Six Golden Rules of Marketing: Google Also Love it !!

June 16, 2017 Facebook Twitter LinkedIn Google+ SEO

Rules of Marketing

If you want to be successful in business, you need to understand and practice good marketing. Thats because marketing is the engine that drives your business. In other words it makes people aware of you and helps convert that awareness into paying customers. To help you kick your marketing into a higher gear and to get your business into the marketing green zone, you need to learn and apply these six golden rules of marketing.

Golden Rule # 1 Treat marketing as an investment, and not a cost.

In terms of the marketing function and its relationship to the other functions in a business famed management guru, Peter Drucker, once stated that “Marketing and innovation produce results; all the rest are costs.” Marketing is the engine that drives business growth. Because of this you must treat marketing as an investment, and not a cost. That means allocating sufficient resources to the marketing function, and utilizing these resources wisely.

Golden Rule #2 – Strategy comes first, marketing communications second.

Before implementing your marketing communications – for example, direct mail, advertising etc you must get your strategy right. This means firstly clarifying key strategic issues such as competitive positioning, product mix, target market, strategic branding, pricing and your revenue stream model. Your strategy lays the foundation for all your marketing communications so you need to ensure you get it right.

Golden rule # 3 – Maintain Your Marketing Budget in Good Times and Bad.

A numbers of years ago The Wall Street Journal conducted a survey to gauge what actions companies took to ride through tough times, such as a recession. Cost cutting, was an exercise most of the surveyed companies undertook; however those companies that cut back on their marketing budgets during bad times fared far worse that those companies that maintained or increased their marketing budgets.

Moral of the story? Don’t bite the hand that feeds you marketing is the engine that grows a business. And while cutting back on the marketing budget during good times may be a bit silly, cutting back on your marketing budget during bad times is stupidity beyond belief.

Golden Rule #4 If you cant measure it, then dont bother.

There’s a common saying in business that, “You can’t manage what you can’t measure.” Because marketing is an investment, it needs to be monitored, measured and

evaluated. This accountability mindset needs to apply to all communications programmes. Stated simply, sales scripts, sales people, telemarketing, advertising, direct

mail etc all need to be measured. How do you do this? Simply by applying rule #5 which is:

Golden Rule # 5 Adopt a direct marketing orientation in your business.

If you’re serious about growing your business you must adopt a direct marketing orientation in all your communications. So what is direct marketing? Heres the official definition as provided by the U.S Direct Marketing Association: Direct marketing is an interactive system of marketing which uses one or more advertising media to effect a measurable response/and or transaction at any location. Direct marketing (or direct response) encompasses a range of media and disciplines including database marketing, direct mail, telemarketing, direct response advertising, pay per click internet advertising and so on.)

In recent years, the New Zealand direct marketing industry has grown in leaps and bounds. Thats because direct marketing, when done properly, helps you to fulfill a number of marketing purposes including:

  • Prospecting for, and generating qualified sales leads/prospects.
  • Converting prospects into customers.
  • Servicing existing customers.
  • Re-selling, up-selling and cross-selling customers.

Even adapting a direct marketing orientation to a function such as public relations can provide you with some real spin offs. As an example, some years ago I directed the marketing for an American speed reading expert who was touring New Zealand promoting a method for helping people to significantly increase their reading speed and comprehension.

As part of the plan I worked the press, but, instead of using traditional PR, added some direct response components to the programme. The result? 2/3rds of total business came from the PR at about 1/10th the cost. How’s that for a return on investment?

Golden Rule # 6 Hire only those with real world direct marketing experience.

A good direct marketing practitioner can do wonders for your business. Unfortunately, they’re in very short supply. You see, some of the better known direct marketing agencies are really good, but youll need to be prepared to fork out some heavy duty cash if you want them to take you on as a client. This is a pity because of some of the bad direct marketing I witness almost every day. Put it this way:

  1. Effective direct marketing is not having a couple of thousand brochures printed, then mailing them unaddressed to unknown prospects and hoping that hundreds of prospects are going to call you on the phone and say Can I become a customer please?
  2. Effective direct marketing is not jumping on the telephone and making a seemingly endless number of cold calls to unknown people who dont want to give you the time of day.
  3. Effective direct marketing is not having some meaningless, directionless ad created, and then sticking an 0800 number or coupon on the end of it in the hope that qualified prospects in their droves are going to respond.
  4. Effective direct marketing is not spending large amounts of money on acquiring new customers at the expense of building a powerful database in an effort to service and re-sell your existing customers.

Direct marketing is a highly skilled discipline and shouldn’t be left to amateurs. The bottom line is this. For any direct marketing campaign to work, the planning and implementation of the campaign must be directed by those with plenty of practical and real world, direct marketing experience.

Summary So there you have it. Six golden rules to help you improve the effectiveness of your companys marketing. If you want more effective salespeople, more effective advertising and so on, you need to obey them faithfully.