3 ways how marketers waste money

Ateneo Professor on Entrepreneurship

Repost from Inc by Geoffrey James | July 29, 2013

We are supposed to market even during lean times.  And yet it is so easy to waste money on marketing.  Here are 3 areas where you may waste your all ready lean cash resources:

l.  Brochures .   Many sellers think that brochures will sell the product for them.  Selling, closing sells the products.  You often hear sales people say "I will sell you brochures) thinking that it will sell the product.  Very few people read brochures.  It is a waste of paper and ink  (Maybe an email will do?)

2. Branding   Any advertisement you do on your product - TV newspaper billboards is branding.  And yet you achieve branding by:  1.   service/function of the product to the customer  2.  type of service you give to the customer.   No branding can be achieved without 1 and 2.  despite heavy advertisement and promotion.

3.  Sales kits .  Marketers must really be provided with sales kits.  But often times, it is the execution that matters.

So there you are;  are you wasting your marketing budget?

Is your ROI for ME within the norm?  Or you are wasting the hard pesos?

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How To Be A GREAT Marketer

Three simple steps/tips to be a great marketer.  To fail in marketing is not an option.

To fail in marketing is to to fail the business.

Learn how to be a great marketer in 3 easy ways/ steps

It takes great self discipline to learn these and to succeed though.  Without ownership and engagement, I would like to warn, you cant make it.

From: Eben Pagan  Thu, May 23, 2013 at 4:26 AM
Subject: How To Be A GREAT Marketer

What's the key to becoming a great marketer, and getting a growing stream of new customers to buy your products and services? I think it takes three things: 1) Cutting Through Noise & Inspiring Action Great marketing isn't optional anymore. There's just too much noise in the world, and too many things to distract us. If you don't know how to grab attention and move people to action, then no one is going to show up to buy your products and services. To cut through the noise, you must know how to combine WORDS with DESIGN, in a way that captures attention. To inspire someone to take action - and to pay you for your product - you must touch them on both the emotional level AND the logical level. Most marketing is "logic marketing" - trying to convince people with reason. This almost never works (unless you're selling scientific measurement equipment to computer geeks). The masters of marketing connect with people on an emotional level first - THEN they back up their claims with logic. Ask yourself: >What are the strongest EMOTIONS that my prospective customers are feeling right now? >How can I tap into the emotions that they are already feeling - and connect with them on a human level? >How can I put the result that my product or service delivers into emotional, human terms that will motivate my customer to take action and buy from me? 2) The Psychology Of Branding Most people think that branding is about trying to get people to "remember you" or to "remember your name." It's not. Branding is about getting people to CONNECT your brand name with the result that they want. Just remembering your name isn't enough. Big companies spend millions to get people to remember their brand name - only to learn later that they remember it, but don't remember what the product was or what it does. You don't want that to happen to you... One of my favorite branding examples of all time was FedEx's original "unique selling proposition." It was... "When it absolutely, positively has to be there overnight." There's no way to misunderstand the specific result that this product delivers. And it amps up the human dimension: "absolutely, positively." 3) Using Technology To Multiply Your Efforts Early on in my business, I learned that having my virtual assistant send out an email to every customer who purchased - asking them if they would like to buy another product - resulted in many of them actually buying more from me. So what did I do? I automated the process. I used a simple auto-responder system to follow up with a series of emails to every person who purchased my products - asking them if they would like to buy more. There are many ways to automate the process of building relationships with customers - and it's critical that you use them if you want to grow your business. Inside of my new Accelerate training program, we're going to invest a FULL DAY on learning advanced marketing psychology and persuasion tools to sell more of your products. And the best part about it is that we'll do it in a way that you feel great about - not in a way that makes you feel ashamed. Many of the top marketers I know in the world will be in the room, and I highly recommend that you attend to meet and learn from them. At Accelerate, you'll learn how to be a GREAT marketer - and how to consistently grow your business and your profit. All the details are here - make sure you get your application in while we are still in our early registration week, and while we are still offering 50% off the normal ticket price: Accelerate High Growth Business Training Watch the video that is at the other end of that link for more information. I'm offering a bonus package that has a legitimate $100k value. Register now, and I'll talk to you soon, -Eben

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Pareto's principle in identifying most valuable customers

Ateneo Professor on Entrepreneurship

From open forum: powering business success

From our definition of marketing, the most important words are:    "satisfying customer wants and needs better than competitors at a profit"

Your most profitable customers are most likely to be loyal customers (0 cost for acquiring) doing repeat sales and are reasonable in their demands/wants.  The profitable few (20%)

It is important that we identify our valuable customers:

l.  Remember that it is sales-cost = GP;  you could be selling a lot to a "valued customer"  but your costs may exceed your va/gp in the account

2.  Testimonials and endorsements may earn you more sales, and lesser marketing costs (therefore make your customers happy)

3.  Upselling and cross selling

4.   Branding and celebrity endorsement

5.  Feedback is valuable

Identifying valuable customers

Notes on on Branding ( Marketing Forum) held Last May 24, 2012

Ateneo Professor on Entrepreneurship

Branding

View more PowerPoint from Aireen Ricamara

Branding.

This post is an excellent opportunity for the Sentrep class to learn the Branding (international in flavor) presented by Lexis Group under Jacqueline Alexis Tshg.  She is from Singapore but does a lot a job lately for Filipino customers.  She thinks Asia is the growing market for this type of services and the Philippines is the market. This slideshare presentation was made by our staff Ms. Aireen Ricamara, and is intended for internal use only.  However, I am sharing this with the class.

Thus branding is just the tip of the iceberg.  If we look at the business model, the communication link with the customer,  The value proposition has to be pushed consistently with the vision, mission strategy and the entire organization (resources) and activities..

Marketing Cluster Branding and Digital Marketing Forum Was Packed to the Quadrangle

The seminar conducted by the Marketing Cluster headed by Prof Eric Soriano of Ateneo Graduate School of Business last May 24, 2012 was well attended.   The seminar is about Branding by Jacqueline Alexis Tsng of Lexis (Singapore based) and Digital Marketing by Eduardo Mapa  of Media Contact.

The professors who were there Eric Soriano, Lulu Moguel,  Prof George Fong (it was his __nth birthday yesterday) Ibarle, Prof  Jorge Entrep, Danny Wong Barrinechea,  Of the Sentrep class, only CD Abugan and Voltaire Caballero were the guys I saw (were there others?) The Sentrep class would have benefited greatly from this forum

Branding:

Jacqueline, now 46 does a lot of worldwide consulting on branding.  She says 1/2 of the market for her is in Asia, and
Philippines is a growing market.  She has among her clients Jollibee, Belo group Goldilocks.  She was bought by Eric Soriano to the Belo group.

For many companies, the brand equity is more important than the company's tangible assets.

For her, branding is a promise of an experience for the customer for the product or service.  More than the communication, the more important for branding is the supporting behavior/structure, and implementation to deliver the promise.  Thus the business model canvass is very important in understanding what she is saying.  The key resources and activities  must
support the main value proposition.

Engaging the internal organization by way of communication, training, redesigning offices must be carefully planned and given attention, and part of the diligent execution.  Most organization neglect this part.




  Again she repeats the importance of the being unique, and being differentiated.  The market does not notice nor buy a me too product.

GDP

Growth -  Brand extension, differentiation of one brand vs another, sponsored brand

Direction -  local, regional, global

Protect -  brand must not die -  they die.  Companies must revive and spend on the brands, or recreate them to keep them alive

Digital Marketing

Going digital marketing is like taking a deep scuba dive.  First you must learn how to swim.  Aside from understanding techies.

Facts:  realities World population is 7billion, 2 billion are internet users,   l/3 of that is in Asia  PHL is the SMS  and social media capital of the world.

(I will add that digital marketing revenues is increasing-  it stands at $60+ billion and the new darling of Wall Street are companies engaged in DM and they are better than FB IPO;   as it is FB IPO bombed out)

Eds acronym: URE

Useful

Relevant

Entertaining.

Digital Marketing is about content -  unique content.  DM is about story telling that are URE




Notable Eds project are:  Close-up Kilig Factory, and Dove's "How Real Men Surprise their Dates"

All DM is a result of careful planning and diligent execution.