The Problem With Advertising: Lesson 1
So let’s start with some definitions. For me, ‘marketing’ is all of the things you do to get a cheque in your hand or to get the cash register to ring. ‘Advertising’ is when you pay for media, whether its a newspaper, TV commercial, or direct mail flyer. I often hear from business owners about their experiences with different forms of advertising media. For example, I’ll hear something like “I tried newspaper advertising, and it didn’t work for me.” Here’s the problem… Its NOT that the specific type of medium doesn’t ‘work’….there are a few variables in play. FIRST – who is the target audience? If your demographic is teenagers, and you advertise in a publication targeting seniors, you have a problem (I know, this example seems obvious, but you can’t imagine how many people get this wrong) SECOND – Is the timing right? Are people expecting to see your message? THIRD – This is what I consider the most important….WHAT IS YOUR MESSAGE? It costs you the same amount to advertise in that newspaper…whether you get zero sales or 100. So the important factor is to have the right MESSAGE in the right MEDIUM. I’ll explain how to craft a great message in a future post, but if you have a specific ad you’re working on and need my help please contact me at marsicomarketing@gmail.com
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The Problem With Advertising: Lesson 1
Heard It Through The Grapevine
Okay…this isn’t really a marketing lesson. More of an observation about human behaviour that has fascinated me over the years. Each day, people spread buzz about the latest trends. We talk about things that interest us, things that are newsworthy, things we’ve ‘heard’. That’s my favourite….when people say “I heard…”. Let me give you an example. A few co-workers, hanging around the water cooler, start talking about a movie that’s coming out…when one of them says “I heard its supposed to be the biggest movie of the summer.” Here’s what kills me…they ‘heard’ it in an AD FOR THE MOVIE!!! (But they make it seem like they got it from a trusted news source or from their best friend) My next favourite thing is when people say “Everyone thinks….” For example – “Everyone thinks our prices are too high” (when really, only 1 or 2 people made the complaint…out of 100,000 potential people that could have made the complaint) Yes, its not my usual post. Just something to make you say “Hmmmmmm….”
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Heard It Through The Grapevine
Your Invisible Assets
One of the main objectives of taking my clients through my ‘Marsico Marketing System™’ is to leverage and capitalize on what I call a company’s Invisible Assets™. These are the assets that won’t show up on a balance sheet, but are just as (or maybe more) important than the ones that do. A company has 3 Invisible Assets – their (1) Reputation (2) Relationships (3) Knowledge 1) Your Reputation – who you are, what you do, why you’re different and unique, your story, your message, who you serve, and how you benefit them. 2) Your Relationships – with your clients, your prospects, your vendors and suppliers, your employees, and with the marketplace. 3) Your Knowledge – your wisdom, your experiences, your expertise, your skills, and your capabilities. Many of my upcoming articles will be focused on specific strategies which help leverage and profit from these assets. Until next time…
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Your Invisible Assets
The death of the USP
Ok so maybe I’m being a tad over dramatic when I use the term ‘death’. It’s not that the USP is dead per se, but it certainly is living out it’s final days in some retirement home along side telemarketing and the VCR. I am sure there are people still finding certain levels of success hawking goods via the phone and of course we will need a device to play all thoseVHS tapes stockpiled in the attic from the mid 90’s but like anything else, evolution kicks in and the human race finds a better way. While the USP can still serve a purpose to the average small business owner, I think that evolution will once again have it’s way.
As a small business owner you’ve probably come across the term USP a million times. USP stands for ‘Unique Selling Proposition’ and many believe it should form the backbone of your marketing. The basic premise is that each and every business should have a unique selling point. Something that a customer can associate with that specific business and specifically a definitive benefit gained by doing business with that particular business. The key is that it must be unique and powerful. It must be something different that sets the business apart from the competition and yet powerful enough to convert new prospects.
Now I am a huge fan of being different especially when it comes to small business. For me identifying Points of Difference is a crucial exercise that every small business should engage in. The problem I have with the USP is that the vast majority are merely SP’s as opposed to USP’s. In many cases the ‘uniqueness’ is no longer present. What was once a very distinct point of difference or USP is now just par for the course. Take FedEx for example. “When your package absolutely, positively has to get there overnight” was a great USP at one point. Now you would be hard pressed to find a reputable courier company that doesn’t offer some sort of same day or overnight delivery. Not so unique anymore.
My point is that without the ‘unique’ you basically only have a selling proposition. With our unprecedented access to information and the huge selection we have thanks to the global economy having a selling proposition will hardly cut it.
For a great article on the evolution of the USP check out Marsico Marketing. John is a marketing genius and he helps small business owners develop their “DNA” or Distinct Natural Advantage. Distinct Natural Advantage is a concept coined by John and involves what he calls the Seven P’s…
(1) Purpose (2) People (3) Pain (4) Promise (5) Proof (6) Positioning and (7) Packaging
John is writing a 7 part series on developing your ’Distinct Natural Advantage’ and I highly recommend it to any small business owner looking to take their business to the next level.
Copycat Marketing: The Sequel
The other major ‘copycatting’ mistake I see is that small businesses look to big businesses for advertising ideas…and they end up using ‘awareness’ advertising. Listen…your marketing budget is not $100,000,000 (if it is, give me a call…lets talk!) Which means that every dollar you spend should be tracked. If you do ANY form of advertising you should be able to calculate the return on investment. And now with all the online options like pay-per-click advertising you really have no excuses to create an ad that says ‘Here’s my company name, here’s a pretty picture of what we do, and here’s a life size replica of our company logo’.
Copycat Marketing: Small Business Marketing Mistake #1
So one of my biggest pet peeves when it comes to small business marketing is what I call ‘copycatting’. Here’s what happens… A small business owner knows they needs to market and promote their business, so they look to others in their industry to find out what they are doing and figure ‘Hey, that guy is doing well…so whatever he’s doing must be working…and I’m just going to copy him’. The fact is, 80% of companies within any industry all copy each other..WHETHER THE TACTIC WORKS OR NOT. If you want a true competitive advantage, do what I call ‘Synergizing’. Don’t just look at the major players in your industry – start looking OUTSIDE your industry for success practices, strategies and tactics that you can apply to YOUR business. Your competition will be too busy copying each other to realize what you are doing and that you are slowly stealing all the business away from them.
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Copycat Marketing: Small Business Marketing Mistake #1