Marketing Mistake #11 | Not Calclulating the Lifetime Profit Value of Your Customer

There’s no question about it. Your existing customers are your most valuable assets. Since they’ve already purchased from you previously, and have experienced the benefits of your products and/or services (and presumably are pleased with those experiences), they are likely to purchase from you again, and if given the opportunity, are likely to refer you…

Marketing Mistake | #8 Failing to Use Testimonials

Testimonials are one of the most powerful tools any business owner can use, but also one of the most under-utilised. Testimonials are not limited to any one type of advertising or promotional media.  Television ads, radio announcements, newspaper layouts and infomercials all make use of testimonials in one form or another. Sometimes, celebrities are used…

Marketing Mistake #2; Failure To Monitor Your Results

Results. That’s all that counts in business. Results.
Any promotion worth putting your time, money and effort behind, is worth measuring how well it performs.

Only by knowing what kinds of results a certain marketing effort produces, can you determine whether or not to run it again, or what you may need to do to change or tweak it in order to make it more effective.
It’s absolutely amazing how many business owners don’t understand this simple concept.

They’ll let the Yellow Pages advertising salesperson sell them an ad in their local phone book, let the phone company ad department layout the ad, then let the ad run with no way of knowing whether or not a prospect called or a customer was obtained as a result of that ad.

The ad has no “accountability” or “measurability.”

So, next year, the same ad gets run, the same results are had, and the business owner continues to complain about how poor business is.

And the same thing happens with his or her newspaper ads, magazine ads, direct mail campaigns, Val-Pak marketing and every other type of marketing they do.
 

As an astute business person, you should never even consider running an ad or executing a mailing campaign or promotion without having some type of response mechanism to measure the results.

You wouldn’t think of ordering and paying for a product… any kind of product, and then not checking to see if you received it.

Yet, many business owners will run ads in their newspaper, magazines, Money Mailer, or Val-Pak, or send out a mailing and never even bother to see what kind of results the ad produced.

I know it’s crazy. But it happens every day. And millions of dollars are wasted because of it.

Some people even go so far as to say, “Well, my advertising isn’t to bring in customers right away. Its purpose is to keep our name in front of our prospects and create ‘top-of-mind-awareness’ so when they’re ready, they’ll remember me.”

Well, top of mind awareness is important. There’s no question about that. But you can’t afford to operate your business on “deferred results.”
Each of your ads and mailings must have a definite, targeted purpose.
And each ad must be measured to see that it, in fact, does accomplish that purpose.
We’ll talk more about this in a later section.