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4 Marketing Myths Threaten Your Sales
These 4 marketing myths can cause you to lose sales if you base your marketing decisions on them. But the related marketing tips I included with each myth will boost your sales if you act on them instead.
If this was true, only businesses that charge cheap prices would exist. Some people buy where they get the cheapest price. But most people are more interested in getting value for their money than in getting a bargain.
Tip: Look for some low-cost ways you can enhance the perceived value of your product or service. Then test raising your price. Don't be surprised if both your sales and your profit margin go up.
Myth 2: vOffering Your Customers Many Options Will Boost Your Sales
Presenting your customers with options usually reduces your sales. Here's why...
When confronted with several options, most customers have difficulty making a clear decision. They often react by procrastinating - and never making a decision. When this happens, you lose a sale you already had.
Tip: Try to limit your customer's decision making to either "Yes. I'll buy." or "No. I won't buy". Don't risk losing them by including "which one" decisions.
That's what YOU think. Most of them don't think they need it ...and most aren't ready to spend their money for it.
The hazard of this myth is that it causes many marketers to believe they can succeed without doing much marketing or selling. They think their product or service is so special that it should automatically generate hordes of paying customers. Unfortunately, it doesn't happen that way.
Building a successful business is hard work - most of it devoted to finding customers. Even if most people can use your product or service, you still need a marketing strategy to reach them and a persuasive sales message to close sales.
Tip: Look for narrowly defined niche markets where your product or service solves a unique need of the customers. Focus your marketing on them instead of trying to reach a broadly defined general market. You'll generate more sales and enjoy a better return on your advertising expense.
This sounds logical but it's not true. Never abandon advertising that's working. I know many businesses that have been using the same advertising for years and they're still growing. Here's why...
The goal of most advertising is to attract new customers. Once someone becomes a customer, they won't respond to that advertising again. But you can use different (and cheaper) advertising to generate additional sales from them.
But there's still a large population of non-customers who didn't respond to your regular advertising. Most have not seen it yet ...and those who have usually need to see it numerous times before they will respond.
Don't abandon advertising that's working - but keep trying to improve it. And regularly test new things to see how they work for you. If you never make any changes in your advertising, your sales will eventually decline.
Tip: You can automatically keep your advertising up to date by allocating 80 percent of your budget to proven promotions and 20 percent to testing new things. When something new works better than your proven promotions, move it to the 80 percent group and start testing something else in the 20 percent category.
Don't believe these 4 marketing myths. They're not true. Marketing based on them will cause you to lose sales. Instead, apply the related marketing tips I included after each myth to boost your sales.
Copyright 2004 Bob Leduc http://BobLeduc.com
Bob Leduc spent 20 years helping businesses like yours find new customers and increase sales. He just released a New Edition of his manual, How To Build Your Small Business Fast With Simple Postcards... and launched *BizTips from Bob*, a newsletter to help small businesses grow and prosper. You'll find his low-cost marketing methods at: http://BobLeduc.com or call: 702-658-1707 After 10 AM Pacific Time/Las Vegas, NV
Sales Management - Google News
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Business Career, Executive Coaching Article - Perfection vs. Excellence
"(Howard) Hughes never learned how to convert his knowledge to practical application. Instead he sought a perfection that assured failure.
Sacking Clients: Brand Power Wheel
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Franchise Sales; Recruiting of Laid Off Employees
Because of corporate downsizing, many people have been laid-off or voluntarily taken early retirement packages and/or incentives. This happens when times are good due to mergers and acquisitions or when the economy is in the dumps and corporations are working to cut payroll costs.
The Sales Carpenter
I remember moving my family to Argentina as Vice President of Sales for Latin America. I was in charge of managing five regional offices, Argentina of course being one of them.
Increasing Sales by Using Coupons - Will it Help Your Business?
Increasing Sales by using Coupons. Will it help your business? Well, the Promotional Marketing Association's (PMA) "Coupon Council" shows that 3.
5 Secrets to Managing Your Sales Manager Productively
Many people believe that the main reason for representatives leaving their organisation is that of money in that they leave for a bigger salary. In fact, the biggest reason why people leave organisations is that the role they are doing is no longer offering any challenge or excitement.
How to Increase The Sales Of Promotional Products
I have searched for a new way to increase the sales of my promotional products. A good way is to start an affiliate-program with a commision for every customer who buy an product and who came to your page from a webpage of one of your affiliate-partners.
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Recently, I was asked to spend some time on the telephone, coaching a client's administrative assistant on how to check out an employment candidate's references. After each in-person or telephone conference, I complete a brief written report going over the information discussed.
The Effective Executive
What does it mean to be an "effective executive"? Well very simply it means achieving the goals you set out to achieve in an efficient, creative and effortless manner. Some of the benefits that ensue from this self efficacy are: feelings of self confidence, self esteem, self worth, a sense of personal empowerment, feeling invigorated and passionate about everything you choose to do, a sense of resilience, more energy, personal emotional and physical health and for some a great sense of purpose.
What Is A Proposal? And Why Do You Need One?
Do you know anyone who regularly wins bids? Or can boast a balanced relationship between doing the hard work of producing proposals and regularly winning the business?I'm always amazed at how much energy people put into responding to a Request For Proposal (RFP) in relation to the level of success - or non-success - they realize. And yet they continue to put time and resources into this relatively unproductive activity.
Profitable Relationships: Is It Amateur Hour or King of the Hill?
"We're in the relationship business?..
The ACCOUNTABILITY Challenge for Today's Business Management
In today's 24/7 driven business word, accountability is becoming a more critical issue for every business owner, manager, executive and salesperson. The challenge is to realize that accountability is just not a single issue, but an issue with many supporting elements.
Why Performance-Based Recruiting Produces Top Sales Performers
Many recruiting ads and job descriptions include "knockout factors" that can actually screen out qualified sales candidates. One example is a requirement that candidates have an undergraduate degree, a graduate degree, or a degree in a specialized field of study such as Engineering.
Investing in Your Sales Team
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Increase Your Sales - Accept Credit Cards
Many people today simply prefer the convenience of paying by credit card. If you want their business, you must be able to accept their credit-card payments.
The Art and Science of Managing Expectations in Selling
It is very easy to fall into a trap with the customer by extending offerings beyond that of what the company infrastructure is able to supply in a reasonable timeline.As a salesperson, you must manage the quality of the sales process.
7 Tips for Testing Your Sales and Marketing
One marketing technique may work wonders for someone, but that doesn't guarantee that it'll do the same for you. The only way to really know what works for YOUR products and YOUR target audience is to experiment.
10 Things to Help Your Business When Sales Are Slow During the Holidays
Twiddling your thumbs and waiting for some business to come in? Why not use this downtime to set yourself up for greater success in the new year? Here are my 10 picks, but you don't have to do them all. Even doing just one will get you another rung higher on your business ladder.
Management From Within
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Sales & Marketing Plan Strategies
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