10/25/2021 Tip: Highly Effective Marketing [Example with #s] | Growthink

10/25/2021 Tip: Highly Effective Marketing [Example with #s]

Today’s Quote

“Belief in oneself is one of the most important bricks in building any successful venture.”
~Lydia M. Child

 

Today’s Tip

Below, I’m going to give you the secret to highly effective marketing.

Let me start with an example.

Let’s say your competitor runs an advertisement that reaches 10,000 target customers and gets these results.

  • 1 percent response rate (response rate means that prospective customers visited the competitor’s website, went into their store, called them, etc.)
  • 35 percent conversion rate (conversion rate means the responding customer then purchases)
  • $500 price per widget (widget being the item sold by your competitor)
  • 1.5 widgets per buyer (average buyer purchases 1.5 widgets in initial order)
  • 30 percent profit margin
  • 10 percent repurchase rate (10% of customers buy from your competitor again)
  • Assuming the ad reached 10,000 target customers, your competitor’s gross profit from the ad would have been $8,662.50 (minus the cost of the ad).

Now let’s assume that your company did a 20 percent better job on each of these factors. Your results would be as follows:

  • 1.2 percent response rate
  • 42 percent conversion rate
  • $500 price per widget
  • 1.8 widgets per buyer
  • 36 percent profit margin
  • 12 percent repurchase rate

Now let’s look at the results.

If your ad reached the same 10,000 target customers, your gross profit would be $19,596.

That’s 2.3 times greater than your competitor’s.

Now, what would happen if you generated 2.3 times greater profits than your competitors every time you ran an ad?

The answer is that you would absolutely dominate them.

Now, the key marketing secret that I’m sharing with you here is that you don’t have to revolutionize your marketing system. 

Rather, small, 20% improvements in each part of your system lead to revolutionary results.

Each day this week I will discuss the parts of your marketing system that you can improve by 20% or more to dominate your competitors.

 

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: How did Massachusetts sea captain Joshua Slocum, the first man to sail solo around the world, fight off pirates attacking his boat?

Previous Question: Why didn’t the anti-porn law passed by the town council of Winchester, Indiana, ever take effect?

Previous Answer: It was never published. 

The editors of the only newspaper in town refused to publish it, claiming the law itself was pornographic. Under local statutes, no law could take effect until published in a newspaper.

 

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