|
|
Like this article? PLEASE +1 it! |  |
|
Uh-Oh Marketing
| Guest post by: Mandie Crawford |
Article Overview: “Uh-oh” is the repetitive expletive that carries with it the foreboding, stomach wrenching realization that something is wrong. “Oh-oh” - the sound of doom. All of us have been known to utter instantaneous expletives (usually four letters like “darn!” or “crap!”) immediately as something negative unexpectedly happens. But the term “uh-oh” usually follows the thoughtful and longer term realization that something is just not right.
 |
Free Download - Five things you can (right now) do to increase your sales and get you out of that rut! By Mandie Crawford |
Uh-Oh Marketing
"Uh-oh" is the repetitive expletive that carries with it the foreboding, stomach wrenching realization that something is wrong. "Oh-oh" - the sound of doom.
All of us have been known to utter instantaneous expletives (usually four letters like "darn!" or "crap!") immediately as something negative unexpectedly happens. But the term "uh-oh" usually follows the thoughtful and longer term realization that something is just not right.
The "uh-oh" that I want to address today is the one expressed when we take a good look at our bank account.
"Uh-oh, I spent more last month than I made" or "Uh-oh, we are nearing our overdraft limit". And along with the sinking feeling comes the elevated heart rate and the overwhelming feelings of desperation. "I need to make some money - and fast!"
Inevitably, the first thing many business owners do is look quickly at their inventory and determine what they can sell or liquidate to bring in some much required ‘cashola'. If the business is a service provider, the owner might take a look at what services they can reduce the cost on and set out on an immediate campaign to sell service bundles at a reduced cost to generate income.
Neither of these strategies is bad - or wrong - especially if there is an immediate need for cash flow. The problem is - many business owners execute a full year of marketing using this method. This is what I call "Uh-oh Marketing".
In fact for many businesses "Uh-oh Marketing" generates most of the income that they receive during the year - pulling them out of one financial crisis after another. Unfortunately because they are continually offering "Uh-oh sales", they are reducing the income they receive for the products or services they sell. If they have priced their products to have a 20% profit margin, and then offer a special to generate much needed income, they may eliminate their profit entirely.
In my first business, I addressed every financial crisis in this way. I bought fabric at $3.00 meter and priced it at $6.00 a meter. This was standard for the industry - and gave me a 20% profit after expenses. ($0.60) An ""Uh-oh sale" meant that I reduced the cost of the fabric by 25% - thereby making the cost of the fabric for the consumer $4.50 a meter. This eliminated my profit - and dug into the profits I had made on other items.
Because I continued to practice this method of marketing for more than a year, I suffered a loss on the business - which made me wonder why I was in business at all!
Unfortunately the loss of profit is not the only thing a business will experience as a result of "Uh-oh Marketing". By using this method to sell product they:
• Significantly raise their stress levels
• Send the message that products are ALWAYS available for a cheaper price.
• Distract customers from the true value of the product or service
• Falsely give the business owner a feeling of well being, thinking they are doing well by rotating inventory quickly
• Set up repetitive roller-coaster income
These are only a few of the results of "Uh-oh Marketing". The answer is of course, creating a marketing plan to ensure consistent income. But that means business owners must plan ahead.
There are few tools to simplify creating that marketing plan - perhaps the reason no one knows exactly where to begin. The simplest method is to get out the calendar and plan your marketing efforts around events, holidays and seasons. See a great example of a tool to simplify this here. Think about what your customer needs and when they need it - and then market appropriately - in a format and place where they will see it.
Include in the plan how much you hope you hope to increase your sales - and then set a budget. (yes you need to set a marketing budget up) Let the marketing begin! As you execute your plan, keep a close eye on your ROI - and tweak the plan if necessary.
Remember, a client needs to see or hear from you between seven and nine times before they will purchase or inquire. So be sure to be consistent.
There is a time and a place for "Uh-oh Marketing" - but it is not every month at bill paying time! Work smarter and plan ahead.
Geek Marketing 101
Future Marketing kicks out the ancient marketing
Real Estate Marketing Strategies - Tips for Creating Success
Is PR Marketing? Is Marketing PR?
How to fix sputtering marketing
Target Your Niche With Internet Marketing
M is for Marketing Strategy
The fastest way to get feedbacks from customers is now possible with text message marketing
Marketing - Art or Science?
Power Marketing Tips 01 Warning marketing can be fun
Mistakes of a Marketing Budget Strategy
Why email marketing is the right answer for your business
Book Review: Web Marketing For Dummies
Commitment
Are you a Guerrilla
Fusion Marketing: Two Businesses Are Better Than One
Marketing Assessment
Sales VP's and Marketing VP's - Should the Roles be Combined?
Internet Marketing - A Matter of Balance
What You Need to Know About Marketing!
Article Tags: business owners, call uhoh, financial crisis, marketing plan, offering uhoh, term uhoh, uhoh marketing
|
About the Author: Mandie Crawford RSS for Mandie's articles - Visit Mandie's website Mandie also has skills and expertise in providing high quality guidance in time management and system implementation for small a medium sized businesses. Her passion as a business and professional development coach is to helps women recognize their value and self worth. She is the President of Roaring Women Ltd which is Canada's premier national business support group for women in business that focuses on connecting, promoting and educating women in business. In her goal to encourage and educate women in building business across the country, she launched and completed a 6 week coaching tour in partnership with Staple Business Depot in 2008 where she coached over 600 women in business. Mandie is mother to four children and 3 stepchildren and one highly energetic chocolate lab! Ms Crawford is also a former award winning police officer with Halton Regional Police. Click here to visit Mandie's website   Building Teams and Alliances Have we forgotten our manners Women Breaking New Barriers in Business Stress or Success Close the door on Opportunity |
Related Forum Posts
Re: What is your Business?
- We are running a Online Marketing Firm and we have some good clients to which we are offering a complete Digital Marketing strategy like Search, Mobile Marketing, Branding and Design. I think in Online Marketing company online presence can be a wining factor for the success of the company.
Re: Let’s talk about the ways of marketing your products, servic
- I agree with some of the others who responded it depends on what your selling... but to answer your questions here are some of the methods I use.
Forum Marketing
Yahoo Answers (I need to use more of)
SEO (Search Engine Optimization)
Bum Marketing or Article marketing
P-P-C (Pay Per Click) Marketing
Online Directories
Hope this helps.
Re: Should Evan add a "Social Media Marketing" category to the f
- Hi,
Online Marketing would be a great title, and having sub categories would make it even better, there would plenty of categories to choose from, Social Media, SEO, Article Marketing and yes even Affiliate Marketing to name just a few,
great looking site btw Jeff,
take care,
Carol
Kevin's Case Study #11 - A New Forum Category?
- Hi Everyone,
2009 is a new year and I'd like to create a new forum category to jazz things up! In the past, there's been some interest voiced about adding a "Social Media Marketing", "Online Marketing", "Internet Marketing" or "Online Promotion" category.
I'll implement [u:1g2tv6tf]ONE[/u:1g2tv6tf] of those new categories, but can someone first tell me what the difference would be between the existing "Marketing" section and one of those new options mentioned above?
Thanks
Online Sales and Marketing vs Traditional
- Hi Evan,
I am noticing that many of the posts in the Sales/Marketing section deal with online marketing, SEM and and SEO and Affiliates. I was wondering if it might be a good idea to separate that section into two; 1) Online Sales and Marketing; 2) Traditional Sales and Marketing
Share this article with your friends. Fund someone's dream.
Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.
by: Kim Castle, Business Brand Creation
Best Automated Forex Trading Strategy
Build Your List with Joint Venture Giveaway Events
May 2012 Top 100 Social Media Experts to Follow on Twitter
What to measure to be phenomenally successful in business
10 mistakes of media relations
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Paint A Word Picture - Excite Your Customer
What To Do With a Troublemaker?
Top 5 Qualities in an Outsourcing Company
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.