A Forumla for Marketing Success
There are four components to every marketing effort. All four of these key components must be given careful consideration-for each can cause the failure or success of your marketing.
1. The Product
2. The Message
3. The Prospect
4. The Media
Consistently successful marketing requires knowledge and mastery of these four factors which, together, can produce the desired results.
It's simple multiplication
Product x Message x Prospect x Media = Response Rate Predictor
Applying ratings to each component, from 0 - 10, with 10 being best, allows us to illustrate the effect of each component on the response rate of any marketing effort. With this rating systemand response rate formula, the ultimate Response Rate Predictor would be 10,000 - 10 x 10 x 10 x 10.
If you have a Product which rates only a four, the Message, Prospect, and Media ratings all must be perfect 10s to deliver a Response Rate Predictor of only 4,000.
If you have a Product which is a perfect 10 (demand is there, price is competitive, quality is high), a Message which is an 8 (professionally prepared, but untested), a Prospect list which rates a 10 (an existing customer list, for example), and you've got a tested Medium (a rating of 9), then you can be very confident in the potential success of this promotion, which totals a whopping 7200 Response Rate Predictor.
On the other hand, remember basic multiplication? Zero multiplied by any number, no matter how large, always yields zero. So you can have a perfect Product, and the perfect Message and use the perfect Medium, but if you send your letter to the wrong Prospects (a zero rating), your response rate will be zero.
Rating the Four Marketing Components
You have to do your research. Is the product or service you're offering going to meet an existing need or demand? What percentage of the public needs or demands it? You must know the exact demand or need you are trying to fill.
Can the product be priced profitably and competitively? Does the product offer value? How about quality? Do the best you can to objectively evaluate your product-from the prospect's point of view.
This includes the offer you're making (FREE booklet, bill me, FREE gift w/order, etc.), how you say it (the words), and how you present it (design elements).
Have you made an enticing offer? Does your headline grab the attention of your hottest prospects? Have you made your promotion look uncluttered, easy to read, professional? Once again, you must put yourself in your prospect's shoes. How will your message be perceived by them?
Who are the best candidates for your product or service? Will apartment dwellers be interested in your lawn tractors? Not a chance. Will the small business owner who spends only ,000 per year on marketing be interested in my writing and consulting services? Probably not. Sending the right message about the right product to the wrong prospect can be a total waste.
How will you get your message in front of your hottest prospects? Direct mail? TV? Radio? Print ads? This element of your marketing is just as important as the other four. Spending the money for a professionally written and designed ad will do you no good if you place it in the wrong publication.
How sure are you of the media you've selected? Have you had success with them in the past, or are they untested for you? Are detailed demographics available? Do the best you can to rate your overall confidence in the media you plan to use.
NOTE: People want power, love, money, recognition, acceptance, relationship success, career success, health, avoidance of hardships, and fun (among other things).
In general, people want to spend money, be affluent and feel good. People do not want to budget or be austere. They do not want to be involved with things that require work, cause risk to what they already have, or that are time consuming.
Use this knowledge to rate the four components of all your marketings, then make needed adjustments as are indicated by the formula. You'll be amazed what happens to your response rate!
. The Products
. The Message
. The Prospect
. The Media