What would it mean to you or your business if you knew the 3 essentials of a millionaire marketer and could profit from it? How would that look to you? Well, here is your chance to, not only learn how a millionaire marketer thinks, but also how they set up their marketing mix for success.
1. A Millionaire Marketer – Knows What Marketing Is
First, you need to have a firm knowledge and understanding of what marketing is. The American Marketing Association, defines marketing as a set of processes for creating, communicating, and delivering value to customers and for improving customer relationships.
So, marketing is more than just about trying to advertise your products or services and coming up with various ways to sell them. It consists of everything businesses do in order to satisfy their customer’s needs. That includes:
- Knowing your products or services and defining their benefits and features
- Coming up with a price
- Identifying the market you want to target
- Bringing awareness of your product or services to potential customers
- Getting those potential customers to purchase it
- Setting up a delivery system so they can get it
- Managing ongoing relationships with those customers after product delivery
In addition, a millionaire marketer knows the difference between marketing, advertising, branding, and positioning. Let’s take a look at the differences:
- Marketing endeavors to find a need and fill it. It identifies targeted markets that will purchase your product and then facilitate that purchase.
- Advertising is paying to communicate information about your product, services or idea to potential consumers. This is where you use a unique selling proposition (USP) of your product and communicate that to potential customers. This may take the form of a unique product feature or a perceived benefit.
- Branding is a specific form of advertising that positions your product/service as unique in the market (unique selling proposition). It tries to communicate product details, benefits and brand information. Tag lines usually define your brand.
- Positioning is one application of branding that attempts to create an image or identity for your product, brand, or business. It is the ‘place’ your product occupies in a given market as perceived by your target market. Your product’s position is how potential buyers see your product.
2. A Millionaire Marketer – Knows The Marketing Concept
There are three major things a “The Marketing Concept” will do for a millionaire marketer to help in achieving success in your business:
- Discover the need of your customers or potential customers.
- Develop products or services to meet their needs.
- Involve your whole organization in making customers happy.
The marketing concept is designed to satisfy customer needs and help you meet your organizational goals, which includes growth and profitability. When applied effectively, it will guide all of the marketing activities of your organization.
With the marketing concept, the customer comes first. It rallies everyone in the organization to meet the goal of satisfying the customer. In addition, you must keep a close eye on the bottom line in order for your organization to grow and continue to exist. If you want to make a profit, you have to find the proper balance between being committed to customer satisfaction and the continued existence of the company.
Saying that you are going to to develop products and services that make customers happy and that the focus of every person in your company will be on customers sounds good on paper, but implementing it brings forth the challenge. In order to make the marketing concept work, your marketing strategy must execute two responsibilities:
- Select your target market
- Develop and put into action your plan and approach for creating products and services that your customers approve, which includes your price, and how to effectively promote and distribute them
Selecting a Target Market
A millionaire marketer knows that when businesses sell goods or provide services, they earn profits. However, not everybody in the marketplace will be attracted to what you have to offer. So don’t try to sell it to every person under the sun, because you’ll be wasting valuable resources. Instead, target a specific group of consumers who, for the most part, would be interested in what your company offers, who would be more accessible to it, and who have the income to purchase it. Create a strategic marketing plan toward this group, which is your target market.
Identifying Your Market
Now, let’s talk about how to identify your target market. The first step is to identify the overall market for your product. This will be the people or businesses that have a need for your product or services and are capable to purchase it. There are two groups this market can consist of:
- A consumer market—those who will purchase your product for personal use
- An industrial market— those who will purchase your product so they can make other products
Your company’s center of attention can possibly be on only one market or both. As an example, an entrepreneur might sell high-tech sunglasses to individuals on the consumer market and, on the industrial market, to the military that will use them on the battlefield in the desert.
3. A Millionaire Marketer – Knows How To Segment The Market
Your next step is to break down your entire target market into smaller sections, or market segments. This will be different groups of possible customers that have familiar characteristics that influence how they decide to purchase. There are various characteristics you can use to fine tune a market. Here are some of the main categories used in detail.
This is where you divide your target market into groups set up by age, marital status, gender, ethnic background, income, occupation, and education. For example, if you wanted to create an e-book on fitness, you’d divide your market by age and probably target people who were in their 20s-30s who would be most likely to want such a book and perhaps who listed ‘the gym’ or ‘fitness’ as a hobby.
Here, you can divide a market based on its climate, region, and population density, i.e. urban, suburban, small-town, or rural. Also, differences amid urban and suburban life can win over product selection.
This deals with your target market’s attitude toward your product, the status of the user, or the rate of usage.
Behaviors include things like purchase history, intent, engagement and more. You can even target people who are just about to go on holiday and who are currently browsing flights. This might be incredibly useful if for instance you run a hotel and you want to find people that are in the market for somewhere to stay!
Targeting your audience is the process of witling down the people who you actually want to advertise to, so that you are directly targeting the people who are the most likely to buy.
To help you with this, try to imagine your ‘ideal customer’. Ask yourself: who is most likely to want to buy your product? How old are they? Where do they live? Are they male or female? Write up a profile for them and imagine they’re a real person.
In conclusion, a millionaire marketer has a firm knowledge and understanding of what marketing is, knows the marketing concept and how it is designed to satisfy customer needs and help you meet your organizational goals, and knows how to segment the market by breaking down your entire target market into smaller sections.
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