Are you looking for a higher revenue stream?

Are you looking for a higher revenue stream?

Answer a few tough questions

Building a business and marketing plan will teach you more about your customers, competition, direct or indirect, your industry and what other small businesses are doing. You are not in school anymore, so it permits copying.

But, in business planning, you need to answer some tough questions. If you are tackling a plan for the very first time, you need to build a planning and marketing advisor’s team. Select first from your employees. After all, they need to speak up, but please, no punishment from past discretions. Some of your best ideas may come from them.

Search for Answers

Meet with non-competing business associates you admire and even your customers. Other people to know may be in your local chamber of commerce, junior colleges, a community business association or in local business schools.

Visit your local bookstore, a university or junior college library, or venture online to find a ton of books, podcasts, and many gurus to check out for help. Keep in mind, your team members may have some ideas in the area. I recommend not to venture here until you visited the pervious suggested people.

1. A situation analysis is a significant start to help you change.

This company analysis involves evaluation of your company’s objectives, strategy, and capabilities. It will enable you to determine the strength of your business model, whether there are areas for improvement. For example, understanding your business capabilities, customer types, business environment, product, pricing, and revenue.

As written above, some people are best at answering a question during a conversation. The situation analysis is a great tool for your company leadership and team members. For example.

  • Precisely define your company and your product or service.
  • If you offer a product, define what it is, how is the product used, how is it put together, and what are the expected results.
  • If you offer a service, tell us what you sell in seven words or fewer, and what a customer receives when they buy it, how the service will perform for the person and who purchases it, and specify the single most important benefit.
  • Then, in order of importance, describe which features will appeal to your marketplace.
  • In order of importance, define the products/services your company offers. (Be as complete as possible.)

2. Let's Take A Look at Your Organization

  • In one sentence, describe what your company does. Do you have a USP(Unique Selling Proposition)? If yes, attach it with your answers to these questions.
  • How long have you been in business?
  • How is the company organized (subsidiary, division, franchise, etc?).
  • Are the current product lines or services meeting their goals and objectives? Please list them in importance of their success.
  • What is your knowledge about products and/or services information from customers is telling you?
  • Describe what you think your target audience knows—and feels—about your company and the products/services, in terms of quality, features, style, brand names, etc.
  • Describe what you think or know what your target audience knows and feels about your competition.
  • What areas of product (or services) and brand strategy need improvement?
  • Have you developed research profiles of each customer segment?
  • How is your company presently positioned in your industry? What is your company known for?

In today’s business environment you need to learn as much as possible about customers, transactions, and who is the next customer to serve. It is not as easy as looking at customers and the products they purchase and to make a mental note of the differences.

A company needs a business model to focus on what customers want and even how they think, recording answers in a database. Do not fall into the trap of building a major campaign on logic or a gut-feeling–it is a formula for disaster.

Join Us and Get A FREE Hour

If you want to get a feel for questions asked and answered, sign up for free today for our Direct2Customers Marketing Community. Plus, I will spend one hour free helping you with the questioning for the Situation Analysis, No. 1. Click on the button below and add” Situation” in the company tab.

   Please share with others – except your competition!

   Sharing time with you is genuinely appreciated. Please join our Direct2Customers Marketing Community today!

  Learning and doing, marketing, and selling ideas, is what you’ll find at your Direct2Customer Community. 

  It’s what I do. It’s what I love to do. 

  Thanks again for reading. Questions?  Mdoc@direct2customers.com or 800-251-3608 

         

Digiprove sealCopyright secured by Digiprove © 2021 J. Mike Deuerling
Be More Creative and Strategic in Marketing and Sales Promotions…

Be More Creative and Strategic in Marketing and Sales Promotions…

which lead to many benefits in the overall growth of your company and employees.

What are the top five strategies in our direct marketing community?

When evaluating existing marketing and selling programs, we always find a variety of solutions and ideas to enhance company growth. There are leadership skills that come with creative marketing strategies. And we all know the importance of leadership.

Selecting the best strategy or using a variety of strategies is common, but first do your homework. Just as you can’t fit your feet in a shoe size smaller than yours, you need strategies that work well with management, your team, and your targeted market.

I have used five battle tested strategies, from the past and in today’s digital landscape. There are a variety of strategic names, such as a game plan or master plan. In my world of marketing and advertising, creativity is prominent.  The art and science of marketing tend to lead one to build creative strategies.

I made a presentation in 1993, at a business trade show in Chicago, on how to use creative strategies in direct marketing mail with one-to-one marketing, and relationship marketing. These were creative strategies in this era showing results in marketing programs and tactics.

The good results were also the importance of gathering customer data and analysis to add some strength to a firm’s strategic marketing plan.

Our five strategies of importance are in no particular order. However, the customer always comes first.

A customer-centric marketing strategy

The customer is at the center of your marketing universe. Therefore, all your products and services must meet their needs and requirements. Not just in the beginning of a purchase, but every time the customer makes a purchase. People don’t buy products or services–they buy solutions.

If you Google customer-centric marketing, you will uncover a ton of definitions. To keep it simple, I’ll use the following information that hits on a few high notes based on experience.

Customer-centric marketing means to fulfill all the needs and wants of each customer with a desire to help them reach satisfaction and doing it all with a smile. If you want to experiment with the principles of customer-centric marketing, you need to learn the “how” from your customers, one-on-one.

  1. Learn as much as you possibly can about all your customers and prospects. Even the ones who may only purchase on an irregular schedule. For example, ask them how they use your product or service? How did they make a purchase decision?
  2. Share your product and service features and benefits with your prospective market. Give them a taste of what you offer. This will lead buyers to more ideas on how to use your products or services. Consider using the benefit from your company being a solution provider. Working closely with your buyers to design a special service or product that is very beneficial to them.
  3. Treat your customers with value added, no cost services.  This is one benefit that no one forgets.
  4. As you learn more about each customer, keep fulfilling their needs and wants to exceed their expectations. A happy customer leads to collect more marketing data. More data can lead to better advertising results.
  5. And when customers are happy, they give you testimonials. Testimonials are a great addition to your marketplace communications and especially customer service and the selling team.

Why use a direct marketing strategy?

You need a customer-focus mentality to see and understand why your customers buy or not buy. There is nothing better than weaving a direct marketing strategy and its many tactical choices to reach, attract and sell more to your target market audience. In one word, AWESOME! 

Direct marketing is also an interactive system of marketing and selling using two-way communication in your marketplace. Effective direct marketing uses more communication channels to get a measurable customer response and enables you to record and analyze event data.

The direct marketing strategy, as coined by Lester Wunderman in the 1950’s, “is advertising directly to the consumers mailbox with less competition.” An advertising message, sent to a consumer, provides a direct path to the person’s mailbox, with less noise from the competition.

For example, the United States Postal System is moving toward digital, but not at the expense of direct mail, but using it with direct mail. (See the post Informed Delivery from the USPS.)

Why a use multi-communication channel strategy.

Multi-communication channel marketing enables you to use a variety of communication channels to reach your customer and your customer responds. For example, direct mail, e-mail, landing pages and numerous channels in social media hit their target market with good results.

The customer is the center of your universe and all your products and services must meet their needs. Many times, more than not, it’s wise to make sure your database used for prospects and customers in your marketplace records, show what channels are used and by whom. People don’t buy products or services – they buy solutions.

Why A Data Driven Marketing Strategy?
May I quote, according to Fospha, “Customer Data Platform Specialists,” director Sam Carter stated that:

“Without fully integrated customer data, businesses are unable to fully engage their customers and drive conversions at sustainably low cost, retain customers and build brand loyalty.” 2016 publication. By the way, this is still true today.

At a ClickZ’s webinar, August 23, 2017, Maximize Your Customer Data, a definition of personalization is defined as, “communicating differently with a customer based on their characteristics, to optimize customer acquisition, retention and lifetime value.” Also still true today.

 Plus, according to McKinsey, personalization can result in a sales uplift of 10%, and increase return on investment on marketing spent by a multiple of eight. Without data management, everything else you build in your marketing model, is wasted.

The analysis of data will help one to determine isolated trends, regions, or time periods to compare with your other data from previous campaigns.

Designing solutions for your small business and b2b marketing is three-fold.

  • To attract and retain buyers,
  • using end-to-end visibility into all marketing and selling campaigns, and
  • from impressions to revenue.

This can easily combine data from various sources to get new insights about your marketing and advertising tactics.

Why a Data Driven Marketing Strategy? 

Personalization assumes that you know something about the people to whom you are mailing, emailing, or sending to a landing page and so on. It’s an effective way to keep customers spending their money on your products and services. 

Why a Digital Marketing strategy?

There are different types of customer profiles, behavior, and competitors. Designing solutions for your business to attract and retain customers, and gain visibility into all campaigns, from impression to revenue is extremely valuable. When your strategy enables you to easily combine data from different sources to obtain new ideas, value is generally recognized.

Develop and create a marketing and selling campaigns, driven by your customer data and paid‐search strategies, is measured by key performance indicators (KPI) you create.

In a small business and a b2b company, you can start to learn to increase your proficiency in social advertising, use Google AdWords, and Google Analytics to find meaning in user behavior. Determine if your competition and other companies in your industry use digital marketing and learn why and how it is used.

A small business and b2b marketing and selling fact remains that those who “have a need for what you have to offer must be aware of what you have to offer.”

Summary

In many ways you can see it pays to have a strategic creative marketing and advertising approach in all your marketing and selling communications with your target market. Think of your strategic creative marketing plans like a good home-made recipe. What I mean is, you use a little strategy and a bit of another, to stay in the know about your customers and target market.

Thanks for reading and please share with others – except your competition! Your time is truly appreciated.

Learning and doing, marketing, and selling ideas, is what you’ll find at your Direct2Customers community.

It’s what we do. It’s what we love to do.

Thanks again for reading. Questions?  Mdoc@direct2customers.com or 800-251-3608

 

 

 

Digiprove sealCopyright secured by Digiprove © 2020 J. Mike Deuerling