Success Fanatic Blog

Marketing Strategy - Proper Pricing

The Pricing Marketing Strategy is critical to success. If your service and products aren't properly priced, you will not have sales.

I recently worked with a woman who couldn't understand why she wasn't getting more clients. She was doind the right things = she had her bullseye market and her marketing plan figured correctly. We talked about it in great length.

The one marketing strategy she hadn't done enough work on was her pricing. In her case, her prices were much too low.

If you are an expert at what you do, but yourrates and packages are too low, you are in effect telling them that you aren't really confident in your own abilities and are afraid you'll be found out - called out as the non-expert you really are.

Everything in your musiness must be congruent, including your fees. Don't be afeaid. You're worth it.

Marketing Strategy - The Potato Pancake

I'm always know a great marketing strategy when I see one. Sometimes, it's presented as a visual.

That's what happened to me last night. I'm visiting my home town, and there it was in front of me.

My father and I decided to go to the local church picnic last night. We got there, and found the food stands (the best reason to go to a chruch picnic). There were three. One had all of the standard stuff - hot dogs, burgers, etc and a couple of unusual things like cabbage and noodles. The second one had pizza, fries, sub sandwiches, etc. The third one had only potato pancakes. Potato pancakes are an ethnic dish, but so is cabbage and noodles and pierogi, both which were being sold at the other booths.

What we saw said it all. There were no lines at either of the first two stands. The potato pancake line streched for blocks.

As a marketing strategy, doing one thing and doing it so well that no one even tries to compete is the best there is. When you do your marketing plan, what happens if your narrow your bullseye to just one service? The answer is easy. If you do it well, you'll have them lining up at YOUR door.

Marketing Strategy - Pricing Your Most Desirable Well

Part of your marketing plan should be knowing what you offer that you can charge a premium for.

US Air, as a new marketing strategy is now doing this. For years seat selection has always been first come, first served. That’s changed.

When you book your flight and choose your seat you might be disappointed to find yourself at the back of the plane. I booked way in advance and that’s what happened to me.

When I went online to check in, there was a new option. Upgrade your seat to a “preferred seat” for $20. I was excited. I could move from the 20th row to the 6th row. It was worth it to me. I had to change planes, and I once missed a flight becasue I couldn’t get the masses to let me out so I could run and catch it.

It actually got even better in this case, because although the flight was almost sold out, there was one seat on the plane that didn’t get filled – the one next to me. I was able to stretch out for the entire flight. It was heaven, and well worth the money.

The US Air marketing plan change makes sense to me as a passenger. As a marketing strategy, it works well in this or any business. If you have something worth paying for, price it accordingly.

Marketing Strategy - Seize The Opportunity

A great marketing strategy now is to find what will calm your potential customer. There is a tremendous amount of fear and concern. If you can supply them with something that will give them peace of mind in any area of their life, they will be very grateful and will buy your service.

For example, I have an A/C client. He is provided a one cost for service plan for his customes. Emergency repairs will be included. Parts are extra. He's asked his service men to each cover one after hours night per week as part of their regular 40 hours. This is a good deal for them, since they don't actually work unless they have a call, it's a great deal for the consumer, because they aren't payong extra, and a great deal for the company, because he knows how to budget his money.

His marketing plan has changed by adding this strategy, but marketing plans are designed for small companies for exactly that reason, so they can change if needed..

Marketing Strategy - Reconnecting

Not every marketing strategy involves talking to new prospects about your business, Part of your marketing plan should have a provision for keeping in touch with people you already know.

How many people do you know who don't know what you do? They may be family, or friends or people you know because of your kids or through other organizations. You always assume that they know what you do. The truth us that they may not. The may know your category, but not what problem you can actually solve.

As part of your marketing plan, arrange to meet with at least one person per week that you already know in some other way. Tell them about what you can do for your clients. Ask if they know anyone who needs your help.

Sometimes the best marketing strategy is the simplest one. Talk is cheap but may be worth a lot of money.

Marketing Strategy - Bullseye Market

Part of your marketing plan is to define your target market as a marketing strategy so that you know who you are going to market to.

More important is to refine that marketing strategy to be more exact. Close your eyes and imagine a target. See the round circles going in closer and closer to the center? It's the center we really want to concentrate on. That's where you'll earn the most points.

It's more difficult because you have to be a better shot to hit it. Unless you are an expert who has developed a way to always hit the bullseye. Then it's easy.

It's the same with marketing. If you're following your marketing plan and becoming more of an expert every day, it gets easier to find the bullseye - as long as you define it in your marketing plan in the begining.

Marketing Strategy - Expose Yourself

Any marketing strategy begins with exposing yourself repeatedly to the same target market. The word “expose” means exactly that. You have to show people who you are.

In the marketing strategies I’ve written before, I’ve told you about designing a marketing plan where you are specific about your niche so everyone can know who your business is.

If you’re a service professional, it’s important that you also let potential clients get to know you. That means you have a marketing strategy or srtategies that include personal appearances at different networking events or meetings when you are not selling your business, you’re just letting potntial clients get to know you.

Chances are, you’ll find your ideal clients by doing this, and your business will grow with happy customers. Try it. It works.

Marketing Strategies - Brand Yourself As Thorough

Marketing Strategies can be very delicate. Sometimes just a small twist can change your results and to brand you as being the leader.

For example, an attorney may offer to sell standard forms online. Suppose he's selling a standard will form. That can be useful and appealing and will probably sell alright, considering that there are other sites doing the same thing.

Suppose you change your marketing strategies theory just a little to give a little more as part of your brand. Now you add an inventory list and a separate form to track all of your financial accounts and contact info along with your funeral wishes.

You've just branded yourself as the attorney who offers a package for complete life completion package. How can you do this with your business?

Marketing Plan Elements - Pink Ibis

I took the weekend off – no marketing strategy or marketing plan, just relaxation. Saturday morning we went out for a walk, and Mark wanted to sit on a swing by the lake.

I tend to be impatient. If I’m walking I want to walk. But I agreed and we sat. When I looked ahead, there was a huge oak tree across the lake, and it was covered with what looked like pink flowers – until one moved, and I realized that it was an entire flock of pink ibis.  Beautiful birds! Mark reminded me that if I hadn’t taken the time to sit, I would never have seen them.

This same thing happens in business. We get focused on what we’re doing and forget to look up. Your marketing plan must allow time to look up, not only at your customers, but at your employees, too. Look at your customers and your employees as if you’ve never met them before. That way you can see new things about them that you may have missed.

This part of your business plan is the Pink Ibis strategy. If you do this, you’ll learn great new things which will help your business grow. So stop and look at the birds sometimes. It rates right up there with stopping to small the roses.

Marketing Strategy - The Pink Bellied Dolphin

Marketing Strategies should have great titles, so they are easy to remember, just like your business. My aim will be to name these strategies from now on.

This weekend we cruised up the intracoastal to Fernandina Beach. As always, I was thinking about different marketing strategies adn I noticed some dolphins as we got to Nassau Sound. There were a lot of them! At least it seemed that way.

And that's when I realized that, just like businesses, I couldn't tell one from another. They were all the same.

Until i saw it. One pink bellied dolphin. Dolphins like to swim in the wake of the boat. Sometimes they will follow you for miles. And that's just what happened. A whole group of dolphins, with the pink bellied one along the port side. It was beautiful! I didn't stop watching until it stopped and turned back.

Marketing strategies require that you differentiate your business in just the same way. When customers are looking at you and your competitors, you need to stand out. Grow a pink belly - make your business so attractive that no one can resist you

And by the way, when you're planning your marketing strategy choose your color carefully. The wrong colored belly won't have the same effect. If you like yellow, others might not find a yellow belly quite as attractive.