name for themselves and making a positive impact in the world.

    Money is also a way to do bigger and more exciting deals. The motivation of a new idea, and the risks involved have far more power to motivate the entrepreneurial spirit than money. In entrepreneurship, your business and success become an obsession not the money.

    They lack courage

    I’ve never seen anyone that is as courageous as an entrepreneur.

    It takes courage to forego the predictability of a corporate job, It takes courage to take the risk of failure, It takes courage to make your dreams into reality.

    And it takes courage, lots of it to hand over the reins when your startup grows beyond your ability to manage it.

    That’s why entrepreneurs are rightly the true heroes of our modern world.

    They are professionals

    Most successful entrepreneurs are not highly qualified fellows, but are success driven. Surprisingly, attending an elite university or higher education doesn’t provide a significant advantage in entrepreneurship. What matters is that the entrepreneur gains a degree; the choice of major or college doesn’t play a big role in success. However, the greater the education of the entrepreneur, the lower the rate of business failure and the higher the business’s profits, sales and employment.

    They sometimes have overnight success

    It may seem to you that entrepreneurs made the huge amount of money, but do you know that there is a lot of handwork before he made it.

    Overnight success is possible; entrepreneurs are inspired to start their own business by witnessing successful and established entrepreneurs. They study the success stories, the beginning of those success stories, which often includes massive struggle prior to the breakthroughs. As a matter of Fact, it takes years to become an overnight success in entrepreneurship!

    Many entrepreneurs needlessly worry that they haven’t perfected their ideas. No idea is ever perfect. When you have an idea, go ahead and build a prototype or two, tinker with what works, make refinements as necessary, but by all means get it out there! You can always improve on a good idea. Let the market help you improve.

    You don’t have to be a Harvard graduate to be an entrepreneur, but you do need to understand the characteristics of entrepreneurial. See you at the top!

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    Source by Femi Adefioye

    Views: 1

  • How To Tell If Someone Is An Entrepreneur

    How To Tell If Someone Is An Entrepreneur

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    One thing defines an entrepreneur – constructive action.

    Typically, they’re the salesman – doing *everything* to get people to buy their stuff. We all have the image in our heads; the “wheeler-dealer”, picking any opportunity to try and exploit (and other people) for profit.

    Indeed, the term “entrepreneur” seems to have drifted around the present lexicon – from “something you did” (typically to improve people’s lives) into a blend of “money mad hustler” and “someone who doesn’t ‘follow the rules’”.

    The reality is the modern meaning could not be further from the truth.

    Entrepreneurship isn’t a vocation or job. It’s not a label which you apply to yourself in order to make yourself more endearing to a particular party, or clientele… it’s a way of doing things.

    Many “entrepreneurial” types actually have jobs. They’ll never admit they are “entrepreneurs”, although they exhibit all the traits of one. The question is what these traits are, and whether you – or someone you know – has them.

    What Is An “Entrepeneur”?

    Entrepreneur is a word derived from French – loosely describing a “problem solver”.

    Whilst its connotation has changed over the years, the premise persists – an “entrepreneur” is someone who creates a “widget” and has the ability to encourage other people to buy it.

    What this “widget” is can be a commercial product, service or idea.

    It’s actually interesting… some of the greatest “entrepreneurs” of history actually had nothing to do with money. They were completely focused on the development of a particular “result” and committed themselves whole-heartedly to its realization.

    Whether this meant conquering the Persian empire (Alexander), developing the light bulb (Edison) or creating stable PC systems (Gary Kildall), conquering the Aztec empire (Cortez), the term “entrepreneur” really denotes someone who wants to build something.

    The BIG difference between “original” entrepreneurs and the swathes of new-age idiots (who typically aggrandize a hedonistic lifestyle + seem to have an infatuation for “crypto”) is that the former were typically committed to a single profession, and manage to “leverage” that through the development of increasingly ambitious “projects”.

    These projects could be anything… but they all had a core “reason” to exist. This reason was what drove the originator to pursue the endeavour, and continue even when it was questionable whether it was even “possible” or not. Obviously, the reason we remember them is that they not only discovered it was “possible”, but entirely feasible… hence their success.

    How To Tell If Someone Is One

    The typical sign is they will do strange things…

    • interest in esoteric ideas
    • pursuit of interests not directly correlated to the accumulation of wealth
    • strong displays of passion for particular subjects
    • immersive nature with different ideas (trying to recreate historical events etc)

    The point is that REAL entrepreneurs are not typically concerned about money at all.

    Their primary concern is the creation of a “thing”. What that thing is, is determined by either their character or interests… but in every instance of someone who’s achieved a large amount of success, they were completely and utterly focused on doing “their” thing no matter what.

    This is actually important.

    The modern world seems to have every 18 year old male wanting to be an “entrepreneur” – like it’s a badge of honour or something. If you’re not “growing”, you’re “dying”… right?

    The truth is that our society has become so focused on convenience that the majority of these money-grabbing idiots have absolutely no business even considering themselves “entrepreneurs”.

    They have no experience, no skills and are only latching onto the latest “fad” in order to escape the mediocrity which has come to pervade the West’s consumerist culture.

    Entrepreneurship typically follows YEARS of interest in a particular subject. It typically follows HUGE investments of time & energy into the cultivation of a skill set, experience and “involvement” in a particular space.

    Most importantly – entrepreneurship is about doing something “your way”.

    Stay Clear Of Modern Idiots

    The BIGGEST problem I continually see from the hoards of idiots is they are ALL following a “book” or some other “rules” on “how” to be an entrepreneur.

    I see it all the time… guys reading all the biographies, neural studies, latest books from the big wealthy fat cat – all trying to discover the “secret” to massive success.

    What’s ironic is that all of this stuff just works on the “outside” of the issue – the same people who read all the “stuff” end up with the SAME questions… “what do I sell?”- “how do I know if I’m going to make money on a product?” – “what’s the secret to getting rich?”.

    • If you have to ask “what do I sell”, you’re not an entrepreneur.
    • If you have to listen to what a “successful” person has to say on a subject, you’re not an entrepreneur.
    • If you have to consider all the “rules” put forward by others, you’re not an entrepreneur.

    The point is that the modern world is chock-full of wannabe losers. Even the “successful” ones aren’t actually truly successful – they may have made a bunch of money, but what did they actually achieve? The answer is relatively little (or even nothing).

    The truth is that if you want to “be” an entrepreneur, you have to get to work.

    EVERYBODY has their own work. Some are models. Some are footballers. Some are computer programmers. Some are painters.

    The “trick” is to do ANYTHING in order to get moving forward in an industry; clean the floors if necessary.

    Once you start to gain some progress, the “entrepreneurial” stuff comes from leveraging any progress made within it – either to create & market a product, or to help a market better appreciate the potential of another device/product.

    Traits Of “Real” Entrepreneurs

    • Quiet (or at least reserved)
    • Fully capable of embracing failure (indeed, using it as a spur to change/adapt)
    • Working constantly on different elements within their “industry” (again, everyone has a place)
    • Unafraid of social constructs (just because someone said it doesn’t make it true)
    • Laser focused on what “they” want to do (you want to bring sustainable farming to Africa? This is the type of thing a “real” entrepreneur will actually do)
    • Unafraid to give freely (most “entrepreneur” types are not attached to money at all… typically not having much until they find mercantile success)

    If you haven’t worked it out, the core is purpose.

    The modern world has very little emphasis on purpose; rather it focuses on productivity.

    Nothing wrong with this, but it devoids most people of their passion. It’s good for GDP and McDonald’s – but bad for the creativity lying latent within a large number of people.

    If you want to adopt “entrepreneurial” traits, the key is to become attuned to a particular “purpose” – through which you’re able to invest your entire life.

    If you’re just looking at Ferrari’s and thinking that you “kind of want to become rich” – entrepreneurship is not going to do that. It’s a very difficult road, with only the most persistent and enduring surviving.

    You need to get to work, and only then will you discover hidden opportunities into which you’re able to apply your expertise, experience or network to build something of real value to the world. This real value is then absorbed by the market, who’ll either pay handsomly for it – or reject it. This is pretty-much what determines whether someone could be considered an “entrepreneur” or not.

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    Source by Richard Peck

    Views: 0

  • Four Types of Marketing For Small Businesses

    Four Types of Marketing For Small Businesses

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    As a small business owner, you most likely spend quite a large amount of time trying to discern new ways to gain customers. Marketing can be a fun or stressful business. They key is to understand the types of marketing.

    Instead of sending your marketing budget in many different directions, you can choose a specific type and be consistent with it. You will quickly see that your marketing budget pays off much more quickly.

    Here, you will find information on four of the main types of marketing. This way, you will be able to choose the marketing actions that will work best for your business. You will then be able to point your marketing budget in the right direction.

    1. Blanket marketing is a type that is often used by larger business. Blanket marketing means that you spend money advertising to everyone. Many people choose to do blanket marketing by advertising in magazines or newspapers. You will not really have control of who sees your advertising, but you will have the potential to reach many people.

    The downside to blanket marketing is that it can be quite expensive, and you could be wasting money marketing to people who may never become your customers at all. Blanket marketing is best for those who have plenty of funds available and who feel that they will be able to gain many customers from the plan.

    2. Targeted marketing is a method in which you choose a certain demographic and only market to them. This could mean that you advertise to everyone in a certain area. Alternatively, you could advertise to everyone in a certain age range.

    The great thing about targeted marketing is that you will have a much better chance at getting customers since you will be advertising to the types of people who would most likely become customers. The downside is that it will take a little legwork to determine who your target is and then find the right way to advertise to them.

    3. Social media marketing could be called the new kid in town since it is relatively a young concept. With this marketing, you use any one of the many popular social media sites to advertise your company. You can also use a daily blog to garner business.

    The downside to this type of marketing is that you will be sending your information out to many people who may not be interested at all. With blogs, you will have to take the time to keep the blog up to date. Otherwise, people may stop reading it.

    4. The last type of marketing is not marketing at all. There are not upsides to this. It may seem like a way to save money, but when your business fails, you will actually lose a great deal of money. It is extremely important to find marketing funds within your budget.

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    Source by Melissa B Evans

    Views: 0

  • What is the Difference Between Direct Sales & Multi-Level Marketing

    What is the Difference Between Direct Sales & Multi-Level Marketing

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    Multi-level marketing is one of the most popular ways in which anyone can start their own home based global business. It is a dynamic business model that has created many millionaires in the past, present and will no doubt continue to do so in the future. Just a small percentage of the world wide market spend every day would give anybody the opportunity to transform their lives.

    The business model usually has unique products or services, complete with a ready made website on offer, allowing each distributor an independent opportunity to build their own six figure income business at an incredibly low start up cost. Naturally that is an attractive business model to most people new to the world of business ownership and is a fast, usually low cost way in which to start working part-time on a business that can replace your working income in a short to medium term timescale.

     

    As the saying goes, it if was easy, everyone would be successful and a common misconception seems to be if one person thinks it is a great idea surely thousands of others will too. Whether or not you believe the internet has changed the way in which business will be carried out in the future or not, when broadband started to deliver information in seconds all over the world the way in which people can become well informed about the unknown changed everything.

     

    The multi-level marketing business model changed when the unique products and services became available from almost everywhere online. This creates several problems that can be difficult to overcome. Distributors struggle to be able to get customers in sufficient numbers but even more importantly the business model relies on leveraging the efforts of many levels of distributors in order to create the residual income element most people spend years trying to achieve.

     

    Direct sales has been around for a very long time and is the based around selling high ticket products, services and experiences which command higher margins and upfront commissions and are increasingly becoming a viable alternative to multi-level marketing.

     

    In the offline marketplace Direct Sales business models are commonplace, ranging from mortgages and other financial products, through cars and designer clothing all the way down to log cabins and fitted kitchens. The equivalent online usually offers unique information that has to be of extraordinary value for it to survive and compete with the more popular multi-level marketing industry. The most successful are linked to building wealth and being able to create an alternative lifestyle.

    For most people looking to create a residual income online or offline in the network marketing world there is now even more choice with a much higher chance of early profitability than ever before.

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    Source by Diane Cossie

    Views: 0

  • Exploring The Forex Trading System

    Exploring The Forex Trading System

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    Most people are familiar with the most basic form of Foreign Exchange Trading. They know that when you travel abroad, one of the first things you do after disembarking is to find the nearest place for currency exchange. Depending on the country you call home and the country you are visiting, currency exchange will leave you either richer or poorer based on the exchange rate.

    Nowadays however, Foreign Exchange Trading, or Forex, has taken on another meaning. If you hear two people excitedly chatting about Forex in an elevator or coffee shop, they are most likely referring to a type of investment trading that is growing in both popularity and esteem.

    How It Works

    Basically, Forex trading is how investment traders speculate regarding the trends and fluctuations in currencies. If a trader is able to stay on top of trends and accurately predict the disparities between pairs of currency values, they can make considerable profits through Forex trading.

    For instance, the USD (US Dollar) and EUR (Euro) is a very commonly traded currency pair. If you had reason to believe that the USD will drop in value compared to the EUR then you would “go long” and purchase EUR/USD. If, on the other hand, you predict that the USD will rise in value, then your reaction would be to “go short”. Of course, this is just a very basic example of the principles of Forex; experienced traders keep track of many different currency pairs simultaneously using Forex Trading Systems.

    All foreign exchange trading is done through a Forex broker. These brokers handle the trades and place them on the open market by networking with banks. Because of the fluctuating nature of currency exchange, Forex is a very dynamic form of investment trading. Also, unlike the international stock market, Forex is open throughout the day. The primary reason people engage in Forex is, of course, to make a profit. However, many are motivated to stick with it because of its thrilling nature.

    Best Strategies for Up-and-Coming Traders

    Although many people are able to supplement their incomes through Forex, it is by no means a quick and easy way to get rich. Using the Forex Trading System correctly takes time, experience, and patience. Those who are new to a Forex Trading System will need to spend time getting familiar with the jargon and tuning into ever-changing currency trends. Some general tips for newcomers to the Forex scene include:

    Select a Forex Trading System that accommodates and adapts to the dynamic nature of the market. If you are using a software package to manage your trades, you will be best served by a program that keeps pace with the lightning fast changes that occur in currency trading. There is also a lot to be said for software that has a clear, easily understood format so you aren’t struggling to keep track of what’s happening in the market.

    When you first dip your toes into the world of Forex, a good rule of thumb is “less is more”. This means that you should start small with your trading and build up slowly from there based on your successes. For instance, focus your initial efforts on a single currency pair and use that experience to inform future trades. Along those same lines, don’t use the maximum amount of leverage when you are new to Forex; that’s a sure-fire way to rapidly accumulate losses. Instead, begin with small leverage ratios and gradually increase as you become more experienced.

    If you really want to stay on top of trades and trends, you will need to use a Forex Trading System that will send you messages regularly. This will allow you to immediately take advantage of trends and reap the financial benefits.

    Most Forex brokers allow you to use a trading demo to get some practice before actually investing any money. Take advantage of these demos as they can give you a feel for currency trading in a risk-free environment.

    Foreign Exchange Trading can be difficult to master, but with a level head, an effective Forex Trading System, and patience, you will be rewarded for your efforts.

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    Source by Tiffany M. White

    Views: 0

  • Problems Encountered by Nigerian Entrepreneur and Possible Solutions

    Problems Encountered by Nigerian Entrepreneur and Possible Solutions

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    The success enjoyed by most industrialized countries can be attributed to the role played by technological innovation and entrepreneurship, both of which continue to drive their economies today. These two factors are seen as key components for the industrialization and development of African countries. The Nigerian government has recognized this fact and has taken measures aimed at promoting and cultivating the entrepreneurial culture in our country. Through the Nigerian Investing Commission (NIC), our government has in the past introduced a policy that required university students regardless of their area of study to take courses in entrepreneurship. While our government is putting extra effort in promoting entrepreneurship in Nigeria, there are still a number of problems that a Nigerian Entrepreneur faces. Below are some of the problems encountered and possible solutions.

    * Diversifying the Economy

    Though our country’s economy has over the last couple of decades relied heavily on its oil production, we must find ways to diversify our economy and avoid the over reliance on oil. Like other developing countries, Nigeria is facing an increase in its unemployment rate that is now at 6 % and is on the increase, with many graduates finding it hard to get jobs while most of those who get jobs are underemployed. This coupled with the global financial crisis in which massive numbers of employees are being laid off; entrepreneurship is seen as an essential key if we want our country to achieve its ambition of being an industrialized nation by the year 2020.

    * Unfriendly Business Climate

    Being an entrepreneur in Nigeria requires great determination as practicing and potential business owners are faced with countless challenges. Nigerian’s business climate should be made welcoming to those in the Micro, Small and Medium Enterprises (MSMEs). The role played by these MSMEs should not be underestimated since majority of the thriving businesses fall in this category and for us to achieve our goals, adequate attention and support must be directed towards these institutions. To be able to help and protect entrepreneurs, we must first have a clear idea of the challenges facing our entrepreneurs in their pursuit of making Nigeria a prosperous country.

    * Lack of Credit Facilities

    Potential Nigeria entrepreneurs go through many hardships when trying to access credit for their businesses. Though there is a wide range of financial institutions that offer business loans, they usually charge high interest rates deterring aspiring entrepreneurs. For instance, major banks have pegged their lending rates to as much a 28% deterring potential entrepreneurs who are mostly low income earners. Other obstacles faced by our entrepreneurs include severe collateral conditions set by banks and other lending institutions. Though our government through the Central Bank and the Banker’s Committee came up with guidelines requiring banks to set aside 10% of their profits for funding MSMEs, majority of these banks have been reluctant to do so. This has led to the emergence of micro-finance institutions which though helpful are not sufficient for meeting the financial requirements.

    * Multiple Taxation

    One other sensitive challenge that is encountered by majority of Nigerian entrepreneurs is multiple taxation. Although we have a responsibility of funding the government through paying taxes, most of the taxes charged on entrepreneurs are not lawful and have the effect of increasing the cost of doing business. Although Nigeria’s Companies Income Tax Act (CITA) has approved only 39 taxes and levies, there are over 500 various levies and taxes that are imposed by state and local government agents. These taxes are questionable and in the case where they are genuine, they are mostly duplicated and this has the effect of increasing the cost of doing business.

    * Poor State of the Country’s Infrastructure

    The state of our infrastructure can be deemed to be a nightmare to both entrepreneurs and the rest of the country’s population. With the existing infrastructure deteriorating and in some places it is non-existent; the cost of doing business has tremendously gone up. The state of the country’s road network makes it hard for entrepreneurs in the agricultural sector to transport harvested produce from farms to processing factories. According to a report released by the World Bank, Nigeria’s pace of socioeconomic development and growth is way below what we can achieve. This is mostly because of the erratic supply of electricity which has negatively affected many businesses. The outcome of power problems has prompted entrepreneurs to generate power through expensive ways that have in turn increased their production costs and made their products uncompetitive due to high prices. Our government should put policies in place to perk up Nigeria’s infrastructure so as to promote successful entrepreneurship.

    * Failure to Adapt to the Changing Business Environment

    Majority of those who venture into MSMEs (Micro, Small and Medium Enterprises) do so because of their need to make money and in almost all cases, such entrepreneurs lack relevant and adequate information about the businesses they engage in. In the event where problems arise, most of these business owners lack sufficient problem solving skills and in the end they find it hard to survive. With the telecommunications sector having grown by about 206.5 % between 2002 and 2004 and is continually expanding, Nigeria has become one of the fastest growing ICT market not only in Africa but also worldwide. This presents a challenge to entrepreneurs who have not embraced technology, and who are now finding it hard to remain relevant in the competitive business environment. For existing and potential MSMEs to survive and be relevant, we must adapt to the changing business environment and embrace technology.

    * Addressing the Challenges

    Solving the problems encountered requires a combined effort by both the entrepreneur and all concerned stakeholders. As Small and medium business owners, we need to increase our knowledge and skills of the market by acquiring relevant and up to date education particularly in your area of business. Our entrepreneurs need to collect information about their target market by seeking help from consultants and professionals who have experience in the particular market.

    One strategy that can be used by our small and medium entrepreneurs to remain relevant and competitive in today’s market is to come up with fresh and creative ideas of doing business. Due to the increase in technology, business is fast changing, thus our MSMEs need to constantly re-invent the way they do business.

    There is a great need of creating a strong link between MSMEs and supporting institutions if Nigeria is to fully benefit from such businesses. Though some financial institutions are still reluctant to provide financial assistance to MSMEs, there are some that give out loans at reasonable rates provided the business sounds viable. The key challenge is for our entrepreneurs to prepare sound business proposals. For our country to achieve its goals and stop relying on oil alone, we need to focus much attention needs on the private sector and our government must create a conducive atmosphere for such businesses to thrive and drive the country towards economic prosperity.

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    Source by Peter O Osalor

    Views: 0

  • The Five Pillars of Marketing Success

    The Five Pillars of Marketing Success

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    Does the following give a pretty good picture of your current marketing activity?

    You have a website but you’re not really satisfied with it. You go to networking events once in awhile. If someone asks you to give a talk, you’re happy to do it. You post on Facebook and/or LinkedIn semi-regularly. When you find the time, you send an article to those on your relatively small email list. You occasionally set up meetings with colleagues to explore opportunities.

    Now there’s nothing wrong with any of those marketing activities. And usually, they will result in landing some new clients.

    But this is not the approach that works to get a steady, predictable stream of new clients.

    Please don’t tune me out here, thinking, “Well, I really can’t do more than this. I’m already stretched thin. If you give me too much to do I’ll get overwhelmed.”

    I agree. It’s not that you need to do more marketing, it’s that you need to shift your marketing paradigm from one of “Randomness” to one that is “Focused.”

    Random marketing is just that; it’s all over the place. You do a little bit here and a little bit there on an inconsistent basis. You are trying to keep your face, name, and message in front of your prospective clients but the results are unpredictable.

    The Random marketing paradigm is not very effective because it doesn’t gain a lot of momentum. You don’t do enough of one marketing activity to grab the attention of your prospective clients and move them to take action.

    The Focused Marketing Paradigm is very different. It’s based on repeatedly communicating very directly to your target market with a very definite end in mind. It gets the attention of your prospective clients and they ultimately take action.

    The Focused Marketing Paradigm has Five Pillars

    Understand and implement these five pillars and I promise you’ll see a shift in your marketing results.

    Pillar One: Focused Goals

    A Random goal is saying something like, “I’d like to attract a few more clients to my business.” Not very compelling is it?

    A Focused goal is much more specific. “My goal is to land 3 new clients in the high-tech plastics business in the Houston area with an average project size of $30,000 each by the end of the year.”

    The more detail, depth, and specificity about the goal, the better. You’ve really thought through what you want to achieve and also have confidence that you could deliver if you did reach your goal. It’s so real to you that you can taste it.

    What is the Focused Goal for your marketing?

    Pillar Two: Focused Program or Service

    Random programs or services are generalized consulting, coaching or training programs. “I offer management consulting and training to corporations.” Kind of vague, right? But this is what I hear all the time.

    A Focused Program or Service is more tangible. “I offer the high-tech plastics industry Management Acceleration Programs for emerging leaders in the industry.”

    In my business, I’ve always offered programs: The Marketing Mastery Program, the Marketing Action Group, and the More Clients Club. And each program has very specific parameters, deliverables, and objectives. It sure makes intangible services easier to market and sell.

    What is the Focused Program or Service you’re offering?

    Pillar Three: Focused Target Market

    In the above example, the target was the “high-tech plastics industry.” But it’s more common to hear things like, “I work with large companies who want to increase productivity.” This is too general and it makes it hard for clients to know if you understand them and can help them.

    A Focused target market is where you are absolutely clear what kinds of people or companies can most benefit from your expertise. And then you articulate that clearly.

    I worked with a financial planning company last year that targeted middle class families in the Buffalo New York area. Guess who they attracted to their practice? When people read about who they worked with on their website, they said, “That’s Us!” and called them.

    Who exactly is your Focused Target Market?

    Pillar Four: Focused Message and Value Proposition

    A Random message or value proposition tends to be too general and can be hard to pin down. It avoids making a promise that is meaningful to the prospective client.

    Messages such as, “We offer the best service in the industry,” or “Smart insights into great management,” are meaningless to your prospective clients. The value is not immediately obvious.

    A Focused message or value proposition zeros in on exactly what your clients get and what it means to them. I admit that this can be the marketing pillar that is hardest to pin down. Ultimately you have to test a number of different things.

    For the re-launch of the More Clients Club, my current value proposition is: “Everything Self-Employed Professionals Need in One Place to Attract More Clients.” And now, of course, I’m bending over backward to deliver on that promise.

    And a marketing message or value proposition is much more than a sound bite. Your message must permeate every aspect of your marketing, from your website to the emails you send out. Your prospects need to be constantly reminded of the value you offer.

    What is your Focused Message or Value Proposition?

    Pillar Five: Focused Marketing Strategy

    A Random marketing strategy is much like the collection of marketing activities I outlined at the top of the article. You’re just all over the place, throwing something at the wall, hoping it will stick, with no organized system or plan.

    A Focused marketing strategy is more like a putting on a theatrical production. You have the script, the actors, rehearsals, and opening night, all executed on a strict timeline.

    Two examples:

    For my Marketing Mastery Program, I held a series of introductory teleconferences, invited those interested to apply for the program, interviewed each applicant, and then converted 50% into participants. Over a 6-week period, I filled my business for a full year – four years in a row.

    A career coach in one of my programs recently filled her practice in three months with a focused campaign of personalized emails designed to get appointments with her ideal clients. Then she converted a large percentage into paying clients.

    That’s the power of a focused marketing strategy.

    You need to identify the right marketing strategy for your business, but even more important is the way you organize and implement the strategy.

    Developing a focused strategy is the most complex and challenging of the Five Pillars. You can’t just put together something haphazardly and hope you get the equivalent of a professional Shakespearian production.

    What is your Focused Marketing Strategy?

    If you work to build a focused plan with these five solid pillars, your marketing will work better and faster, attracting more of your ideal clients, usually at a higher rate.

    I recommend you work on one pillar at a time. Write them out and fine-tune them until you feel confident and excited about them. Yes, you will need to do some research and study to make sure your plan is viable. But this is certainly better than spinning your wheels with a random strategy that is going nowhere.

    Cheers, Robert

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    Source by Robert Middleton

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