The Solution
You are marketing a product or service. Unless you are lucky enough to be the sole source on the planet for this product or service, (and to some extent, even if you are) your success depends on your marketing plan. Your marketing plan must include the your strategy to target your most likely potential buyers, speak to them at the right time and place, and create an opportunity for them to buy that is irresistible.
Finding Your Buyers
- What demographic group is most likely to buy your product?
- What need does it fill?
- What income does a buyer need to make in order to afford it easily?
- What professions are your buyers most likely to be engaged in?
- What common problems or complaints might they have?
- What geographical areas do they live in?
- What pastimes and other activities do these groups also share?
- What alternatives does the consumer have? What are the advantages and disadvantages of competing items?
"As a CIO. . . I should be prepared to meet (customers) wherever they want (to do business), whether it’s the Microsoft Network, the Web or a telephone with voice response."
-Jeffrey Rayport, Harvard Business School
If you’re seeking financing for a business venture, you write this all out in a business plan or marketing plan. We advise that you do the same, even if you’re financing your own venture. Getting it all out on paper allows you to think it through in a linear, straighforward way. It gives you a "conversation piece" to begin discussions with your team or with knowledgeable people in your field. It gives you a point of reference to in the future to ensure you’re still "on track" or to thoroughly explore reasons for changes. It also gives you a starting point for discussion with professional advertising and marketing consultants, many of whom bill by the hour. The more efficiently and completely they understand your objectives, the better, and less expensively, they can help you.
Getting Their Attention- "Creating the Need"
The old advertising paradigm is that the more senses you can involve in the advertising experience, the more effective your advertising can be. Your graphics must be clear, high-quality, and attention-getting.
If your product or service is a new one, how is a customer going to "know that he needs it?" For example, there is no physiological need for soft drinks. Medical science has proven that carbonated, sweetened drinks are not the most effective way to quench thirst, improve sports performance, or any other "need." So why are Coke® and Pepsi ® multimillion dollar industries? Because those companies are very, very good at "creating the need." Advertising from Coke and Pepsi has been so effective that anyone planning a party or event, or even has a few people over to watch the ball game, will serve soft drinks, or at least has the thought occur to them.
Of course, all this sensory experience must be in keeping with the image you want to keep. You will never see an advertisement for a high-income investment company sticking fluorescent orange flyers on the windshields of parked cars, even BMWs. You will, however, see them using a bull in a china shop on the TV ads to get your attention!
The line between catchy and cheesy is a line that advertising agencies spend their time detecting and walking meticulously. It's not easy! Spend a few minutes thinking about your favorite advertisements- what did you like about them, and why?
Establishing Credibility
Being in the right place at the right time is crucial. Getting the attention of potential buyers is crucial. The pivotal factor once you have their attention and have what they want is to establish your credibility in the eyes of the buyer. Especially where they have lots of providers of this product or service to choose from. In many cases people will buy from the "most reputable" source, even if they have to pay more to do so. They want to feel secure about a number of things:
- You will be there when they have a problem.
- You have a warrantee or return policy that is better than the competition.
- You represent yourself professionally and treat customers courteously and thoughtfully.
- Your written and electronic communication is high-quality- your graphics are good, your spelling and grammar are perfect, the paper of your brochures feels and looks expensive.
- Your web site functions perfectly- no broken links or outdated information.
- You use a secure connection internet connection, at least for the consummation of any transaction where money or personal information is exchanged, and you have an link to an explanation of why it is secure and how it works if guests are interested in reading it.
- You make a "people connection." This is closely tied to credibility, but it also has to do with the human need to interact, be recognized, and be respected.
Whether the transaction takes place on the Web, with printed and mailed material, or in person- you should provide the customer with a means to connect with at least one person from your company. On the web, this can be accomplished with a "people" page that shows the members of your organization with a little biographical information and possibly a picture. This should reflect the professional theme of the rest of your material (high-quality pictures, perfect spelling and grammar, etc.) but should also show a "human side" by listing hobbies and interests, kids, and even pets.
Closing the Sale
It is amazing how many times companies follow the marketing cycle flawlessly to the point of purchase, and then fall flat.
As a customer in a store, I am often annoyed after I have invested the time to make selections, evaluate prices, and decide to purchase; only to be inconvenienced by the process of doing so. Wandering aimlessly through a clothing store looking for an attended cash register, clicking around a site only to receive error messages, or waiting in an office while a car dealer talks to his manager or fills out repetitious paperwork by hand will quickly thin the patience of the most determined buyer. Parting the buyer with his or her money is something that should be done as quickly, thoughtfully, and delicately as possible. Here are some thoughts: Ensure your "closing" process is as streamlined and automated as possible. All of the following suggestions boil down to ways to show respect for the customers’ privacy, the value of his time, and appreciation for him doing business with you.
- Never ask the customer for the same information more than once. Internal people and processes should pass information from one part of your system to another.
- Make sure you have easy backups for every piece of the process that could break down.
- Test the process regularly.
- If you are collecting information for other marketing purposes, ASK the customer to participate by answering a few questions about their experience, rather than making it a condition of sale.
- Send them a questionnaire a few days after their purchase, or have comment cards available.
- Never sell or lend your mailing list to anyone without first obtaining your customers’ permission. If you become known as a source of "spam" or unwanted solicitations, your reputation loses bigtime.
Ensuring Encores
Maintaining relationships with buyers that have conducted a transaction with you in the past is significantly less costly than marketing to new prospects. They know how to find you, you've already established credibility, they've survived your processes and are reasonably familiar and therefore comfortable with them. Hopefully, they've already associated your name with a positive experience. How can you best leverage all that work that's already been done?
Stay in Touch
You can stay in touch with customers in welcome ways by asking for their opinions and experiences. Send a survey a few days after purchase. If someone makes a particularly helpful suggestion, send them a thank-you letter letting them know how you implemented their suggestion.
Referrals
Consider incentives for word-of-mouth referrals. For example, have a phrase like - "You get 10% off your next order when your friend buys from us." printed on your statements, invoices of other correspondence with established customers. Make sure that this discount is part of your process (see closing process) above so that references or "commissions to customers" are quickly acknowledged and transacted.
Consumable/Repeatable Products or Services
If your product or service is one that customers buy over and over again (consumable products, for example) send advertisements at the time you estimate that your customer will need a refill or new product.
Durable Goods
If your product or service is something that people should only need to purchase once in several years, consider carrying accessories or parallel products that your buyers are likely to need. Or partner with a company who sells these items. For example, manufacturers of cellular phones often partner with airtime providers to sell packages that keep customers in touch and loyal.
Staying ahead of the changing economy is getting more and more difficult to do by working harder. Adapting to changes and working smarter requires specific focus. Focusing on the core competencies of your company is the means to develop that focus. More specifically, you need to determine what core competencies are needed to meet your companies specific goals and objectives. Once this "wish list" of core competencies is developed, you need to identify gaps and overlaps, and resolve the gaps by developing or augmenting your current staff. Continued effort is needed to make sure those competencies and skills are being leveraged by everyone in your company.
