So, last time together we asked the question, "does your marketing suck?" (of late, we've been doing an old-fashioned book report (remember that from your school days?!) on the book Your marketing sucks.
According to the author Mark Stevens of the acclaimed book of the same name, written in first release in 2003; your marketing indeed sucks if you spend more than you take in as a result.
Question: do you know where you spend your marketing $$$ budget today?
Would you include:
* Personally, I wouldn't be inclined to categorize my salespeople in my marketing budget and some people do. I suppose that there are no "absolutes" these days.
Next question, assuming part(s) or all of the above, do you know which of the above actually created the demand (the so called "marketing attribution?") Can you tie it back? Naturally, the "ideal state" is to make investments in the areas that are promising and trending up; and reduce exposure in the areas that yield little or nothing.
In closing, Stevens introduces the concept of Extreme Marketing; the process which you can determine a.) how every marketing $$$ dollar can be spent most effectively, b.) receive a positive return on your investment or ROI.
Certainly not 1:1. Maybe not even 2:1. How about 5:1, 10:1 or even 20:1?
The benefits of course are a.) you make more money, b.) you grow your business, c.) you increase the value of your business.
You will engage in Extreme Marketing , which means every dollar you spend will bring in more $ in return.
Next time, let's focus a bit more on the strategy component to start (EDITORS NOTE: in my work, I've found that most SMB CEOs, Presidents and Business Owners attempt to do this themselves or DIY if at all)
Actual book cover (source: Google Images) authored by Mark Stevens, circa 2003. Beautiful in its "in-your-face" bombastic simplicity. By the way, I am recently re-reading the book for the umpteenth time in my short career. BTW, bonus question, what are the benefits of re-reading the same book over and over again?
Next question you should be asking yourself is, "does my marketing (indeed) suck?" Or, is this just another provocative attempt to get me to buy another book?
By chance, if you wear the marketing hat in your business, or at least think that you do, there are some enduring principles contained herein. I would encourage you to acquaint yourself (or re-acquaint yourself as the case may be) and share it with the in- or outsourced strategic marketer in (or for) your organization).
In your heart of hearts, you know empirically that good marketing works. (BTW, if you believe that you sell a commodity, you probably do!) Heck, look at Apple for example. Or Coca-Cola (there is a reason you don't buy the generic)—when you want a Coke, you want a Coke. Nothing else will do! Why do people knowingly and willingly pay more for a Toledo Scale?
I would encourage you to pick-up a copy for yourself and do like I like to do. Read a chapter and then QUICKLY apply it in your business. That's how I best learn, manage the gaps between what I'm presently doing and what I need to be doing and accelerate the quickest. "By doing." I suspect that may be true for some of you as well.
From Mark Stevens, read this first: "If the moola you spend on marketing isn't growing your business and bringing in more moola in return, then you have marketing that….sucks." (…seems simple enough Mark, you're of course talking about marketing return in investment or ROI, thanks)
Let's get started.
With the above principle squarely in our crosshairs, I like to start by analyzing the current situation of where I am. For the financial fans in my audience, I start with the baseline or take a zero-based budgeting mindset on the topic of marketing in my (your) organization (SHAMELESS SERIAL TEASER: see "next blog")…