Maybe I just pay attention to marketing more than the average person, but I am continually surprised by the amount of wasted effort and money people spend on marketing. So much so, I thought maybe I would just simplify the process for companies and easily define for them 5 ways to waste their marketing dollars

Wasteful idea #1: Don’t collect email addresses.

One of the most cost effective ways to communicate with clients and prospects is through email. When you don’t spend the effort to ask permission to add your contacts to your email distribution list, you are not utilizing one of the most cost-effective ways to stay in front of them.

Wasteful idea #2: Get big Yellow Page Ads

I am constantly surprised by the amount of money still spent in this area. Do people still think Yellow Pages is worth the money? Come on! I have talked with companies who spend $1,000, $2,000, even $5,000 per month on ads.

Wasteful idea #3: Don’t put effort into your website

Your website is a view into your company 24×7. It speaks for you when you are not there to speak for your company. Many times, it is the first impression a prospect or “influencer” may have for your company. For many of our service clients, one or two new sales in a year as a result of website improvements can more than pay for the effort.

Wasteful idea #4: Sponsor events without purpose

It’s amazing how many opportunities small businesses have to sposor something. A table at a networking event here, or a sponsor at a community event there, or for $$ we will put your logo on this here. Unless you see it worth doing as “good-will” such as an opportunity to give back to your community (which is not marketing any more by the way), you must adhere to a couple of principles: first ask what you should expect as a return on your investment, and secondly ask to speak to someone who has done it before you to make sure they feel it was a good investment for them. Not always does that mean it will be for you, but you can learn an awful lot that way.

Wasteful idea #5: Buy print ads

You want to blow through a marketing budget quickly, buy print ads. They are as expensive as they ever have been, but now there are much more cost effective ways to advertise including Google ads, even Facebook ads if your target audience is found there. Be creative when trying to reach your audience. We have two clients that actually traded ad space. One placed the other’s ad on their website, and the other printed flyers and taped them to their take-out boxes. Little to no cost for each!

These points seem pretty simple when you step back and think about it. Be honest with yourself if you are spending money in the above ways. Are you just doing so because you want to do “something”? Is there a better way to spend your marketing dollars? If you want some help doing it better, give us a call.

Does that seem right? Does that mean we should be a fourth of the way toward our yearly goals? Does that mean we should have a fourth of our new clients, a fourth of our revenue, and a fourth of our leads?

Well, if you are like us and asking yourself these questions (and quite possibly more), then here is some advice: if you are NOT on track, it’s NOT to late. Here is some practical thoughts that may help you make the turn.

Do what YOU do best

With that, I don’t mean your company, I mean YOU. Do what YOU do best. If you are like most business people I know, you are all trying to be everything to everyone and do everything yourself. But that is exactly how we get off course from our goals. Stop and assess what you should be doing for your company – quite possibly they are things only you can do for the company. Focus on those things and find others to do the rest.

Oh wait, that reminds me about my next point….

Find other resources / partners to help take the load off you

Can’t afford it? I know, we say that here all the time as well. But the fact of the matter is you CAN’T afford not to. If your business model is truly as strong as you believe it is, then you have to let go of some of the things that are holding you back from reaching your goals. You have to let others do the things they can do to help your company succeed and allow you to focus on the things only you can.

Now this doesn’t necessarily mean hiring. It could mean outsourcing some work to a virtual employee or company (I know a good one when it comes to marketing), or it may mean partnering with some companies to trade services or resources. Be creative and make every dollar you spend count toward reaching your goal.

Break the goals up in manageable pieces

We see many companies only make yearly goals and the numbers they stare at each day are so large they become paralyzed. Break them up. What do you want to accomplish by this time next quarter – or maybe next time this month? Keep your eye focused on a goal that is reachable (with a stretch) within a shorter period of time.

I hope these thoughts help trigger your mind to think of other things you need to consider as well. If you have other ideas to share, add them to the post by using the comment box below.

If you are struggling with your goals, your message, or your plan. Give us a call and let’s see what we can do to help you now.

Well, I have news for him and anyone else who thinks this way. You will be quite surprised how far you and your business will be behind when you pull your head out of the sand. Here are some things I hope you can understand and consider about today’s small and medium-sized business landscape.

Your business will never be the same as it was before the economic downturn – period.

Those who think that, once this economic crunch is over, they will go straight back to offering the same business model as before our financial crisis will have a huge wake up call coming. The businesses that are working to reinvent themselves are already leaps and bounds ahead of you. Why is this important? See the next point…

Your customer’s needs (and maybe wants) are different now.

With money being tight for everyone, your product or service is more scrutinized than ever before. Therefore, the value you bring your customer must be like never before. It’s a buyer’s market in most industries, so your product or service must stand out above the rest and solve an important need of your target audience.

There are many things I have noticed businesses doing to make forward strides in spite of the dip in the economy. Here are some of the trends I see that you can implement:

Allow employees to telecommute

Save cost for the employee and the business by allowing employees to work from home several days a week. This can cut down on office costs and offers employees flexibilities in trade for other “perks” you may not be able to afford in today’s market. Work is still getting done but for less cost.

Reduce print marketing / increase internet marketing

Print marketing can be an effective means to communicate to your clients and prospects, but it is also one of the most expensive means to do so. Cut marketing costs by going electronic. Email marketing, website improvements, and social media efforts are typically dollar for dollar better spent money than print anyways.

Hire virtual employees

Companies are starting to recognize that they do not have to invest in employees the same way they used to. The objective is to get the job done right – most efficiently and effectively – as a result businesses are turning to virtual employees. Websites like elance.com and Odesk.com make finding these resources much easier. If you have needs that are consistent and easily replicated you might consider even an international virtual employee through sites like virtualemployee.com and remoteworkmate.com. These sites can help you find cost-effective resources to help through the peaks and keep you from having to hire in-house employees to get the work done.

One of the service offerings we have at Three Hats Marketing is virtual marketing employees. If you have recently downsized your marketing staff or are considering hiring to meet current needs – give us a call. Our approach will definitely save you money and offer you better results.

And although our monthly email newsletter is titled “Hat Trick” it is more of a play on the hockey phrase as it relates to our name than it is a “tip of the hat” to the game. To be perfectly honest, that is probably all I know about the game – except for one other thing.

The great Wayne Gretzky once said something that has become one of my favorite quotes. He said, “Don’t skate to where the puck is…skate to where the puck will be.”

I love that quote because it says so much in so little. It speaks to me personally in how I try to live my life, but also how I hope we continue to run our business. It puts a focus where it should be. It is the definition of wisdom exemplified: knowing the outcome before it will happen.

So how can we get into this mindset with our business? How can we continue to operate as we need to today, but watch and know where our “puck” will be in the future? Well, would you believe our marketing efforts can help? Here are some thoughts on how.

Plan your marketing for where you want to go, not for where you are today.

It’s hard, I know, when you are muddling in the day-to-day issues of a business to stop and plan, but that is exactly what makes the difference between a long-term, successful business and one that’s short-lived. Market to the type of client you think will help your business long-term. You can certainly “sell” to those you do business with now (and do whatever a client may ask of you), but marketing is a proactive effort – so spend your effort (and your money) on where you see your business going, not on where it is today.

Budget for where you want to go, not for where you are today.

Now this one is easier said than done, but if you have planned correctly as we stated above, then you should have the confidence to spend the money you need to to move the ball forward. I don’t mean spending large sums of money as if you are where you expect to be 10 years from now, but spend to get yourself further down the path. Times are tough, I know first hand, but now is when you can “out-skate” your competition if you know (and are confident) which direction to go.

Speak to where you want to go, not to where you are today.

In your language (both written and verbal) speak like you want your business to be – not necessarily like it is today. Start setting the groundwork now. You will find that people will instinctively pick up on what you are say about yourself – and sharing the message of where you are going will allow those around you to help get you there faster.

Much like hockey, being good at business is about thinking two steps ahead and being at the right place at the right time. Allow your marketing efforts to help you get there. And much like hockey, everyone needs a coach (even the great Wayne Gretzky), so if we can help you in any way – just give us a ring.

But as a business owner or executive, you probably are starting to see more and more business opportunities present themselves every month – and being “lean and mean” is hurting you. It’s common in today’s economy that businesses don’t have the resources in-house to respond as quickly and effectively as they need to.

So what are your options? Do you always have to hire extra employees to be ready to respond? How do you know what abilities do you need?

One of the services Three Hats Marketing offers is virtual marketing employees. Simply put, what this can bring your business is the flexibility, resources, and the experience your business needs, when you need them. It alleviates the need to hire full time, in-house personnel and incur the on-going expense. It is the smart answer to the peaks and valleys all our businesses have.

To learn more about how a Three Hats Marketing virtual marketing employee can help your business, give us a call.

But did you ever stop to think how in 28 minutes and 30 seconds they can take you from not knowing of their product to picking up the phone and placing an order? (That’s the part that is truly amazing.)

So how do they do it? How can I go from ShamWhat(?) to ShamWOW and actually be excited to buy one in such short time? It’s all about mastering the customer buying process – and there is no better example of it than an infomercial.

Here is the steps of the customer buying process and thus the steps an infomercial takes you through.

1. Create Awareness

First all infomercials must introduce you to their product. They make no assumption that you have ever heard of the product before. They outline all the features of the product in high detail showing you the in’s and out’s of everything about it.

2. Create Need

Next after you are aware of the features of their product, they walk you through all the benefits. How their product will save you time, or money, or hassle, or all three. Typically they solve a problem you didn’t realize you had until they point it out to you – and all that creates need.

3. Create Urgency

Next, infomercials are masters at creating urgency. Have you ever seen an infomercial that had a timer going in the corner of the screen? “Call in the next 30 minutes and pay just 3 payments instead of 4!” They force you to believe that now’s the time to act on this need.

4. Evaluate Choices

Once the viewer actually needs a product like this and is looking to buy one, they typically compare themselves to other options. Other products can’t possibly do it better, or faster than their product. Comparing other options that a buyer may be considering and showing what is better about their product removes these other options from consideration

5. Resolve Final Risk

Lastly, there is always no risk. “If you are not 100% satisfied, just return it for a full refund. What do you have to lose?” They know if you try it, there is little chance of you returning it, so “what do they have to lose” by making an offer like that?

So those are the steps of the buying process as it relates to an infomercial. Now, what can we learn from that and apply to our business?

You should communicate with your prospects in this order

This is a great model for us to consider when we are working with prospects. Model your marketing and sales presentations after the organizational structure of the infomercial, and you might be surprised at the success you find yourself having. If nothing else, you may learn where people are getting hung up in the process and where you might need to improve your tactics.

You can’t skip a step

This is something we try to do all the time. We present information to prospects when they are not ready to receive it. We share the price before they feel they need our product or service, so it goes on deaf ears, or the perceived value is lower than our price. Or sometimes we neglect to remove the final risk – thus putting their mind at ease with their decision and therefore never close the deal. Pay attention to the prospect’s questions and hear what they really need to know from you. Don’t move ahead in the process without making sure they’re along with you.

Only the buyer can move themselves to the next step

When does an infomercial not make you buy? When their tactics don’t move to the next step in the process. Maybe they didn’t create the need or the urgency for you or remove the risk for you. Regardless, you didn’t move yourself through the process – and therefore they didn’t get a sale. Now of course, they can’t stop a 30 minute program just for you – they have to keep going. But when you are working with your prospects, make sure they are moving along with you in the process. If not, go back to where you left them off.

Give these thoughts some consideration and if they make sense, apply them to your next presentation. If you need assistance in taking your presentations to the next level, give us a call. I promise it won’t be a waste of your time – you have our 100% money back guarantee.

So what is your website saying to clients, potential clients, and prospective employees? Do you even know?

Here are some practical reasons why your website IS important:

It speaks on behalf of your company in ways you can’t.

The first thing I do when I hear about a company that I want to learn more about is go to their website, and so do most people. It has been said that when someone goes to a company’s website, they draw an opinion of that company within the first 3-5 seconds. The opinion could be good, or it could be bad. Nonetheless YOU have the ability to positively affect that opinion with an effective website.

It’s a marketing tool available 24/7.

Your business development folks may tell you they work 24/7, but they really don’t. Make the most of this tool by understanding what your target audience is really looking for. It gives them the ability to learn more about you anytime, anywhere. And also update the site frequently so people have a reason to come back to learn more about you and what you can offer them.

It should be a destination point for marketing efforts

At Three Hats Marketing, when we help clients with their marketing, their website becomes a great foundational tool for our marketing efforts because it offers the prospect a place to go to learn more. That effort on the part of the prospect is then tracked, which makes our marketing much more measurable and effective. How are you using your website? Is it just an online brochure? Or are you using it to the fullest potential?

It’s extremely cost effective

Unlike printed marketing pieces, your website can change constantly. And as a result, it should be the most recent information available about your company. If you don’t have resources internally to handle your website, consider contracting with a company like Three Hats to handle it for you.

Now, go ahead, visit your site and see what you are saying to the world. See if it represents your company well. If not, put together a plan to fix it. Could be one of the most important marketing efforts you do.

Correct or not, it has presented an anology that has been used in business over the years and I would like to make the point we see many businesses doing this with their marketing as well.

Here is a common conversation we have with business owners.

3hats: “So tell us what marketing activities you have done in the last 6 months.”
owner: “Well I had an ad in the local coupon pack.”
3hats: “Did it work for you? What was your goal for doing it?”
owner: “I don’t know….”
3hats: “What was your reason for doing it?”
owner: “I don’t know… I guess because my competitor did it.”

Often times business owners take actions with their marketing efforts solely based upon the actions of their competitors. Why is that wrong? Well, even though you are competitors and may offer customers similar products or services, there are many more things different between your businesses. Potentially your budget, your ideal customer, your geographic target area, your capacity, your services, your profit margin on certain products or services, your business model, your business goals, your vision, etc.

Instead, we advise companies to stick to the following for their marketing activities:

Follow your goals

Understand what you are trying to accomplish with your business (as well as your marketing) and stick to it! Set goals for yourself and determine the best ways to accomplish them in the most cost effective way. Know what your competitors are doing, but try not to let that influence the decisions you are making for your business – because as we pointed out above, you may not understand why they are making those decisions and as a result, may not be the right ones for you.

Follow your audience

Make sure you know where your ideal client is looking for the type of products and services you offer, and how they like to be communicated to – then go it ‘em. Be creative in how you reach out to them. Understand under what circumstance do they have a pain you can fix with your product or service and reach them then.

Follow your plan

Almost weekly businesses are presented with new marketing opportunities and new ways to spend their money. Develop a plan and weigh each marketing tactic against that plan. Is this the best way to spend these dollars? Do I know what I can expect as a result of spending this money? Does what I expect align with my business goals?

A little bit of thought and a little bit of discipline with your marketing can go a long way to help you reach your business goals. If you would like to discuss marketing planning or evaluate some of your marketing tactics further, please give us a call.

What is a brand?

Most people I talk with immediately assume that a companies logo is their brand. I think that is a common misinterpretation of the word. I believe that a logo is simply a graphical representation of how the company sees the brand. Brands are not concrete like a logo – brands are feelings and emotions. I have heard it said that “a brand is the emotional and psychological relationship you have with those you come in contact with.”

I would also argue that what your company does and look like can affect your brand. I find myself drawing conclusions about companies in less than 3 seconds based upon an emotional or psychological connection I have with them – through signage, their website, an interaction with an employee, a commercial, their logo and more.

So can a “person” have a brand?

Brands are typically reserved for discussions around companies, but what about people? Can people have a brand?

Well let me answer that question with two words: Tiger Woods. When you read his name, did it immediately draw an emotion or psychological reaction for you? I’m sure it did, and certainly his sponsors realize that it doesn’t evoke the same “emotional and psychological response” it did 6 months ago due to his recent issues in the news. Companies do realize that people have brands and they sometimes invest millions in them.

What are the benefits of a brand?

Branding offers you and your business both internal and external benefits. Externally, you create an identity that can connect with people – basically you form emotional relationships with those you come in contact with. Why is that important? Because in large part, a person’s buying decisions are based upon their emotional connection with that product or service.

Internally, your brand can serve as your conscience, or internal compass. By understanding your brand, it can help you make business decisions both operationally and in a marketing capacity.

So what about that homeless person?

OK, so we now have discussed that a brand is an emotional and/or psychological relationship you have with those you come in contact with and that “people” can have a brand. But is a personal brand only reserved for that “high ticket” celebrity or can even a homeless person have a brand?

Well, let me ask you this question: when you drive to the bottom of the ramp and see a person standing there asking for money, do you draw an emotional or psychological feeling about them? I do. Maybe it is just my marketing background that causes this (I doubt it), but I draw conclusions about their situation based upon how they are dressed, what their sign says, what they have with them, and the look on their face. All in about 3 seconds.

People make this “3 second” determination about celebrities, about homeless people, and everyone else including you and the company you work for. The million dollar question is “are you and your company paying attention to this fact?” Does your logo evoke the “feelings” about your brand you want? Does your website? Does your employees?

These pieces are a huge part of successful marketing. If you or your company need help in sorting through these issues – give us a ring. We promise to give you more than 3 seconds consideration.