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Suggest You - 5 Biggest Wastes of Marketing Money You Should Avoid as an Entrepreneur
Is the absenteeism rate in your workplace rising constantly? Are tediousness and boredom, the two words which define your office environment? Does every morning appear to be as dull as a Monday morning? Is their a lack of laughter in your office? Once a famous Danish born comedian, Victor Borge said that laughter is the shortest distance between two people. So, probably it is time to reduce the distance between you and your employees by making your office an exciting place and adding some fun and humor to it.There was a time when while looking for jobs in India such factors like employee friendliness or fun at workpla
Biggest Waste #3: Poorly Targeted Direct Mail
Change Management problems at the executive level are fascinating but should never be unexpected. Why you ask? Well humans do not like change, they always move for the status quo over change when allowed to choose. Unfortunately, change is a universal constant and it will forever have to be dealt with in all aspects of the life experience you see? Change Management and the Psychology of Change needs to be considered when discussing these issues in Modern Day Corporations.Without consideration of the emotional human factor all models and scientific research on this subject fail to produce what we observe in reality. Th
Sure we have. You're the entrepreneur that's passionate about your business, an expert in your field but decidedly NOT a business development expert, and certainly NOT a salesperson. Right?
Prior to our meeting one another some marketing "experts" told you that you don't need to "sell" anything you simply need to market your business. This sounded great to you because you're not really comfortable with the idea of selling.
So, as we discussed some of the issues that were holding your business back you shared with me what so many others have also shared with me... what I have come to call:
The 5 Biggest Wastes of Marketing Money
Biggest Waste # 1: The Yellow Book
Want to spend a lot of money on a dying medium that ensures that you are not differentiated from all of your competitors? Look no further! This medium is totally passive and relies entirely upon a prospect stumbling upon your name amongst all the other suckers who have also spent their precious cash. Chances are you've spent thousands for this priviledge and received next to nothing in return. The one positive? If the prospect happens to find you more than likely they are in need of your product or service.
Biggest Waste #2: Newspaper Advertising
Again, another dying medium. Funny thing though, as circulation and relevance fall, print advertising rates have remained stable or even gone up! Such a deal! Some other considerations include:
- You're never sure who sees the Ad
- You're never sure if it is reaching your target audience
- Not a bad way to build brand awareness...if your a multi-billion dollar corporation
- How do you know if it's consistently reaching your target?
- How compelling is your ad? Are you giving something away?
Biggest Waste #3: Poorly Targeted Direct Mail
Negotiating a pay rise is not something many people do on a regular basis. By applying these keys you will be well positioned to improve your negotiation skills and feel more empowered when asking for a pay rise.1. Know the outcome you want.
Do you want a win-win outcome where both you and your boss benefit? Or a win-lose outcome where your boss is not happy with the result?It is important you know what type of outcome you want because that will affect the long term relationship you have with the other party. Win-win outcomes are beneficial where you have an ongoing relationship. For example, when you n
So, as we discussed some of the issues that were holding your business back you shared with me what so many others have also shared with me... what I have come to call:
The 5 Biggest Wastes of Marketing Money
Biggest Waste # 1: The Yellow Book
Want to spend a lot of money on a dying medium that ensures that you are not differentiated from all of your competitors? Look no further! This medium is totally passive and relies entirely upon a prospect stumbling upon your name amongst all the other suckers who have also spent their precious cash. Chances are you've spent thousands for this priviledge and received next to nothing in return. The one positive? If the prospect happens to find you more than likely they are in need of your product or service.
Biggest Waste #2: Newspaper Advertising
Again, another dying medium. Funny thing though, as circulation and relevance fall, print advertising rates have remained stable or even gone up! Such a deal! Some other considerations include:
- You're never sure who sees the Ad
- You're never sure if it is reaching your target audience
- Not a bad way to build brand awareness...if your a multi-billion dollar corporation
- How do you know if it's consistently reaching your target?
- How compelling is your ad? Are you giving something away?
Biggest Waste #3: Poorly Targeted Direct Mail
As a kid, did you ever find a shiny yellow rock that you thought might be gold? Well growing up in Ohio I came across a number of rocks that had a flash of golden metal that I thought were exceedingly valuable, so much so that I took the rocks back to my parents to find out how rich I was going to be. As you’ve probably guessed, they weren’t worth much. In fact, they were not worth more than the paper sack I had carried them in.While they aren’t looking for rocks, I’ve found that business owners and managers have the same challenge looking for the right designer for their company. And like me when I was young,
Biggest Waste #2: Newspaper Advertising
Again, another dying medium. Funny thing though, as circulation and relevance fall, print advertising rates have remained stable or even gone up! Such a deal! Some other considerations include:
- You're never sure who sees the Ad
- You're never sure if it is reaching your target audience
- Not a bad way to build brand awareness...if your a multi-billion dollar corporation
- How do you know if it's consistently reaching your target?
- How compelling is your ad? Are you giving something away?
Biggest Waste #3: Poorly Targeted Direct Mail
In today’s competitive market, the ones that outlast and survive are those that can do
more things and programs with lesser resources. This is why increasingly, we are seeing
companies’ budget requiring a reduction in overheads and capital expenditures, whilst
profits and revenues are expected to increase. Companies have little choice as the
marketplace, the shareholders and the investors dictate this. As with eating, in company
less corporate fats really does mean more.Carl von Clausewitz, a nineteenth-century Austrian officer who fought in the Napoleonic
wars and is regarded as the ‘father’ of western mi
Biggest Waste #2: Newspaper Advertising
Again, another dying medium. Funny thing though, as circulation and relevance fall, print advertising rates have remained stable or even gone up! Such a deal! Some other considerations include:
- You're never sure who sees the Ad
- You're never sure if it is reaching your target audience
- Not a bad way to build brand awareness...if your a multi-billion dollar corporation
- How do you know if it's consistently reaching your target?
- How compelling is your ad? Are you giving something away?
Biggest Waste #3: Poorly Targeted Direct Mail
There is no disagreement that effective branding through ‘use of a name, term, symbol or design, or a combination of these’ (Quester et al, 2001) can create brand awareness and recognition in the quickest manner. Companies use different kinds of ‘Brand Name’, that is, a word, letter or a group of words such as AOL, Intel Pentium III etc to project their companies. Sometimes such words, symbols or marks are legally registered and copy righted to a single company known as trademarks ( for product oriented companies) and service marks ( for service offering companies) (Perreault & McCarthy, 2000).However in any form, bra
Biggest Waste #3: Poorly Targeted Direct Mail
Most people, including a lot of the self proclaimed “marketing experts” (who are really nothing more than graphic artists) approach direct mail completely wrong:
Here’s how that process typically flows
1. You're desparate for sales
2. Someone sells you on the need to do direct mail
3. They tell you how they can make it look really cool
4. Message? What message? Call to action? What call to action?
5. How many names do you want to send this to? You know, it only costs a little bit more to print a few thousand more...
Hello 0.05% response rate!
The correct way to approach direct mail is:
1. Who is my target audience? What niche within this broader target do I want to reach?
2. Can I build/buy a list to reach this niche effectively?
3. What is my message? What are my prospects' pain points?
4. What do I want the piece to look like?
Most of your time and energy should be spent on building your list and crafting your message.
If done correctly, direct mail can deliver targeted results but it remains a passive activity.
Biggest Waste #4: Radio Advertising
By now all of you can probably tell me what the disadvantages of radio are, right?
- Expensive
- Is it reaching your target audience?
- Is your message/business one that is suited to radio? For example, if you are a Lean Manufacturing consultant do you really think the average listener to the radio is going to be compelled to pick up the phone and call you?
- Totally passive
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