Issue link: https://read.dmtmag.com/i/133786
MARKETING CONSULTANT Why You Hate Marketing BY SCOTT STROUD A popular saying that illustrates how costly it is to reach potential customers using traditional advertising is attributed to John Wanamaker (1838 – 1922): "Half the money I spend on advertising is wasted; the trouble is I don't know which half." Who wouldn't hate spending money that you know isn't going to produce a return, i.e., more sales and increased revenue. Well, things have changed since Wanamaker's time. Today, we have analytics tools that can account for every penny spent on marketing. You can know in an instant which marketing vehicles are producing sales and which are not, which ones to invest more into and which ones to kill. But things have also become more confusing. Facebook and Twitter; pay-per-click advertising; blogging – these have become the new marketing 'darlings' and have all but crippled conventional media advertising. But for every proponent of 'new' marketing there is another that says that these just don't work – that they are the 'new' way to waste your money. So you hesitate; you rationalize. You say, "The market is bad, so I need to cut back on my ad budget." Or, "Business is good, so I don't need to advertise." Unfortunately, both of these are rationalizations are shortsighted… and just plain bad business. No business can thrive long-term without some marketing, even if it's just word-of-mouth referrals. Stop marketing and your business will ultimately fail. So, you want to know the real reason you hate marketing? In a word: FEAR. As noted, advertising has changed, and that has left many a business owner unsure and confused. Are these new advertising mediums going JUNE 2013 26 THE JOURNAL to deliver the promised results? How do we know what's working and what's not? How can we engage prospects in a meaningful, effective way? Or, can we just keep on doing what we've done in the past… or nothing at all? The fear can be paralyzing. How to conquer your fear… and learn to love marketing. I get it. You can't afford to waste money on advertising that you don't understand, and you're afraid to invest in the tools required to do it right. Well, put aside your fear. Here's the reality: Marketing today is less expensive and more effective than at any time in history. You can get more 'bang for your buck' and more response for your investment today than ever… IF you understand that marketing is not a one-time event, but a long-term, strategic conversation with your buyers. That's the biggest change in marketing over the past 100 years… and it's in your favor! There are three key marketing components you must have if you want to reap results: 1. A cohesive message built on a well-developed strategy; 2. Think 'campaigns' that engage prospects rather than 1-run advertisements; 3. Employ the right tools to monitor, analyze and automate your effectiveness. 1. Tell me a story. The best marketing messages tell a story that conveys your benefits in a way that your prospects can understand and relate to personally. And the best marketing strategies employ – and often revolve around – a story line. For example, pay attention to the next Subaru commercial you see on TV. The car maker doesn't brag about their safety features or how long their vehicles last. Instead, they illustrate their key benefits through customer stories – a man who's Subaru has been his faithful companion through the years; a woman who's daughter has 'grown up' in the back seat of her car. Both of these story lines convey not just the safety and security of the car, but also the emotional benefits that come with it. What's your story? Likely, you'll find it crafted through customer testimonials combined with your own rich history or satisfying buyers and caring for families. Work on your story first and the delivery vehicle second. Then, the 'new media' won't be so scary. 2. Think long-term. Think conversations. The old way to advertise was to run an ad to promote an open house or sale. But those ads get tuned out today. We know that we don't begin to get buyer's attention until they've seen us 3-5 times, and that even in a sales situation 80% of sales take place after the 5th contact. So, think in terms of 'conversations' instead of 'statements'. That's where social media excels, and why businesses of every sort are moving marketing funds from traditional advertising to training personnel to maintain active Facebook pages, Twitter streams and blogs (or outsourcing their Social Media Management altogether.) The objective is to engage prospects in conversations – to tell your story and to let your buyers tell theirs – all while building your brand and letting your happy customers brag about you. How are you engaging your prospects and your residents in interesting and relevant conversations? That's word-of-mouth advertising at it's best! 3. We have the technology. If you run a $2000 ad in newspaper for an open house of promotion, you can only measure its ef-