Terry Corbell, The Biz Coach
By Terry Corbell
Business Consultant

Critical Essentials to Develop the Best Marketing Formula



There are critical essentials for marketing, which includes the right channels and developing the right message. That includes the right branding slogan and logo.

Unless your targeting upscale consumers, many consumers prefer value marketing — not cute, which doesn’t necessarily mean selling at a lower price than your competitors.

Hyper-consumerism is history. Humor is great, but more importantly, traditional values with a purpose are in vogue. Why? Consumer attitudes are changing.

ID-10061404 AscensionDigitalPlanning

Broadcast advertising is all about frequency, reach and cost per thousand. Internet advertising is concerned about cpm, pay-per-click, pay-per-lead, and cost-per-action.

Yes, despite what you’ve heard about social media, TV, especially TV news, remains the most powerful of mediums. Radio is still strong.

But marketing is not simply creating a radio, TV or Internet advertisement or harnessing social networking tools. Advertising is merely one component of marketing.

Marketing pertains to the big picture. Marketing is the understanding of your target audience for the cost-effective process of selling the right product or service at the right time and at the right price.

It’s a systematic development, coordination and implementation of a myriad of initiatives – proactive events to establish a dialogue – not just a bunch of advertisements.

Orchestrate your message

Make certain to orchestrate and synergize your advertising with public relations, videos, word-of-mouth and social media. Thanks to the Digital Age, consumers are in charge. Set up a dialogue, not a monologue.

For example, if you’re targeting young adults or teenagers, it’s sad to say, but they are getting their “news” from their social media.

Your communication plan should contain timelines. Press kits are helpful, but in this green age, they are not necessary. Regarding relationships with journalists, here’s a hint: Reporters like to deal with experts. So portray yourself as one.

Choose wisely. Insert and distribute effective videos and provide the right motives for people to share. The right content has to be presented in right place.

Follow the trends to see how to get the most attention. For example, Digg.com can be helpful but remember it’s mostly a young audience – big on tech and off-the-wall stories.

Just like reporters, every generation likes experts and stories. Storytelling holds great power for you. So tell a good story, write a good headline, deliver on your promises, and cite outside participants for proof in your claims.

Marketing is the understanding of your target audience for the cost-effective process of selling the right product or service at the right time and at the right price.

Value perceptions

People base their buying-decisions on emotion. Following are strategies with business in-mind, but are applicable to political advertising, too.

Some 18 percent of people, whether blue-collar or white-collar in B2C or B2B situations, buy products and services solely at the cheapest cost they can find (according to my consulting firm’s research since 1992).

Avoid this target and using daily deal advertising, such as Groupon. Such consumers complain the most and they’re not loyal – they return only for cheap deals. Further, an HR concern: Many companies, such as restaurants, find it more difficult to retain their most-talented workers in such an environment. They tire from such customers. Plus, their tips from such customers are much less.

Companies that focus on selling at the lowest price either struggle unnecessarily or worse – they fade away. Companies are advised to target the other 82 percent.

The 82 percent is comprised of the most highly prized prospects – customers who are value conscious – value vis-à-vis cheap. Such customers have “five value-motivating perceptions” – emotionally, how they feel and what they think – that motivate them to buy.

The five value-motivating perceptions stem from emotions:

1. Employees, Spokespersons (52 percent)– What consumers think about a company’s spokesperson and company employees. Key characteristics are integrity, judgment, friendliness and knowledge. But listening skills and empathy are of paramount importance to customers.

About 70 percent of customers will buy elsewhere if they feel they’re being taken for granted – it only takes from one to five bad experiences before customers are gone forever. And customers normally will not volunteer why they switch to a competitor.

2. Image of the organization (15 percent) – Prospective customers prefer to do business with companies that have a good image. Running a green business, cleanliness and signs of good organization are important to them. In addition, cause-related marketing is a big plus in forging a positive image.

3. Quality of Product or Service Utility (13 percent) – The customer is subconsciously and sometimes verbally asking a question similar to this: “What will this do for me?”

4. Convenience (12 percent) – Customers like convenience and accessibility. That includes all experiences such as their ease in navigating the company’s Web site and making a shopping-cart purchase, a happy buying environment at a store, making a telephone inquiry, and convenient bricks-and-mortar locations, and the level of service after they buy.

5. Price (8 percent) – To value-minded customers, price is important, but note it’s the least concern among the five value-motivating perceptions.

Seven marketing elements

Once you understand what motivates the customer to buy, there are seven steps you must take for creating a happy buying environment. Fear is a great motivator. But Americans are tired of negativity and comparison ads. Yes, the marketing process goes a lot easier if you can make buying fun.

For marketing in a downturn or not, every PR or advertising message should – as much as possible – contain these seven elements:

1. FEE. This is an acronym for establishing a common ground for a foundation using the principles of event and empathy. Every purchase is an event in the life of a customer – no matter how big or small.  In a down economy, it also helps to empathize about the average consumer’s budget.

2. Research/focus groups on attitudes. Use tools to get the consumer to think about buying.

3. Agreement on Need. Get the consumer to agree on the need to buy a product or service.

4. Generic Value Proposition or Benefit Statement. Here’s where you explain your value proposition. Remember the difference between features vs. benefits to answer the basic marketing questions, such as the acronym, WIIFM , “What’s in it for me?” or the “So What?” question.

5. Fill Prospect’s Need. Depending on your marketing channel and audience, use more specific benefit statements.

6. Getting a commitment to shop. Ask for the consumer to give you a shot using a non-threatening, closed-ended question.

7. Seal the Deal. This final step has three components –

— When feasible, use the magic words:  “Thank you.”

— Prevent buyer’s remorse – remind your audience of the benefits they’re receiving.

— Look for an opportunity to provide unexpected, perceived added value without hurting your bottom line.

From the Coach’s Corner, more marketing tips:

10 Strategies to Shine and Make Ad Designing a Breeze — Designing simple banner ads without strategic planning no longer suffices. The click rates have declined significantly, especially in B2B. To shine in the clutter of Internet advertising, there are at least 10 tips to keep in mind.

Insights – Why Marketers Should Show Moderation in Digital Communication — Businesses will decrease their chances for customer loyalty and repeat business if they don’t act with more self-control in digital marketing, according to a study. Consumers have become more and more discerning. 

Marketing – Insights for Attracting Millennial Customers — Marketers from fast food to cars are struggling to understand an important demographic – 59 million young adults, aged 23 to 36, according to a published report. Other observers believe there are 80 million Millennials, but in a slightly narrower age group. Either way, companies are obsessed with targeting Millennials for good reasons.

Insights for Exhibiting Success at Trade Shows — Attendees at trade shows would rather chat with marketing and sales staff as opposed to managers. A study released by the Center for Exhibition Industry Research (CEIR) says 56 percent of trade-show visitors prefers meeting with salespeople.

Winning in Branding, Sales – The 6 Key Characteristics of a Logo — One key element for a company’s branding and sales that often gets short shrift is a great logo. Whether you’re an entrepreneur entering a brave new world or an established company needing profits, a great logo helps ensure top-of-mind awareness. A great logo can make the difference between winning and losing in a competitive marketplace.

“Marketing is a contest for people’s attention.”

-Seth Godin

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry. 

Photo courtesy of AscensionDigital at www.freedigitalphotos.net

Seattle business consultant Terry Corbell provides high-performance management services and strategies.