there’s a whole lot more to marketing today!!!
I realize that is a “loaded” statement. There is no one answer but many. That’s way too many Gigs for a blog. Maybe a simple analogy will get us closer to a right answer for each of you. And a lot less space for the digital footprint.
For example, most small businesses probably earn 80% of your revenue from 20% of your customers. And for the most part, you probably enjoy working with your customers and wish you had more. Or more prospects.
The reliable 80/20 Rule…
How did we arrive at this 80/20 rule? Based on our company files, we’ve completed a marketing project for over 2500 companies in the last 30 years. I asked similar questions to many of these companies and the answers were very close to the 80/20 rule.
The 80/20 rule is not my creation, but if it was, it would have a different name. Do a search at Wikipedia and you’ll find that Vilfredo Pareto came to a similar conclusion. He found that 80% of the land in Italy was owned by 20% of the population in 1906.
How many of your customers would switch to another company for better services? Most people will switch for better service. When I hear the word most it means a majority. Does the 80% figure apply to your customers?
There is outward marketing…
When you think of outward marketing, think of the “Mad Men” TV show. These advertising agencies created tactics such as print ads, TV and radio commercial, and had huge budgets to work with.
You can even add direct marketing and mail to the outward marketing approach. Does anyone remember getting a free 3.5” disk in the mail?
Direct mail became so prevalent and cheaper than anything a “Mad Men” could put together, businesses adored using direct mail. At its peak direct mail was priced like a commodity. I do believe the rally cry was “to spray and then pray!”
Then there is the inward marketing… in the digital age.
Inward or inbound marketing is way your customers come to you when they want to visit. This means you need to attract them. Yes, a blog like this is a good example. Thanks for asking.
If a blog attracted a reader your content must provide a need to your visitor. Your company must be accessible in the digital age.
A business must know their customers. They need to know what they want, what they like and how should the business deliver it?
What does this mean for a business?
The “new way of marketing” means better services for your customers and more revenue for your business.
- If a customer wants more, that more can mean a new product to build.
- If a customer gives you more personal information, use it to their advantage.
- Analyze your marketing data (because you can) to meet customer needs before they ask.
The point is that you can still use outward with inward marketing, but it all depends on your customers. Unless of course you have all the money the Mad Men spent on their three martini lunches.
If you’re not sure where to start, take a look at our mcg Marketing-eVal program for small businesses that want to grow! It’s a cost effective marketing evaluation with recommendations and guidelines to make your company marketing better! Call me today with your questions on how I can help you meet your growth goals. I’ll be happy to share what I have learned about marketing and a small business.
When you click on the eVal link you’ll have an opportunity to get a copy of our latest small business report, “Our Top Ten Lists of Marketing Essentials Required for Small Business Success.” In addition, learn how you can get a free 1 hour one-on-one with the Doc.
Please share and let me know what you think.
Everything marketing starts and ends with your customers… cater to them, listen to them and react to them. The results will amaze you.
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