If you suspect that most of the money you spend on marketing is wasted, you could be right. Check this marketing advice by marketing professor David Corkindale.
* Instead of targeting one segment of consumers or the market relevant to your business, aim at a broader spectrum of prospects who are likely to want the products/services you and your competitors offer.
* Depend less on customer loyalty. Studies show that only 10 percent of all buyers are loyal customers.
* The only way for a company to achieve lasting growth is to increase its customer base, either by reaching new customers in existing markets or entering new markets.
* Gain market share by reaching more prospective customers rather than working to get existing customers to buy more often.
* Being different from competitors is not always the best goal.
Writing in The Wall Street Journal, Corkindale notes that those who want to compete with dominant companies, like McDonalds, usually accept the fact that the leader has found a formula that works. It can be copied.
Some things to remember:
* Sales and promotions are more likely to attract those who are already your customers than bring in new business.
* Young companies need to do all they can to nurture their brand and create positive associations in the minds of prospects/customers.
* Make sure your products or services are easy to find online. The Internet is a powerful marketing tool.
* Set up a system that makes it possible to respond effectively to Internet prospects when they contact you.
Marketing expert Terri Langhans puts it another way: Think of marketing as anything that “helps or hinders” the sale or use of your product or service. This includes your location, the attitude of the person who answers the phone, your name, pricing, brochures, your personality and more.
Figure out what obstacles you can quickly fix or remove – suggests Langhans.