Thursday, October 15, 2009

The Business of Marketing Business Ideas

As a business owner, You are in the business of MARKETING

What % time do you spend on the following?:

Production - the creation of the product/service. Most people 30%
Operation - the running of the business. Most people 50%
Marketing - the marketing of the product/service Most people 20%

For a new business the stats should be:
Production: 20%Operation: 20%Marketing: 60%

What is the size of your backend:

Many business owners have a front end product or service but they have no backend, where most of the profits are really made.

The business of marketing is to retain and service your old customers, One of the way to ensure you have a successful business is to think about what the customer would like next.

If a customer is happy with your first offering then there is a good chance they will purchase something of a higher value.

What can you create to market to your customers once they are happy with your first offering?

This could be your most lucrative product.
What do your competitors offer?

Always be upselling and downselling!
When a customer says yes to a product, what do you have to offer them during their 'buying mood'?
Mc Donalds, 'would you like chips with that?' to which most people say 'yes'.
Italian Restaurant, 'would you like garlic bread to start' to which most people say 'yes'.

What can you offer at 'point of sale'?

What if they say 'no' to your first offer? Always downsell something of less value, that way they may buy something as opposed to leaving without a purchase.

What can you offer instead of your primary product?