How To Develop An Effective Marketing Strategy
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- Junho 1º, 2017
In business, some entrepreneurs view success in its most basal format. All they want is the ability to earn a living while working for themselves. For others, success takes on far more grandiose terms. It involves the erection of colossal empires that spans the globe with droves of customers and multi-billion-dollar revenue streams.
Yet, whatever level or scale of success an entrepreneur is looking for in business, most desire a life that’s replete with abundance in one fashion or another. Whether that’s the abundance of time or money, it’s a recurring theme that compels most to immerse themselves in the shackles of work, attempting to wield their dexterity and flesh out their ideas to generate an income.
No matter what shape or form the compelling allure takes on for most — whether it’s to succeed on a small or large scale — without an effective strategy for marketing a business, success will seem fleeting at best. No matter how good a product or service might be, getting the proverbial word out is one of the most daunting tasks.
Adding to the melee, having the wherewithal to grow and scale any business, established or new, takes an effective plan with clear and concise steps. It takes boiling things down to their basic and most fundamental elements, seeing what already works, and then implementing a strategy that will help you progress towards your goals over time.
But how do you do it? How do you institute the right strategy to market a company, especially if you have an almost non-existent advertising budget? Clearly, this isn’t easy. It requires the fundamentals of a sound business that adds value to the world and looks to help others or solve a big problem first and foremost. Beyond that, it can seem like a convoluted and complicated undertaking to market online or offline.
If you ask someone like Roland Frasier, CEO and principal of the War Room Mastermind, an elite business group coached by captains of industry, he’ll tell you that selecting the right strategy for marketing your business is effectively do or die. For those that lack the necessary skill set, gaining traction is never simple nor straightforward.
Without the right team in place, or the right guidance to help you effectively succeed, achieving your goals of business success will seem elusive at best. Now, Frasier should know. He’s one of the world’s most brilliant marketing minds, effectively able to command millions of dollars in a single 24-hour period of a new product launch, or help guide a multi-billion-dollar company towards enhanced growth or skyrocketing profits.
Frasier, who has a long history of success in law, real estate and digital marketing, helped to break down the fundamental components of how he and his business partners work to institute an effective marketing strategy that’s curated towards the business and its needs, while also taking into account the current status quo of both internal and external market forces.
Intrigued by the concept of the War Room Mastermind, I spoke with Frasier at length and in great detail. However, my questions weren’t specifically aimed at who the War Room Mastermind members were, but rather, how the group of wildly-successful entrepreneurs and investors work to help fellow members to catapult the growth and scale of their connected businesses.
The truth? The War Room Mastermind is filled with some legendary entrepreneurs and business professionals that include 5 Inc. 500 Founders and 11 Inc. 5000 Founders, along with 9 tech millionaires and even 3 A-List celebrities, amongst many others. The group is limited to 100 members in total, but more importantly, it’s a mastermind meant for really taking your business to the next level.
However, the most alluring part? The mastermind is extremely selective, and the applicants are carefully vetted to ensure that they’re a right fit for the group. This isn’t just a pay-for-entry style mastermind; this is more likened to a golden ticket and an almost-surefire method for taking your business to the next level.
And while Frasier has created something phenomenal here, I was also curious about strategies they used and implemented to market any business, established or new. Whether we’re talking about a newly-formed company simply looking to get the word out, or a mid-to-large-sized enterprise truly looking to scale exponentially to the next level.
What Is A Marketing Strategy?
Any culmination of activities, whether online or offline, that helps a business to move closer to its short term or long-term strategic sales goals are part of its marketing strategy. It includes a thorough evaluation of the market dynamics, demographics and competitive environment of any industry or niche prior to creating an overall plan of action.
Overall, the plan is developed by not only scanning the external factors outside of the business, but also the internal factors as well. This is often a prerequisite to determining both the opportunities in the marketplace, along with the threats that might exist from other opposing factors.
However, beyond all the technical facets that might be involved in developing such a strategy and plan, being able to acutely understand where a business is right now, and how a company can move the needle towards its goals is far more complex than it sounds. It’s obvious that creating and executing an effective plan is a monumental undertaking.
Clearly, there’s a reason why elite mastermind groups have enormous utility. With experience comes inherent knowledge. It’s the knowledge of how to best analyze both the macro and micro aspects of a business, and carefully dissect all of those factors to help put a company’s best foot forward. It isn’t simple or easy by any measure.
What’s The Best Strategy For Marketing Your Business Online?
In short, Frasier tells me that each business is in a unique situation when they come into the War Room Mastermind. The masterminds, each titans in their industries, collaborate to build an effective strategy for moving forward. However, for those that can’t afford to enter into a mastermind such as this one, there are a number of pathways moving forward.
Still, the underlying strategies chosen can only come after careful and deep analysis of the finite details. Frasier says that whenever he analyzes a company’s overall picture, he first takes an inventory of the existing assets of the business. Then, he asks 3 questions:
- What’s currently contributing the greatest amount to top-line sales
- What’s currently contributing the most to profit margin
- What’s currently contributing the most to sales growth velocity (that is what segments of existing products and services are growing the fastest)
He then ranks those in an order of impact, and incorporates them into the broader plan. This is important to the overarching approach for marketing the business considering that the data is already strongly pointing to certain key areas of the company’s operations, and he optimizes those to speed up rapid or hyper growth.
He also looks for sound fundamentals and principles to be in place. These impact central and key components of any business and create a foundation for its values and beliefs, which result in things like its mission statement and its value-added proposition. The principles that a businesses harbors are crucial to developing the right message and brand positioning to ensure success.
#1 — It embeds a strong storyline
No matter what plan is put into place, the basis of a successful implementation is founded upon the existence of a strong storyline. What do you or your company stand for? What’s the story behind it all? Is there an encompassing journey? What led you to this specific point in time?
Frasier refers to this as your back story or your legend, with a central character that’s pivotal in building a storyline that your customers can build a relationship with. Every part of the marketing message should be designed around the storyline. The story or the central character in that story is a crucial piece in a company’s potential for success.
#2 — It builds an emotional attachment
There are two types of buyers in this world. There are logical buyers and there are emotional buyers. While logical buyers will surface in any business, what you’re after should be to build an emotional attachment with buyers who eventually become raving fans. No strategy for marketing should be enacted without working to create and strengthen this emotional bond.
Part of that bond is born from the storyline. But the other part is born by being transparent, honest and working to help solve a problem or fill a need, and ultimately providing immense amounts of value. That emotional attachment is strengthened and reinforce through the use of powerful brand imagery, sales copy and other tactics that play into the central storyline.
#3 — It’s consumer-centric
No matter how you go about positioning your company or what type of media you go after, you have to ensure that the company is consumer-centric. It needs to always be adding value. If you’re not helping the consumer at the end of the day, and they’re not getting more in return than what they paid you for, you’re largely wasting your time.
Every strategy must place the consumer at the heart of the message. Every product, service or piece of information that’s offered has to keep the consumer at its heart and mind. Once the message shifts to a business-centric one, the company begins to fail and sales inevitably decline into a free fall.
Sam Walton, the iconic entrepreneur behind Walmart, once said that, “There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” The more your strategies adhere to this central principle, the more likely you’ll be to succeed.
#4 — It’s multi-channeled and multi-platformed
Whatever plan you put into place, it also needs to be multi-channeled and exist on multiple platforms. You don’t want to put all your eggs into one proverbial basket. You want to reach customers on different platforms such as Facebook and Adwords, for example, but also advertise to them on other channels like YouTube, Instagram and anywhere else they might congregate.
This is also the power of re-targeting and frequency of views. When people see your re-targeted ad on different platforms, and you’re effectively “following them around” on the internet after they’ve shown an interest in your business, it sends a powerful subconscious message and helps to convert those browsers into buyers.
#5 – It’s scalable
Any effective marketing strategy must be scalable. Where people make the biggest mistakes are first in the failure to understand the marketplace and their target demographics, but second in trying to throw money at ads before properly ensuring that they convert.
Small tests need to be done before doing a big ad spend. Once you have an offer that converts, you can scale that offer to infinity. Afterwards, the more you spend, the more you make. But you need to ensure that it’s scalable in the first place and that it’s producing a profit. Beyond that, the steps are rather simple and straightforward.
#6 — It’s agile
Every plan needs to agile. When a business fails to adapt and be agile enough to changing market climates or increasing competition, they fail. Case in point is Kodak. The company failed to adapt its marketing plan to the major shift from film to digital. Because of that, the company was unable to sustain its footing in the marketplace.
Today, with the internet, shifts that once took decades to occur are happening within months and years. You have to be prepared to pivot your plan and be agile enough to move things around. Don’t overcommit to something and be so entrenched that you’re unable to pivot when necessary. It doesn’t mean that your goals need to change; rather, the steps you need to take to reach your goals.
#7 — It leverages thought-leaders
Everyone’s heard of influencer marketing. You can also call these people thought-leaders. However, it isn’t just about influencers, it’s also about power users. All of these people can help you to spread your message, but it isn’t easy connecting with them on a whim. It takes work and you can’t have a give-me mentality when approaching them.
However, by getting the right thought-leader on board, you can really take your marketing reach to the next level. That’s why celebrities and influencers are paid big bucks because companies know that those followings can make a significant difference in sales with the right endorsement from the right person.