Now that title is a mouthful but its been a strange week in the marketing consulting world. I want to share 2 stories I had. One shows exactly how well a specific company is doing. The other is how someone is over-complicating it greatly.
Too Much is Nothing.
The first individual I spoke to had the following issue (it’s so common it hurts.) They had essentially been looking to completely dominate the market. Having 100s of people coming in from different mediums and all converting nicely. Except that doesn’t work. The reason is that your effort and capital (and any other resources) is split so thinly across each individual marketing channel that you simply don’t get anything done! You try and you fail!
One Type is More Than Enough
The second (the one that’s doing well) is Adam who owns a luxury car rental agency in London. He’s a good friend as well as a consulting client. The first time he contacted me he was a bit unsure about which marketing route to go down. I advised him on the specific routes I recommended but stated he HAD TO CHOOSE only 1! This meant that all the efforts and energies of himself and his team would go into that marketing channel.
Now as you probably already can guess, supercars and luxury cars aren’t for the average person. This means that any sort of interruption marketing, that includes TV, Radio, Print, Online ads (to some extent) and much more was out of the window before we even began. Luckily I knew a few strategies for this type of business.
The first one is direct prospecting
Below is an info-graphic that talks about the basics of Business 2 business prospecting. And all you really need to know now is that he didn’t choose this but could have as it solves the main issue. Which was wasted marketing budget. If you prospect correctly, you will only be talking to people who MIGHT want what your offering. Not the people that definitely won’t!
But let’s say you don’t want to put the man-hours or time teaching your team to implement this prospecting method…. Not a problem. Nor did Adam so instead this is what we went with.
Option 2 – Paid Marketing
Guess what? It worked amazingly well.
1000%+ ROI within 3 months. All because instead of trying to set-up a paid marketing campaign at the same time as juggling 9 other marketing channels, he decided he would hire the best PPC expert he knew, and get them to implement everything, paying a very large up-front fee. He then hired a PPC person to come in-house and manage everything for all of his businesses (supercars and the side businesses.) And guess what? These tripled in profitability too. All because instead of trying to be complicated and do all types of marketing, he stuck to one that had worked well and invested heavily into this! That’s what you should be doing… Don’t believe me? Watch the below!