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It's EQ, Not IQ, That Will Make You More Money
The Promotion of your business is NOT about your business.
It is NOT merely an announcement that your business exists. It
is NOT simply about attracting new customers. And it is
NOT your greatest source of generating profits.
Promotion IS, however, the active portion that fuels the sales
cycle of your business. It is the last domino to be placed in
line, and yet the one that starts the chain reaction bringing them
all down.
Let me explain.
IT'S NOT ABOUT YOU
Before you can focus on increasing your customer base, you've
got to start out by defining exactly what it is you are offering
them. However, don't make the fatal error of describing your
product or service in terms of what you do, but rather in terms
of how your customers benefit.
Your products cannot simply be items, but rather solutions for
your customers problems, answers to their questions,
improvements to their lives, savings on their time or money, or
deliverers of their dreams.
By first defining those distinct purposes you then have the
power to promote using subjects people actually search for,
read about, and pay attention to.
DON'T ANNOUNCE, INFORM
No one really cares about your business but you. Others only
care about what it can do for them. So when it comes time to
do your promotion, focus on providing exactly that type of
information. You'll attract more attention by focusing on the
end result provided to your customer than you ever will
describing how your product or service works.
MORE THAN JUST ADVERTISING
Most view promotional efforts as a process for attracting new
customers. While that is a large part of it, there should be far
more involved.
Not only can promotion attract the attention of new people, it
also:
*brands your name on the minds of customers and non-
customers alike.
*demonstrates the continued activity of your business
*reminds existing customers of your products and services
*establishes credibility
*furthers existing business relationships or partnerships
*and reinforces your business's position in your industry
A COMMON MISTAKE
Focusing solely on attracting new potential customers is
actually a common mistake among businesses.
A greater source of continued revenue, and the fastest way to
increase profits, is through the retention of repeat customers.
All promotion should be aimed, right from the beginning, at not
only attracting new clients, but in keeping them around.
Getting new customers is the most expensive aspect of
business. Continued selling to existing customers, however, is
the most profitable.
Retaining more repeat customers, in fact, increases the value of
each customer to your business. With that added value, you
can then afford to put more into attracting new people.
This
gives you a distinct advantage over your competition.
KEEPING THEM AROUND
If your initial promotion focuses on providing the best benefits
possible, and your product or service delivers on those
promises, you are then easily able to build a solid relationship
with those who buy from you.
From there, you retain their trust, and reap the profits of
continued and repeat sales without the larger expense of
making that first contact.
Not only that, but all your promotions will be enhanced by the
presence of satisfied customers who are willing to give you a
good word.
DIRECT ACTION IS THE GOAL
Promotion is all about soliciting a direct response, a specific
action you want people to take. That action may be a sale, a
request for further information, the setting of an appointment,
or simply permission for further contact.
The focus of your promotion should rest on whatever action it
is you desire, and the cause for that action needs to be defined
in terms of benefits received by the people you are attempting
to attract.
And so we have come full circle in our explanation.
Promotion is NOT about your business. It's about how your
customers can benefit from it.
Promotion is NOT an announcement of your business. It's
about informing people of the solutions, savings, or answers
you can provide for them.
Promotion is NOT simply about gaining new customers, but the
continued cycle of your entire business.
Promotion is NOT your greatest source of profits. It's simply
about providing your business with repeat clients, and serving
those clients. In turn, that will create a larger gold mine of
continued revenue.
As we continue in our series on Understanding the Methods of
Promotion, keep in mind these basic principles. View the
resources provided with an eye toward focusing on your
customers and how you can make each method of promotion
best work for you.
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The concepts presented in this article are further explored in
"Small Business, Big Profits" a powerful new marketing course
by Bob Serling that can literally double or triple the number of
new customers or clients you bring into your business.
Learn more today at: http://www.skyhighpublications.com/
written by Joe Bingham of the NetPlay Marketer
http://www.netplaynewsletters.com
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About the Author
Joe Bingham has written many articles, both informational and humorous,
with the intent of helping others gain a better understanding of
Internet marketing concepts. His 'tell it like it is' approach has
many offering the NetPlay Marketer as one of their most favorite
ezines. See for yourself at: http://www.netplaynewsletters.com
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