Art of Marketing
Become the person who would attract the results you seek. — Jim Cathcart
The main reason for the success or failure of a business is determined
by the ups and downs of marketing efforts.
According to Dun & Bradstreet,
48% of business failures are the result of inertia
or inefficiencies in marketing or sales.
In today’s dynamic competitive economy,
marketing is at the core of every successful business.
No matter what industry you are in,
you still need marketing.
In this practical and informative book on marketing,
readers will come across 21 key ideas and plenty of side ideas
that can be leveraged to improve your marketing strategy
– get started now.
Strategic marketing is the art
and science of identifying the tastes and needs of current
and future customers and helping them satisfy them
by creating and structuring your products and services,
so that they bring satisfaction to customers.
The purpose of strategic marketing is
to encourage you to sell more of the services
and products you are offering
at a higher price in an expanding geographic area
and to gain leadership,
and strength on the market.
The most important rule
The starting point of successful marketing is
that you always have to remember that the customer is always right.
They buy for their own reasons,
Customers are selfish,
But they are always right based on their individual needs,
they wants and their ways of thinking.
Customers will change providers whenever
they feel they will be better served somewhere else.
Your ability to meet their real needs,
satisfy their wants,
is a major determinant of your success in business.
Marketing is a skill set that can and must be learned
by keeping certain ideas and concepts in mind,
and by asking certain key questions regularly.
If you take the time to think through the answers
to the questions in this book,
you will sharpen your marketing skills dramatically.
The most important part of this book is what you do then.
Your specific actions,
and the speed at which each action is taken,
are the factors that determine the full value of this book to you.
When you read or consider an action
you can take to improve your marketing skills,
Develop a sense of urgency and a bias for action.
Those are the key qualities of every great entrepreneur.
Everything in life is a sale
and everything you want is a commission. ― Grant Cardone
Chapter 01. Purpose of business activities
A lot of people think that the purpose of a business
is simply to make a profit.
However, as Peter Drucker explains,
its real purpose is “to bring in and keep customers”.
Every effort of a successful business
is aimed at bringing in customers in some way.
Profit is the result of cost-effectively acquiring
and retaining customers over time.
Initial customer acquisition costs are very high.
The cost to retain them is much lower
than the cost of attracting them in the early stages.
If you observe the companies
with the most effective marketing,
you will realize that their strategies are all about attracting customers
and keeping them.
Quality is a marketing strategy
Perhaps the most profitable marketing strategy is to elevate the quality
of your product or service.
Quality is one of the most effective
and powerful marketing strategies.
Up to 90% of the success of your business is determined
by the quality of the product
or service you initially offer.
People will always buy from reputable suppliers,
are willing to pay higher prices,
and will always return to the company
that has provided them with high-quality products and services.
What is quality?
This topic has been discussed and debated for many years.
Philip Crosby, founder of Quality College,
has said that “quality is the degree to which your product
or service does what you say it will perform
when you sell it and continues to guarantee it. that’s effective.”
Perhaps the best definition of a brand,
or your reputation in the marketplace,
is “the fact that you make promises and keep them.”
Your evaluation of quality is determined
by the percentage of time your product
or service works based on the promise
you made to attract the initial customer.
The second fundamental strategy related to successful marketing
is service quality.
According to PIMS (Profit Impact for Marketing Strategy),
a study conducted over many years by Harvard University,
the quality of a product lies in two factors:
the product itself,
and how the product is sold or served.
Not only the product itself,
but also the way you serve customers from the moment
you first contact them to the time they use your products
and services is the key to the success of your business.
People will always return to a supplier of quality goods and services,
no matter what price they pay.
I want a million dollars in my happy account
and a million in my bank account. — Jim Rohn
How do they feel about you?
Another factor that plays a very important role in the success
of a marketing strategy is relationships.
Today, we have to recognize that the quality of our business relationships
is what determines whether
we attract and retain a certain number of customers.
At one point I asked my audience,
“What percentage of human decisions are emotions and reason?”
After they gave a few answers,
I told them,
“People often rely entirely on emotions to make decisions.”
They decide emotionally,
then rationally justify it.
Their feelings and especially their feelings
after a purchase is the deciding factor in their purchase of anything.
the former general manager of SAS Airlines
who turned SAS into one of the most profitable companies in Europe,
wrote a book about his experiences called Moments of Truth:
In this fascinating book,
he shows that every customer contact is an influential “moment”
and can largely determine whether
that customer will stay with you or not.
Because the cost of satisfying an existing customer accounts
for about one-tenth of the costs of marketing,
and selling to a new customer,
companies can attract and retain customers
by caring for them are always the fastest growing
and most profitable organizations.
Success is something you attract by the person you become. — Jim Rohn
Each company is operating in the field of “find customers.”
Every company has a “specific acquisition cost”.
This is perhaps the single most important expense
in the success of any business.
Your acquisition costs include any money you pay anyone,
in any way, to acquire a first-time customer.
A company will survive if it can buy a customer at a cost less
than the net profit that customer would bring
to the company during their purchase.
Whenever you read about companies that have millions
or even billions of dollars in revenue,
but still lose money,
you’re seeing an example of the old saying:
“We lose on every sale,
but hopefully make up for it in numbers.”
When companies lose money,
it is mainly because the acquisition cost of acquiring a customer is higher
than the total profit that
the customer makes goods bring to the company.
If your company can acquire a customer
for less than the profit you can make from that customer,
you can spend almost any money buying more and more customers.
This is one of the biggest secrets of business success
and it is a core requirement for effective marketing.
If you don’t give up on something you truly believe in,
you will find a way. — Roy T. Bennett