Vital Report - Marketing's Greatest Secret

Marketing's Greatest Secret

Secrets to unlocking profits

How to compete and win new customers while increasing your company’s profits in this new, confusing economy

A special report to our clients and to prospective clients of Ashton & Company.

Most successful business persons have the "products or services" part of their operation down to "a science". Business owners know how to manufacture things, or provide services, or distribute products as well as the back of their hands. These successful business folk usually have good business systems in place, and can account for every minute, unit and dollar in their businesses.

But when it comes to marketing -- somehow, this necessary part of their "science of business" remains a mystery!

The simple reason why marketing seems so mysterious is that many marketing agencies, creative services, and consultants typically don't want educated clients.

These "practitioners of the dark marketing arts" want to appear to be magicians, who wave a wand and mysteriously produce publicity, advertising campaigns, and other marketing communications for their awed clientele.

Why: They don't know, or can't explain marketing as a process, a business procedure which has been studied and researched for over 100 years!

"Branding" is a lie

The latest "buzz" is to "brand" your company. "Brand" your product. "Brand" your service. Usually, the only thing that gets branded is your checkbook, burning up valuable cash in the headlong plunge toward the holy grail of branding.

Here’s a valuable secret: There is no such thing as branding!

"Branding" is not a process. A brand is established as a result of a traditional marketing process. A brand is like a mark of trade; an image of ownership of certain qualities of a product or service your customer wants.

A "brand" is created when one plans for marketing success, and follows that plan.

Think about this, and remember it when some marketing guru says to you, "You need our branding services!" Be prepared to feel red-hot metal burning into your wallet.

The GREATEST SECRET OF MARKETING:

The most profitable use of marketing funds is to develop a system of strategic planning and action.

By approaching marketing as a systematic process -- instead of a series of, perhaps unrelated, tactics -- business executives find they truly profit from marketing. Profit means getting a positive return on investment, over expenses, correct?

So, instead of running an advertisement here, planning an event there, or just spitting out press releases, those who take the time to create a essential process, based on facts and reality, find their businesses, and bottom line, growing.

Why marketing planning seldom occurs:

Most business owners and managers are tied up with the day-to-day activities of business operations, such as:
- Staff requirements
- Finance, banking and accounting
- Manufacturing, working with manufacturers, or service providers,
- Sales and marketing
- and meeting federal, state, and local governmental requirements.

Because it seems there are so many critical activities required to run a business, most marketing is often done on a hit-or-miss "tactical" basis.

What is "good" marketing?

Good marketing is a system which solves the problems which keep your business from being more successful and profitable.

A skillful marketing practitioner will help guide you through a brief process of self-discovery about your business, and, in the process, help you sort out problems which marketing can, and can not, help.

How to implement the GREATEST SECRET OF MARKETING

Accept the discipline of profitable marketing:
+ Gather Intelligence
+ Plan a Strategy based on Goals and Objectives
+ Measure the results by gathering more intelligence, and adjust the Strategy.

Unprofitable marketing is typically the result of leaping disjointedly into "creative tactics" ("Quick, make us an ad to sell ____!") without, first having created a sound strategy.

Another pitfall is rushing to develop creative tactics based on a strategy which does not accurately reflect the true nature of the business environment due to poor "intelligence".

Gathering Business Intelligence
While some comedians may comment the words "business" and "intelligence" are mutually exclusive, here is exactly how to quickly and easily assemble the knowledge needed to increase the sales and profits of your organization:

Define and Sort Business Problems

What is a "problem"? A "problem" is the difference between "what you now have" and "what you want or need" to become more profitable through marketing.

To help you "sort" through your information, here are the key areas of intelligence on which your Strategy should be based:

1. The Organization Overview -- Write down a very brief history of the company, including answers these questions:
+ Why was the organization started?
+ Who started it, when, and how?
+ What historical data is relevant today?
+ What is your current situation, including:
… Number of employees
… Amount of sales and sales trend
… Number or type of outlets, distributors, direct sales

2. Objectives and Goals -- Let's be clear: An OBJECTIVE is a general aim, a direction in which you want to move the company over the long-term.

While an Objective can be both quantitative and qualitative, it is more general and may even be timeless. Many organizations consider developing a "Mission Statement" which could more accurately be called Objective Statement.

A GOAL is different: A Goal is time-specific, specific, focused, and measured.

So, most organizations have a single OBJECTIVE, but can have several operational GOALS as part of their Business Intelligence program.

Do you have a Mission Statement which accurately reflects the Objective of your organization? Do your Goals provide specific ways to meet your Objective?

3. Target Customers’ or Clients’ Profile -- In a typical business, it seems as if 80% of your sales comes from 20% of your customers. By being able to define your most profitable customers, it will help you sharpen your Strategic approach to developing Creative Tactics. Write brief-yet-complete answers to these questions:

How do customers typically think about products/services of this kind?

When they buy this kind of product/service, for what are they looking?

How do they use the product/service of this kind? For how long?

What are the buyer's Demographics (Age, gender, socioeconomic status)?

What are the buyer's Psychographics (Lifestyle information)?

What are the Geographic considerations? Is shipping a problem? How far will they travel to get what you have? Is service available locally, nationally, or regionally?

What does your customer want from your category of product/service which they are not getting now?

4. Product or Service Information -- Some people have said, "Hey, we know what we make!" or "We already know what services we provide!"

There are two important reasons for writing out these answers.

First, it will force your to clarify the exact nature of that what you produce or provide in business, and will help you sharpen your organization’s focus. Answering these questions helped one client eliminate an unprofitable line; another client was able to shift their focus to more profitable customers -- both of them grew by leaps and bounds.

Secondly, with this information at hand, you can easily communicate this essential information to both your internal staff, and outside professionals with whom you may work. You save time (and money), plus avert miscommunication. Reduced costs increase profits.

Describe your product(s) or service(s) in one (1) sentence -- start out with the words: "It is _________ that gives our customers ____________ …"

What is the single, most important competitive benefit (not feature) of your products or services? Start out: "It is better than the others because __________ …"

In one sentence, what is its "purpose for being" from the consumer's point of view?

Is what you offer unique (no other firms are offering what you sell)? Is it generic? Is it a commodity?

Did you, or do you create a new "category" of business with your offerings? Or is it an entry into an existing category?

Consider this next question carefully. What is the key emotional benefit -- or key emotional result -- your customer will get from having, using or patronizing the product, service or business? Note: Even the most mundane, heavy-duty industrial product triggers emotions in any buyer. Those emotions are typically love/respect, or, fear-or-failure.

Using as much space as required, describe the product or service in complete, vivid detail. If it is a product, describe the feel, weight, heft, lightness, all in vivid detail; then go on to describe the colors, texture, aroma, sounds it makes when consumers use it. If it is a service, give reasons why customers should believe they get the benefit promised by the service. Then, write exactly what happens in the service process, step-by-step, from the first moment of customer contact until the service is fully rendered and the customer has paid.

Finally, do your products/services really "fit" your target customer? How? Why?

5. Major Competitive Products or Services -- Do you know as much about your competitors as they know about you -- or as much as you know about your own offerings? Write out brief answers to these questions:

Name all products or services against which yours compete:

Describe the unique qualities of each competitor in detail. How are they the same? How are they different?

How do your competitors promote to your target customer?

How are your competitors thought of by your target customer?

Have you developed a position among your competitors? What is it? Where is it?

Which competitor is most exposed to your marketing efforts?

Which competitor is most likely to "eat your lunch" if you’re not careful?

If no competitors exist, describe, in detail, why there is a need in the marketplace for this product or service, and, the nature of that need?

6. What is your "Marketing Strategy" as it stands now? -- This is the final piece of the Business Intelligence puzzle needed to develop a Strategic Marketing Action Plan:

What is the "marketing summary" for your Product/Service?

What are the price considerations, compared to the marketplace leaders and followers?

What is the distribution and/or physical location strategy?

What is your current promotion plan, including basic advertising or media plan, and publicity plan. What do you like best about it? What do you like least about it?

If you do nothing else within the next 30 days, promise yourself (and perhaps a couple of trusted staff members) to take a "day off" and go "off site" to develop and sharpen your Business Intelligence base of information. Just "thinking about it" won't do.

You MUST write the information down to give it the power to suggest on-target objectives!

STRATEGIC MARKETING ACTION PLAN
Your Strategic Marketing Action Plan will be broken into four brief parts. Again, when you write it down, it gives the Plan life. But note: Length doesn't count! Spend your time creating an on-target Strategic Marketing Plan instead of writing a novel-length document!

1. Creative Plan -- Develop a basic approach which outlines -- based on the Business Intelligence you've gathered -- what words and pictures are likely to trigger target customer’s "try or buy reflex".

In industrial, business-to-business marketing remember, "companies" don't buy products or services. In retail, "households" don't buy products or services. Who buys? People do! There is almost always an "emotional benefit" a person gets from buying, and this should be the focus of your Creative Strategy.

Successful marketing today starts with the customer, not your product or service. What you "make" or "do" only counts if someone wants to buy it.

2. Media Plan -- This section will indicate which communication modes make the most sense for your organization.

Public Relations, publicity, and other unpaid promotions are a good place to start. What "news" is built into your product or service? Editors are flooded with press releases stamped "URGENT" and "IMPORTANT" each and every day -- so make sure your releases actually contain news. The editor’s loyalty is to their reader. Make the editor’s job easier and you will get more "buzz" in the press.

Creating an "event" is another good publicity tactic. An event gives you the opportunity to "prove your worth" to target customers -- giving them something of real value in exchange for their attention to your sales message. This web site, for example, is an "event" we’ve created to gain your attention by giving you valuable, easy-to-use information.

The only "guaranteed publicity" is advertising. The business landscape today is littered with many dead "dot.com" organizations whose executives who thought the "buzz" created by publicity alone was enough, and they were wrong. They often said advertising didn’t fit into their "business model" and wouldn’t "lower" themselves by spending their hard-earned investor’s money on advertising. Can you learn from their mistakes?

So, what kind of advertising? It depends on your target customers, your competitors, and market situation.

TV/cable spots are "fun", but are they cost-effective? Newspapers and/or magazines show big pictures, but can you buy enough pages in enough issues so a potential buyer will actually see your advertisement? Yes, one can get "cheap exposure" via SPAMMING the Internet, but what will it cost your firm in terms of image?

These are difficult questions. If you don't have the answers, seek a qualified Marketing Professional who will help you make sense of today's crazy-quilt media scene!

3. Production Plan -- Take a moment to delegate the "tactical" work to be done, and answer these questions:

Who will create the concepts, write it, produce it and distribute your media?

Is there in-house talent who can produce the advertising, or should it be out-sourced?

How can we make sure we're getting the best creative services for the most reasonable price?

4. Budget, Control and Feedback -- Make sure you have financial and managerial resources synchronized to be able to measure the results, administer the budget, and manage the tactics of your marketing program.

Put in place systems to capture feedback information so you’ll know if your overall marketing plan is on track; so you’ll see if your tactics are working, and what you may adjust to obtain greater success.

SUMMARY

While it may not be mystical or glamorous, this systematic approach to marketing works like real magic! It is, indeed, the single GREATEST SECRET OF MARKETING we promised to share with you in complete detail.
You may wish to check out other publications in this section, such as "SECRET ADVERTISING TACTICS".

If you would like to work with dedicated, experienced professionals, consider calling upon Ashton & Company.

E-Mail us right now, while you’re thinking about it, at: dfashton@Master-Marketing-Source.com or call us today at (503) 727-2654. Your first consultation is free, and you are under no obligation of any kind by requesting our initial visit.

© 2001 Ashton & Company, entire site including text, illustrations, photographs and layout, all rights reserved

Print this report using
your browser

Search Master-
Marketing-Source.com
by Keywords

Top of Page

Back to Free Resources