Billions of dollars have been wasted on marketing programs that couldn't possibly work, no matter how clever or brilliant. Key decision-makers make stupid decisions. Whether you are big or small, when you make a marketing mistake, the competition can run off with your business.
This is true with businesses big or small. NetFlix, the movie-rental giant, opened itself up to ridicule by customers with a recent price change. Google's Hulu service began to take market share. Months later, NetFlix is still trying to quiet and retaiin its customers.
In a small metro neighborhood the owner of a dry-cleaners decided to cut costs by replacing a more expensive employee with an untrained, inexperienced one. The cascade effect of that decision ultimately caused a full business failure. The careless employee didn't properly tag the laundry, and dozens of customers lost clothing. In a matter of weeks, the flow of clientele dropped so low, that cashflow ceased, and the business along with it.
How do these business leaders get into so much trouble? They simply ignore one or more of the rules of strategic marketing. If you can no longer attract or retain customers, you are finished. Never forget that.
We highly recommend a Strategic Marketing Review of your business to discover your true marketing health. Contact us today!
95% of businesses focus on sales and ignore strategic marketing! (Yes, there's a difference.) That's why only a small percentage of endeavors achieve their market potential.
Financial success is subject to marketing and sales success. Market performance is highly affected by operating performance. And operating performance is a by-product of human performance.
Most companies keep strong control over costs; but it is the revenue line that gives stability and prolongs profits. To sustain revenue, a company must be able to satisfy its customers’ needs.
The real needs of a customer and the needs we superimpose upon them can be different. Our private preferences are irrelevant. Download an Executive Report written by marketing expert Lloyd Richmond that describes some of the actions you can take to enjoy sustained market leadership in your industry. Contact us today!
We recently met with a business leader who decided that advertising was needed to drive more clientele to his facility. His aspirations were healthy. His decision to spend money on advertising that day was not.
Are we advocating that people should not advertise? Of course not. But why advertise before knowing what your customers want?
A few years ago, we attended an advertising plan meeting. Dozens of ideas were being generated about how a certain product should be advertised. After all, there were so many different features! Just like looking at an elephant close-up, every product view had some value.
But the pure value of this product had little to do with the ideas being discussed. We asked why most customers purchased. What single over-arching benefit did they buy? Once that was determined we created a highly- targeted message and generated $10 million the first year.
The content of every message - whether in a website, a video, a radio spot, or an email to a customer should be crafted thoughtfully. We could spend a day describing all of the considerations. Instead, ask us to join you on your next promotional project!
Consider some of the messaging vehicles that carry content. Are you hauling gold or trash?
We heartily recommend every business to have an experienced marketer on their team. We are often requested to fill that role on a consulting basis. Here are some areas of expertise: