I just finished reading “Your Marketing Sucks” by Mark Stevens. The premise is that all marketing that does not generate a positive ROI sucks. According to Mark, the John Wannamaker quote, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” is the result of “lazy marketing.”
At the end of the book, Mark presents “The Marketing Moratorium 7-Day Planner” after which you have stopped all marketing that is not delivering a significant, positive ROI.
Day 1: Assemble all people responsible for conducting marketing in one room. Make it clear the rules have changed. Starting now, no money will be spent on marketing programs that are not measurably generating a significant return on investment.
Day2: Identify those marketing strategies and tactics that are building business and separate them from the stuff that get funded year-after-year because conventional wisdom says you should do it. Three that come to mind are trade shows, advertising in the yellow pages and advertising in industry directories.
Day 3: Ask yourself if the business has a killer app. If not, what can you and your marketing team do to develop one?
Day 4: Focus on the universal equation for business success — Capture + Amplify + Maintain Customers = Perpetual Growth. Any action that does not conform to this equation should be rejected.
Day 5: Every salesperson in the company must be capable of closing, and producing more revenue that it costs the company in his or her salary or support. If you have a sales team that follows the Pareto Principle, then you should fire the 80% of your sales force generating 20% of the sales and find some more people like the 20% responsible for 80% of the sales.
Day 6: Begin the search for a new code breaker. “The code” is the powerful synergy of sales and marketing tactics that converge and use the killer app to grow the company. If you don’t know “the code,” commit to finding it.
Day 7: Ask yourself if this business has a killer offer. Do something to positively differentiate yourself and stand out from the competition. As a former creative director of mind was fond of say, “the middle of the road is a great place to get run over.”
What elements of this seven-day plan can help you grow your business and change “lazy marketing” to “extreme marketing?”