Do desperate times mean that a business should pay more attention to their marketing? Let me look at a few marketing strategies/tactics that Jay Abraham usually incorporates in his marketing to answer that question.
The Strategy of Preeminence
Jay Abraham often speaks about the strategy of preeminence.
In a nutshell it’s all about the following traits:
- Ignoring the Emperor’s new clothes. Tell it like it is, and not ever letting clients do what they want, when it’s not in their best interests
- Taking care of your client and protecting them and their business and personal well-being from others who don’t have their best interests at heart
- Showing your expertise so they have confidence that you are the one who can articulate and solve their problem
- Loving your client more than your own business, so that you deliver exactly what they need, no more and no less
- Having a constant hopefulness for your client. And because of your advice, your guidance your client will improve their life in some way
- Understanding that you have a duty to your client to provide other services if they will benefit from them
And this strategy means every ad, every web sales page, every email or direct mail letter is integrated with preeminence.
You need some empathy to put yourself in your clients shoes so you can think more deeply about what they’re searching for. And then provide it for them.
Preeminence means a client will trust you, stay with you longer and avoid going to your competition because they know you are on their side. Having a client stay a year longer than they do with your competitors immediately improves your bottom line compared to your competitor.
Marketing Is The Ultimate Leverage
Jay Abraham is also fond of saying that marketing is the ultimate leverage tool for your business.
It costs you the same cost or opportunity cost to do an ad, email or web page whether it pulls 1, 10 or 100 leads. And it still costs the same if they buy once only, 10 times or 100 times over their time with you. And yet people don’t always understand that improving the way you get leads which has no cost to change can make a massive difference. Similarly the way you market to customers over their lifetime with you.
Say you give an ad a different headline? You’re running the ad anyway, so the cost is no different to running it with the old headline. Now instead of getting one new client the previous ad always pulled you get two clients. That’s a massive 100% improvement in the ad’s pulling power. and the cost of client acquisition drops too. Think how that would immediately improve your bottom line.
Finding New Marketing Approaches
In your industry pretty much everyone is using the same marketing approaches. You may wonder whether that matters as all the clients are obviously finding the suppliers they want. That means whatever you do you pretty much get the same slice of the prospect pie every year.
What about using a different marketing approach that has proved its success in another industry? If it works in your industry you set yourself apart from your competitors and it may turn out that your prospects actually prefer your new approach. In which case that slice of prospect pie suddenly becomes bigger and leaves your competitors scratching their heads as to their next step.
Again this approach is firmly endorsed by Jay Abraham. Using it means thata s your market share increases you gain further profits from it.
When Is Marketing Important?
Marketing sets you apart from your competitors and if you’re in business that means you’re already marketing. However, think about what’ve we’ve just discussed. Have you looked critically at your marketing to make sure you’re leveraging it, to ensure you’re looking for new approaches and to love the clients you have?
So if you want to stay in business marketing is crucial both in a credit crunch and in the more prosperous times we had just recently!