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Establish a Base for Cash Flow

July 14, 20200 Comments

Marketing Stability by EfficioTo start let’s review what marketing is and why you need a marketing base:

What is marketing? Marketing involves all those activities a company does to:

  1. Find out what their customers or clients need or want
  2. Tell those customers or clients that they can fulfill their needs and wants
  3. Persuade them to buy the solution from them

Why do you need a marketing base?
A business is only as healthy, strong, and profitable as its client base and it is the marketing activities that acquire this client base. A marketing base is a consistent, mostly automated engine for acquiring cash flow.

For example, I recently worked with a client who offered products to people based on what he thought they needed. He did well in the first two years because he had a background in marketing and he was good at selling. By year three, however, it was not so good.

Why?

There wasn’t a market for what he was offering big enough to match the goals he had outlined, so he ran out of clients. That’s when his transmogrification started. He realized he had to focus on what the customer wanted and how they purchased his type of product vs. what he thought. That is when we began to work on his marketing base – a consistent engine for generating cash flow.

For your marketing base, we recommend starting with these four basic categories:

  1. Stay in touch to stay on top of mind: This category involves creating a monthly program that is automatic and simple. No selling here – just useful information about how your solution will help the target market you have selected.
  2. Utilize quarterly promotions to highlight a specific solution: It is important to reach out to your target audience with special offers or special announcements at least once per quarter. This is a good way to a) test out a new solution or idea, b) to increase sales in a specific line or c) to gain exposure for your flagship product.
  3. Develop visibility and credibility activities to establish brand recognition: As we all know, people do business with those that they know and trust. It is important to create a consistent engine that establishes your brand in the marketplace. This will ensure those who you want to close business with and those who can close business for you will begin to trust and value your business and the solutions you offer.
  4. Create education events and activities to showcase expertise: A lot of you are probably providing informational products, podcasts, and webinars on different subjects – some you charge for and some you do not. While this is a great way to showcase your expertise, keep in mind that you are using your expertise as a marketing tool in the form of education. In order for it to be effective, you have to stay focused on the vision and your goal for providing education. Don’t give your most tried and true secrets away for free.

Get the marketing base in place before adding niche marketing. You want your base working for you on a consistent basis for the life of your business. Just make sure to change and adjust as your business and your target market changes.

 

Sherese Duncan

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