How to Constantly Study & Learn Marketing

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Learn all that you can about marketing. Read everything that I send you several times. Each time you do, you’ll discover something that you missed the previous time. You don’t want to miss a major point because marketing is the art of convincing. It goes beyond just selling, and requires an open and trustful relationship, even in that short period of time when the sale happens, between salesperson and client.

Have lots of books, tapes, newsletters, and videos in your marketing media!  Remember, we are all in the marketing business. The fact is that we all need new guests. Whether we like it or not, we are in the marketing business.  And when a new marketing strategy brings in lots of money, your business can become lots of fun!

The difference between advertising and marketing:

  • Advertising is knowing what to say.
  • Marketing is knowing where and how to say it and often includes who to say it to.

Lester Wunderman, who is basically considered to be the father of direct marketing, writes in his book, Being Direct, his nineteen things all successful direct marketing companies know. They are listed below for you to study so you’ll know them too!

1. Direct Marketing Is a Strategy, Not a Tactic

It’s not an ad with a coupon; it’s not a commercial with a toll free number; it’s not a mailing, a phone call, a promotion, a list, or a website. It’s a commitment to getting and keeping valuable guests.

2. The Consumer, Not the Product, Must Be the Hero

The product must create value for each of its consumers. It must satisfy consumers’ unique differences, not their commonalties. The call of the Industrial Revolution was manufacturers saying, “This is what I make. Don’t you want it?” The call of the Information Age is consumers asking, “This is what I need. Won’t you make it?”

3.Communicate with Each Guest or Prospect as an Audience of One

Advertising must be as relevant to each consumer as the product or service. General advertising and more targeted direct marketing must both be part of a holistic communication strategy.

4. Answer the Question, “Why Should I?”

The most dangerous question a prospect or guest asks is, “Why should I?” And he may ask it more than once - but never of you. The product and its communication stream must continue to provide him with both rational and emotional answers.

5. Advertising Must Change Behavior, Not Just Attitudes

Favorable consumer attitudes go only part of the way to creating sales. It’s also the consumer’s accountable actions such as inquiries, product trials, purchases, and repurchases that create profits.

6. The Next Step! Profitable Advertising

The results of advertising are increasingly measurable; they must now become accountable. Advertising can’t be just a contribution to goodwill - it must become an investment in profits.

7. Build the “Brand Experience”

Guests have to know and feel the brand as an experience that serves their individual needs. It has to be a total and ongoing immersion in satisfaction that includes everything from packaging to point of purchase, repurchase, and after-sale service and communications.

8. Create Relationships

Relationships continue to grow -encounters do not. The better the buyer/ seller relationship, the greater the profit.

9. Know and Invest in Each Guest’s Lifetime Value

One automobile dealer calculated that a lifetime of cars sold to one guest would be worth $332,000. How much should a marketer spend to create such a loyal lifetime guest for a given product or service?

10. “Suspects” Are Not “Prospects”

“Prospects” are consumers who are able, ready, and willing to buy; “suspects” are merely eligible to do so. Communicating with prospects reduces the cost of sales; communicating with suspects raises the cost of advertising.

11. Media is a Contact Strategy Measurable results from media, not the number of exposures, are what counts. Measurements such as “reach” and “frequency” are out of date. Only “contacts” can begin relationships.

12. Be Accessible to Your Guests 

Be there for your guests - be their source of information and service through as many channels of communication as possible. They can’t tell you what they need unless they can reach you.

13. Encourage Interactive

Dialogue Listen to consumers rather than talk at them. Let them “advertise” their individual needs. They’ll be grateful for your responsiveness. Convert one-way advertising to two-way information sharing.

14. Learn the Missing “When?”

The answer “not now” is as dangerous to advertising as “not this”. Only consumers know when they are ready to buy, and they will tell you, if you ask them in the right way.

15. Create an Advertising Curriculum That Teaches as It Sells

A “curriculum” is a learning system that teaches one “bit” of information at a time. Each advertising message (bit) can build on the learning of the previous one. It can teach consumers why your product is superior and why they should buy it.

16. Acquire Guests with the Intention to “Loyalize” Them

Promotions sell product trials - but not ongoing brand loyalty. They may also attract the wrong guests, who may never become loyal. The right guests must be acquired and persuaded to want what the product does and not what the promotion offers. The right guests may in fact be your competitors’ best guests.

17. Loyalty Is a Continuity Program “Totally satisfied” guests are least likely to fall away. Those who are merely “satisfied” may fall away without warning. To build ongoing relationships, rewards for good guests should be tenure-based (on previous purchases, usage behavior, and length of relationship).  Rewarding “tenure” can prevent competitors from “conquesting” your best guests.

18.Your Share of Loyal Guests, Not Your Share of Market, Creates Profits

Spend more on the good guests you have. Ninety percent of most companies’ profits come from repeat guests. It costs six to ten times as much to get a new guest as to keep an old one.

19.You Are What You Know

Data is expensive. Knowledge is a bargain. Collect only data that can become information, which, in turn, can become knowledge. Only knowledge can build on success and minimize failure. A company is no better than what it knows.

Don’t stop with this list. Keep learning more and more about marketing, because even the best marketing strategy is doomed to eventually fail. If it is good, competitors won’t stand idly by. They will copy the strategy and, in time, improve it, rendering the original version obsolete. Be sure that you are continually tweaking a winning strategy.

Author Box
Jonathan Munsell has 23 articles online and 6 fans

Jonathan Munsell http://bit.ly/ffpJyN is a professional speaker,  restaurant owner and owns and operates multiple restaurants and a large catering company. Helping  other restaurant owners better their business through Restaurant Success System.
Reach him at jonathan@restaurantsuccesssystem.com call him on  +1 919.225.6015 or visit  http://www.RestaurantSuccessSystem.com

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How to Constantly Study & Learn Marketing

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This article was published on 2011/07/07