Marketing has two main goals: Branding and Business
Branding is the process of making a recognizable and unique impact on your customers and potential customers. The goal is to build a lasting impression that will keep your business top of mind.
Branding has 3 sub-goals:
1. Awareness – You lose 100% of the sales from people who don’t know you exist.
Brand awareness is the process of letting people not only know you exist, but recognize who you are and what you do. This is a crucial first step in developing buyers for your products or services.
2. Relationship – There’s an old saying that says people have to “know you, like you and trust you” before they will buy from you.
The reality is that there has to be some form of relationship before people will make a purchase from you.
3. Community – Today, your business must engage with customers, providing them with a sense of real personal connection.
Let’s face it…It’s easier than ever to buy just about anything you want. Why would they buy from you and keep buying from you? Community is the process of building customer loyalty, connection and developing brand ambassadors.
Business is the process of converting lookers into buyers and multi-buyers. This is the part where sales happen. This is also where it becomes crucial to be different than other businesses in your processes.
Business has 3 sub-goals:
1. New Sale – These are first-time customers.
This tends to be the most expensive part of the process since it generally costs much more to acquire new customers than it does to retain your existing ones. Having solid strategies and a well thought out approach helps to reduce the cost to acquire these new customers.
2. Repeat Sale – Repeat Sale means selling again to your existing customers.
This requires customers to be engaged with your business over and over again. Just because someone bought from you once doesn’t necessarily mean they will purchase again. It requires planning and strategy to turn buyers into multi-buyers.
3. Cross Sale – This is the process of maximizing your profits. Too many companies leave potential profits on the table.
Whereas Repeat Sale is selling the same thing to your customers, cross selling means selling something completely different to your customer base. In order to maximize your company’s profitability, you have to offer your customers other products and services.
what does that mean for my marketing?
There are 5 Pillars of Marketing. Not everything is equal. Depending on what you want to accomplish with your marketing efforts, focus needs to be on different pillars. Check out our 5 Pillars article for more on this.