Wednesday, 20 November 2019

13 Marketing Strategy every business man should employ

  1. Get really skilled in marketing and persuasion, because getting better at your particular craft (e.g. dry cleaning), has diminishing returns in terms of attracting new customers or generating more profit. How much better do you think a dry cleaner can clean a shirt? He can get better at COMMUNICATING that he’s a premium dry cleaner though……
  2. Develop a unique position in your market and get inside people’s heads: Why are you different from every other business in your industry/niche? Why should people care? Why should they buy from you, if they could get the X (product/service) from someone else?
  3. Make price irrelavent by positiong yourself as “premium” and think about how you will attract affluent buyers
  4. Offer somekind of continuity program (Think Amazon Prime….Which is nothing but getting people to pay a monthly fee, so that they can buy MORE stuff! Genius….): If you sell Pizza, you could sell a monthly “Exclusive VIP Pizza Delivery Service” for example….
  5. Above all else: Know who you want to attract to your business, what these people want or want to avoid (fear or loss sells 10x better than anything else) and focus your marketing on this. Actively repell all the other people (who can’t afford you, or who’re a pain in the ass to deal with….)
  6. Capture your customers and prospects names and addresses, so that you can start a dialogue with them.
  7. Develop an effective lead generation system, which converts prospects into long-term buyers reliably.
  8. Have people coming to you. Remember: People hate being sold, but they love to buy.
  9. Master the art of upselling and increasing the lifetime value of your customers (this is critically important, if you want to make millions).
  10. Make competition irrelevant. Whatever you do, don’t do it like every other business in your niche/industry. Are “they” running a lot of online ads? Stay away from advertising online, because it is much harder to stand out that way. Better go offline and run ads in local newspapers (the forgotten media….)
  11. Building on #10…..Stand apart form your competition, by “selling against”. If everybody in your industry is hard selling (think used car salesmen), be the outspoken critic of those tactics (they don’t work anyway…..).
  12. Expoit the human tendency of sunk cost. The more time, emotion, money and thought, somebody invests into making a buying decision, the higher the desire to buy gets (works incredibly well with high-ticket items). This will also repell the wrong people from doing business with you.
  13. Engineer your physical work environment, into a persuasive sphere, conductive to making high-ticket sales. As a car salesmen, why don’t you hang up pictures of happy people, standing in front of the cars they bought off you? (exploiting testimonials and social proof alone, can make you an easy million…regardless of industry)

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