When am I going to stop putting off marketing?

05/04/03 - There are some signs that our economy is improving - but don't bank on it! We've got a way to go before things turn around. But that's not what this article is about - it's not about waiting for the economy.

It's about what many business people do everyday - good times or bad.

They put off marketing. Before you finish reading this article, you'll know what "starting your marketing" means!

Oh, there are lots of "reasons" to put off marketing. In the good times - there's no time. In the bad times - there's no money!

Hogwash! The number one reason for marketing procrastination is pure ignorance - ignorance of the way to market. In spite of the fact that most business leaders have been educated in their profession, less than five percent of business leaders have an understanding of the essential principles for forming a marketing strategy. They don't understand the "mindset" required.

Seventy-five percent of the marketing being done in America is derived from a hit-or-miss path of development. That's why the marketing strategies of older companies seem to be the most effective. It's because they have done all the wrong things first. As they faced all the disappointment of failed "marketing" campaigns, they somehow came to the realization that "hit-or-miss" marketing wasn't the way.

Beyond all the sophistication that may come from enlisting the minds of marketing professionals - like The Thompson Group - there is one thing in marketing that always sets a company apart from its competition. 

That one thing is the act of getting started - getting started with a comprehensive marketing strategy! By that, we mean a strategy inclusive of company strengths, industry trends, financial resources and customer needs and behavior. Without the will and the fortitude to plot a marketing course and hold to it - a business will be nothing more than flotsam on an economic ocean - whose uncertain currents will surely take it to the rocks. 

This holds true for the smallest companies - as well as for the largest of all. 

We've said this hundreds of times - but here's the hundred and first. If you think marketing has everything to do with advertising - think again. Sure, advertising may be a "tactical" approach to promoting your business - but the realm of advertising is but a very small component of the effective marketing plan. It is the same for "sales." Without a functional marketing strategy, the very best salespeople will fail.

In this issue of "Update" we feature a Case Study on Costco - the $40 Billion dark horse in warehouse retailing that has outrun the thoroughbred Walmart. Their sales jumped 8 percent in March—nearly double expectations—and climbed another 5 percent in April versus last year. Costco doesn't even advertise! You'll not find them on TV - or in any newspaper ads. They have no salespeople - not on their warehouse floor - not in the field. That's part of their integrated marketing strategy - and it is consistent with their ingenious positioning. They've proven it - you don't have to have advertising or salespeople to be a winner. It all depends on the race you define.

Getting started in marketing boils down to defining your race - the race you can win. If you don't do that, you'll be nothing more than a participant in the races your competition has defined - and we all suspect the outcome of races like that are determined beforehand. You'll wind up with mud on your face - kicked up by the winning "horse" ahead of you.

If you've waited to define your race - I'll take all the reason for further procrastination right off the table. 

Pick up your phone - dial toll-free 1-800-946-0327 - We'll schedule a convenient phone-back appointment. The fifteen-minute session will tell you if you are on the right track toward defining your marketing. I'll make that 15 minutes session free for any non-client business owner that has been in business more than six months. For others, it will cost you $60.00 to find a potential path for your marketing strategy. This is not an ad - it is an offer. It will expire after the first ten free sessions.

Whatever you decide - don't put off defining your marketing. In a world where opportunities abound - but realizations are few - it's your very best chance of getting more than your "share" of the business.

That's it for this month. Thanks for tuning in - and if you have some comments - we'd enjoy hearing from you.



William H. Thompson
Principal

PS - Visit the Thompson Group web site. Click here!

If it makes sense to share this with others, please feel free to do so by sending them this link ...

http://home.sprintmail.com/~thomcom/Thomgrp/ThinkNewsletterVol02Iss19.htm