Virtually all marketing problems can be found in one of three critical places. As you read through this, think of how you can use this model to analyze your advertising and marketing campaigns.
This is the holy trinity of marketing…
Do you REALLY understand your market? Do you know who they are so well you could create an image of your ideal customer for me? Do you know what they want, crave, or have a burning desire for?
Summary: Did you do your homework and RESEARCH your market?
Common problem: Starting with these fateful words "I have a great idea for a product" (or service/seminar/training/etc.) which is you offering what you like or want, instead of finding out what the market is hungry for, and giving it to them. This is one of the most common and most expensive mistakes made in the business world.
Historical Examples: The Edsel, New Coke, Dollar Coins in the USA, Pets.com
Did you create your message with your market in mind? Did you make sure to list the benefits and address their objections, fears, and skepticism? Did you craft an attention grabbing headline to ATTRACT your ideal client or customer? Is your message crystal clear, or does it cause confusion? (A confused prospect never buys). Did you enter into the conversation already in their mind?
Summary: Did you write the copy with your ideal prospect in mind?
Common Problem: Using BORING ‘corporate speak’. Writing about what WE or I do and listing the features of your product or service. The result is not writing in a relaxed conversational style with the word YOU, listing the benefits and how it will make an impact on the reader’s life.
Did you use media that reaches your ideal prospect? If you put ads in the paper, do you know the demographics of the audience that reads the paper and does it match the people you want to ATTRACT? If you sent direct mail, did the list have the ‘selects’ that match the people you want to ATTRACT? How are you measuring the response to be sure?
Summary: Did you use media your ideal prospects actually look at?
Common Problem: Let’s use X because it’s cheap!
The cost of the media is only a factor when you measure the ROI (Return On Investment) for your marketing.
You need to know that average cost to acquire a new lead, avg. cost to convert to a new client/customer, and the avg. lifetime value of a new client/customer. Then you can determine if the media is cost effective or not. Media should be chosen because it gets your message effectively delivered to your ideal prospect, not because of price.
Example: I have a friend who works with CEOs in Silicon Valley. When he wants to get the attention of new CEOs he will use FedEx to deliver his lead generation package (a personalized letter, a copy of his books, and an offer for a lunch meeting at an exclusive restaurant).
It costs $7 – $15 dollars just for the fed ex, but all gatekeepers (secretaries, personal assistants, etc.) know that a fed ex gets to the boss IMMEDIATELY! So the CEO gets the package. And every business person knows FedEx means IMPORTANT so they open it and read it IMMEDIATELY.
It’s very rare that a marketing problem can’t be resolved by looking at these three areas. And most common is #1. Never assume you know what the market wants, ask them first. You’ll be amazed at the insights you’ll learn.
Notice how all three of things things work together, if you get all three correct, you’ll get a great response and a marketing system you can use over and over again.