Stop Wasting Money on Marketing!
Okay, before you have a heart attack, let me me explain my position on this topic.
Yes, you will need to market you product and services, however, of all your ad and marketing dollars spent – Do You Know If You Are Getting a Return on Your Investment? Even the great marketing & advertising executive, David Ogilvy stated “50% of Advertising works, I just don’t know which 50%.”
The issue is not if marketing & advertising works, it is really a question of what type of Marketing works for you and your business?
The old school marketers had it down right back in the 20’s, 30’s, and 40’s. They used Direct Response marketing and ads which required a response from a potential customer. They were also very savvy in using Problem Focused ads to attract the attention of people – who had that problem.
During the 50’s and 60’s more progressive marketers got into the act using more psychology and behavioral triggers to induce prospects to show interest in the marketer’s products or services. Due to the intense growth of the economy and the limited amount of shared information, demand increased for products and services from the newly created “Mass Market.”
Then the transition period began as the larger corporations – who held large percentages of the marketshare – began to use a new form of advertising called “Institutional Advertising.” This form of advertising and marketing was focused upon the company and somewhat with the brands they offered.
After this transitional period and the rising niche markets, marketers began to use “Brand Marketing” almost exclusively. It became the rage and tidal wave of new books focused upon Branding began to dominate the book shelves and industry newsletters. Direct Response marketing was left to the Direct Mail crowd.
Then the internet showed up in the early 2000’s and a new world of marketing began to compete with the Brand Experts. Several old school marketers, like Dan Kennedy, began to make noise in the marketing world again. Why? Because they could use their Direct Response methods to capture leads on the Internet – you know, those faceless people who use their computers and smart devices to learn all about your company, products & services as well as your competitors.
A new age of buyer has evolved. They can know more about your product & services than your own sales people today. Thus, they feel they don’t need pushy sales people telling them what to do!
What the new age buyers need however is insights into what product or service will solve their issue or problem without any pain or risk. High demands from the customer, and sales people and product marketers who are not paying attention to the new world of selling.
Today, it is very important to capture your customers interest using problem based ads or copy. Oh, and it must be a targeted problem to a select group of people (think niche) and a general one side fits all approach is a total waste of your marketing dollars. IF you are using the one size fits all approach, you might as well be flushing your hard earned dollars down the nearest toilet.
So, marketing is not dead or even slowing down – there is more commercial noise than ever, to the point of distracting buyers from actually listening to your marketing message. For your marketing investments to pay off in today’s crazy markets, you will need to ensure you using specific problems related to a specific market to be effective.
Now, if you are Mega International Company who dominates your market, then you will probably continue to survive using the Institutional based Brand Marketing concept. However, if you are small to mid sized business, you need to be targeting a specific niche using their dominant problem to get their attention and ultimately their business.
If you feel you might need some unbiased guidance regarding your marketing strategy, please give me a call and we can discuss what might work best for you. My phone number is 901-757-4434. Now one thing you need to know, I am not a marketing consultant or agency, so I will not be selling you on using any specific agency. I am a Business Advisor, and work with CEO’s and Business Leaders to help Your Business Enterprise to have consist Growth and Profitability.
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