10 REASONS YOUR MARKETING STINKSApr 01, 2022
As business owners, it’s easy to get consumed by the day-to-day duties of running the “store.” You should periodically step back and evaluate your position in the market and whether your activities are growing your customer base. Take a hard look at the list below and figure out which ones may be preventing you from the success you want.
The 10 Reasons Your Marketing Stinks
- You don’t own a place in your customers minds. If you aren’t in their minds, they won’t buy from you. If you weren’t first to enter the market for you category, it will be a challenge to break that coveted top spot. Can you move left or right and become the first in a different area or category?
- You haven’t identified what rung you are on the competition ladder. If you can’t be first or second in the marketplace, what position do you hold? If you can’t be in the top 5, do you have a plan to move up the ladder? Research says the consumer barely has room for seven competitors in a category. The second one on the ladder has 1/2 the market share of the first. The third has 1/2 the market share of the second and so on. Even spot 5 suffers market share.
- You’re trying to offer too much. Give up something to succeed. Three areas to consider: product line, target market, and constant change.
- Products: Can you get narrow? Reduce the list of products or services you offer?
- Target Market: Are you trying to sell to too many diverse markets? Who is your best customer?
- Constant Change: Changing your tune too many times will confuse your audience. How can you be more steady and consistent?
- You’re trying to copy the competition. Come up with your own “word” to own. Have you thought about what word you already own? What about your competitors? You don’t own a category? Can you make a new one? Think about your competition and take a 180-degree pivot. If you are a financial coach and your main competition owns, “retirement planning”. Can you own, “More money now?” You must try and own the most attractive attribute to the customer. McDonald’s own, “kids”. Burger King knew they ad to target an older market and give up kids.
- You forgot to admit your negatives. If the consumer is thinking it, then you must bring it up. When you do this, the customer will turn that into a positive. If you manufacture something that is good for you, but tastes bad, say it. If you’re the most expensive, admit it. If you’re a coach and you haven’t got time to meet with them in person, say it. You’ll have to state the reason why they should consider you after you expose the negative.
- You haven’t discovered the magic formula in communicating with your target market. Some companies just do better with direct mail no matter how much they want email to work. You might try 10 things, but typically one is going to give you the best results. Are you aware of what works for you? Are you keeping records of where your customers are coming from? Vanity URLs, alternate phone extensions, vanity email addresses can all be used to funnel inquiries from a specific media channel.
- You haven’t done your homework. Do you know that customers want what your selling? Can you prove it? Can you pull statistics on buying patterns? Who is your competition? What will move them to purchase? What benefit are they looking for?
- You’re confusing activity with results. What ROI have you demanded from your marketing? Can you prove $1 in marketing will return more than $1 in business? How are you measuring?
- You don’t know what you’re selling. Have you refined your offer? Can you describe your offer in less than 10 words? Is your offer based on a benefit to the consumer? Or are you trying to sell a feature of your product or service that can be undercut by your competition?
- You have not examined the barriers to a sale. How easy is it for you to take the $ and render the service? Is it the way your customer wants the transaction to proceed? Are they expecting more from you before the sale? During the sale? After the sale? What is preventing them from falling in love with you and your product/service?
After reviewing the list, which ones hit home? What can you change today? Next week?
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