Wednesday, February 16, 2011
Jordan Wirsz is a self made millionaire. At a very young age (15) he was able to master something that millions of entrepreneurs struggle with everyday. He sold a product for a profit and started his career of creating wealth.
I don't know if it is my desire to find the unique nature in everything, but I always image what things would look like if it was enhanced with a different outlook. If I could simply re-brand everything and give it it's own signature.
In sales, companies rely on the bottom line to create more business. A lot of times companies struggle because they lose focus of their plan or their plan is underdeveloped or nonexistent. I have fallen privy to this on more than one occasion. When I was at Ball State University the basketball Coach Rich Majerus told me once that plays on the court require execution. Not following a plan is just as bad as not having one. You can have the best athletes and even pure shooters, but if you fail to execute the pick or are out of position you simply won't get the job done.
The same principle applies to our marketing and advertising efforts. After you develop a solid plan that differentiates you from your competition, which gives you a niche focus you have to execute your plan daily. It is about reach and frequency. How often can you reach your consumer base and for how long?
Once you have established a quality product or service how do you stand apart from the crowd? There are a core group of companies that exist today because they sought to solve a problem or fulfill a need. Great marketing and advertising can be used to promote anything. You can promote a university, a hospital, a school, a city, a business, and even a church.
Advertising agencies say that companies should spend 4% to 7% of their revenue stream on promoting their business (a hard sell when things are extremely tight financially, but necessary). Without a constant drive of properly marketing and advertising your business it won't be long before your revenue stream dries up.
In today's market where do you spend your advertising and marketing dollars? There is print media, television, radio, direct mail, telephone banks, and the ever present Internet. It is most important to track your end user. Is the audience you are selling a product or service to in the market your are spending your time and effort to attract? I use a free internet based site to track website traffic (www.compete.com). Whatever your market niche might be it is important to determine and track your reach and frequency to your desired audience and tailor your advertisement to a concentrated group.