"Binge marketing". It's a term that is bantered around in marketing circles. Simply put, binge marketing occurs when a company is in panic mode and suddenly realizes that it quickly needs to fill its pipeline with prospects. Sure, binge marketing might provide a sudden burst of energy now, but in the long run it will be more costly both financially and brand wise.
Conventional Marketing Practices
Before we understand how binge marketing works, we need to look at traditional marketing. Every successful business has a solid business plan that should contain a sound marketing plan within. That marketing plan is a road map for tactics such as branding, marketing strategy, advertising, public relations, and event marketing planned throughout the year. It should be realistic and manageable within the boundaries of the businesses financial and personnel resources. By following and executing its marketing plan, a company consistently keeps its brand and products in front of its customers and prospects, maintaining the pipeline and leading to successful up-sell and cross-sell opportunities.
And in that marketing plan should be a SWOT analysis that provides guidance should the company encounter a threat. But in most marketing plans, little attention has been given to the global economy. Just look at the banking and automotive industries and you see evidence how the economy snuck up on the giants and took them by surprise.
Binge Marketing Like Eating Disorders
Some marketing experts like to compare binge marketing to binge dieting. I prefer the comparison to binge eating. The need to binge diet means that you're all fat and happy and need to pull back on the food consumption. In my analysis, companies that don't have solid, consistent marketing plans are more apt to gorge themselves when suddenly starved for new business. It's no different than how we, as humans, react if we go a period of time without food. Our brain tells us we need nourishment and because we aren't sure when we'll get another chance to eat, we inhale our food without enjoying it. Our bodies don't get the proper nutrients and eventually we have health issues that are more costly and take more effort to correct than if we had only followed a sensible nutritional and exercise plan.
Marketing is no different. Marketing plans look good on paper and impress the hell out of bankers, investors and prospective employees. But when companies are healthy, it's easy to tell ourselves it's okay to pull back on the spending or to give the sales team a breather and let them manage the leads in their pipeline. Then one day that company looks in the mirror and says, "Wow, I look horrible!" The leads have dried up, our clients have moved on and nobody thinks about our products or services when they're ready to buy.
This triggers the marketing binge that usually begins with an emergency marketing and sales meeting. Panic sets in and the chain reaction starts. Marketing gets a plan together, Writers write. Designers design. Printers print. Media buyers buy. Mail houses mail. Web marketers do whatever it is they do. And as suddenly as it came...it went. Everyone's exhausted. People are loosing their belts and unsnapping the top button of their pants like my Uncle Roy and Aunt Doris used to do after a Thanksgiving dinner. Everyone's happy. Everything's good. But nobody got to enjoy the meal.
Economical Impact on Binge Marketing
As a marketing consultant, I am seeing more businesses and organizations shifting into binge marketing mode. I'm hearing things like, "Now is usually our down period anyway, so why market right now?" or "What worked for us in the past isn't generating business right now." Both of those are excuses. The fact is, nothing makes sense right now. Buying habits have changed. People are being more cautious and selective about the products and services they buy. More importantly, they want to buy from someone who they believe will still be in business six months or five, ten or twenty years from now then they need service or need to replace the product they have now. The rules of the game have changed. The winner is going to be the company or companies in your market space that are consistent and provide value and stability through this tough economic period, not those that sell out or appear desperate.
Pace Your Marketing for Healthier Results
When we binge market in our business, we really don't get to enjoy the experience and we create more problems. We over-indulge and can't process the business we generate. In the short term, we may generate a large number of leads that we aren't able to physically process in a timely manner. They dry up and evaporate. What we usually end end up with a few short-term clients who are in "buy" mode right now. Unfortunately, we miss the sales cycle for the other people who might buy next week, next month or next year.
Rather than binging when faced with a lull in the action, why not pace yourself.? Budget your marketing; that means both time and money. You'll better target your ideal market and maintain top of mind awareness for when your customers are ready to buy. You'll run a leaner and healthier business in the long run.
Monday, February 23, 2009
Saturday, February 7, 2009
Admitting What We Don't Know About Marketing
Face it. We're stumped. Marketing our businesses in today's economy is a challenge and a mystery. And it's time that we all admit that we really don't know what works - even those of us in marketing & advertising.
Every day I talk with business owners, sales professionals, financial planners, and friends. And every day I hear one more story about a business that is in T-R-O-U-B-L-E. I have a good friend who has always done very well in real estate. He's got about 30 days before his money runs out. I have another friend who owns a manufacturing facility in northern Ohio. His only goal right now is to do everything he can to keep his workers employed. And when my financial planner calls, I feel the need to console him and keep him from jumping out of his first floor window.
CAN YOU SAY, "DENIAL"?
I've also talked with a lot of people who are in denial. They are the ones that when you ask, "So, how's business?" They respond, "Awe, it's great. We're busy as hell. In fact, we're turning work away." But, when I dig a little deeper, they reveal that it's not that they are any busier...it's that they've cut corners either in quality, personnel or, GULP!, marketing. And sooner or later it's all going to come back around and snap them right in the ass.
BEYOND THE COMFORT ZONE
But the ones that are going to make it through are those who are now inviting me in to take a look at their marketing strategies and processes. They openly admit, "We have a marketing problem...what used to be effective isn't working. We need to try something new but we don't know where to start."
To be fair and honest, I have to admit that I'm not really sure right now either. The economy has rattled and baffled me. So much so that I've actually got two books sitting right here in front of me that I haven't read in years - "Marketing for Dummies" and "The Complete Idiot's Guide to Marketing Basics". I'm just looking for something...anything that will help me give assurance to my clients. For me and my clients, it's back to the basics.
TEN MARKETING TIPS YOU CAN TRY RIGHT NOW
So, now that we all admit what we don't know about marketing...what DO we know? Here are some things you need to be doing right now to make sure you win the battle for top-of-mind awareness with clients and prospects:
Every day I talk with business owners, sales professionals, financial planners, and friends. And every day I hear one more story about a business that is in T-R-O-U-B-L-E. I have a good friend who has always done very well in real estate. He's got about 30 days before his money runs out. I have another friend who owns a manufacturing facility in northern Ohio. His only goal right now is to do everything he can to keep his workers employed. And when my financial planner calls, I feel the need to console him and keep him from jumping out of his first floor window.
CAN YOU SAY, "DENIAL"?
I've also talked with a lot of people who are in denial. They are the ones that when you ask, "So, how's business?" They respond, "Awe, it's great. We're busy as hell. In fact, we're turning work away." But, when I dig a little deeper, they reveal that it's not that they are any busier...it's that they've cut corners either in quality, personnel or, GULP!, marketing. And sooner or later it's all going to come back around and snap them right in the ass.
BEYOND THE COMFORT ZONE
But the ones that are going to make it through are those who are now inviting me in to take a look at their marketing strategies and processes. They openly admit, "We have a marketing problem...what used to be effective isn't working. We need to try something new but we don't know where to start."
To be fair and honest, I have to admit that I'm not really sure right now either. The economy has rattled and baffled me. So much so that I've actually got two books sitting right here in front of me that I haven't read in years - "Marketing for Dummies" and "The Complete Idiot's Guide to Marketing Basics". I'm just looking for something...anything that will help me give assurance to my clients. For me and my clients, it's back to the basics.
TEN MARKETING TIPS YOU CAN TRY RIGHT NOW
So, now that we all admit what we don't know about marketing...what DO we know? Here are some things you need to be doing right now to make sure you win the battle for top-of-mind awareness with clients and prospects:
- DO NOT eliminate your marketing budget; be selective in the cuts you make
- Make sure your website is functioning and information is current
- Engage your current and past customers and reward them with discounts for repeat business
- Start a referral program and give cash/gift cards to clients, friends, and family that make referrals. Make sure to tell everyone about the program via your website, voicemail, flyers, business cards, direct mail, etc...
- Start a public relations/press release campaign
- Join a networking group. Visit several and choose the one that's right for you
- Get involved in online social networking sites like LinkedIn, Facebook, Plaxo and more.
- Listen to your customers. Ask them why they do business with you and ask for their input on improvements you could make
- Start a blog and write about topics related to your business - it's very therapeutic
- Find time to get away from your business to spend time with family & friends
Wednesday, November 12, 2008
The Buzzard, Blue Heron and Eagle
WHAT KIND OF BUSINESS NETWORKING BIRD ARE YOU?
In mid-October, I once again had the pleasure of escaping to a week-long bass fishing trip to Kentucky Lake. It's a time to get away with a group of about 10 guys to spend 8-10 hours a day trying to outsmart large mouth, small mouth, and other species of bass on one of the largest lakes in the United States. One afternoon while fishing back in a bay called "Byrd", I was enjoying the sights and sounds of nature. Occasionally, I would hear fish jump, a squirrel scamper through the leaves or the rapid fire sound of a woodpecker as he bore through tree bark in search of insect morsels. It was here in Byrd that I began to notice the various birds. Among them were an American Eagle, a flock of buzzards, and a lone Blue Heron that was wading by the bank. These birds reminded me of the business networkers that I often encounter on a weekly basis.
The buzzards were circling about 150 yards off shore to the southeast about 200 feet in the air. There was
I guess what you would call a "flock" of about 18 buzzards circling something on the forest floor below that was either dead or dying. To me, they represented the group of business networkers that probably don't get much out of the whole networking experience. You know them. They are the business owner that waits until he or she is really hungry. They show up out of nowhere hoping to pick clean the carcasses of victims. They circle, circle, circle...and then SWOOP! They are in to grab a piece of flesh. Then...all is quiet. They're on to their next meal only to return to the area some other day when there's a meal to be had.
The Blue
Heron, on the other hand, looks rather prehistoric as it wades quietly in the shallows on the north bank waiting for hours until an unsuspecting shad or bluegill swims by. They are always there, just sort of hanging out. They never risk venturing into deeper waters where the bigger fish live - they're just content hanging around the fringe. They don't make a sound or say too much. But, when they do have something to say, it's usually fast and forgettable. They don't really bother anybody but they don't do a whole lot to contribute to their surroundings. And, when they are up against the rocks (or rip-rap as we anglers call it), they simply blend in and are hard to spot. They don't really stand out.
In mid-October, I once again had the pleasure of escaping to a week-long bass fishing trip to Kentucky Lake. It's a time to get away with a group of about 10 guys to spend 8-10 hours a day trying to outsmart large mouth, small mouth, and other species of bass on one of the largest lakes in the United States. One afternoon while fishing back in a bay called "Byrd", I was enjoying the sights and sounds of nature. Occasionally, I would hear fish jump, a squirrel scamper through the leaves or the rapid fire sound of a woodpecker as he bore through tree bark in search of insect morsels. It was here in Byrd that I began to notice the various birds. Among them were an American Eagle, a flock of buzzards, and a lone Blue Heron that was wading by the bank. These birds reminded me of the business networkers that I often encounter on a weekly basis.
The buzzards were circling about 150 yards off shore to the southeast about 200 feet in the air. There was
I guess what you would call a "flock" of about 18 buzzards circling something on the forest floor below that was either dead or dying. To me, they represented the group of business networkers that probably don't get much out of the whole networking experience. You know them. They are the business owner that waits until he or she is really hungry. They show up out of nowhere hoping to pick clean the carcasses of victims. They circle, circle, circle...and then SWOOP! They are in to grab a piece of flesh. Then...all is quiet. They're on to their next meal only to return to the area some other day when there's a meal to be had.The Blue
Heron, on the other hand, looks rather prehistoric as it wades quietly in the shallows on the north bank waiting for hours until an unsuspecting shad or bluegill swims by. They are always there, just sort of hanging out. They never risk venturing into deeper waters where the bigger fish live - they're just content hanging around the fringe. They don't make a sound or say too much. But, when they do have something to say, it's usually fast and forgettable. They don't really bother anybody but they don't do a whole lot to contribute to their surroundings. And, when they are up against the rocks (or rip-rap as we anglers call it), they simply blend in and are hard to spot. They don't really stand out.Then, there is the Eagle. It's a majestic bird. It's wingspan is immense as it swoops down within about 50 feet over my boat for a closer look. It's an awesome site. It doesn't flap its win
gs. It just glides effortlessly. It catches an up-current and soars to great heights to join two other eagles about 300 yards to the northeast. There are other birds following the eagles' flight patterns. There are gulls and even pelicans that ride the tails of the eagles and seem to watch with the same amazement and intensity as me and my fishing partner. They are leaders with great vision. They contribute to their natural culture. They give and take in their environment.
I looked at the buzzards for only a minute and thought, "these are ugly birds that serve no purpose except to survive." I quickly look away from them without a second thought.
gs. It just glides effortlessly. It catches an up-current and soars to great heights to join two other eagles about 300 yards to the northeast. There are other birds following the eagles' flight patterns. There are gulls and even pelicans that ride the tails of the eagles and seem to watch with the same amazement and intensity as me and my fishing partner. They are leaders with great vision. They contribute to their natural culture. They give and take in their environment.I looked at the buzzards for only a minute and thought, "these are ugly birds that serve no purpose except to survive." I quickly look away from them without a second thought.
The Blue Heron is amusing. I watched it periodically just to see if it was going to do anything special. But after a while, I forgot about it and it eventually flew away.
But the eagles - I looked up to them for a long while - totally captivated. They are such a rare and beautiful bird. They have that intense, reassuring gaze. It's hard not to watch them and think, "If I was a bird, I'd want to be an eagle." They have great vision and grace.
There are times in my business life where I've been a buzzard or a Blue Heron. And, on a rare occasion, I've strived to be an eagle. But, at this stage in my life I've realized that to forge the positive and trusting relationships, I need to aspire to exude eagle-like qualities. I've got to spread my wings wider and focus intently on the tasks at hand. I need to be more of a leader. In business networking, that means serving others, providing referrals, and participating on a regular basis.
Think about yourself and the people who attend your business networking meetings. If you are a buzzard, you're probably not getting many referrals. Why? Because if we can't count on you to attend meetings on a regular basis and be a contributor and leader, we probably can't count on you to manage the referrals we provide...and we're most likely not going to do business with you. If you are a Blue Heron, you'll probably get a few leads here and there, but you probably won't be with the group long as you'll bore us to tears and you'll get bored waiting for business.
But if you are an eagle, people will look up to you. They'll follow you and want to do business with you because of the leadership qualities you display. You're going to be there in the future, just like those same eagles will be there when I visit Byrd on Kentucky Lake again next year. It's their environment. It's where they roost. It's where they lead.
What kind of networking bird are you?
To learn how to leverage your business networking opportunities, contact me today at 317.696.6734 or visit www.btkmarketing.com.
There are times in my business life where I've been a buzzard or a Blue Heron. And, on a rare occasion, I've strived to be an eagle. But, at this stage in my life I've realized that to forge the positive and trusting relationships, I need to aspire to exude eagle-like qualities. I've got to spread my wings wider and focus intently on the tasks at hand. I need to be more of a leader. In business networking, that means serving others, providing referrals, and participating on a regular basis.
Think about yourself and the people who attend your business networking meetings. If you are a buzzard, you're probably not getting many referrals. Why? Because if we can't count on you to attend meetings on a regular basis and be a contributor and leader, we probably can't count on you to manage the referrals we provide...and we're most likely not going to do business with you. If you are a Blue Heron, you'll probably get a few leads here and there, but you probably won't be with the group long as you'll bore us to tears and you'll get bored waiting for business.
But if you are an eagle, people will look up to you. They'll follow you and want to do business with you because of the leadership qualities you display. You're going to be there in the future, just like those same eagles will be there when I visit Byrd on Kentucky Lake again next year. It's their environment. It's where they roost. It's where they lead.
What kind of networking bird are you?
To learn how to leverage your business networking opportunities, contact me today at 317.696.6734 or visit www.btkmarketing.com.
Sunday, September 21, 2008
Seven Words That You Cant Say in Business
No, these aren't the same seven swear words that the late comedian George Carlin spewed out back in the 1970s. But, if you utter these words, you're probably on the verge of become another tick mark in the book of failed businesses.
So, what seven words could be the dagger of death to your business?
"We really don't have a marketing budget."
Count 'em. Seven. These are seven words that I hear at least once every single working day. Oh, and they can be readily interchanged with these seven words...
"We cut our budget to save expenses."
Channeling Cramer
Aaaaggggghhhhhhh! Don't you get it, people! Marketing is not an "expense" - it's an "investment"...a freakin' investment. I am jumping up an down at my desk right now, sleeves rolled up, voice an octave higher and eyes bulging from my skull just like Jim Cramer in on of his CNBC Mad Money tirades. Where are my buttons, buzzers and horns?
It doesn't matter who said it, it's true.
Advertising pioneer David Ogilvy, 20th century Czech playwright Milan Kundera, and Peter Drucker, the father of modern management, are all credited with saying..
If all three of them said it at some point in their accomplished lives, then they are all genius. If you have a business and you are not marketing it...why on earth would you even want to be in business.
The World's Oldest Profession
Many people believe that prostitution is the world's oldest profession. Others say that it's sales. I say it's marketing. It has to be. Here's why...
For arguments sake, let's examine the prostitution theory. Around the beginning of time, some young (or maybe old) lady said to herself, "Hey, I've got something to offer men." But, she saw her reflection in the water and said, "Wow! My hair is a mess. My face is dirty. My clothes are torn. And I stink." So, she ponders how to make herself more desirable. Maybe she goes to a girl friend or another man in her tribe and says, "So, I'm thinking about selling my "assets" in exchange for some dinosaur meet. What do you think I should do to become more desirable?" She actually does some marketing research. She takes their advice and cleans herself up, puts on a new animal cloth, and rubs some fragrant flowers on her skin. She adds some sizzle to the steak, so to speak. Then, she goes about prospecting and selling. Word quickly spreads throughout the land and she has more business than she knows what do with.
She certainly was innovative and she had a marketing strategy. Today, business owners still need to take a close look at their products and services and make them attractive to prospective clients.
Tough Choices Today
I've learned some very hard lessons as an entrepreneur. Each time I've started a business, I've gotten smarter and wiser. I know how easy it is to get caught up in the "business facade". We want others to believe we are successful by how our businesses appear to them. We need a nice office. We need the best equipment. We need employees. Right? Wrong!
I've had to make some tough choices with my own business. Do I work from my home or do I rent an office? Do I hire an assistant or just work longer hours? Do I hire sales people or handle the marketing and sales myself? Right now, I stay
If you have an innovative product or service to offer, you need to focus your resources (both time and money) on marketing. Without a strategic marketing plan or marketing budget, your business can't grow. I can use the gardening analogy about planting the seed, adding fertilizer, sunlight and water...but you don't need to hear that same ol' story again.
It's time to stop being the nice employer. This is YOUR business. You may have to let people go. You may have to move to a smaller office. You may need to temporarily freeze wages or cut salaries. You owe it to yourself and your employees to take necessary measures today so that you will be in business tomorrow. I've been there. I know it's not easy. But, it's what we as business owners need to do if we are to survive.
Planning and Budgeting Time
As we head into October, it's time to start planning and budgeting for 2009. It's no secret that our economy sucks and the cost of doing business is on the rise. More and more businesses are going to start filling the pinch. If your want to separate your business from the competition and position itself for growth, you need to allocate money to marketing and advertising
You are going to ask, "How much should I budget?" My answer is "as much as it takes." That could be a little or it could be a lot. If you budget a little, you'll grow a little. If you budget a lot, you'll grow a lot.
If you have $15,000 to market your business...you should be able to generate $15,001 in revenue. Would you be happy if your mutual fund returned five or ten percent? Of course you would. You need to view your investment in marketing with that same perspective. Yes, it does take money to make money.
I had a discussion the other day with a client who was lamenting over the number of clients who were "flaking out" on him. I asked him what percentage of "no shows" he had for appointments and what his closure rate was. I explained to him that his numbers weren't much different from mine...or from any other business. It's a numbers game. If you get one new customer or client for every 100 touches and you need 20 clients to be at 100 percent capacity, then you need to market your message to 2,000 new prospects. It's that simple. You know your numbers, figure it out! Or, better yet, let me help you figure it out.
Do Your Prospects Look Ahead for You?
The fact is, you need to be on the minds of your prospective customers at the exact moment they need to make a purchasing decision. It's like when I'm driving down the highway on vacation and everyone in the car starts getting hungry. We start looking ahead for a billboard, highway sign or the "Golden Arches" themselves, appearing over the tree tops. It's got to be like that for your business. You want people to start thinking about your products and services when they are on the road to making a decision.
That's why you need to stop using those seven words, "I really don't have a marketing budget." Replace them with these 18 words...
Once you make that commitment, you'll soon realize what Ogilvy, Kundera and Drucker meant.
To learn more about how BTK & Associates can help you with your marketing plan and budget for 2009, visit www.btkmarketing.com or call 317.696.6734 today!
So, what seven words could be the dagger of death to your business?
"We really don't have a marketing budget."
Count 'em. Seven. These are seven words that I hear at least once every single working day. Oh, and they can be readily interchanged with these seven words...
"We cut our budget to save expenses."
Channeling Cramer
Aaaaggggghhhhhhh! Don't you get it, people! Marketing is not an "expense" - it's an "investment"...a freakin' investment. I am jumping up an down at my desk right now, sleeves rolled up, voice an octave higher and eyes bulging from my skull just like Jim Cramer in on of his CNBC Mad Money tirades. Where are my buttons, buzzers and horns?
It doesn't matter who said it, it's true.
Advertising pioneer David Ogilvy, 20th century Czech playwright Milan Kundera, and Peter Drucker, the father of modern management, are all credited with saying..
“Business has only two functions - marketing and innovation."
If all three of them said it at some point in their accomplished lives, then they are all genius. If you have a business and you are not marketing it...why on earth would you even want to be in business.
The World's Oldest Profession
Many people believe that prostitution is the world's oldest profession. Others say that it's sales. I say it's marketing. It has to be. Here's why...
For arguments sake, let's examine the prostitution theory. Around the beginning of time, some young (or maybe old) lady said to herself, "Hey, I've got something to offer men." But, she saw her reflection in the water and said, "Wow! My hair is a mess. My face is dirty. My clothes are torn. And I stink." So, she ponders how to make herself more desirable. Maybe she goes to a girl friend or another man in her tribe and says, "So, I'm thinking about selling my "assets" in exchange for some dinosaur meet. What do you think I should do to become more desirable?" She actually does some marketing research. She takes their advice and cleans herself up, puts on a new animal cloth, and rubs some fragrant flowers on her skin. She adds some sizzle to the steak, so to speak. Then, she goes about prospecting and selling. Word quickly spreads throughout the land and she has more business than she knows what do with.
She certainly was innovative and she had a marketing strategy. Today, business owners still need to take a close look at their products and services and make them attractive to prospective clients.
Tough Choices Today
I've learned some very hard lessons as an entrepreneur. Each time I've started a business, I've gotten smarter and wiser. I know how easy it is to get caught up in the "business facade". We want others to believe we are successful by how our businesses appear to them. We need a nice office. We need the best equipment. We need employees. Right? Wrong!
I've had to make some tough choices with my own business. Do I work from my home or do I rent an office? Do I hire an assistant or just work longer hours? Do I hire sales people or handle the marketing and sales myself? Right now, I stay
If you have an innovative product or service to offer, you need to focus your resources (both time and money) on marketing. Without a strategic marketing plan or marketing budget, your business can't grow. I can use the gardening analogy about planting the seed, adding fertilizer, sunlight and water...but you don't need to hear that same ol' story again.
It's time to stop being the nice employer. This is YOUR business. You may have to let people go. You may have to move to a smaller office. You may need to temporarily freeze wages or cut salaries. You owe it to yourself and your employees to take necessary measures today so that you will be in business tomorrow. I've been there. I know it's not easy. But, it's what we as business owners need to do if we are to survive.
Planning and Budgeting Time
As we head into October, it's time to start planning and budgeting for 2009. It's no secret that our economy sucks and the cost of doing business is on the rise. More and more businesses are going to start filling the pinch. If your want to separate your business from the competition and position itself for growth, you need to allocate money to marketing and advertising
You are going to ask, "How much should I budget?" My answer is "as much as it takes." That could be a little or it could be a lot. If you budget a little, you'll grow a little. If you budget a lot, you'll grow a lot.
If you have $15,000 to market your business...you should be able to generate $15,001 in revenue. Would you be happy if your mutual fund returned five or ten percent? Of course you would. You need to view your investment in marketing with that same perspective. Yes, it does take money to make money.
I had a discussion the other day with a client who was lamenting over the number of clients who were "flaking out" on him. I asked him what percentage of "no shows" he had for appointments and what his closure rate was. I explained to him that his numbers weren't much different from mine...or from any other business. It's a numbers game. If you get one new customer or client for every 100 touches and you need 20 clients to be at 100 percent capacity, then you need to market your message to 2,000 new prospects. It's that simple. You know your numbers, figure it out! Or, better yet, let me help you figure it out.
Do Your Prospects Look Ahead for You?
The fact is, you need to be on the minds of your prospective customers at the exact moment they need to make a purchasing decision. It's like when I'm driving down the highway on vacation and everyone in the car starts getting hungry. We start looking ahead for a billboard, highway sign or the "Golden Arches" themselves, appearing over the tree tops. It's got to be like that for your business. You want people to start thinking about your products and services when they are on the road to making a decision.
That's why you need to stop using those seven words, "I really don't have a marketing budget." Replace them with these 18 words...
"I am willing to invest marketing dollars to grow my business for the benefit of myself and employees."
Once you make that commitment, you'll soon realize what Ogilvy, Kundera and Drucker meant.
To learn more about how BTK & Associates can help you with your marketing plan and budget for 2009, visit www.btkmarketing.com or call 317.696.6734 today!
Sunday, August 31, 2008
Network or Multi-Level Marketing . . . Is it time?
To most people, any mention of Network Marketing or MLM (Multi-Level-Marketing) sends them running for cover. It's like garlic to a vampire; they don't want it near them -no how, no way. But, maybe in today's economy, it's time to add small doses of garlic to our financial diet.
I've tried them. Amway, Excel and a few others that I can't even remember. But that was years ago. I tapped into my friends, neighbors, co-workers and relatives; brow beating them until they either ex-communicated me or ultimately gave in to, as they called it, another "pyramid scheme". I swore off ever getting involved in another MLM opportunity...until now.
PLEASE READ THE REST OF THIS POSTING BEFORE YOU TELL ME I'M CRAZY!
After all, only the people that get in early make all of the money. The people at the bottom are left with closets-full of "product" such as soap, make-up, vitamins or long distance calling cards. Am I right? I've read the propaganda. I've been to the conventions. I've seen the countless pictures of a select few with the mongo huge houses, luxury cars, exotic vacations and unfathomable residual checks. They hypnotize and mesmerize us into staking our claim to that elusive pot of gold at the end of the rainbow. It's another cult. It's big rallies with everyone but us up there on stage receiving those big payouts. I know I felt inadequate, got discouraged and eventually gave up.
But, that was all before the Internet really took hold and gave the MLM industry a powerful marketing tool.
MLM has changed in a BIG WAY!
TRADITIONAL BUSINESS MODEL?
Let's step back for a moment and look at the traditional business. As an entrepreneur, I have what I think is a great idea for a business. I invest thousands of dollars in product development, product testing, office space, utilities, employees, taxes, insurance, marketing, advertising and more. Then, I work my ass off prospecting and convincing others that they need my product or service. I pay my sales people (if I can afford them), to sell. Most importantly, I am gambling that my satisfied clients, without any incentive to do so, will tell others about my business and I will be able to convert them into clients. Those new clients will tell two people, who will tell two people, who will...you get the point. I'm hoping that word spreads about my business so far and wide that I...
...Wait a cotton pickin' minute! Doesn't that smell of multi-level marketing? People...tell people who... tell more people. Hmmm.
But something doesn't make sense. I'm spending my life savings or paying to use a bank's money, hoping to someday turn a profit without giving my clients an incentive, beyond maybe an occasional gift card, to help my business grow ? It's no wonder that about 80 percent of all new businesses fail within the first two years - and their owners find themselves in financial ruin.
The MLM Model
So, let's take another look at the MLM (also called Referral Marketing) way of doing business. I can buy in to a company that's already spent millions of dollars on product development and marketing. My initial investment is usually less than $100. Then, I agree to purchase a product or service that I'm either already using, or should be using because it offers a financial or health benefit. I now just buy it from myself at half the cost rather than buying it from a store at a huge markup. I make back my investment almost instantly. It's starting to make sense.
But wait, there's more good news. I can work out of my home and take advantage of the numerous tax breaks enjoyed by home-based businesses. I don't need to dress up, so now I've saved hundreds of dollars that I spend annually on business attire. So, I now instantly own a profitable business. And if I'm worried about how fast my MLM business will take to produce actual income...I can still work my full-time job. Sweet!
Next, I learn how to market my MLM business without cramming it down people's throats. I work the numbers and eventually peak their curiosity enough to get them to look at the opportunity. If they agree to start their own MLM business, then I get paid a commission on the product they purchase...as does the people above me. That's good ol' profit sharing...just like the big oil companies.
THE MIS-CONCEPTION
HALT! This is where most people get hung up. "You mean someone else is going to make money if I buy the product? That's not fair!"
So, "genius", what happens when you buy something from Wal-mart? You pay for a product, plus the cost of marketing, insurance, payroll, and more. And, you just aren't paying Wal-mart - you are paying the manufacturer, warehouse and distributor - all the way up the line. Wait...here's something else that you don't realize. When you tell your neighbor, friend, relative or co-worker about that great new toothpaste, laundry detergent, nutritional supplement or make-up, guess who's NOT getting paid? YOU! You just became a free advertisement! You DON'T get a paycheck. Now, THAT'S NOT FAIR!
TIME TO RECONSIDER?
This past couple of weeks, I've really started thinking about my own financial situation. I've started looking at MLM opportunities. Yes, that's opportunities - plural. There are no pie-in-the-sky expectations of reaching millionaire status in 60 days. But, let's just say that in addition to my current business, BTK & Associates, I conservatively generate $10,000 the first year and that doubles each year thereafter. In five years, that's $160,000. In 10 years, when I retire at age 55, that's a little more than $5,000,000 (a five with six zeroes behind it) per year.
NOW COMES THE I-FACTOR
The "I" is for Internet. Back in the day, once I had worked my way through my Rolodex, I was done, tapped out. I maybe showed "The Plan" to fifteen of my 200 or so contacts. But with the Internet, more and more companies are using MLM business models to a sell product while creating millionaires in their wake. The number of people now generating residual income is staggering. People are adding other people they don't even know to their "downlines" via the Internet nearly every day.
WANT TO JOIN ME AND MY FAMILY IN BELIZE?
I consider myself to be pretty darn good at marketing and sales. I know some pretty average people who, in less than a year, are generating $100,000 with little effort and time. And there are so many LEGITIMATE MLM and "affiliate" opportunities available, that, unless you are a recluse, you can't not succeed.
If you would like to learn how you can generate additional residual income for you and your family, email me at brian@btkmarketing.com. I'll even help you set up your first business that doesn't even require an investment on your part but will generate a 30 percent residual income the first year!
I promise that if you join me now, we will all vacation together in Belize in January of 2009. See you there!
I've tried them. Amway, Excel and a few others that I can't even remember. But that was years ago. I tapped into my friends, neighbors, co-workers and relatives; brow beating them until they either ex-communicated me or ultimately gave in to, as they called it, another "pyramid scheme". I swore off ever getting involved in another MLM opportunity...until now.
PLEASE READ THE REST OF THIS POSTING BEFORE YOU TELL ME I'M CRAZY!
After all, only the people that get in early make all of the money. The people at the bottom are left with closets-full of "product" such as soap, make-up, vitamins or long distance calling cards. Am I right? I've read the propaganda. I've been to the conventions. I've seen the countless pictures of a select few with the mongo huge houses, luxury cars, exotic vacations and unfathomable residual checks. They hypnotize and mesmerize us into staking our claim to that elusive pot of gold at the end of the rainbow. It's another cult. It's big rallies with everyone but us up there on stage receiving those big payouts. I know I felt inadequate, got discouraged and eventually gave up.
But, that was all before the Internet really took hold and gave the MLM industry a powerful marketing tool.
MLM has changed in a BIG WAY!
TRADITIONAL BUSINESS MODEL?
Let's step back for a moment and look at the traditional business. As an entrepreneur, I have what I think is a great idea for a business. I invest thousands of dollars in product development, product testing, office space, utilities, employees, taxes, insurance, marketing, advertising and more. Then, I work my ass off prospecting and convincing others that they need my product or service. I pay my sales people (if I can afford them), to sell. Most importantly, I am gambling that my satisfied clients, without any incentive to do so, will tell others about my business and I will be able to convert them into clients. Those new clients will tell two people, who will tell two people, who will...you get the point. I'm hoping that word spreads about my business so far and wide that I...
...Wait a cotton pickin' minute! Doesn't that smell of multi-level marketing? People...tell people who... tell more people. Hmmm.
But something doesn't make sense. I'm spending my life savings or paying to use a bank's money, hoping to someday turn a profit without giving my clients an incentive, beyond maybe an occasional gift card, to help my business grow ? It's no wonder that about 80 percent of all new businesses fail within the first two years - and their owners find themselves in financial ruin.
The MLM Model
So, let's take another look at the MLM (also called Referral Marketing) way of doing business. I can buy in to a company that's already spent millions of dollars on product development and marketing. My initial investment is usually less than $100. Then, I agree to purchase a product or service that I'm either already using, or should be using because it offers a financial or health benefit. I now just buy it from myself at half the cost rather than buying it from a store at a huge markup. I make back my investment almost instantly. It's starting to make sense.
But wait, there's more good news. I can work out of my home and take advantage of the numerous tax breaks enjoyed by home-based businesses. I don't need to dress up, so now I've saved hundreds of dollars that I spend annually on business attire. So, I now instantly own a profitable business. And if I'm worried about how fast my MLM business will take to produce actual income...I can still work my full-time job. Sweet!
Next, I learn how to market my MLM business without cramming it down people's throats. I work the numbers and eventually peak their curiosity enough to get them to look at the opportunity. If they agree to start their own MLM business, then I get paid a commission on the product they purchase...as does the people above me. That's good ol' profit sharing...just like the big oil companies.
THE MIS-CONCEPTION
HALT! This is where most people get hung up. "You mean someone else is going to make money if I buy the product? That's not fair!"
So, "genius", what happens when you buy something from Wal-mart? You pay for a product, plus the cost of marketing, insurance, payroll, and more. And, you just aren't paying Wal-mart - you are paying the manufacturer, warehouse and distributor - all the way up the line. Wait...here's something else that you don't realize. When you tell your neighbor, friend, relative or co-worker about that great new toothpaste, laundry detergent, nutritional supplement or make-up, guess who's NOT getting paid? YOU! You just became a free advertisement! You DON'T get a paycheck. Now, THAT'S NOT FAIR!
TIME TO RECONSIDER?
This past couple of weeks, I've really started thinking about my own financial situation. I've started looking at MLM opportunities. Yes, that's opportunities - plural. There are no pie-in-the-sky expectations of reaching millionaire status in 60 days. But, let's just say that in addition to my current business, BTK & Associates, I conservatively generate $10,000 the first year and that doubles each year thereafter. In five years, that's $160,000. In 10 years, when I retire at age 55, that's a little more than $5,000,000 (a five with six zeroes behind it) per year.
NOW COMES THE I-FACTOR
The "I" is for Internet. Back in the day, once I had worked my way through my Rolodex, I was done, tapped out. I maybe showed "The Plan" to fifteen of my 200 or so contacts. But with the Internet, more and more companies are using MLM business models to a sell product while creating millionaires in their wake. The number of people now generating residual income is staggering. People are adding other people they don't even know to their "downlines" via the Internet nearly every day.
WANT TO JOIN ME AND MY FAMILY IN BELIZE?
I consider myself to be pretty darn good at marketing and sales. I know some pretty average people who, in less than a year, are generating $100,000 with little effort and time. And there are so many LEGITIMATE MLM and "affiliate" opportunities available, that, unless you are a recluse, you can't not succeed.
If you would like to learn how you can generate additional residual income for you and your family, email me at brian@btkmarketing.com. I'll even help you set up your first business that doesn't even require an investment on your part but will generate a 30 percent residual income the first year!
I promise that if you join me now, we will all vacation together in Belize in January of 2009. See you there!
Wednesday, August 13, 2008
Michael Phelps Teaches Golden Marketing Lesson from Beijing
(Photo by Donald Miralle, Getty Images)
As the world watches Michael Phelps collect gold medallions and shatter world records at the 2008 Beijing Olympics, I had one of those "Aha!" moments as he was collecting his 10th Olympic medal on Monday night, August 11, 2008.
Michael Phelps followed the same superstitious ritual he has gone through prior to each swimming event the past several years. He listened to his Rap music, removed his ear buds, took off his jacket, climbed up on the block and flapped his arms like a gigantic bald eagle about to swoop down on an unsuspecting meal.
But it was how he managed this particular race, just like all the others, that gave me a take-away that I can immediately apply to my business as well as my clients'.
Tense Moments
Phelps left the block, effortlessly motored himself under water and suddenly emerged on the surface somewhere in the middle of the pack. As we watched, my wife stated what I was thinking, "He's not leading. The guy in lane one is." Right on cue, as if he heard my wife and millions of other viewers gasp in unison, the announcer reassured. "Oh, but he knows exactly where he his and where his competitors are."
Aha! That's it. Here is a guy not only swimming to be the most-decorated Olympian in history, but he's also teaching a valuable marketing lesson at the same time. Phelp's course syllabus might read something like:
Practical ApplicationDo you know where your competition is? You've worked too
hard to let your competitions take the lead and increase it's market share. In this course you'll
learn how to monitor your competition, get to know their strengths and weakness, and implement both a proactive and reactive marketing strategy to help you reach for the gold in your business and personal lives.
I am currently working on a competitive intelligence project for a client in. Like Michael Phelps, this business has been working hard for the past twenty years is truly a champion in its industry. But, a sagging economy combined with some emerging technological challenges has put a recent drag on the business. My client wants to know where the competitors are. Where do they excel? Where do they fall short? What are the opportunities and threats that can help or hurt their business? Are we truly a leader or is someone else threatening our existence? These are all valid and important questions for any business to ask every single day.
Michael Phelps teaches us that you don't necessarily need to pull up and look at your competitors. He keeps kicking and pulling water with each stroke. He's focused. Most importantly, he keeps his head down and concentrates on the task at hand. But, he is instinctively aware of his competition. He's done his homework and due diligence. He's watched endless hours of video on each competitor and himself and he's replayed his races time and time again inside his head.
Game On
In your business, you need to keep your head down and move forward. But, equally as important, you need to understand your competition and environment. Review their website. Acquire their brochures. Be on the lookout for their advertising and scrutinize it as if it were your own. Monitor their pricing strategies. Once you know where your competition is, you'll be better poised to know when to save your energy and when to turn up the heat. At the end of each race, you'll find yourself breaking all kinds of records and standing atop the podium.
BTK & Associates can coach your business to victory conduct Competitive Intelligence. You'll learn who your competition is both in your market space and geographically. You gain confidence knowing that you can make the necessary adjustments to grown your market share and be a leader in your market.
For more information on how BTK & Associates can help your business stand out in a crowd, visit www.btkmarketing.com, email me at brian@btkmarketing.com, or call 317.696.6734.
Thursday, August 7, 2008
Who's Really Driving Your Marketing Strategy?
Are you letting your website designer, printing company, video company, freelance graphic designer or another niche marketing specialist commandeer your marketing efforts? If so, this might be the reason your sales are sluggish.
Scratching My Head
I'm a strong proponent of business networking. I attend a few business networking events each week. I can't help but chuckle inside and roll my eyes when I hear some young guy or girl who just started a web design company talk about sitting down with you and helping you with your "overall marketing strategy". I always walk away from those meetings scratching my head and seething a little bit.
"C'mon! Are you kidding me?" This is like going to the discount tire store to have a flat tire patched and having them tell you..."For $49.95 we can run a comprehensive diagnosis on your car and tell you how to optimize it's performance for better gas mileage." What are they going to sell you? Yep, you guessed it. Tires! They are going to sell you the newest tires rated for better road wear which means, of course, better mileage.
The Need for a Broader Diagnosis
Wouldn't you take your car back to the service center where you purchased it? Or, like me, you might have an independent automotive service center that has the training and experience to be able to provide a comprehensive diagnosis. My service center is qualified to look at the engine, transmission, suspension, fuel lines, electrical system, tires and more. I have the confidence in their years of experience and training. They make recommendations, tell me what repairs I need to make now...and later. They give me options and charge me a fair price.
The same goes for doctors. I have a family doctor that I depend on to review my overall health. He then makes recommendations for me to see various specialists whether that be for a sinus problem, ear infection, knee pain, allergies...etc. He refers me to someone with a more narrow focus. I wouldn't go see a orthopedic specialist for treatment if I was having chest pain.
Your Benefit or Theirs?
So, back to the question - who's driving your marketing. Your web designer? A video production company? Your advertising sales rep at the local newspaper? The quick printer down the street? If so, who's interest do you think they ultimately have in mind? Yours? No. They are in business to make money for their company.
There are some exceptions to the rules...but you've got to dig deep and ask lots of questions. But, one key questions you need to ask is, "Other than your company, who would you recommend to help me develop a comprehensive marketing strategy?" If they respond with ANY other answer than a recommendation for a marketing consultant, an advertising/marketing agency or a small business advocacy group such as the SBA, SCORE or Chamber of Commerce, turn and run for the hills.
Seeing The Big Picture
Now, you might be asking..."But aren't you in business to make money?" Absolutely. But, as your marketing "service center" or "physician". I'm going to get to know you and your business. I'm going to ask the right questions, take the pulse of your business, poke around until I find where it hurts and then, I'm going to recommend a plan to nurse your business back to good health. Then...I'll bring in the necessary specialists. In the end, my goal is to help you make more money so that you'll continue to partner with me so that I, too, make more money.
I have relationships with some of the best "specialists" in the industry. And, if you already have a preferred vendor, I'll be happy to meet with them to determine if they would make a good marketing partner. If not, I'll recommend one that will get the job done.
As a business owner, you owe it to yourself and your business to develop and implement a comprehensive marketing plan. This plan may mean diversifying your marketing portfolio across a number of strategies including the Internet, direct mail, sales collateral, print advertising, special events and more. This means working with a qualified consultant or an agency that sees the "big picture" and can build an overall strategy and make recommendations that will help your business grow and prosper.
If you are interested in a comprehensive diagnosis of your marketing efforts, I encourage you to visit my website at www.btkmarketing.com, email me at brian@btkmarketing.com or call me at 317.696.6734.
Scratching My Head
I'm a strong proponent of business networking. I attend a few business networking events each week. I can't help but chuckle inside and roll my eyes when I hear some young guy or girl who just started a web design company talk about sitting down with you and helping you with your "overall marketing strategy". I always walk away from those meetings scratching my head and seething a little bit.
"C'mon! Are you kidding me?" This is like going to the discount tire store to have a flat tire patched and having them tell you..."For $49.95 we can run a comprehensive diagnosis on your car and tell you how to optimize it's performance for better gas mileage." What are they going to sell you? Yep, you guessed it. Tires! They are going to sell you the newest tires rated for better road wear which means, of course, better mileage.
The Need for a Broader Diagnosis
Wouldn't you take your car back to the service center where you purchased it? Or, like me, you might have an independent automotive service center that has the training and experience to be able to provide a comprehensive diagnosis. My service center is qualified to look at the engine, transmission, suspension, fuel lines, electrical system, tires and more. I have the confidence in their years of experience and training. They make recommendations, tell me what repairs I need to make now...and later. They give me options and charge me a fair price.
The same goes for doctors. I have a family doctor that I depend on to review my overall health. He then makes recommendations for me to see various specialists whether that be for a sinus problem, ear infection, knee pain, allergies...etc. He refers me to someone with a more narrow focus. I wouldn't go see a orthopedic specialist for treatment if I was having chest pain.
Your Benefit or Theirs?
So, back to the question - who's driving your marketing. Your web designer? A video production company? Your advertising sales rep at the local newspaper? The quick printer down the street? If so, who's interest do you think they ultimately have in mind? Yours? No. They are in business to make money for their company.
There are some exceptions to the rules...but you've got to dig deep and ask lots of questions. But, one key questions you need to ask is, "Other than your company, who would you recommend to help me develop a comprehensive marketing strategy?" If they respond with ANY other answer than a recommendation for a marketing consultant, an advertising/marketing agency or a small business advocacy group such as the SBA, SCORE or Chamber of Commerce, turn and run for the hills.
Seeing The Big Picture
Now, you might be asking..."But aren't you in business to make money?" Absolutely. But, as your marketing "service center" or "physician". I'm going to get to know you and your business. I'm going to ask the right questions, take the pulse of your business, poke around until I find where it hurts and then, I'm going to recommend a plan to nurse your business back to good health. Then...I'll bring in the necessary specialists. In the end, my goal is to help you make more money so that you'll continue to partner with me so that I, too, make more money.
I have relationships with some of the best "specialists" in the industry. And, if you already have a preferred vendor, I'll be happy to meet with them to determine if they would make a good marketing partner. If not, I'll recommend one that will get the job done.
As a business owner, you owe it to yourself and your business to develop and implement a comprehensive marketing plan. This plan may mean diversifying your marketing portfolio across a number of strategies including the Internet, direct mail, sales collateral, print advertising, special events and more. This means working with a qualified consultant or an agency that sees the "big picture" and can build an overall strategy and make recommendations that will help your business grow and prosper.
If you are interested in a comprehensive diagnosis of your marketing efforts, I encourage you to visit my website at www.btkmarketing.com, email me at brian@btkmarketing.com or call me at 317.696.6734.
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