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| Virtual Marketing Newsletter - April 25th, 2006 - http://www.marketingsource.com/ |
Brought to you by Concept Marketing Group, Inc.
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In this issue:
• Marketing Article: Marketing Mistakes That Will Cripple Your Company!
• Marketing Article: What if No One Signs Up?
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Marketing Mistakes That Will Cripple Your Company!
by David Kingston © 2005 |
Mistakes are part of doing business and employees make them daily. Factors such as the size of the business, the number of associates, and a failure of management to review progress within departments. You will have to recognize and address marketing strategies if you are to avoid making the easy mistakes.
No Marketing Plan
It is rare that a small business owner will actually make a marketing plan. This is because most small businesses are started with precious little capital and the concern over a marketing strategy is nonexistent.
It is essential for all types of businesses to devise a comprehensive marketing plan in order to succeed. It is as important as taking a map with you on a road trip so that you don't get lost. It doesn't make sense to pursue a business without considering a marketing plan. Breaking down the important elements and charting the plan for success, eliminates the fear of failure.
Not Paying Attention to the Market
When, where, what, and who are all good questions to ask yourself. Not assessing the market is a common error. The audience that you are targeting must be attainable. If it is not, then failure awaits.
The "who" is referring to the kind of customer that would buy your products or services. You want to make a list with categories for gender, age or demographic groups, and even local places.
"Where" is the location of the company's prospects, for instance: the neighborhood within a specific radius of the location, and the company's competitors' customers?
"What" is a reference to any potential limits. Location will always be a huge factor. Knowing the location of your competition's customer base is great because then you will know if there are any limitations that need to be addressed.
Interchangeable Services and Products
It is not uncommon for business owners to go from one endeavor to the next without being specific. People become confused when this happens because they do not know precisely what kind of products or services are actually being sold. Such business consider themselves "full service" providers for the customer and while this might generate more profits it cannot help but confuse the customer.
Nonexistent Business Plan
A business with no plan guiding it is destined for problems. You also don't want a plan that is dependent upon the actions and advice of others. People want things that are tangible so your dream must be believable and a plan helps make it so. Every step in the process should be carefully thought out and executed by you and you alone. The foundation of a company ultimately rests upon your knowledge and experience.
Not Responding to Customer Needs
Businesses need to react quick in this fast paced world to the concerns of their customers because a slow or delayed response will cost customers. The holidays are a prime example.
The customer has no time to spare. He runs into a department store for a last minute item and finds a line 50 people long.
A. Does he wait patiently in line for his turn?
B. Will the manager open up another line?
Of course, the answer is (B). In order to keep the customer happy, the retail manager opens another register to accommodate the crowd.
You are less likely to commit marketing errors once you are aware of them. Review your basic strategies on a monthly basis to check for chinks in your armor. You might even consider spending the money for a business consultant to come in and help you iron out all of the details. Such an investment may well prove worthwhile in the long run.
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About the author: David Kingston is the chief writer at FAT Marketing, there's a wealth of knowledge on the website, plus while you're there sign up for the free newsletter. Want to read more Business articles?, just go to: http://www.fatmarketing.com/articles
To swap links, go to http://www.fatmarketing.com/links
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What if No One Signs Up?
by C.J. Hayden © 2006 |
It's the nightmare of every professional who offers group programs. You design a powerful workshop, schedule a date, broadcast your marketing message… and no one registers. Then what?
Let's assume you have the basics down. You've chosen a compelling topic, identified a likely audience, and clearly described the benefits of participating in your program. Even the price is right. You've already sent information about your program to a list of strong prospects. What else can you do?
-Preventive Measures-
First, let's back up a step. There are several measures you can take early on in your promotion that will improve your chances of full enrollment:
1. Offer your program in house instead of to the general public. Selling your program to a company, association, or learning center with an established base of employees, members, or students can be much easier than trying to sell each seat yourself. You could also partner with an existing organization with a track record of filling programs, and share the profits in return for a full house.
2. Build your prospect list to equal 20-100 times the number of people you want to attend. A typical response rate from a postal mailing is 1-2%. Response to opt-in email is often even lower. (Don't even consider using unsolicited email.) In general, expect no more than 1% to respond if they don't know your work and rarely more than 5% even when they know you well. Make it a habit to capture the name and address of every prospect and get their permission to mail or email.
3. Plan to promote on multiple channels. Your promotion plan should include announcements in your ezine or newsletter, a description on your web site, postal mail, a brochure or flyer to distribute, calendar listings, and personal invitations. Don't rely on just one or two avenues -- students are much more likely to enroll when they see your program mentioned in many different places.
-Emergency Enrollment-
If your program has low or no registrations as the date approaches, here's what you can do to increase enrollment:
1. Call everyone on your prospect list and invite them personally. Don't count on mail and email to do the job. Place a phone call to each person you have a phone number for, give a brief description of the program, and invite them to attend. You'll be amazed how many people will say, "Thank you for calling -- I've been meaning to sign up."
2. Ask clients and colleagues to make referrals. Just mailing an announcement to potential referral sources isn't the same as asking for their help. Call or email people who respect your work, and ask them to suggest two or three others who could benefit. If they have suggestions for you, ask if they will also contact those people themselves to endorse your program.
3. Make a special offer. Tell the people who are already registered they can bring a friend for half-price. You're not losing any revenue that way if the space would otherwise be standing empty. Offer a bonus gift with minimal cost to those who enroll -- 30 minutes of your professional time, or an ebook, audio, or report you've produced. To encourage people to spread the word, offer the same gift to people who refer students to you.
-If All Else Fails-
In the last few days before your program, if you still have only a handful pre-registered:
1. Hold your program anyway. Invite people to attend for free if necessary to have good participation. Your clients will enjoy the chance to spend more quality time with you; colleagues will benefit from the opportunity to see you work and meet other attendees. Ask people who attend at no charge to write you glowing testimonials and refer paying participants for the next time.
2. If you can't fix it, feature it. The meaning of this classic sales maxim is that if your product has an obvious flaw, make it a positive selling point. When only six people enroll in your big seminar, convert it to an intimate group experience. If you have only two people for a group, turn it into a success team. Your participants will be thrilled to have more individual attention. Never apologize for a smaller-than-expected turnout.
3. Plan ahead to do better next time. Analyze what went wrong with your marketing and strategize how to do it differently the next time around. Should you have allowed more lead time? Does your mailing list need to be larger? Do you need to factor in more promotion channels instead of relying on mailings or email alone? Make a list of all the key elements you think are necessary to successfully promote your next program.
Filling group programs becomes easier when you offer them regularly. When students see the same program advertised two or three times, they are much more likely to enroll. Think of all your marketing efforts as part of a long-term plan to make more people aware of your business. If the outreach for your workshop introduces your business to many new people, you may ultimately find that much more valuable than just filling one program.
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C.J. Hayden is the author of Get Clients NOW! Thousands of business owners and salespeople have used her simple sales and marketing system to double or triple their income. Get a free copy of "Five Secrets to Finding All the Clients You'll Ever Need" at http://www.getclientsnow.com
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