Factors That Can Affect ROI On Marketing

Marketing and advertising to potential customers is the universal means through which all companies let consumers know about the products they offer. So why are some companies more well known and profitable than others? Endless budget notwithstanding, it’s because they’ve thought about their marketing efforts well in advance rather than simply reacting to a lull in sales. Additionally, successful marketers have taken stock of the five primary factors that can make or break their advertising efforts—audience & reach, message, media, professionalism, and funding—and planned accordingly.

Let’s take a closer look at how those five factors can affect marketing efforts:

• Audience & Reach: Contrary to what you might believe, your product is not necessarily ideal for everyone. In fact, most products aren’t. Therefore, don’t attempt to attract the masses. Instead, focus your marketing efforts on those most likely to want or need your products / services. It’s better to reach a few people who are likely to be interested in your product than to reach tons of people, most of which could care less about what you’re selling. Not sold on the idea? Well, think about it: If you’re the owner of a local children’s shoe store, would it really be smart to use your advertising dollars to send blanket direct mail pieces to all consumers within a 50 mile radius? Of course not! While you will make all of those people aware of your store, only a small percentage of them will care about your store or your products—either because they don’t have a need for children’s shoes or because you’re too far from them. A better way to go about marketing would be to invest in consumer leads with very focused criteria. Households with children ages 1-10 within a 15-mile radius, perhaps. By doing that, you’ll be tapping into an audience that likely has a need for your product and that would be more willing (compared to someone 50 miles away) to visit your store.
  
  
• Message: Anytime you send out information to the public—be it a potential customer, business partner, or media outlet—you have to determine what the purpose of the communication is. Next, you have to determine what you want the recipient of the marketing collateral to do. Finally, you have to be clear on the reasons why taking that action would be of interest or benefit to them. Without those three bases covered, your message will be unclear, non-motivating, and ineffectual.
  
  
• Media: Is the media being used to market your products the most sensible means for reaching your target demographic? For example, say that you sell high-definition TV services. Is radio really the best vehicle to showcase your product? I think not! The ideal media is going to be television because you can not only tell your audience about your product but also show them what your product does. If you’re a printing company, you could purchase TV, radio, or billboard space but your ideal vehicle is going to be direct mail. Again, you can show your target demographic your work.
  
  
• Professionalism: What do your marketing materials say about your company? Your products / services? The answer: Volumes! That’s why you must always insure that your advertising and marketing collateral is as professional as you are. Before sending anything out, always ask yourself, “Could your materials be better designed, written, or presented to provide a better impression of the company and the products / services we offer?” If the answer is “no,” stop everything. Take the time you need to get the materials right because while staying within a certain budget is ideal, it’s often worth a little extra expense to have a professional work on your marketing materials. After all, they’re they only thing left behind to promote your business when the sales people aren’t around.
  
  (NOTE: This applies to your website too!)
  
  
• Funding: Well, you can’t talk about marketing without talking about money matters. It’s simple. Ask yourself: “Does the company have the necessary monies available to maintain marketing efforts for an extended period of time to truly reach potential clients?” It’s a simple question with a simple “Yes” or “No” answer. So, how do you know if you have enough funds? Well, in general, potential customers do not really notice marketing messages the first time they’re exposed to them. They typically need to be exposed to a product (or product advertising) three or more times before becoming familiar with it. That means that you need to put costs for repeat marketing efforts to the same audiences into your budget. Once consumers are familiar with the product, you’ll need to keep promoting your products a few more times to inspire them to actually buy.

If you drop the ball in any of these areas, you will decrease your potential for optimal return on your marketing dollars investment. So, plan your marketing efforts thoroughly before you act and then put your best foot forward to the world! Good luck, and as always, feel free to contact me with any questions.

Entrepreneurs: Wake Up!

If you don’t have a online presence, you’re missing out on a huge opportunity to introduce consumers to your products and services! Why? Because a Web site is your 24-7-365 salesperson that will always represent your business correctly. Whether your goal is to collect leads, provide information, or to sell before, during, and after “normal” business hours, a website is a “must-have.”


So, if you don’t currently have a Web site, I have to ask: Why not?


Is it the cost?
If cost is the primary reason for your hesitation, you’re in luck. There are a variety of solutions on the web that make having a Web site affordable for everyone. For example, Google offers free Web sites and a very simple online site builder that allows users to build a simple Web site in no time at all. Therefore, it’s a decent option for a starter Web site. However, there are a couple of catches: (1) The templates are frill-less. (2) Customization capabilities are limited. (3) You will not have a fully customized domain. That’s to say, if your company is called “Funny Biz,” your Web address would not simply be “FunnyBiz.com.” Instead, it would be: http://FunnyBiz.googlepages.com. Still, that’s a small price to pay (or not pay!) if you need an online presence and have absolutely no budget for a Web site.

If you have $20 / month that you can spare for a Web site, you can build a Web site with a customized domain, which is ideal because the domain can be used to help brand your business. GoDaddy is a highly popular domain purchase and hosting service but there are a number of companies on the web who provide the same services; many of them, like GoDaddy offer site building services and templates to help you build your own Web site. Best of all, you don’t need to know HTML or any other programming language. (Other web domain and hosting options.)

An additional option is to tap into the many template-for-sale services on the web. A popular site with a huge variety of templates at various price ranges is Template Monster. Often times, these services provide website templates that have more pizzazz than those provided through GoDaddy, Google, and similar services. However, you will pay for that unique look. Expect to pay $60 to $150 for the right to use the template of your choice. FYI: You will still need to hire someone with web design experience to customize the template for you or you can customize the template yourself but you must have the correct design software to do so. And of course, there’s a fully customized Web site design. Expect pricing for custom Web site design by seasoned professionals to cost $500 and up; the complexity of the site and the number of pages will ultimately dictate a majority of your costs. Flash and e-commerce sites cost more than static sites. Sorry folks. That’s just the way it is.


Can’t decide what to say or how to say it?
That’s an easy solve too. You’ve got two options.

Option A: Make a list of the important information that you would want a potential customer to know about your business. From that, start writing those things out in detail. Then, hire a proofreader or editor to improve the text. That’s the way to go if you have lots of time but very little cash.

Option B: Hire a professional copywriter. If you hire a copywriter, all you’ll have to do is make a list of the information you want conveyed and be ready to answer questions. A trained copywriter will be specialized and knowledgeable about how to convey your message in the perfect words. Any good copywriter will be able to cater his or her writing style to one that fits your target audience, the brand personality you’ve established for your business, and the type of writing (sales versus informational / educational) that’s needed based on your purpose for the Web site.


Does the idea of designing a Web site seem too daunting?
It shouldn’t be. If you use a site builder through a hosting company, the programs are intuitive. You just have to be patient while for the first hour or so until you figure things out. If, on the other hand, you plan on hiring a web designer, the so-called hard part for you really isn’t that hard at all. The primary tasks you’ll need to complete before contacting a web designer are to:

• Determine the purpose of your Web site
  
  
• Decide on the type of content to be included on the site as well as whether you’ll be providing the content or if you’re going to hire a copywriter
  
  
• Make a list of the special capabilities (if any) you want the Web site to have. Ex: A contact form, flash introduction, photo gallery, shopping cart for e-commerce, a database to collect or store information, etc.
  
  
• Locate examples Web sites and provide your designer with links to those sites. Or, if you’re designing your own Web site, keep the links handy for quick reference.

As long as you can describe those things in detail, that’s all the designer will need to get started on your Web site. If the designer has more questions, he or she will ask.


Don’t have the time to “organize” or “oversee” the project?
Make the time. We live in the electronic age where consumers hop on the Internet superhighway for almost everything they’re looking for. It’d be a shame for them to go looking for what you sell and not find you, now wouldn’t it?

Be A Better Salesperson!

Even the best of salespeople can use some tips on how to be a better salesperson. So, here's an article that I found (as posted on Entrepreneur.com) that I thought might be of interest to some of you...

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Do You Wanna Buy?

Closing a sale can be as simple as learning a few closing questions.

By Don Morgan | September 04, 2007

URL: http://www.entrepreneur.com/sales/closingthesale/article183578.html

This article has been excerpted from Masters of Sales: Secrets From Top Sales Professionals That Will Transform You Into a World Class Salesman (Entrepreneur Press, September 2007).

To successfully close a deal, you have to invite the prospect to buy several times during the sales process. Other than low-ticket retail purchases, most prospects tend to avoid saying, "OK, I'll buy it" on their own initiative. They have to be coaxed to make this commitment. Master sellers know how to ask for the sale, and they don't interpret a customer's "no" as a personal rejection.

Closing a sales process is really very simple. All that is required is to learn a few simple closing questions and then practice them until you are a master closer. The closing phraseology used during this phase of selling is simple but carefully worded.

To truly master closing scripts, it's important to grasp the key communication principle of allowing the customer choice within the interaction. The choices are pre-selected like a multiple-choice test.

Communicating Options
Get in the habit of allowing the customer optional responses at the onset of the sales interaction:

When would be the most convenient time to meet for you?
Morning or afternoon?
Early or late morning?
The beginning, middle or end of the week?
Would you like a more complete presentation that will take 45 minutes, or should I plan on a 15-minute overview at first?

By offering options to the customer, you give him partial control over your meeting. This signals your desire to respect his needs and to be a partner in his buying venture. As the transaction progresses, there are other ways to offer customers a choice, such as:

Which color do you prefer?
Will the product be mainly for business or family use?
Will your full staff or just senior staff take the course?
What is a better time to deliver the product, morning or afternoon?

Selling cars taught me that customers have very definite ideas about preferences, even if they can't articulate these at the outset. When we give our car customers a choice in selection of their new car--fabric, color, transmission, style--we convey our desire to share in the responsibility of getting just the right product to satisfy the client's special requirements. Giving them choice also makes them feel like a VIP, which certainly helps close the sale.

To communicate choice, sellers must have full product knowledge and discover how to match the product's features to the client's desires, which are often not articulated. Building choice into the sales interaction helps to draw out the client preferences.

Master Selling Scripts
Use sales scripts that communicate choice from the meet-and-greet phase right through to closing, product delivery and follow-up. A simple sequence of three closing scripts is useful to close a sale for most products and services. Once you memorize the questions and practice using them, your closing ratio will improve. The questions are easy to insert into a sales conversation, yet they still allow the customer choice of three optional answers.

These questions get inserted into your directed sales conversation that bounces back and forth between casually and formally discussing many topics related to the customer and to the product. After your product presentation is completed, casually inject in the conversation the closing question. Following are some examples.

Closing Question 1
Do you feel this product/service/program/organization/concept would be of benefit to/enjoyed by people?

The response will be some form of yes, no or maybe.

A "yes" means the client sees the merits of people owning the product, and is likely to be considering the idea of owning it. This signals to the seller that it's OK to move forward.

A "maybe" means the person is thinking about issues or features of the product that may not fit his immediate needs. The seller must discover if the prospect does not understand some aspect of the product or service, and then answer these questions or objections with the proper information before moving forward.

A "no" means that the client does not like the product and sees no personal application for it or anyone else in his organization. The way to move forward is to thank the client and--if you feel that a rapport was established--ask, "Although you cannot see merit in this product, might you be able to refer a friend or colleague who might like it?" You can also try to refer the customer to some other vendor who might better meet his needs, thereby doing a friendly deed that will come back to you … sometime. (What goes around comes around.)

With a "yes" answer (or a "maybe" that has been converted to a "yes"), you can move along in your sales script. If you have a firm "no," you will want to move on quickly to the next prospect in line.

Closing Question 2
Do you think that this product would be beneficial to your business?

You can substitute the word "business" with other terms as applicable--life, family, organization or program--depending on the circumstances. With this question, you are getting a little more familiar with your client, and are seeking to build on her general interest and turn it into her commitment. Again, you will get one of three responses (yes, no, maybe).

If you get a "yes," then the customer feels the product will not only benefit people in general, but will also directly benefit her or her business. At this point, you almost have the customer's agreement to own the product. Her only other concern may be with the price or some other logistical issue that will show up in a "maybe" response. But you are getting close, and you need to help your client overcome any final reasons for concern.

If the client feels your product or service will benefit people and it will benefit her own life or business, very little remains to separate her from agreeing to buy.

If the answer is "no," then ask when she might want to reconsider owning your product and work toward scheduling a follow-up meeting. Once you get such a meeting scheduled or noted in your calendar, now is the time to ask for a referral (covered above).

Follow the formula. If you have a "yes" or have overcome the "maybe" response, move right into the final stage.

Closing Question 3
Would you like to fill out the paperwork so you can begin using the product?

If your interaction and communication was more formal, you will use more formal wording to the question; alternatively, a more casual exchange should be used if you have had a more informal, comfortable sales exchange. "Charlie, shall I roll it out for you?"

You will have to decide on the exact words to polish off the deal, but with practice you will soon master the best scripts.

Using three semi-open-ended closing questions will allow you to direct the conversation toward a conclusion to your business. As the seller, you remain in control of the professional task of selling, while respecting the client's time and integrity.

Don Morgan is founding national director of BNI Canada and executive director of BNI Chicago, and co-author, with Dr. Ivan Misner, of Masters of Sales: Secrets From Top Sales Professionals That Will Transform You Into a World Class Salesman (Entrepreneur Press, September 2007).

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Funny Business: A Story About Everybody

This is a story about four people named Everybody, Somebody, Anybody, and Nobody.

There was an important job to be done and Everybody was asked to do it. Everybody was sure Somebody would do it. Anybody could have done it, but Nobody did it.

Somebody got angry about that, because it was Everybody's job. Everybody thought Anybody could do it but Nobody realized that Everybody wouldn't do it.

It ended up that Everybody blamed Somebody when Nobody did what Anybody could have done.

Source: Comedy Zone

Keeping Tabs On Taxes!

If there's one thing I've learned about being in business it's this: There's more to operating a business than just selling your product or service. There's marketing, sales, invoicing, payroll, local / state / federal paperwork and of course, taxes (yikes!). So, during my daily review of different business articles, I came across an article on taxes for the self-employed by Debra Neiman, a writer for the Entrepreneur.com Personal Finance column. It's called Tax Planning For The Self-Employed (April 2, 2008). I thought it was interesting and timely, since it is tax season.

Some of the topics Neiman touches on include:

• How the IRS defines self-employment (Some people may be entrepreneurs and not even know it!)
  
  
• Maneuvering tax paperwork when you're self-employed
  
  
• Tax planning opportunities for the self-employed, including retirement, benefits, business expenses and deduction, and a few other tax strategies.

It's definitely an informative article that'll give you a few things to mull over so, take a peek. You can read the full article here:
http://www.entrepreneur.com/money/personalfinance/personalfinancecolumnistdebraneiman/article192164.html