Pride – This is first because this is the number-one stumbling block for business owners and managers. I agree that nobody knows your business better than you. You are the expert at running your enterprise, but don’t let pride prevent you from getting advice from the experts when it comes to advertising and marketing.
In addition, pride might make you think, “I don’t have any competitors.” But the truth is, your customers are constantly comparing you to some other business(es). Do you know who those competitors are? Even worse, your customer may choose that other business over yours. You have to set your ego aside, identify your top three to five competitors, and deliver a better product or experience than they do.
Envy – It’s important to take a sober look at who holds the market share that you want, of course, but don’t try to be like them. If two items are exactly the same, all that’s left is price, and you don’t want to sacrifice profit to give the lowest deal. What do you offer that is significant to your customer and unique in the marketplace? That’s your “positioning.” Positioning is expressed in any advertising you do, and it should resonate in your place of business.
Lust –Using advertising to lure customers by appealing to worldly lusts is just lazy. Certainly, not all advertisements are bad. Actually, advertising in and of itself is good (dare I say, at times, that it’s brilliant?). But aren’t you tired of the increasing number of advertisements that use sex to sell everything from beer to bathroom upgrades? I’m not the only one with this thought. Just look at how social media have shifted the power to the consumer. Your profits are tied closely with your reputation now more than ever! What kind of reputation does your company have?
Anger – Don’t get angry; get analytics! Have you come across the quote, “I know that half my advertising works. I just don't know which half”? This quote is attributed to John Wanamaker, a department-store owner in the early 20thcentury. Today, you can get in-depth insight into how well your ads are performing. Using market intelligence allows you to make the best decisions when evaluating how to incorporate your message in our multi-platform world.
Gluttony – Don’t try to sell everything to everyone. Think about which one of your products or services brings in the most profit.
Greed – Don’t try to sell everything to everyone. We’ve heard that sales is a numbers game, but that can be misleading. More importantly, you have to determine who your best customers are and focus your marketing efforts on attracting more customers who fit that ideal profile. According to the Pareto principle, 80 percent of your revenue comes from 20 percent of your clients.
Do you know who they are? Once you know that, then you should also find out more about them, because the more you know about your target, the easier it will be to create a great marketing message that results in sales.
You have to go beyond age and gender. For example, what is their family make-up and size? How about location, education level, lifestyle and values? Once you have a better image of your best client, think about what is important to them when they’re choosing where to shop or what type of product to buy.
It’s not about quantity; it’s about quality. This is a new day. It’s not just about circulation or impressions anymore. It’s about getting connected to the right audience at the right time with the right message.
Sloth – Don’t settle for the status quo, and don’t “play it by ear,” either. Don’t leave marketing to chance. (a.k.a. “word of mouth”). You must have a plan and work your plan. Campaigns should evolve and should have specific goals and measurements. Know what’s working, and do more of that. Kill what is not working, and test new creative ideas frequently.
Fortunately, you don’t have to go to seven different places to get marketing help. We at The Palm Beach Post can provide:
- An Account Executive who possesses a marketing mind, plus expertise in traditional- and new-media marketing;
- Research that can help you understand your marketplace, so you can position yourself in a unique and credible way;
- Reputation-management tools;
- Analytics and campaign optimization;
- Research that will zero in on your target audience and result in recommended targeted solutions that will make the most of your marketing budget.
written by: Snow Cahill