How to increase your profitability for your company

Marketing

The success of any business will lie within its ability to market and sell the products and services that it creates.

The values, purpose and vision of a company are about what the entrepreneurs or founders want.

However, marketing is all about what the intended customer wants.

Many entrepreneurs get this wrong and try to get the customer to buy the products and services that the company is selling.

The right way to understanding marketing is to understand what the customer is looking for (emotionally) and fulfill that desire with the products and services that a company has to offer, or create new products and services to fulfill that demand. Only established companies with large amounts of capital behind them can bring something to market and have a number of devoted fans buy whatever they are selling without thinking about it.

The reason why emotions are so important is that the more that someone is emotionally connected to a thing the less they care about the price of that thing.

Below I’ll list a series of things that are essential to be aware of in order to build and maintain a successful relationship with clients.

 

Resources

Intellectual resources (an intimate knowledge of your products, services, pricing and your target market intimately)

Human resources (your team and the people who can achieve the results that you want)

Financial resources (the financial resources to be able to reach and maintain intimate contact with your target market, loans, equity, financing, pre-orders, subscriptions etc.)

 

Precision marketing (learn about your prospective clients in great detail before approaching them)

Demographics (who is your customer?)

Psychographics (why would they want your product or service?)

Strategy (Looking at the big picture)

Select prospects and clients that align with your long-term strategy. If you do not have a long-term strategy then this probably should be done before the marketing stage

Focus on one strategic objective at a time. Remember Aesop’s fable of the cat and the fox. The cat knew one way to escape the farmer; while the fox knew dozens, and when the time came the fox was caught due to his indecisiveness.

Tactics (the everyday tasks)

Here is where the individual daily actions are performed to achieve the strategic objectives. For the purpose of marketing it is essential to be able to choose the right method of marketing to the right audience. Some tactical marketing methods are listed here:

Referral programs and incentives

Blog, education and information

Personal sales

SEO optimization

Gaining publicity from influencers

Social media

Seminars and events

Sponsorship for events & causes

Joint ventures

Direct marketing

Public relations

Endorsements from influencers

Testimonials

Paid search

Training

Competitions

Host-beneficiary relationships

Advice and consultancy

Strategic alliances

Guerrilla marketing

Merchandise

 

Candid analysis (assessing how you are doing… honestly)

Look at your results objectively (data, client feedback, analytics, statistics, etc.)

Look at your results subjectively (follow your instincts, speak to prospects who like and dislike what you have to offer, you may probably learn more from those who dislike your products more than those who do. Honestly is an important part of feedback.

Each of these sections would need to be examined and worked through in detail in order to maximise the effectiveness of a marketing strategy.

If you require any assistance in putting together or making your marketing a success then you can get in touch here to arrange a session where we can help to get your business on track to achieve success.

 

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