Marketing Moment, Volume 2

Last week, we discussed advertiser's most common mistakes. This week, I want to go into a little more detail. Let's refresh on the first mistake:

1. Advertise without a goal or objective. If you don't know where you are going, you will never know if you get there. Advertising to "get your name out" or to "support" various programs can be good -- but it's not advertising as much as it is public relations.

The obvious first step is to create a goal. But be careful, it is easy to say that my goal is to increase 10% for this year. But exactly what does 10% mean. You need to be able to show your work. For example:

Business "A" wants a $100,000 increase in sales for 2010.

Their average ticket is $100

Their average closing ratio (The % of shoppers who actually buy) is 50%

Business A needs to add 1000 new customers in 2010. But since they sell 50% of those customers, they need to see 2000 new customers per year.

167 per month

The store is open on average 26 days per month, so they need to increase 6.4 people per day.

The question is are there 6.4 people in your market going somewhere else every day to shop for what you sell.

Admittedly, this is a simplistic approach. But are you doing the math on your goals? Do you know for sure what your business needs to do to hit their numbers?

Here are a couple of obvious variables:

Attrition: There will be a percentage of business you must replace from death, people moving, becoming unsatisfied, etc.

Increasing your closing percentage or your average ticket: If you increase either one of those then the number of new faces you need can decrease.

Do the math and find out what you need to do to hit your goals. Then ask the question; will the advertising I am currently doing help me bring in the right amount of people?

Do simple record keeping and track the amount of people who visit your store everyday and the weather conditions. It is a little bit of work but it helps you see traffic patterns, closing ratios, etc.

The Marketing Moment is designed to help you reach your goals. Admittedly, I come from a radio background. My training, expertise, and experience is with radio. However, I understand marketing and how to use all forms of advertising. I hope you will join me every week and together, we can improve the results you are getting.

The next time you need a speaker, make it easy on yourself and call me. I will inspire, motivate, and entertain your group. Check out my speaking demo at www.bransonbusiness.blogspot.com then call (417) 339-6568 for availability. The only way I look good is making you look good for booking me.