Let’s explore what are the most important benefactors in marketing.
Branding Yourself As An Authority
Branding is VERY, VERY important. Today, the average consumer is spoilt for choices and only the ‘best’ wins. Now, you may not have the ‘best’ product in the world, yet you can position yourself as the ‘best’ with a few good marketing strategies.
What makes you different from the guy down the street? In order to succeed in whatever field that you are in, do you know that you need to establish yourself as some kind of authority on the product or service that you are providing?
People in the 21st century are inherently skeptical because there are a thousand and one other brands out there. It is much harder to acquire a new customer than it is compared to keeping an existing one.
When you have the expert branding, people are more likely to treat you as an authority and listen to every word you say rather than treating you like a sleazy salesman trying to get into their pockets.
Branding yourself also gives you tremendous CONFIDENCE! After all, when people listen to you and they take notes, you know you’ve hit the jackpot!
Building Your Credibility
Credibility is very closely associated with branding. Branding will help you to get the first sale, but your credibility is what keeps people coming back for MORE! When you have built your credibility in your business as a trusted brand, it takes far less time to get repeat sales from existing customers and the people they refer compared to convincing them from scratch.
Don’t look down on the customer with a buying power of $3 or less. A customer that spends $3 over a period of 2 years can amount to a lot of money. Furthermore, they are likely to recommend other customers to your doorstep!
Remember the story about the foolish milkman? The foolish milkman refuses to service a young chap who lives far down the street. He thinks that it is not worth the trouble. He doesn’t realize that that young chap will someday get married and have 3-4 kids who will consume much more milk somewhere down the line! Never ever discount a single customer!
And that’s not all, when you are credible, you become the ‘go to’ guy when people think of the product or service that you are offering (therefore saving you time and money in acquiring new clients and customers).
Is Your Business Scalable?
Scalability is very important. You can’t do everything by yourself as you only have 24 hours in a day. Can you leverage or outsource your tasks?
In any business model, you must be able to find a business model that scales upwards. In other words, it means that the business will earn you more money the longer you are in that industry.
If the business or the market that you are in requires you to work longer and longer for the same amount of pay, then you either need to innovate a new idea or get out of it as soon as possible.
Build Your Business Flexibly
Nothing is permanent in the 21st century. Now it is not about the strongest that survives but rather the one that adapts to changes quickly!
You must be able to adapt quickly to market changes like rising costs and changes in the demand. If you are not good at adapting, you will miss out on a lot of opportunities.
You don’t want to start changing only when you are running out of money or when all your customers have ran away to your competitors! By then it would be too late!