How I think about marketing
I thought I would put you in mind so that you could see what I think about marketing.
The way I develop my own business.
And what you’re going to read further on will probably come as a shock, because I don’t really see marketing in the same traditional way that you read online.
Let me give you a bit of background before I dive inside.
This is where I focus my marketing efforts… to develop NP Digital.
Digital marketing will take you this far
Although I’m a marketer, I don’t think marketing on its own is a big business or a big brand.
Just think about it, the number of people searching for the term “shoes” is about 1,220,000 per month in the United States alone.
But Nike sells more shoes each year than in the United States, and it’s not the only shoe company.
How can this be?
People don’t always “look” for what they’re looking for.
When I buy shoes, I usually go directly to Nike because I know their brand and their products well. I don’t think I have ever Google searched for shoes.
Same goes for ads, yes there have been ads for shoes running on facebook and google, but it never led me to buy a shoe.
It doesn’t mean that marketing or SEO isn’t working. All of this helps you build a brand, which causes the most purchases.
Here is an interesting statistic that you may not know … 59% of people prefer to buy products from brands they know.
This is why there are so many more shoe sales in the world than research. An estimated 14.5 to 19 billion shoes are purchased each year, but online searches aren’t even 1/20 of the number.
And if you look at the Nike brand, they generate more searches once a month so people just type in the word “shoes”.
That’s about 5 to 1… for anyone typing “shoes” into Google, 5 “Nike”.
It’s the power to build a brand.
Time solves all problems
Since you are here, you are probably familiar with marketing somewhere and you may even be an expert.
But I’m asking you this question … have you heard of the following brands?
- Wunderman thompson
They are all advertising companies with thousands of employees. Yet most of us have never heard of it, even though we are familiar with marketing.
And that doesn’t mean they don’t have a little mark; they have more than one big brand within a very specific audience.
And the public is their ideal client ”. If you are a large company that can spend $ 25,000,000 or more on marketing each year, you are probably familiar with these companies.
So the key isn’t just to build a great brand like Nike, it’s to build a great brand with your target audience.
If your product or service is targeting everyone right now, just like Nike, of course you will want to create something that everyone is familiar with.
What you will also find is that your brand will develop naturally over time.
While you probably haven’t heard of the ad companies above, their brands have grown up being busy for just enough years.
Just like Nike.
Let’s discuss what time really means
I thought it would be nice to share some numbers with you on the power of time.
As I mentioned above, I am focused on growing my NP Digital business. This is currently his fourth year in business.
It’s not long, but it’s something.
But here’s the best thing when we started the first year, all of our business was driven by SEO, content marketing, and social media marketing.
These are the channels we use to generate sales.
We still use these channels quickly, but now 27% of our sales are generated through word of mouth, referrals and brand recognition.
It’s not the highest percentage, but just think about what happens when you do 20 years or even just 10 deals. It is a great constituent effect, assuming you are providing a good product or service.
So if you really want to increase your income then you have to be patient and keep doing good work and of course marketing good because that is what will trigger natural growth.
So what’s your plan Neil?
I’ve spent a lot of time marketing, but I’m doubling down on ways you probably wouldn’t have guessed.
- More social media – I now produce content for social networks on a daily basis (nothing is revolutionary here, but it enhances the brand).
- Maintain SEO – even though I’m great with SEO… you can only rank for that many keywords. I’ve been doing this for quite a long time where it’s mostly in maintenance mode.
- Podcasting – have been doing it now for years. On average, over a million downloads per month. Podcasting is not really on yet because it is not widely accepted.
- Speak at conferences – At the end of the year, I will be on the discussion track again. You can’t reach as many people as you can through content marketing, but at conferences people pay hundreds or even thousands of dollars for a ticket, so they’re the right audience.
But what else?
These marketing tactics are just the standard we all know and use. I am now starting to use chains that we take for granted …
- TV commercials – within 30 days, I will have TV commercials on stock exchange channels like Bloomberg and CNBC. A lot of the people who watch the channels are my ideal audience. It’s unconventional, my competition won’t affect it due to low ROI, but I think TV is one of the best channels if you want to build a massive brand. Plus, it’s not much more expensive than Facebook.
- rewards – We already have received many awards for our work. We will continue to ask for more. He hasn’t run a business yet, but I think it’s great for building a long-term brand.
- PR – we hired a PR agency last month. They had me recently interviewed on CNBC. It only attracted 7 visitors, but it’s a start. Ultimately, the goal is to conduct consistent TV interviews.
- Research companies – there is a centuries old saying in the business world … “you are not fired because you bought IBM”. Enter the world of marketing Forrester and Gartner can create a similar effect. It takes time and costs a lot of money to get in, but in the long run you generate leads from big companies. By going to Forrester and Gartner to find out which marketing agencies they employ.
I will add more as we grow older. Adding the 4 new channels to the mix above is already a lot of work.
And compared to the digital channels I started out with, I bet the new additions aren’t as high as the conversion rate or even the ROI.
But it’s good. The goal is to build a great business and sometimes you have to invest, even if no return on investment can be realized, because you know in the long run how to build a brand with your ideal audience.
Most marketers I know focus on ROI. For every dollar spent, they want to earn $ 2 or even $ 3.
I look at it differently. I focus on building a brand and a reputation. While it doesn’t directly produce a return on your investment, I think it can help you become a leader in your industry.
And if you can become a leader, the numbers will work out eventually, but it’s a gamble, of course.
This is the same reason I started blog back in 2005 when others were unwilling to do so. I believed if you educate and help others it will pay off in the end. But for the first 8 years I was in the hole and couldn’t come back.
I am experiencing the same with producing videos for YouTube, Instagram, LinkedIn, Facebook and Twitter. But in the long run, I think it will pay off.
The real question now is: are you ready to play the long game and invest where others don’t?
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