How to win at marketing today

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Everyone in your company should be part of the marketing effort to attract and keep good customers. Often advertising is ineffective and the power of selling is overrated, because marketers don’t properly research and plan. Success comes from being customer-driven. Prioritize customers over internal meetings and paperwork. The best marketing people sell continually. They are not necessarily in big corporate sales forces — in fact, many run their own companies.

To keep up your customer appeal, hire people who value and honor customers and invest in training them how to exert extra effort to satisfy good customers. Empower your people to use their best judgment to do what’s needed to be responsive to customer needs.

Once customers become dissatisfied and feel they aren’t getting value for their dollar, they can easily go elsewhere, and it is very hard to get them to come back.

Are you employing Market Segmentation and Branding

To market effectively, segment your potential buyers for the purpose of positioning your product, creating your branding message and establishing your sales, pricing and packaging approaches. While you can segment your market by demographics or other distinctions, it is also effective to divide your customers into these four categories:

• Sophisticated (or knowledgeable) and okay — Typically these are big companies and good negotiators. You may sell on lower margins, but your sales are generally larger.

• Unsophisticated (or not knowledgeable) and okay — Typically these customers look to you for advice, technical assistance and support. You may sell less to each customer, but you have higher margins.

• Sophisticated and not okay — These are high risk and low margin customers, which often have long decision-making delays and payment delays.

• Unsophisticated and not okay — These are smaller customers who don’t appreciate your product, aren’t loyal and can sometimes spell trouble in the form of lawsuits.

Create your own definition of what is okay and not okay for your company. Direct your marketing toward those you consider okay. Don’t think that the customer is always right.  The “not okay” customer is always wrong. Let your “not okay” customers go away and treat the right customers like kings and queens.

Hot button marketing

Start on the ladder of growth

Develop action plans to build revenues with each of these seven growth levers for your company:

1. Innovate and bring out new products.

2. Increase the number of end-user customers in current markets, new markets and new territories.

3. Develop new applications of current products and sell them to existing customers.

4. Decrease the number of customers that quit buying from you.

5. Increase your prices.

6. Find companies to acquire.

7. Find ways to increase market demand.

Do not just read the list, create and implement plans covering each growth mechanism! And here are some Key Tips on how to win at marketing…

  • Keep your focus continually on the customer and what the customer values.
  • Target customers whom you consider “okay,” however you define a good customer.
  • Do not pursue customers who are “not okay.”
  • Use the seven growth levers, including bringing out new products, increasing the number of end-users and developing new applications of current products.
  • Continually support your brands by living and loving them everyday.
  • Calculate the dollar value of each product and use this “dollarization” to make decisions about what to promote.
  • Chose a brand name based on your product’s positioning and target segment.
  • Keep your brand name on top in your ads; put it in the headline, not just in the copy.
  • Try being your own customer to understand what customers experience in dealing with your company — and if you find problems, make changes to fix them.
  • Regularly thank your customer and keep your communications with them consistent.
  • Don’t reduce your product quality to cut costs; instead, sell the full value of your product and price it accordingly.

Republished with author's permission from original post.

Patrick Murphy
SiliconCloud provides high-quality, customized solutions to satisfy business objectives by leveraging the online space to drive leads and nurture customer relationships. SiliconCloud's integrated solutions of Web Creative, Analytics, Search Marketing & Social Media is designed to elevate your image, inform sales strategies and drive business. SiliconCloud means having a clear vision. Dozens of organizations in B2B and B2C arenas have counted on SiliconCloud to pave their road to the future by securing their online presence

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