The Marketing Guy.
By: Craig Valine
Craig@biznetonline.com
For Nevember 1998
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The Marketing Guy. |
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| How To Get The Heck Up Off Your "Marketing Assets" |  |
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It's a certain, but overlooked fact that it costs 4-5 times more to acquire a new customer than it does to sell an old one. If that's true, then why do business spend more time, effort and money to acquire a new customer when they're sitting on a gold mine right in their own business? It boggles me.
There are three, and only three ways to grow any business:
1. You can increase the number of customers who do business with you,
2. You can increase the conversion rate from prospects to customers, or
3. You can increase the average customer worth by
a. Increasing the average unit of sale, and/or
b. Increasing the frequency of repeat purchases
Most business owners, marketing and sales manager focus on the first one, increasing the number of customers who do business with them. Although it is a necessity to keep new customer coming in the door, it is not the only way to grow your business. In fact, most businesses spend so much to get new customers in the door, over 50% of new businesses go broke in the first year because they don't build relationships and don't attempt to do anything to keep their customers coming back.Few businesses even understand what lies already within their businesses. There are "hidden marketing assets" within every business, but most business owners overlook them. If business owners just harness the windfall profits in their business, they wouldn't spend so much on promoting their business.
What are "hidden marketing assets?" These assets are the things you take for granted every day. They are the things you use, but don't use to their fullest capacity. These are things you say, but don't say with the greatest impact. These are the things you short change yourself with every day, but have the opportunity to optimize with just the slight change in thinking that everything around you in your business is an opportunity for profit. It's seeing opportunities where you once saw obstacles. These are "hidden marketing assets" and they're waiting for you to exploit them right now.
"What Are Some Examples Of "Hidden Marketing Assets?"Before I list some of the assets lying dormant in your business, ask this question and adopt this philosophy and you will always be on track to exploit the opportunities for growth & profit within your business:
"How Can I Get And Give The Best Result, Advantage And/Or Benefit
Possible From Everything I Do And Say On A Daily Basis?"Does it seem a bit overkill? If you want to be just like everyone else, and be a "me-too" type of business…sure, it's overkill. But if you want to stand out in the crowd, be the one that any customer would want to do business with, and get never-ending referrals…then it's not overkill. It's a demanding philosophy that helps you grow each and every day. It will help you to always strive to be and become more and to help separate yourself from everyone else in the marketplace. It's necessary to always keep on top of yourself and your marketing assets.
A possible list of hidden or overlooked marketing assets might look like this:
- Past clients, customers or patients
- Special knowledge or expertise
- Unique products or services
- Under performing sales people
- Advertising that doesn't get results
- Present clients, customers or patients
- Relationships with other businesses
- Average unit sale amounts
- Back-end products or services
- Community reputation
- Prospective clients, customers or patients
- Location
- Staff expertise
- Quality products or services
- Low closing ratios
- Competition
- Marketing efforts that don't work
- Packaging of products and services Or, are you overlooking any of these marketing assets?
- Not promoting your Unique Selling Proposition
- Running ineffective image advertising
- Cutting prices on the front-end with no back-end marketing plan
- Not testing all components of your marketing
- Not using effective headlines
- Not using joint ventures
Do your ads "tease and titillate" instead of teach and educate?"
This is just a partial list, but I hope you get the idea. These are things you already own. They are things that belong to you, but if you don't use them…if you don't take advantage of them, they lie dormant-like dust on an old trunk-and they don't do anything for you.
I'm serious as onions…if you exploit them, and you use them to their fullest advantage, not only do you become the victor, but so do your customers. And that's what you want, isn't it? If your customers keep coming back to do business with you, you alleviate a major burden of expense to acquire new customers. Remember, it is important to acquire new customers, but you can save money, thus make more money with the existing talents and assets you already possess.
"So, How Do I Start Getting The Heck Up Off My Marketing Assets, And Start Making Money Now?"
Great question! (And, it really starts with asking that question.) You have a list of possible marketing assets on page two of this report. You can run with them right now if you choose. In fact, I'll give you a quick-fix prescription you can use right now that will boost your profits and it will take little effort to do so.
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CONTACT YOUR PAST OR INACTIVE CUSTOMERS AND ASK, "WHAT'S WRONG?" OR, ASK THEM HOW YOU CAN HELP THEM WITH YOUR PRODUCT OR SERVICEWhat you'll find out is one of two things: Either you did something that offended them and this is now your opportunity to resolve it and do something great to get them back as a loyal customer. Or, you'll find out that they've gotten busy in their lives. Something big may have come up in their life and they just forgot to call you for business. It happens sometimes. But, if you call them and give them a compelling reason or offer to keep doing business with you, and they accept…you've just made long-term profits that you didn't have before this report.
By the way, what do you think it'll cost you? That's right, a phone call. How many people do you think actually will do this? Maybe one or two of you. It's sad, but it's reality.
Do yourself a favor…be different than the rest. Be the company that treats their customers and clients like dear and valued friends. Be the company that offer so much more benefit and advantage than anyone else in the industry. Be the company that stays in touch with their customers on an ongoing basis. Be the company that exploits the assets already within its business…and makes more money and grows on an ongoing basis. And, get the heck up off those marketing assets and start making more money!
For more information on a FREE, no obligation "Get up off your Marketing Assets" Audit that will help you find hidden marketing assets and overlooked opportunities within your business, or if you'd like information on how FOCUS ON SALES can act as your "outsourced marketing
department," call (626) 744-1739 or email at MktgSquared@earthlink.net.
Remember, the audit is FREE, so take advantage of it.
If you would like to know more about how to market your business effectively, e-mail the "Marketing Guy" at marketingguy@biznetonline.com