The Science of Marketing

In continuation of my previous article on "Growing an SME during a recession", I thought I might share some additional insights about marketing. So here are my top tips on The Science of Marketing.

Rule One - What you put out comes back.

In 2006, I remember that somebody studied the effect of several anti-smoking fear-based marketing campaigns among college-age students. Unfortunately, the advertisements weren't helpful; the participants reported wanting a cigarette after viewing the ad! However, instead of being repulsed, they experienced anger and defiance.

Similarly, research has also found that anti-drug campaigns decrease negative attitudes towards dangerous drugs. Studies have also shown that people are more attracted to TV programmes with warnings of violence.

In a comprehensive survey of universities that ran social marketing campaigns to reduce heavy drinking, there was no significant decrease in drinking. Again, quite the opposite: a pattern of increased drinking emerged.

Fear is universal. Suppose we build a marketing campaign based on creating more anxiety! In that case, it will inevitably fail because it stands to reason that people automatically reject the things that try to undermine their confidence. Yet, thousands of marketing campaigns still try to do just that.

For every action, there is a reaction. Using positivity is key to all great campaigns. If I talked only about the disadvantages of what you may be currently doing or generally undermining your marketing efforts, you would mentally switch off early.

Yet, if I remain consistent with my brand of 'wanting to excite and inform people to help them achieve more. Then, I will have your attention by showing what is possible and what the potential of things could be for you.

Reputation is everything in marketing – the more you give, the more you will receive if you spend time and effort solving some of your customers' problems and providing that service to them for free. You will build a solid reputation, provided that what you are giving away has some real value to them.

Once your reputation has been established in your customers' minds, they will continue to come back and be prepared to pay for your excellent service. This is because you have given them the time to get to Know, Like and Trust you.

Rule Two - Supply and demand

I cannot even begin to count the times I have worked with clients who have ignored this fundamental principle from the outset.

They have come up with what they believe to be an incredible idea. They have spent time, effort, and money evolving the product or service. Then, when they finally launch it, there are zero take-ups, and the idea, like many others, is consigned to the innovation scrapyard.

Research should always come before product or service development. That may be why many highly successful businesses have R&D departments, not D&R departments! The clue here is that you cannot develop a product or service without first completing the physical legwork involved in the research phase!

Market research is a necessity. It will provide you with additional business opportunities and potentially new markets to explore. Market research is about identifying the actual need instead of any perceived need that you may have formulated in your mind.

Always look for proof that your concept or idea will provide a real solution to someone else's problem/s. If the problem does not exist, do not spend valuable time trying to create one.

Rule Three - Know your market and customers

This is excellent advice for anyone in business, whether you are just starting or have been around the block a few times. I have listed these in two areas – People and Business. However, there will be considerable cross-over between these; therefore, whatever your market, you should consider both.

People

• Demographics - age, role, position/level, company type, marital status, homeowner, children, etc.?
• Are you appealing more to a purely male or female audience, LGBTQIA+, or maybe somewhere in between all of them?
• What additional 'cultural' facets should you be aware of?
• What are their current buying preferences? (Online, retail, mail-order, face-to-face, etc.)
• How would your ideal customer like to know about your product or services?
• What are their existing preferences around social media and online interaction?
• What are the current Strengths, Weaknesses, Opportunities and Threats for people with this marketing profile?
• How can you help them?
• What is missing in their: lives, healthcare, relationships, family, interactions, friends, social pursuits, purchasing, on or offline shopping experiences? (This list should be extensive and geared around whatever you want to sell them)

Business

• Which companies are in your target market?
• Who are their current customers?
• What is their turnover, size, value, location etc.?
• Whom are the existing other suppliers working in this market space?
• Which products or services could you work with on a partnership or introduction basis?
• Whom are the main competitors selling similar products or services?
• What do they do differently, and why?
• How will you compete with them on value, cost, quality, and service?
• What are the current Strengths, Weaknesses, Opportunities and Threats in this business market?
• What are the customers' current pinch points (where do they need to save money, increase spending, what is holding them back from growing their market/value/turnover/production/revenue streams)?

 All these questions, and more, will have to be answered if you are serious about creating a successful niche for your business in any market.

For each new product or service, you will need to become ever more vigilant in ensuring that your research is thoroughly done before beginning the more creative product or service marketing element.

Rule Four - People hate selling and being sold to - So Avoid Cold-Calling!

I can easily count the number of people I have ever met across my entire business lifetime who are 1) Brilliant at cold calling and 2) Enjoy doing it! Cold calling is hard work. To be exceptional at it requires a level of natural skill and knowledge that few of us are ever likely to acquire. Yet, thousands of people are put through telephone 'sales' training each year and expected to get results.

Those results are always about the number. The more calls you make, the higher the potential number of people who might eventually say yes. The problem with this out-of-date and outmoded sales approach is that it will never likely have any form of accurate and reliable consistency.

People change, day to day, the weather changes, moods change, attitudes change, the pressure of work changes, and life changes, yet for most so-called sales pitches, they do not change!

The basic principle of selling is that people buy from people and only buy from people they Know, Like, and Trust.

Suppose someone phones me up, and they do not fit into any of these three categories when they try to sell me anything. Regardless of how incredible they may be at selling their product or service, the answer will always be the same: "No, thank you for calling and goodbye!"

Rule Five - Make it about them.

We all hate being sold to, and most of us can remember going to a business where they pitch their product or service at us from the moment we walk in through the door. It's uncomfortable, and nine out of ten, we either say, "Thank you, I am just looking", or beat a hasty retreat to the door.

Yet when we have bought something, especially those with a higher monetary value, we will have based our decision on the Know Like and Trust principle, and let's face it, the only way that we get to know, like and trust people is when they actively engage correctly with us.

Successful sales and marking people know this. They go out of their way to discover who we are, what we do, and how we do it. Only once they have built a level of knowledge about us will we begin to like and trust them, and that is when they will start to explore how they may be able to help us.

It is not rocket science, yet we witness thousands of non-engagement-related sales interactions daily!

Asking 'open' questions (and not only when we are face to face with our customers) ensures that we establish sufficient rapport with other people to build a relationship.

How does that make you feel? - It should make you at least feel curious. Why is that? Well, the simple fact is that curiosity is Human Nature. We are all curious. Suppose we can encourage curiosity in our marketing and salespeople; they will be more inclined to tune into what their customers might need and thereby win more deals!