1/29/2021 Tip: Don’t Make this Marketing Mistake

Today’s Quote

If we could sell our experiences for what they cost us, we’d all be millionaires.
~ Abigail van Buren

 

Today’s Tip

Offering low prices is almost always a mistake.

Most entrepreneurs who offer low prices think they can earn profits on high volume. But with low margins, you have low profits and it’s really hard to grow your business.

Rather, set your prices as high as the market will bear. With higher margins you can invest in developing the best products and offering the best services.

Very few low-priced companies succeed in the long-term (Walmart and Southwest Airlines are the exceptions). Rather, most great companies offer quality products and services at moderate or premium prices.

 

Today’s Resource

Want More Customers? (Do this now…)

If you want more customers, you need a better marketing plan.

A better marketing plan will focus your efforts on the activities that will actually work… so you generate more leads, customers and increase your sales and profits.

The problem is this — creating a marketing plan from scratch could take you 100+ hours — and you don’t have time for that!

And I’ve got good news today…

Using my proven marketing plan template, you can create an effective marketing plan in just 1 day!

The 1-Day Marketing Plan <— 

 

Trivia

Today’s Question: Which now famous company’s name was initially proposed as “Pequod”?

Previous Question: What was the only product ever promoted by Elvis Presley in a television commercial?

Answer: Donuts.

The commercial, for Southern Made Donuts, was aired in 1954.

Celebrity endorsements can be a great way to massively build your brand and increase sales. Importantly, celebrity endorsements are NOT always out of the financial reach of early stage and small businesses.

Here’s why? First, there may be local celebrities or industry celebrities who can promote your product or service for little to no money. Secondly, if a celebrity would benefit from using your product or service, try getting it in their hands; they may promote it (e.g., wear it, mention it in an interview) without any cost to you.

Join our Tip of the Day

To get Growthink’s Tip of the Day delivered to your email inbox, enter your information below:

[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]