The Seven Keys to Marketing Genius: The Complete Guide to Increasing Your Marketing IQ

How smart is your marketing? Do you follow the crowd or set your own standards? People are attracted to innovative leaders, not copycats. Besides, most companies throw thousands of dollars down the drain on ineffective advertising- can your budget afford such waste? Start your education today- follow these seven keys to increase your marketing IQ and outwit your competition.

Key 1: Find Your Advantage

The first step is to determine what your organization does better than the competition. All marketing focuses on communicating to customers the advantage of your product over the competition. To compete in the marketplace, you must find what your company or organization offers better than the competition. What unique competitive advantage do you offer? What are the distinctive competencies that separate you from the pack? What strengths do you have that can not be easily or quickly copied by the competition? You should perform a SWOT analysis to help you find your advantage.

When determining the competitive advantage of the company, I caution you to avoid basing it on a supposedly unique product.

It is very difficult to have a sustained competitive advantage based on a product in our modern technological age. In the past, a technological innovation on a product could give a company the advantage for decades since others were not able to copy the product easily. Today successful products can be, and often are, copied in a matter of weeks if not days. Many software applications are copied (though not necessarily legally) almost immediately. For these reasons, it is very difficult, if not impossible, to hold a competitive advantage based on technology or a technologically superior product. That is why there has been a shift to the intangible elements of customer service and other value-added components in the marketplace. Low price, by definition, is not a competitive advantage because it can be quickly and easily copied by the competition. Competing on low price is an invitation to a price war. Competitive advantages today are usually based on service, reputation and longevity.

Key 2: Define Your Purpose

Why are you in business? What are you trying to achieve? How will you measure your success? Answering these questions is vital to defining your purpose. To determine and evaluate the direction and goals of your organization, you must have a clearly defined mission. Once you have developed a clear purpose, make sure all levels of the organization are in alignment and going the same direction. The best way to do this is to involve the stakeholders in the development of the mission in the first place, rather than a few decision makers deciding what they think is best and handing it down to be followed.

Key 3: Create an Image

The purpose of advertising is to promote image and awareness. Before you can implement promotions (Key 4), you must create an image. An image is both a concept and a physical visual representation. To compete today, you must have the right look. It is not enough to have a good product; you must also be able to attract the attention of the audience. The look should enhance the image of the product while maintaining alignment with the mission (Key 2) and promoting the competitive advantages of the organization (Key 1).

The key elements of image are the logo, colors and style, and branding. The logo is the visual symbol of your product or organization- it should be pervasive in all of your communications. Imagine police officers wearing pink and rainbow stop signs- this sounds strange because every color has meaning. Make sure your business is using the right colors for the message you are conveying. These elements provide recognition of your brand- but a brand is more than looks. A brand is the promise you are making to your customers. Crest promises clean teeth and Tide clean clothes. You recognize the names and the colors- but a promise kept is what makes the brand. Your brand is your reputation for keeping promises and the greatest asset you own.

Key 4: Implement Promotions

Promotion is the nuts and bolts of the marketing process. The promotion element is what most consumers see and think of when you mention marketing. Promotion includes advertising, public relations, sales promotion, personal selling, direct marketing, and internet/interactive techniques.

Before spending money on promotion, make sure you have done the hard work in keys 1-3 to avoid wasted expense. Target your market and understand what will be the most effective use of your resources. Determine an effective pricing and distribution strategy based on your research.

Use as many appropriate promotional tools as possible and integrate them together into one cohesive and powerful communication device. Do this by maintaining a consistent look, feel and message. Link individual promotions together- print ads with a web address, web pages with in-store coupons- for a maximum and measurable response. Remember the goal of your promotions is to turn prospects into customers, and customers into long term relationships.

Key 5: Build Relationships

In today's competitive marketplace, the best way to insure your investment is to establish relationships with customers. By building and cultivating these connections, you establish a protected relationship. People will continue to do business with you because they know and trust you. Make yourself invaluable to your customers, and they will likely be yours for life. You will also gain valuable feedback on how to improve in the future.

Key 6: Gain Feedback

Gaining feedback is what tells you whether you are on the right path with your customers. You have already done the hard work of developing a roadmap for success in your marketing plan. Feedback will tell you whether you are on the right track or veering off course. Use surveys, response cards, the internet, phone calls, focus groups, market development groups, and feedback from salespeople to gain information, learn and improve your marketing efforts.

Key 7: Adjust to Changes

Companies must consistently assess their position in the marketplace and make necessary adjustments to remain competitive. After gaining feedback, businesses must revisit, reevaluate and revise their competitive advantage, mission, goals, alignment, promotions, and relationships with customers. In other words go back to Key 1 and start over.

Michael Daehn is the founder of marketingenious consulting and author of the book The Seven Keys to Marketing Genius: The Complete Guide to Increasing Your Marketing IQ available at http://www.sevenkeysmarketing.com and http://www.borders.com. Visit his website at http://www.marketingenious.com or e-mail michael@daehntrain.com.

---

Why Smart People Dont Know How to Market

As an educated professional, your success is based on what... Read More

Lessons From a Six Year Old

My 6 year old daughter Emily knows exactly what she... Read More

Sage Advice from a Marketing Expert!

An international hair-cutting chain opened a new store directly across... Read More

How Do I Define My Market?

Your market is who you want to reach. Your customer.... Read More

Are Corporate Awards and Corporate Gifts Beneficial for Your Business?

With the increased challenges that all companies are faced with,... Read More

Non-Profit Success Requires Ongoing Marketing

In a crowded marketplace of ideas, it is important for... Read More

How to Make Profits With a Commission Mailing Business

There are many mailorder publications that will list... Read More

Do You Really Know Your Prospect?

I'd like to introduce you to someone. I don't actually... Read More

Make Your Prospects Say Yes!

6 Secrets to Stellar Sales PresentationsEvery sale is won or... Read More

What Our CAT Taught Me About Marketing!

Toby is one of our two family pets (both cats).... Read More

Have You Captured Me Today?

There are many Web sites I visit every day and... Read More

Overcoming Resistances To Marketing a Practice-Part 2

In Part 1 of this article, "Resistances to Marketing a... Read More

Reinventing The Wheel

Revolutionary ideas have always been the mark of mankind. It's... Read More

Dont Use Yourself as Your Pricing Yardstick

"I wouldn't pay more than what I charge now."If you... Read More

Key Marketing Questions - Planning Your Marketing Campaign

So you started a business. How's it going? Did you... Read More

11 Rock Solid Techniques For Generating Product Ideas Anytime Anywhere!

Whatever business you are in, either online or offline, you've... Read More

Read Your Markets Mind - 3 Great Market Research Resources

Starting a new online business, developing a new product, launching... Read More

Six Ways to Boost Response on Your Surveys and Gain More Useful Information

So... you spend time and effort putting together a survey,... Read More

Are Your Prospects Walking Out on You?

After 11 years in sales, I've put together and delivered... Read More

Has the Free Report Had Its Day?

For years now we have been inundated with offers of... Read More

The Secrets of?

A lot of advertising and mailings promise to reveal the... Read More

Top Four Marketing Secrets of Building a Professional Practice

Building a coaching or consulting practice can be rewarding and... Read More

Color Part 2: Formats and Systems

There are several color formats and systems available for mixing... Read More

Digital Printing vs. Press Printing ? A Comparison Guide

When it comes time to print your brand identity materials,... Read More

Dramatically Improve Your Marketing Results With These 6 Simple Steps

What if there were things you could start doing now... Read More

Refresh Your Web Site

So you have a Web site. And so does most... Read More

Increase New Customer Traffic to Your Business

One person tells another, who tells another, who tells another... Read More

What Does It REALLY Take to Be Making 6-Figures as a Service Professional?

Over the past 30 years, I've read so much on... Read More

Direct Mail Response Devices and How to Craft Them

Successful direct mail packages contain three things: an attractive offer,... Read More

Behold the Power of the Tip

You are an expert. You have lots of content -... Read More

Are You Sabotaging Your Marketing Success?

What?!? Sabotage your own success? Who would do that? Well,... Read More

Devious and Deceptive Packaging

Have you read anything in the news lately about childhood... Read More

Make Your E-Mail Signature File WORK for You!

You're probably familiar with e-mail signature (or "sig") files -... Read More