7 Marketing Principles to Pump Up Sales
By Bob Leduc
When business is slow, many
small-business owners ask themselves, “What am I doing
wrong?” Often, the answer is, “Nothing. You just need to
do some things better.”
Marketing is a prime example.
Here’s a list you can use to evaluate
and improve your own marketing efforts. It includes seven of
the most important marketing principles that contribute to the
success of any business.
Take a few minutes to evaluate how well
you’re implementing each of these seven marketing principles
in your business. A small improvement in just one area will
boost your sales immediately. An improvement in several will
generate a big increase in your total sales volume.
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Target niche markets.
Everyone may be
a prospect for your product or service. But your marketing
efforts will produce the best results for the lowest cost when
you target prospects with the greatest need for what your
products or services.
Identify a niche
market. Customize your promotional material to appeal to that
market’s greatest need. Then multiply your results by
defining several other niche markets and slanting your
promotional materials to appeal the biggest need of prospects
in each market.
Promote your USP.
USP is short for
“Unique Selling Proposition.” It’s the compelling reason
that prospects do business with you instead of with your
competition. You’ll attract the maximum number of customers
when you offer a benefit they cannot get from your
competitors.
If you don’t
already have a USP, create one by adding something to your
business that you’re not already offering. Convert it into a
benefit statement and include that statement in all your
advertising.
Advertise with an offer.
Always include a
powerful offer in your advertising. Offer free information
related to your product or service to generate inquiries or
Web site traffic. Then make the most compelling discount or
bonus offer you can afford to convert these inquiring
prospects into paying customers. This automatically leads to
the next marketing principle ...
Follow up.
Most prospects
won’t buy the first time they hear or see your sales
message. You need a system to collect contact information.
That information enables you to reach prospects again with
periodic reminders and offers.
Many businesses
develop more than 50 percent of their sales by following up
with prospects who previously requested information but
haven’t bought—yet.
Advertising is
expensive. Maximize your return on it by following up
periodically with the prospects it produced. You’ll convert
more prospects into buying customers.
Remove the risk.
Do you know the
major reason people don’t buy something they want or need?
They don’t want to take the chance of getting something
different than they expect and maybe even losing money.
You can
eliminate this risk by guaranteeing satisfaction. If you sell
products, offer a liberal money-back guarantee. If you provide
a service, offer to continue working without additional charge
until the promised result is achieved and the customer is
satisfied.
Diversify.
It’s easier
and less expensive to get more business from satisfied
customers than to find new customers. Continually develop and
offer new products and services related to what you sell—and
offer them to your existing customers. Affiliate programs
offer a quick and low-cost way for Internet-based businesses
to add new products and services to their inventory.
Keep testing.
Continually test
and evaluate the effectiveness of everything you use or do to
promote business. Here’s a highly effective 80/20 guideline
you can use.
Invest 80
percent of your advertising budget and effort in proven
promotions and 20 percent in testing new variations. Most
businesses using this system continue growing—even in a
highly competitive market.
Copyright Bob
Leduc. Leduc, a leading sales consultant, is author of “How
to Build Your Small Business Fast With Simple Postcards” and
other publications that help small businesses grow and
prosper. For more information, e-mail BobLeduc@aol.com,
subject: “Postcards.” Phone: (702) 658-1707. Or write Bob
Leduc, P.O. Box 33628, Las Vegas, NV 89133.
