10½ Monstrous Marketing Myths
Monstrous Marketing Myths
What are the most common mistakes that you must avoid in marketing business?
1. Cold calling doesn’t work
Do you know how to cold call effectively?
Cold calling is often regarded as the poor cousin to more modern permission based marketing tactics, e.g. opt-in-e-newsletters or blogging.
Perhaps you view cold calling as fashionable as the fax machine. Like the fax machine, used appropriately cold calling has its value.
To dismiss cold calling in your marketing plan will limit your opportunities. Cold calling can work and will generate positive leads if you follow some simple guidelines, namely:
- Research your market to generate insight and qualify sales lead
- Make cold calls ‘warm’ by writing them a letter before you telephone; this legitimises your future contact.
- Be memorable – perhaps you have received a 10 ½ boot from our team!
- Sell the appointment not your service. Success in cold calling should be to only begin a relationship, so take it slowly.
2. You can’t measure marketing
Measuring the value of marketing campaigns has long been the source of debate.
Okay, granted it is difficult to relate cause and effect and control of all variables. However there are a few steps that you can take to improve effectiveness.
Here a few ideas; we will be delighted to learn your experience:
- Benchmark results vs previous campaigns
- Set clear objectives and key performance indicators before implementation
- Track progress and evaluate campaign effectiveness at regular intervals
- Measure relative and absolute performance
- Set qualitative and quantitative measures
- Recognise the opportunity costs of not taking any action
3. Advertising is a waste of money
‘Half the money I spend on advertising is wasted; the trouble is I don’t know which half.’
John Wanamaker, US Department store merchant
There is a place for advertising in professional service firms but before splashing out here are some important considerations:
- Press coverage can achieve many of the objectives of an advertising campaign at a fraction, if any, of the cost. It is also more credible.
- Advertising is most effective where your brand awareness is already high. You must already be on your targets radar.
- Frequency is imperative. Your message may have to be delivered 7-9 times before your target registers it.
- Your advert should have the following features: a clear call to action; engaging headlines; appeal to psychological or emotional needs; and express clear benefits.
4. Its a numbers game
Winning new business is at the heart of any firms trying to grow organically. Typically professional service firms approach this in a very inefficient and ineffective way.
Does your firm display any of the following?
- Be reactive or opportunistic vs. Being strategic?
- Act based upon hunches rather than researching what the market is really saying.
- Fee earners operate in silos and do not share knowledge or work collaboratively
- Use a scattergun approach to targeting
- Have a marketing plan that is not joined up to the business plan
Insight and a resolute plan are requires to translate this into delivery.
Let me illustrate this point:
Philip Stant solicitors have a budget requirement to deliver £10 million in professional fees in their financial year. The previous year they generated £7 million fees and the market is reasonably buoyant.
Philip Stant is confident therefore that the firm can build the practice to £8 million just by operating ‘business as usual’. The marketing plan will focus on achieving the £2 million gap required to hit budget.
The average fees per client are £50K, so winning 40 new clients will deliver the £10 million target. Philip Stant solicitors now can focus all activities on winning these 40 clients. With careful consideration of success in converting targets and an analysis of different marketing tactics employed in the firm they can mitigate risk and maximise its probability of achieving budget.
5. Success is developing a winning strategy
Strategy is important. However the balance is often wrong between designing strategy and planning, delivering and monitoring implementation. Success is as much about implementation as it is strategy.
Winners address the following questions on strategic implementation:
- Have we the resources required to deliver our plan? How will they be allocated?
- What are the key milestones to hit? How will we measure success?
- Who has accountability for implementation and how will it be controlled?
- How will we plan implementation – do we have an operational plan?
- How can we create a culture focussed delivery?
6. You don’t need to do marketing when business is strong
The most successful organisations – whether they are law firms or sports clubs – invest when they are strong. Investing in marketing when you have gone of course will probably be too late.
Recent examples of businesses that have become complacent and not invested sufficiently in marketing and research include the supermarket chains now playing catch up with Tesco.
7. Networking is about selling
Networking effectively is about building relationships. Relationships are built on trust. Trust is built slowly in small steps over time.
Can you recall how you met your partner? Did you propose marriage on your first contact? No, you took it slowly by building rapport and finding some common ground.
Next time you are at a networking event be more selective and considered how you hand out your business cards. Ask permission; don’t thrust them into a stranger’s hand. That is the equivalent of grabbing a partner at ‘last orders’.
8. If it’s not broke don’t fix it.
Smart organisations innovate. They try new things in the knowledge that they will make some mistakes but value from learning along the way. You must consistently look to push the boundaries and improve your service offer. If you don’t a new market entrant will.
9. Marketing is all fluff
Smart marketing makes a commercial difference.
Are you getting the best return on your marketing investment?
10. You need a monstrous budget to compete
Not true. What is required is a strategic approach to marketing. Investment should be focused on the right things in the right way.
10½ you know best what works in your business
Twice a year we invite four external advisors to attend a Size 10 1/1 Boots Business Review.
These advisors have diverse backgrounds and businesses. Jon is an urban planner; Dave is an academic; Richard works in the oil industry; and Andy is creative. The eclectic mix of individuals all brings together different perspectives and are able to hold a mirror to our business. This is invaluable.
What our clients say about us
I do feel the firm has benefited from your experience and have found it most useful to get an external view of the practice. I am sure that you have motivated many of the partners and staff within the practice and I hope they have gained something.
Tom Hindmarsh, Partner, Duncan & Toplis
We wanted to restructure the sales and marketing team of our firm to align it with our business objectives. We wanted an external viewpoint from somebody with a close but not exact industry experience, a track record and a flexible way of thinking. Now we have a robust model with the potential to be successful.
Chris Lonergan, Business Development Director, Cooper Parry, Accountants
Famous feet
Victoria Beckham
Ex-Spice Girl/Fashion designer
Shoe size: 7
