Better Marketing Results

Many businesses focus all their marketing efforts in generating new customer leads while at the same time neglecting the potential gold mine that exist with their current customers! Your promotional marketing plan should always include targeting your most desirable customers with relevant and timely offers.

To identify your most desirable customers I recommend you utilise the Recency-Frequency-Monetary (RFM) segmentation method.

The RFM segmentation analysis method will identify your most desirable customers from your current customers using three different lists, namely;

1. Recency – to determine the time frame of orders from the date of your analysis. Your generated list must sort by the most recent orders first as your priority target.
2. Frequency – to determine the number of orders that customers placed with your business. Your generated list must sort by the most number of individual order transactions in descending order.
3. Monetary – to determine the total monetary value of orders placed on your business by your customers. Your generated list must sort from the highest total value to the lowest total order value.

Next, from these three lists select the top 20% in each of these lists.  These will represent your most desirable customers who are potentially most inclined to act on a relevant and compelling offer from your business.

Let us know what results you have achieved!

You most likely will have heard this before “businesses that fails to plan, plans to fail”.

It is a simple truth – you need to know where you are going to get there!

Small business owners must recognise that marketing planning is essential to achieving their company’s full potential for success. I am not talking about a huge document that sits in the desk drawer never to be taken out again once it has been prepared.

In small business, you need a practical and concise document that you can refer to regularly.  It should not be more than two to three pages long because you need to post it in front of your work space where you can see it and refer to it frequently.

How can you put together such a marketing plan?

Here’s how to build your small business marketing plan:

1. Define and list your top three marketing objectives
2. Formulate your marketing strategies for your target markets
3. Identify the marketing programs needed to implement your strategies
4. Outline how you will track and measure your marketing results
5. Create a marketing calendar

The question is - as a small business owner what support would you need to be able to prepare such a plan? or from your experience as a small business owner can you do it yourself? or perhaps you feel you can do without a plan?

What do you think? Let us know your views and comments!

As a business owner or manager you are always on the lookout for ways to improve your business performance. We recognise that achieving Better Marketing Results is working smarter and making your marketing work harder for you and not the other way around.

What are your experiences with?

1. Marketing above the prospecting funnel to generated qualified sales opportunities and new orders for the business.
2. Marketing below the prospecting funnel to generate repeat business opportunities and additional orders for your business.

What works  and what has not worked?

Whatever industry you are in you are likely to encounter the top 6 marketing challenges for small businesses.   As a small business what can you do?   We will have a limited war chest of marketing dollars or even marketing staff at our disposal to tame these challenges. How can we conquer the top 6 small business marketing challenges?

1. Defining Target Markets
2. Increasing Repeat Business
3. Getting Consistent Referrals
4. Increasing Sales Conversions
5. Finding Time & Resources for Marketing
6. Developing a Marketing Plan

Please share with us your own experiences in handling these top 6 small business marketing challenges.

Read the complete article titled "Conquer the Top 6 Small Business Marketing Challenges".