A Few Marketing Ideas, Okay 40...
Hey!
Well, let’s just say 2020 the sequel got off to a heck of a start, no?
How’s everyone holding up? Did you get off on the right foot this week? Were you able to keep your head on straight?
Let me know.
I’m going to keep it simple this week. I created a list of 40 marketing ideas that I had been jotting down over the last month or two.
These aren’t complicated things but as we head into a new year, they may make sense to look at and think about.
Also, check out my 30 second survey. I’ll teach you a lesson using the results next week.
To the marketing tips:
Market Orientation is essential to marketing success because as soon as you sign on with your business, you can't see things like a customer any longer.
Your opinion as a marketer is dangerous because it gets in the way of being market oriented.
Steve Jobs didn't dislike market research, but he did dislike telling his competition what he was working on.
Marketing is about profits and not revenues.
You need both qualitative and quantitative research to do successful market research.
Backwards market research is magical.
Representative samples are smaller than you think and easier to get than ever before.
Segmenting based on demographics alone is a bad idea.
You should segment your market based on the actions that your target customers take.
The meaningful actionable grid is an excellent tool to help build segmentations.
Good segmentation includes everyone in the market, keeps the people inside a segment the same, and makes everyone outside of the segment different.
Targeting is about exclusion.
Sometimes you put all of your eggs in one basket when you target and that is totally fine.
Always keep in mind the spillover effects of your target segment(s).
Positioning is about stamping a certain set of ideas or values on your market's brain.
Positioning has to be done against something or someone to be successful.
Use the 3Cs to figure out what your position should be.
Defining your competition is essential to a good position and most companies don't do this very well.
When positioning, move your product or service as high up the benefit ladder as you can.
Most brand purpose is BS.
Marketing strategy is about deciding where to play and how to win.
Sales funnels are part of your strategy and if you have many products or services each can have its own funnel.
SMART objectives are essential to being able to effectively know wether or not you are doing a good job marketing.
The 4Ps come after your strategy because you can't make tactical decisions without doing strategy.
Everything is a product.
NPS is a good measure to track, not perfect, but great to keep you on track.
Co-branding should be more prominent because there aren't many downsides to the practice.
You have to learn how to kill products because you can have too many products.
Two kinds of distribution: direct and indirect and both have their advantages and disadvantages.
You can have too much distribution.
Pricing is the most important word in marketing.
Price is about capturing value and most pricing is done by sticking your finger in the air and guessing.
There is a natural inclination to underprice.
For each 1% increase in price, you see about 10% growth in profits.
Don't discount!
It is always more effective to combine communications mediums than it is to double down on one form of communication.
Be media agnostic and focus on what you are trying to achieve instead of how you are going to achieve it.
Brand is the sum of everything.
If you discount, you are commodifying your brand.
Brand management is about making sure people know your brand exists and that they have certain thoughts about you.
Let me know if any of these stick with you. And, I’ll see you next week when I will teach you about NPS Scores and what they can tell you about your market and your business.
Take care,
Dave
I think you should have put number 35 twice!