Some Thinking Points on Your Marketing Plans

Conventional marketing concepts are great tools to use when initially creating your marketing plans but once it comes to executing those plans, you really need to think like the customer and understand what your on-going costs will be.

Myth #1- Increasing your customer base, increasing the loyalty of your customers, and increasing how frequent their purchase your products all promote your long-term growth.

If you concentrate on increasing customer loyalty, then you would want to see your customer come to you first rather than going off to a competitor. Think about it, customers may profess to be loyal to you, but how many times do you see them walk into your competitor's store or see them carrying around your arch-rivals shopping bag? It happens, it's just curiosity that drives them to seek alternatives. Maybe it's not the best use of your marketing dollars trying to get them to always keep coming back, coupons, promotions, mailings, etc...

Myth #2 - Promotions bring in much needed business when its needed.

You would think that promotions would spur new customers to take that coupon and run into your business to take advantage of the lower price or savings. What typically happens is that current customers use the coupon to their advantage and get discounts on merchandise or services that they would probably be buying in time anyhow. Yes, those new customers do walk through and use that coupon. But think about the ultimate impact to current vs new customers and the impact on your profit margins.

Myth #3 - Loyal customers can be your most profitable customers, so spend you money on making them loyal.

Wow, sometimes this concept really goes awry. Those loyal customers, they come back, they shop and buy more frequently. You appreciate it, you give them a courtesy discount. Then, eventually, you notice that they always want that courtesy discount. Every now and then, they are displeased and come back to get a refund or return. Then, you notice that this happens more often...even on the products that you gave them a courtesy discount on. They consume your time, they receive discounts, they return things...sometimes, they eat you alive. Think about their profitability before your ponder their extreme loyalty.

UnMyth #4 - Expand your reach!

Reach out for new customers in new geographies with different demographics. The Internet allows every business, big or small, to reach entirely new customers that were previously either unknown or unreachable. People with different demographics can now be micro-targeted with email campaigns, newsletters, websites and mailings. It is not necessary to offer standard products or services anymore, companies can develop varying versions and micro market them to specific audiences within specific regions.