5 Marketing Moves for Business Success
Effective marketing can be simplified into five moves
five concrete actions
that you can implement immediately.
Your challenge: try one or more of these NOW.
marketing effectiveness, marketing consulting, marketing moves, business marketing, sales strategies
Marketing has traditionally been broken down to a formula known as
the five factors that make up an
s marketing strategy. If these are done consistently, well, and for a long enough period of time, these 5
factors also become part of their brand.
So far, so good. But the problem is that no one can seem to agree on exactly which 5 P
s are important, so the list
typically includes: people, product, place, process, price, promotion, paradigm, perspective, persuasion, passion,
positioning, packaging, and performance.
Wow. Sounds complicated, huh? I
m going to try and simplify effective marketing into five moves
that you can implement immediately. Your challenge: try one or more of these NOW.
Move 1: Move Up
Want to try something different? The next time you
re speaking with a prospect, when the question of price comes up,
DOUBLE your normal price and see what happens.
Am I crazy?
Maybe, maybe not. The other side of the coin is that maybe YOU
RE crazy for not charging for VALUE, but instead
competing on PRICE. Businesses that compete on price lose. Period.
The easiest thing your competition can do is undercut your price. In fact, the first thing they will copy is your price. It
takes no imagination, no creativity, no innovation, no market leadership, and no vision to lower the cost of something.
And it hurts all parties involved. Lower prices always mean lower profits. Studies have shown that a 1% drop in price
leads to an 8% drop in profit.
What happens when you double your usual price?
Several things. Prospects perceive:
* An increase in the value of your product/service
* An increased level of prestige in owning/using your product/service
* An increased level of trust in you
and all your other offerings (the halo effect)
* An increased level of confidence that your product/service really works
A marketing consultant that I respect once gave me a very valuable piece of advice. She said,
Be expensive or.
Being one of the most expensive providers of a service is remarkable
people talk about their $200,000 Italian
sports car or $21,000 platinum-plated cell phone. Nobody talks about their $19,000 GM sedan.
ve helped companies double their prices, with great success, and I
ve helped independent consultants double [and
in one case triple] their fees. In each of those cases, they got more clients, not fewer. Details on how to do this in Move
3. And perhaps this means you
ll lose a few unprofitable clients along the way. If you don
t lose some unprofitable
clients, you won
t have room to serve the more profitable ones when they come along. It
s professional suicide to