Have you noticed on social media platforms the number of ads by young supposed online marketing experts that have the secrets to make you rich? You are only a few steps away from joining them in wealth! All you need to do is pay them $X’s and all will be revealed! The most likely person to get rich is them (if enough people fall for their ploy)!
They apparently have a revolutionary way to market your business which will transform you over night (actually they don’t, they just want you to believe so)!
But hold on, what does marketing actually do? It is amazing how many people think that it is the marketing that actually sells. Marketing does not sell as such, it makes people aware of your product or service in the most favourable way in the hope that you will inquire further and ultimately purchase.
When you distil it right down, what is going to make you rich, is having a great product or service that people want, which is sold at a compelling price. The marketing will then just help get the message out to the public. If you do not have a great product/service that people want, which is suitably priced, then all the marketing in the world will not solve that problem!
You need to ensure that you have everything in place to ensure you get the most benefit from marketing before you start spending your hard-earned money! So, what do you need to get right first? Here are four key things:
- Product/Service: You want to make this as good as possible and ensure that you have a clear point of difference to your competitors. As much as possible, you want to be unique.
- Pricing: This does not mean that you need to be the cheapest. You need to know your target market, the competition, your position within the target market, your success at differentiating, when determining your pricing strategy.
With the combination of your product/service and pricing, you need to create a compelling offer that people will find difficult to refuse.
- Sales Training. Your team need to have an in-depth knowledge of what they are selling and have the training to sell it. You want to ensure that they have the balance right so that they get the sale without over promising and ultimately disappointing the client.
- Website/Landing page: If your ads send people to your website/landing page, then you need to know it will do its job and either get the sale (if a merchant site) or compel the person to call/visit your business.
Unless ads start being able to take your credit card details, the ads will not sell. The job of selling goes to your website if your advertising directs them there, or the salespeople that work for you. If the website does not have merchant capability, then the job of the website is to further compel people to contact/visit you, so that your salespeople can do their job. Your salespeople, however, can only do so much.
Ultimately, it is what you are selling, at what price that will have the biggest impact on your fortune. Get that wrong, then your marketing will be ineffectual!