4 Ms Necessary for Successful Marketing
Miss connecting on even one of the Ms, and you will be scratching your head wondering why you are getting beaten up by your competition.
May 12, 2011
by Ron Rosenberg
These are difficult times in the credit union business. Your members are becoming more demanding, revenues are down, and promotional strategies that worked in the past just are not as effective as they used to be.
The good news is there are an incredible variety of proven strategies available to get your members to come looking for you. And, as a bonus, these strategies are unique, effective, and, best of all, relatively inexpensive to implement!
How do you change your marketing approach to start getting better results? Quite simply, you have to focus on strategies that will bring you tangible, measurable results. And to do that, you only need to remember the 4 Ms of Marketing:
- Media; and
The secret to successfully marketing any product or service is to get the right message to the right market using the right media at the right moment. Miss connecting on even one of these, and you will be scratching your head wondering why you are getting beaten up by your competition.
Message. When you construct a marketing piece—whether a sales letter, a web site, a post card, or a print ad—you have to be very clear on what you are trying to communicate, and precisely what action you want the prospect to take.
Listed here are 12 components that must be in every successful marketing piece. Omitting even one of these can have a significant impact on the effectiveness of the piece.
- Clarity of Purpose
- Killer Headline
- Clear Statement of Value
- Compelling Story
- Irresistible Offer
- Better Than Risk-Free Guarantee
- Overcoming Objections
- Definite & Urgent Call to Action
- Multiple Ways to Respond
- P.S. – Restating The Offer
For example, let’s take a look at #2 – The Killer Headline. The purpose of the headline is simple: get the reader to read the next line. And the sad truth is that the name of your company and your company’s logo are not the killer headline.
Market. Whenever I ask people who their customers are, they always respond, “Everyone!” However, it is very expensive to market to “everyone” considering there are roughly 514 million people in North America alone.
When they drill down to the five specific target markets though, each group has different needs, expectations, and uses in mind for your products and services. If that is true, then how can a single one-size-fits-all brochure, ad or sales letter truly connect with them?
You would not dream of sending an offer for a steakhouse to a list of vegetarians, and in the same sense, it is absolutely essential to customize and personalize your communications as much as possible, so when people see your message, they all think, “Hey, this company gets us! They understand what we’re all about!”
Media. So you have crafted an effective message you know will get people to respond. What now? Well, they have to read it first! That is why you need to select the right media to get in front of your audience.
When selecting high-level strategies in general, and individual media in particular, it is far more important to focus on measureable return on investment than on expense or cost. Remember, when it is done right, marketing is not an expense: it is an investment with an obscenely high rate of return.
Moment. Finding “The Right Moment” is the final piece of the puzzle that can make your marketing efforts incredibly effective. A simple, but important question that will help you incorporate an apparently uncanny sense of timing into your marketing: Is there a time when the need for what you provide is greater than other times?
What might be of interest to you at one time may not even register on the radar screen at other times. For example, an ice cold Gatorade is not something I would reach for when I get up in the morning. But show me one in the middle of a hotly contested tennis match, and I will drink it down as fast as a dog empties a water dish on a hot day.
Questions? Get even more information that is valuable by attending Ron Rosenberg’s sessions at the NWCUA 2011Annual Convention on September 20-22, 2011, in Tacoma, Washington! Register on our website, or send inquiries directly to Training Programs Coordinator Yuri Jung [email protected].