In the world of business, it's not uncommon for entrepreneurs to question their strategies when sales are sluggish. The truth is, you may not be doing anything wrong. However, there's always room for improvement and perhaps, there are some strategies you've overlooked. This article provides a comprehensive guide to seven crucial marketing principles that can significantly contribute to the success of any business.
While everyone could potentially be a customer for your product or service, your marketing efforts will yield the best results at the lowest cost when you target prospects with the greatest need for what you offer. Identify a niche market and tailor your promotional material to address their primary needs. Then, replicate your success by identifying several other niche markets and adjusting your promotional materials to cater to each market's unique needs.
Your USP is the compelling reason why a prospect should choose your business over your competitors. Attract the maximum number of customers by offering a benefit they can't get from your competitors. If you don't already have a USP, create one by adding something unique to your business. Transform it into a benefit statement and incorporate it into all your advertising.
Ensure every advertisement includes a powerful offer. Offer free information related to your product or service to generate inquiries or website traffic. Then, make the most enticing discount or bonus offer you can afford to convert these inquiring prospects into paying customers.
Most prospects won't make a purchase the first time they encounter your sales message. Therefore, it's crucial to have a system in place to collect contact information for future follow-ups. Many businesses generate over 50 percent of their sales by following up with prospects who previously requested information but didn't make a purchase. Advertising can be costly, so maximize your return on investment by periodically following up with the prospects it generated.
The primary reason people hesitate to buy something they want or need is the fear of disappointment or financial loss. You can alleviate this fear by guaranteeing satisfaction. If you sell products, offer a generous money-back guarantee. If you provide a service, promise to continue working at no additional charge until the promised result is achieved.
It's easier and less expensive to get more business from satisfied customers than to find new ones. Continually develop new products and services related to what you sell and offer them to your existing customers. For internet-based businesses, affiliate programs offer a quick and low-cost way to expand your product range.
Continually test and evaluate the effectiveness of your promotional strategies. A highly effective guideline is the 80/20 rule: invest 80 percent of your advertising budget and effort in proven promotions and 20 percent in testing new variations. Businesses that adhere to this system often experience growth, even in highly competitive markets.
Take a few minutes to evaluate how well you're implementing each of these seven marketing principles in your business. A small improvement in just one of them can boost your sales immediately. An improvement in several can generate a significant increase in your total sales volume.
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