Before we get started today I want to introduce you to the most powerful single piece of paper you will ever get.
It’s called the “Powerteam Weekly Action Planner.”
I want you to click here to download it now.
Just hold on to it because later on in an upcoming post I’m going to show you how this single piece of paper can 10X your productivity, and double if not triple your revenue and income.
It completely changed my life and business and I’m pretty sure it will do the same for you.
So grab it real quick here and let’s get started with Part 2 of this Series.
In part one of this Business Success Series, we looked at the principle of ‘the right marketing message for the right market’ as one of the most fundamental principles in business.
I know you want to get to making sure you are targeting the right market.
However, there is something important we need to cover first.
In an up coming post, I promise you will get a slam dunk way to ensure you are targeting the right market.
For today however, in Part 2 of this Business Success Series we want to look at how you are evaluating your marketing.
Real quick though…
There are a few guiding principles about “marketing” I want you to keep in mind.
Marketing is not an event, but a process.
It has a beginning, middle, but never an end, for it’s a process.
You decide it, create it, improve it, perfect it, change it, innovate it, manage it, analyze it and even pause it. But you never stop completely.
It’s an ever-changing series of good and sometimes bad decisions and a unique set of adjustable plans that should over time get better and better as you learn and see yourself evolving and being reinvented continually.
Think of it as an on-going experiment and a fluid reaction and adjustment to fluid needs and changing times.
Always ask questions along the way and remain open to change and study.
At Powerteam International, we focus on the processes which produces the outcomes you desire.
We are about helping you to understand what the process looks like and how to use it in your business so you too can become a master marketer… a kick-ass money maker.
What we call… a Rainmaker!
So let’s get it going here today.
Marketing does not begin and end with identifying the right market.
In fact, I don’t think you can ever retire from marketing.
As long as your business is in operation, you can always innovate on your marketing strategy.
The most successful businesses are those that are flexible enough to change and adjust along the way.
It is important that you and your team can clearly tell whether your marketing is working or not, and how well it is working.
Only with regular and accurate feedback can you fine-tune your approach.
So make sure that you take the time to study your sales progression and results.
More importantly, get in touch with your clients, customers or patients.
Ask them relevant questions.
Being able to genuinely connect with those who trust you enough to give you their money in exchange for the value your offer, can help you unearth insights that you likely will not find in any paid surveys or research.
Is Your Marketing TRANSPARENT and CAN IT BE EVALUATED Anytime?
Constant evaluation is a key element in marketing successfully.
This goes to the “analyze it” as I mentioned above.
You must always check whether or not your efforts are working the best that they possibly could.
Because markets can change fast, what worked today may not work anymore tomorrow.
Transparent criteria are a key element for effective evaluation.
A good performance indicator should be something that can be understood by everyone in your team.
More so, it is not subject to one person’s bias and stereotypes.
For your marketing efforts, consider the following questions:
How often do you evaluate your marketing efforts? Do you feel that you are evaluating your strategies as often as you should? If yes, why? If no, why not?
What are your performance indicators (e.g. unit sales, optins/subscribes, unique visitors, rate of conversion etc.)?
Are these the best performance indicators for your product/service? If yes, what makes you say so? If not, what else is missing?
What are the sources of your information?
Are these sources reliable? How can you confirm their validity? What do you think could be other valid sources of quality data about your marketing?
How about the role designation in your team? Complete the following:
- Who is in charge of…
a) Gathering data?
b) Organizing data?
c) Studying this data?
d) Creating new ideas from the data?
e) Developing an action plan?
f) Implementing this action plan?
- When is he/she supposed to do this task?
- Does he/she knows that this is his/her job? (yes/no)
- Does he/she complete his/her task satisfactorily? (yes/no)
Is the evaluation of your marketing decisions well-assigned to responsible team members? If yes, what works? If no, what needs to change?
Finally, create an evaluation plan for your future marketing strategy.
How Has Your Marketing Evolved Across Time?
One way to tell if you are open to change and study is to see how your product/service, as well as your marketing strategy have evolved across time.
Were you able to successfully adapt to the changes in the market?
Were you able to incorporate the results of your evaluation?
Let us take a moment to track the changes that you have made to your product/service and or marketing strategy since the time you started in business.
Inside each of the arrows below, track the different versions that you have of your product/service or marketing approach.
For example, if your business is selling baby shoes, your responses may look like this:
(1) sold baby shoes in retail outlets -> (2) built a website -> (3) added free parenting ebook with purchase.
Underneath the arrow, write down what factors prompted the change.
Was it to match a competitor’s idea?
Perhaps to raise dismal sales?
What influenced your decision?
Overall, do you consider your marketing as open to change and study? On a scale of 1 to 10, if 1 is the least open and 10 is the most, how would you rate yourself? What made you choose this rating?
In hindsight, were there times when you knew you should have innovated but didn’t? What made you ignore the feedback then? What makes you say that you should have pursued change?
If you were to repeat this activity, this time documenting your most successful competitor’s product/service and marketing strategy, what did they do that you didn’t? What important feedback did they not ignore?
That was a lot today, wasn’t?
The reason why we want you to tackle these questions is because business is really a battle of the minds of the business owners.
You must first out-think your competitors to be able to out-maneuver them.
You must know how to take insights and turn them into income for your business.
Be sure to remember this.
Insights + Implementation = Income!
By the way, if you want a quick way to discover your #1 Profit Bottleneck. I suggest you click here to take a quick survey we designed that will give you instant feedback.
Coming up in the next installment of this Business Success Series, we will actually get into one of the critical parts of effectively targeting your market.
In fact, I’ll give you a simple set of questions that will help you fine-tune and master your marketing instincts.
It’s these instincts that will lead you and your company to victory on today’s business battlefield.
So I’ll see you back here next week.
In the mean time, take a few minutes and click here take a survey to discover your #1 Profit Bottleneck.
It’s an absolutely free survey!