Hey You! Look Over Here! 5 Steps To A Powerful Marketing Plan

5 Steps To A Powerful Marketing Plan

We all believe that we have the best product or service we can offer. We spend much of our time making sure that we stay abreast of the latest innovations and trends. Revising, refining, and re-inventing to stay on top of the hill.

The Best Kept Secret

So how are you letting the world know you are ready and available to solve their problems? Having the best-designed mousetrap does nothing for your pocketbook if no one knows about your mousetrap. Add to the mix the ability to find the right someone’s that could benefit from your mousetrap.

Enter the world of MARKETING. From Wikipedia, “Marketing is the process of communicating the value of a product or service to customers.” Be sure that you pay attention to the word value.

When was the last time you made a purchase of service or goods just because the price was right? I’m not talking about game shows here. I’m talking about handing over your hard earned cash for something you did not need or want simply because of price. (There is a TV show about those types of people whose house is overrun with stuff.)

You make a decision to buy based upon the value you place on the benefit of your purchase. Realize I said benefit, not feature. Features are worthless unless I can see a benefit for me. Your mousetrap painted in my favorite color red (feature) means little when it is destined to be thrown in the trashcan after it catches that pesky mouse.

Telling me that it is designed to be quick enough on the snap to catch even the craftiest rodent or you will personally come and eradicate the varmint is a definite benefit to me. Send me two please.

Hey You, Look Over Here!

Isn’t that what you are trying to accomplish? Unless you are communicating your message to those who may see benefit in your product or service, you have no sales. No sales, no business.

There is a right way and a wrong way to get the word out. It has little to do with the vehicle you use, be it newspaper ads, postcards, radio, Internet, email, or any other method. It has more to do with saying the right things, at the right time, to the right people.

It Is Called a Marketing Plan

Every business needs a current, actionable marketing plan. Big or small, home based or enterprise, without a marketing plan you are doomed to failure. You will be jumping at the next golden opportunity that is parlayed to entice you to spend your money with them.

I believe that there are 5 key components to having a good marketing plan. Here they are:

The Right Marketing Message.

There are three questions you must answer for your prospective client:

1. Why do I need it?

Does it solve a problem?
Will it make me feel/look better?
Does it save me time/money?
You must first and foremost answer this question before moving on.
2. Can I trust you?

Do you have any testimonials?
What is your background/experience/time in business?
Do you have any references?
How can I feel assured/guarantees
3. What will it cost?

This is the place where you must deliver value
No one wants to spend money, they want to… see #1
People buy value no matter what the price
I put them in this order because that is the order of importance. Notice that price is the last thing I think about. A good marketing message will answer these questions in a compelling way. Once you write your marketing message you can package it and communicate in many channels.

If you are not good at writing copy, then hire someone! You will lose much more than you save by trying to do it yourself. My suggestion is find a copywriter that can write 80% about #1 and 20% about #2 & #3. Most businesses that do it themselves have it backwards. No wonder they lose.

Know Your Best Marketing Channels.

There are 100 or more ways to market your business. However, not all channels perform equally well for every business. You need to experiment and find the 5-10 channels that work best for your business. This will be the focus of activity in your marketing plan.

If you have the right message, you can adapt it to fit any marketing channel.

Here are just a few to consider in no particular order; Radio, Television, Web Site, Blog, Direct Mail, Local Magazine, Email, Local Networking Groups, Billboards, Auto Wraps, and the list goes on. The key is to see how your competitors are doing it and do it better by focusing on getting the right message out there.

Set Your Marketing Budget.

How much can you spend on acquiring new customers? Businesses must create and operate by a marketing budget. How much you spend can vary by business category, but a good rule of thumb is 8-10% of your gross. My goal for businesses I coach is to get a 10X return on marketing dollars spent. If you are consistent in doing this, every month, your bottom line will grow.

By setting a budget you are more likely to discipline yourself to spend more wisely and effectively. Do you know how much it costs you now to get a new customer? How much do you want your business to grow this year?

You can get a better idea of these numbers in my book “You Learned Business Math in Grade School” available at Amazon Kindle.

Create a Marketing Calendar.

Marketing experts agree, “Consistency is Key”. Studies have shown that it takes from 5-14 repeated messages to convert someone to a customer. That is if you have a good message.

Once you know your best channels/mediums and have your best message, you should schedule your marketing activities on a timeline or calendar. Plan what you are going to say and where you are going to say it, each week/month/year. If you are not comfortable doing this, please hire an expert. You will be glad you did.

Create and Monitor Your Dashboard.

The biggest mistake I see business owners make is not tracking and measuring the performance of their marketing efforts. You must have a “Dashboard” that identifies your activity and tracks to result of every thing you do. You must track every new lead that comes your way. Where are they coming from? Which version of the message did they respond to?

Evaluate every channel each month. Smart businesses know where every piece of new business comes from! Spend more time and money on the marketing activities that generate the most and best leads.

Differences in the Types of Auctions That Take Place Around the World

Auctions are those events where properties or goods are sold to the highest bidder. Auctions are mostly public events, where bidders make a series of bids and purchase a particular item for a high price. During auctions, bidders decide the price of an item rather than the seller. It depends on bidders to decide the amount they would want to pay for a specific item. During an auction, a bid is a proof of a legal binding. Bidders agree to pay the amount that they have bid. In a high profile auction, bidders may have to pay a deposit in escrow accounts or give a proof that they can pay for those items.

Types of Auctions:

Different types of auctions take place around the world. Below mentioned are some types of auctions:

1. English auction:
This is a basic type of auction. In this type, people can see the item and then start bidding. Bidders slowly raise the value of their bid until everyone gives up. The highest bidder is the winner. An auctioneer manages an auction, keeps records of the on going bid and decides the winner. Sometimes, the seller will quote a minimum amount for an item to the auctioneer, below which the auctioneer cannot sell that item.

2. Dutch auction:
In this type, the auctioneer sets a particular price and then gradually lowers the price. People in public will start bidding and later decide which prices are suitable for the item. A seller may use this type of auction to sell large quantities of same products to the public. For instance, a seller may want to sell a large amount of hay and will thus, decide to sell this hay to people for the same amount, once a reasonable price is decided.

3. Silent auction:
In this type, the bidders in public will present their bids in a sealed format. These sealed bids open at the same time and bidder with the highest bid wins. There could be a modification in this type of auction. The bidders are allotted a specific period to bid. They can roam in a room displaying the items, and write their bids on an associated sheet of paper. The bidders are allowed to see bids of other bidders and can choose a higher price for an item. At the end of the allotted time, bidder with the highest bid is the winner.

Examples of Auctions:

Auctions can be of two types either public or private. Sellers may trade any kind of items in both types of auctions. Some areas where auctions take place are:

1. Antique auction: An antique auction consists of a trade opportunity as well as provides entertainment.

2. Collectable auction: In a collectable auction, the seller may put up collectables like coins, vintage cars, luxury, stamps, real estate, and luxury for sale.

3. Wine auction: In wine auction, bidders can bid for rare wine, which may not be available in retail wine shops.

4. Horse auction: Bidders can bid for young horses of the best breed.

5. Livestock auction: In livestock auction, bidders can buy pigs, sheep, cattle, and other livestock.

The other examples of auctions may not be public. These auctions are for bidders from corporate levels. Some examples of private auctions are:

1. Timber auction
2. Spectrum auction
3. Electricity auction
4. Debit auction
5. Environmental auction
6. Auto auction
7. Electronic market auction
8. Sales of business auction

Bidders in an auction need to examine the items displayed and decide an appropriate price for an item. Thus, auctions help buyers in getting the best deals and in gaining better profits for sellers.

The Top 3 Reasons To Consider Work From Home Or A Part Time Home Based Business

These days, traditional employment structures seem to be more in flux than we have ever seen before. This had led to a boom in people looking to work from home, and an explosion of people creating their own part time home based businesses in order to provide a supplementary income. If you are a flexible sort of person and can adapt to change easily, you may find that a work from home business provides you a number of unique benefits. Let’s take a look at three of the biggest advantages that you can enjoy if you own a part time home based business or work from home:• Convenient – One of the biggest advantages of a part time business, or work from home in general, is that it is extremely convenient. There is no boss to answer to, you decide when you want to work, how hard, and for how long. There are no schedules or deadlines other than those that you set yourself. The convenience of working for yourself puts the most generous flextime package to shame.• Profitable – While you may draw less total gross revenue if you work from home or supplement your income through a part time home based business, your time spent may be more profitable on a per hour basis. Remember, performing work from home or owning a part time home based business means you have no overhead, no rent expense, and none of the other costs associated with owning a brick and mortar commercial storefront.• Tax Advantages – Having a part time home based business or working from home can provide you some real and significant tax advantages. Commute costs, food and beverage, entertainment for clients, and even office space within your own home all can be tax deductible and save you thousands of dollars on an annual basis.As you can see, working from home or starting a supplementary part time home based business is a great idea that offers some real benefits to people in a wide variety of circumstances. Another major benefit that we haven’t mentioned is that when you work for yourself, you enjoy true job security. Corporations and industry in general simply do not take care of their employees in the way that they used to, and a person cannot afford to rest on their laurels and place themselves at the mercy of a business dedicated to maximizing profit.