This is one of the books from our Marketing Book Summary series. This was recommended as one of the Marketing Books to read in this blog. There is a Forbes article that states that not having an marketing strategy as one of the 10 most frequently made small-sized business marketing errors. Other examples include not having an online website and making social media the primary focus of marketing over creating your website or not tailoring the marketing plan, as well as not taking into consideration your competitors’ marketing strategies.
Prospects won’t be able to tell how good your products or services until they’ve become customers (have purchased your products or services). In the event that your marketing isn’t great then they won’t purchase from you in the first place and discover how effective you are. The most effective marketing will always triumph.
Money is a resource that can be replenished However, you cannot have more time. Make sure you automatize marketing in the greatest extent you can.
The base of customers you’ve acquired (the eyes you have the ability to access) is the most valuable asset of a business in the present. Businesses need to innovate to deal with this issue or else they’ll no longer exist in the future.
“Think, Uber, the largest taxi business in the world does not own any vehicles. Facebook the world’s most well-known media owner produces none of its content. Airbnb is the world’s biggest accommodation provider, has no real property .”
“At the very the heart of your marketing infrastructure is your database of prospective customers and customers however, in order to effectively manage your database you need the help of a CRM system. (CRM) software. Your CRM is the marketing nervous system. It’s where you control the gold mine you have.”
If you do not take care of the issues your customers face instead of focusing on your service or product you’ll never get out of the business of commodity.
In his 1-page marketing strategy, Dib contends that for small businesses the most effective method of making profits and grow is to create an easy, concise marketing plan that outlines the people you’re targeting as customers and prospects and the methods you’ll use to reach them. In his 1-page Marketing Plan Dib walks you through step-by step how to develop an effective marketing plan with a basic template that can drive your the growth of your business. This guide explains Dib’s strategy and examines it against different templates as well as marketing strategies.
Dib believes that many small-scale businesses aren’t thriving due to their inability to understand marketing right. Dib states that the majority of small companies either) do not bother with marketing completely, hoping to get customers through word-of-mouth or) they use the wrong type of marketing by using strategies from big business that aren’t suitable for small-sized companies. Dib believes that the key to success for small businesses is having the most effective marketing strategy, one that is that is centered around direct response advertising, intended to entice the prospective customer to take action. (We’ll go over direct-response marketing in detail in the following section.)
Dib’s template walks small-business owners through three stages that focus on customer of marketing Awareness familiarity, excitement, and awareness. Each phase has three phases. In order, the nine total steps form an entire process, also known as a “customer journey” of interactions which you’ll guide your customers through. They begin by not knowing any information about your business, but eventually become super fans. You can download Dib’s Teamplate one page marketing plan at Convertbloom. At Convertbloom, we provide comprehensive tools, that will enable you to execute effectively on the 1 page marketing plan including Content Marketing, Lead Capturing, Lead Nurturing, Sales Conversion, Client Management Portal and Customer experience.
Dib’s Approach: Marketing Really Simplified
Small-scale business owners with little experience often engage a professional to draw the business plan which typically includes an area for marketing. The issue, Dib contends, is that the plans are so generic that they’re unhelpful in managing the day-to-day activities of your business, and the plans are put aside and put away. In contrast, some business owners attempt to implement them, but eventually quit learning about the many complexity of marketing and has developed into a broad professional field with a variety of theories, methods as well as metrics and developments.
However, Dib touts his one-page plan as an “marketing implementation breakthrough” allowing entrepreneurs of all sizes to instantly grasp and adapt the key marketing ideas she needs to know.
Dib’s template is akin to the Business Model Canvas developed by Alexander Osterwalder and later described in his publication the book Business Model Generation that provides nine basic elements for creating a successful business. There are others who have developed similarly-themed spinoff template to use for marketing plans, like Marketing Canvas. marketing Canvas but they’re much more detailed than Dib’s single-page marketing plan and aren’t specifically designed for small-sized businesses. When compared to the other plans templates, Dib’s streamlines the process of creating the marketing plan.
Dib define marketing to be your business plan for getting your message to the target market, causing people to enjoy the product you offer or services and then turning customers into loyal long-term customers.
He claims that out among all business functions, marketing gives you the most leverage, or the greatest impact as it increases the number of customers, marketing directly drives business growth
Many companies mistake tactics for strategies. A strategy is your highest-level strategy for gaining new customers. Tactics are the methods you employ. Your strategy dictates your tactics.
Dib warns that small business owners are often enthralled with the new digital marketing strategies, such as the use ofSEO or video or pay-per-click ads– even before they’ve developed an entire strategy. They assemble a variety of random methods in the hopes to attract customers, only to beg themselves why they’re not achieving results.
Or, they believe having a top-quality product or service is an effective marketing strategy. They believe that if their product is excellent it will attract customers. But, a good product keeps customers. Once they purchase something they like and are satisfied, they’ll purchase from you in the future. However, first you need to getcustomers by marketing.
Small-scale business owners frequently try to imitate big businesses by making use of “mass marketing” to increase the general public’s awareness of their products or create an image of goodwill. But, Dib contends that this kind of marketing is ineffective because small businesses have to target specific groups of potential customers , rather than a vast number that includes people majority of whom will not buy.
He believes that that the most efficient marketing strategy for small business owners can be direct-response marketing. Dib appears to be using the words marketing and advertisement interchangeably and refers to advertising as an approach and tactic. AMA define marketing as the act of identifying, predicting and addressing the needs of customers. Advertising, on the other hand, is a specific strategy (paying to promote your business’s message or logo in particular media.
Direct Response Marketing targets those who are most likely to become attracted to your service or product. advertisements focus on solving their particular issue, and are designed to provoke an immediate reaction by enticing individuals to take an step. For instance an accountant might be aiming to convince parents of teenagers to join the college finance webinar. Some other “calls to action” include visiting a website and signing for a newsletter or report, signing up to the email mailing list or purchasing.
Contrary to mass marketing to create brand awareness, direct-response ads generate sales leads (potential potential customers you can reach out to). Further, Dib states that for every $2 that you invest in direct-response ads you earn around $10 in profit through sales. Therefore, it’s an effective and cost-effective option for small companies to get their message to potential customers. It is possible to argue that there are some disadvantages to direct-response marketing which include the difficulties in creating a distinct message from numerous others, as well as laws that regulate mass emailing as well as direct mail, which are the most common media used for direct-response marketing.)
The Decline of Mass Marketing
However some experts do not agree they believe that that the efficacy of mass marketing is declining even for the largest companies. This could be all the more reason small companies need to concentrate their efforts on direct response marketing as well as its instant, quantifiable benefits.
The reasons for this decline are the fragmentation of media, the emergence of new devices and platforms as well as changing consumer behavior like multitasking and “switching off” or skipping advertisements. As an example, according to one estimate, TV advertising was just 35 percent as effective than it was in the year 1990.
In addition to the the pressure on mass marketing will be the capacity for technology companies to just target certain consumers but also to target specific actions. A CEO within the Wall Street Journal that as technology becomes seamlessly interspersed into our lives through connected cars , coffee machines as well as health trackers and on, ads will more often capitalize on tiny moments of trust throughout the journey of a user.
While big tech provides advanced options for specialization marketing but for small-sized businesses, the most cost-effective choice could remain “old school”: direct marketing through email as well as directly (snail) mail that Dib’s one-page Marketing Plan concentrates.
Direct response marketing is a vast subject which you can spend a lot of time researching. The 1-Page Marketing Plan can help you create and implement a direct-response strategy for your company without needing the ability to be an expert. Dib’s marketing plan is based upon three key customer-focused marketing phases:
There are other experts who also break marketing planning into phases of three to five. However, unlike Dib’s model that focuses on customers, these strategies generally focus on the company’s internal processes that may be more complicated. For instance, the company’s process could comprise the mission, analysis of situations, marketing strategy/planning, marketing mix Implementation and Control.)
We’ll go over the various Dib’s marketing phases in greater specific detail in the coming sections.
In the first marketing phase, you want people who’ve likely never heard of your business–prospects–to discover you and respond to an offer, thereby becoming leads and entering the second phase. (Shortform notation: As mentioned earlier the each marketing phase has three phases. To make your own one-page plan, you must fill in each step on the template of the author or your own nine-square template , as you go through this tutorial.)
The three steps needed to make contact with prospective clients are:
By choosing to focus your marketing on those who are most likely to purchase from your company, as per Dib the research, you’ll see an increased Return on Investmentor return on your investment in time and money.
As mentioned previously many small businesses are attempting using a mass marketing or branding strategy by broadcasting their brand name extensively and often hoping that a tiny percentage of the people who hear it will eventually become customers. But, this kind of marketing costs a lot of money and the results are not guaranteed. Dib suggests focusing on a specific area or specific segment of your target market at any given moment.
Dib says that you are able to continue providing various market segments However, he suggests to focus on focusing your marketing on one particular segment first–characterized by people who you truly enjoy to work with. People who appreciate the service you provide and will pay to get it and are present enough to allow you to earn a profit. After dominating your first niche, then target another niche.
You can also make niche profiles that include characteristics like gender, age education, income and even geographic place of residence. Additionally, you can dig into the deeper reaches of research and interviewing those in this industry.
After you’ve pinpointed your target potential customers, the second step of the awareness process is creating the message that attracts their attention (so they’re able to respond, “Hey, that’s just what I need!”) and makes them take action. Dib gives a number of ways to craft an effective message.
(Shortform Note: Dib stresses that the reason for direct-response ads is to create leads or prospective customers, not to make sales immediately, but Dib’s suggestions are aimed at creating content that is selling as well, and it’s possible that both purposes are interconnected.)
1) Create a distinctive selling point your ads must follow the unique selling point that is a succinct problem-solution declaration that informs potential buyers the reasons why they should buy from you, rather than an opponent. Dib says that your USP should be positioned in a way that your prospects can draw an apples-to oranges contrast between your company and its rivals instead of apples-to-apples. Your unique selling point might be your product or something else, such as packaging delivery, support, or.
How to Write a Unique Selling Proposition
Dib provides a straightforward method for writing a USP to describe the issue. Define your solution. Provide your proof/testimonial.
2.) Make a compelling offer After you have identified your industry and USP it is important to create an offer that will attract your target customers. Do not make the mistake of offering a discount or your customers will be redirected to an apples-to-apples comparison. Dib highlights the key elements of a convincing offer.
The third step of the phase called awareness in marketing is choosing the appropriate medium for advertising to deliver the message you want to convey to target potential customers.
Since advertising is the most costly part that you can use in marketing, Dib recommends choosing and managing it in accordance with the ROI, or the number of leads and customers it brings in as compared to the cost. Through tracking the results, you can eliminate advertisements that aren’t working and improve those that do work. Tools for tracking the response of ads include toll-free numbers or web analytics. You can also track coupons.
When choosing the appropriate medium or channel (such like direct mail/print radio/TV, email, social media and web/SEO) determine and decide to the places where your target customers are spending in their lives. Dib warns that marketing through social media, despite being popular, comes with a few drawbacks: It’s time-consuming to keep track of and you’re in the hands of the company that is the owner of your profile on social media and pages.
Small-scale businesses need to think about: What do I intend for this marketing initiative to achieve What is my target market, where can my target customers go to find details, what information will I need to communicate and when and what is the budget for this?)
To be cost-effective and efficient Dib’s preferred media for small-scale businesses marketing include email as well as the direct (snail) mailing.
Email is a low-cost direct, personal method to contact customers and prospects and can also become automated. Dib states that with email you are able to:
Dib recommends using a professional email marketing software such as Convertbloom, MailChimp, ConvertKit, or ActiveCampaign (rather than attempting use these tools to send mass emails through Outlook as well as Google emails). They comply with the standards of compliance and enhance delivery. They also automatize sending.
How to Create an Email Campaign
As per marketing experts, the most important questions you need to be able to answer before planning the design of an email marketing campaign include:
The most effective way to communicate is to make use of a variety of mediums that are appropriate for your target audience. be able to reach. Avoid using too much of particular channel, such as social media to create leads and monitor the return on investment.
The results of surveys continue to confirm the fact that Direct mail receives a better responder rate over email (4.4 percent against 1.12 percent, as per the Direct Marketing Association). A study conducted by The NPD Group Inc. found that 30percent of those who received it were able to read email as well as 16% took action in contrast to 47% who opened direct mail and 27% who purchased things due to it. Particularly 44% of the millennials who participated in the Valassis survey indicated that snail mail was their preferred method of receiving offers, while a smaller percentage (40%) cited mobile. This highlights the importance of combining strategies, such as mailing direct mail.)
Second marketing phase following the initial phase of creating awareness is focusing on creating or cultivating leads for sales prospects–people who have expressed an interest in responding to your messages, and then convert these leads into buyers.
The three steps that Dib recommends to increase leads’ exposure to the company so that they purchase your product include:
This is crucial because only a tiny percentage of people who show initially interest in such things as downloading the report for free or watching a video are likely to purchase the item immediately. If you don’t record the names of those who express interest and their contact details and contact information, they’ll be forgotten about the company soon after they’ve seen your advertisement, and you’ll be unable to convert them into buyers in the future.
Dib says that keeping them in a database will allow you to increase their interest over time, and the sale will naturally follow.
It is important to remember that your marketing infrastructure (direct-response advertisements and databases) can be an engine which will continue to generate sales in the future. Dib says that although only 3 percent of leads purchase today 40% of leads could purchase in the near future.
To oversee the management of your marketing system, the author suggests the purchase of a CRM software or a software for managing customer relationships that lets you organize the tracking, analyze, and analysis of information about your customers.
Once a prospect has expressed an interest, and you’ve enrolled the lead on your list, the next stage of the familiarity phase is to keep growing their enthusiasm. It is important to take them from being curious about your product, to actually wanting it and looking to purchase directly from the company. You can accomplish it, Dib says, by making a series of contact with the lead, in which you:
The contacts you make will help lead prospects to purchase from you before you even attempt to convince them. Salespeople typically follow up with leads only a couple of times. However, Dib suggests a multi-step process that involves contacting them at least 10 times. Your CRM can assist with the follow-up by sending monthly automated emails to leads, notifying you that it’s time for an appointment to follow up or follow-up call, etc.
In the traditional way of selling Dib states that one dozen people would not be welcomed. However, when you have a relationship that is built on trust and worth leads will appreciate your contact, instead of being irritatedor angry. You’ll sell easily and ethically.
(Shortform note: In the lines of establishing confidence, many sales specialists recommend a consultative approach to selling that is, the salesperson will ask questions regarding the customer’s needs and issues and assists in determining solutions to the customer’s issue. This method is explained within the SPIN selling.)
In the third step of the familiarity phase–conversion–turn interested leads into paying customers. Dib believes that the key to conversion is to position yourself in properly to make buying the natural reaction.
He says that the majority of salespeople who don’t have the trust of their customers and credibility, portray themselves as beggars or enemies selling by employing closing techniques that are high-pressure. But, these tactics will only increase suspicion. (Shortform note in the book “To Sell Is Human”, Daniel Pink argues that since the majority of people have negative perceptions of salespeople right at the beginning, pressure sales tactics that follow the ABC as well as the “always be closing,” approach are no longer effective..)
However, because you’ve used this type of marketing to create trust and credibility, Dib says conversion should be easy. Additionally, he provides these tips on how for converting leads into customers:
1. You should be an educator, advisor and problem-solver. The first step is creating leads in which you provide something, like the free report or webinar which teaches them about an issue they are facing. Dib mentions that maintaining contact, even if it delays the sale, also increases your standing in the role of an advisor and expert working in the best interests of the customer to assist her in solving the issue. (Shortform notation: The Challenger Sale strategy makes salespeople appear not just as experts, but also as educators by challenging their perception of their industry and giving customers new insight into their challenges.)
2. Take the risk out of the equation every purchase comes with an element of risk or losing money from a purchase that doesn’t work. Giving an exceptional guarantee removes the chance. Dib says this guarantee should go beyond a simple refund to something specific and truly attention-grabbing–you’ll deliver the promised results or else. Consider the fear of the customer–for example the possibility of leaving their home in a mess when making repairs. Then, promise to not only address the issue for the duration of time as well as leave the home cleaner than you found it or have to pay for cleaning. Another method of reducing the chance of risk is to permit the buyer to test before purchasing.
3. Offer a higher price. The majority of businesses set prices based on the competition or calculate their costs and then add the markup. This makes your product appear as a commodity, requiring you to make a price-based decision as well as an upward spiral. In contrast, Dib argues you should be able to stand out from competitors by offering a higher price. This can help buyers purchase in multiple ways: A small number of customers will be willing to pay for the highest quality, thus increasing your profits and attracting more premium customers while a premium cost for your primary item makes other products appear reasonable in price.
The last marketing stage after establishing awareness and establishing a brand’s reputation is focused on turning customers who’ve purchased from at least once, into avid superfans who will continue to buy from you and refer others to you.
Three steps Dib recommends to turn customers into superfans include:
Dib observes that most companies cease marketing to customers when she has purchased something. However, this approach limits growth for businesses. Making customers into superfans creates an ongoing income and helps to launch new products since they will test your products and promote them.
The first step to build customer loyalty is to provide an exceptional experience that will transform the customers into superfans. Dib offers a number of suggestions:
Creating a Customer Experience (CX) Strategy
To develop a CX strategy:
Customers who are satisfied will be more willing to forgiving an organization in the event of a hiccup they are also more likely to purchase more frequently, and enjoy more faith in the business. To help Small Business provide top-quality customer service, Convertbloom comes integrated with Helpdesk ticket management software Knowledgebase/FAQ management software along with chatbot chatbot. It is also possible to upgrade to get a voice-based inbound outbound service using Twillio as well as a full-blown Helpdesk software for customer experience with a cost-effective prices.
After you’ve created an unforgettable experience, second step in the enthusiasm phase is to encourage customers to purchase more from your company. Dib reiterates a well-known study that shows that customers tend to be 21x more inclined purchase from a company they’ve previously purchased from than those they haven’t yet purchased from. Therefore, you’re not making money in the event that you don’t take advantage of the potential value of their products over time.
(Shortform notation: Dib recommends calculating customer lifetime value, also known as CLV. This is the amount of cash a customer is likely to bring to your business during their tenure as a paid customer. The fundamental formula is the following: average order value x the number of times a purchase is made x the average retention time over the years. But, there are different formulas and variations that make it complex. While Dib recommends the calculation of CLV, he doesn’t provide how you can apply the numbers to the context of your marketing strategy. Other strategists suggest knowing your CLV could aid in increasing profits by finding the most valuable customers for you, analysing them, and then making sure you are building the right group.)
Dib provides these tips to make more money from current customers (that is growing the value of their lives for your business):
(Shortform note (Shortform note): There are several other methods to boost the value of a customer’s lifetime or the value of purchases such as: Make wonderful and unexpected surprises like birthday coupons, provide detailed product information (which increases the probability of purchasing) customize your shopping experience, offer various ways to return products or reward loyalty and develop frequent buyer programs and special offers.)
The final stage in building passionate superfans is to encourage referrals. Dib emphasizes that waiting for referrals isn’t enough. In order to be able to consistently get referrals, you must have an effective method of generating these. Dib suggests a variety of strategies:
(Shortform notation: Additional ways to get recommendations include: Create an experience so appealing that people are compelled to share it with others make use of LinkedIn to find referrals that are effective and create a customer referral program and offer incentives to encourage referrals.)
In short the three phases as well as the 9 steps in the one-page Marketing Strategy are as follows:
Phase 1 (Create Awareness):
Phase 2 (Build Familiarity):
Phase 3 (Build Enthusiasm):
Dib writes that , while the plan was designed to simplify and simplify marketing but its primary goal is to speed up the implementation process. However, many small-scale entrepreneurs fail to follow through with strategies or act because of analysis lack of clarity, inability to delegate, or the conviction that their company is different and a specific strategy won’t suit the company. Yet, knowing what to do isn’t much when you don’t take action.
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