All right, welcome back to the Daily Mastermind. George Wright III here with your daily dose of inspiration, motivation, and today, marketing education. I hope you're having a great morning. I'm going to crack open this rock star energy because I've been going since like 3.30, 4 o'clock, but I've got some good stuff for you today. I hope you're ready for a little business because for those of you that know me, I am usually all about business. Even though I know this is a lot of times a mindset podcast, if you know my background at all, it's 25 years in marketing, sales and marketing. And so I have had a few people talk to me recently about, hey, George, can you get us some more knowledge? You know, help us learn how to capture more leads, convert more sales, and increase the lifetime value of our customer. And I thought, you know what? That's a great suggestion. Let's go ahead and do that. So, today I want to talk to you about marketing, but before I do that, let's go ahead and give you the quote of the day. And the quote of the day actually is very applicable. It's from Brian Tracy. And the quote is, failure to plan means planning to fail. I know you've probably heard that before, and it sounds like an old cliche, but the bottom line is this. if you're not planning and orchestrating your life, your business, your relationships, your communication, it's being done for you. I can promise you that it's being done for you. So let's do this. I want to talk to you today about marketing. Because marketing really is the lifeblood of any company. That's a fact. It doesn't matter if you're a marketer or not. The simple definition of marketing, just for those of you that want a refresher, it's getting keeping and growing your customers and your customer value it's that simple it's not about funnels and you know you know what it is about some of those kind of things but the bottom line is this you've got to get more customers you got to keep them and you got to grow the lifetime value because keeping a customer and increasing the lifetime value is a whole lot less expensive than getting more customers. So I want to talk to you about three specific thoughts that I wrote down while I was kind of working out this morning. The first is what's your perspective on marketing and the marketplace right now? Because so many people are struggling in their business. So many people are worried about the economic downturns and coming out of, you know, a pandemic and a bunch of things. But what you need to understand, and I learned this early on in sales is that marketing is going to be determined by your perspective. Your perspective determines your approach to marketing and the results you will get. If you work and act confidently in the marketplace, you are going to be successful. As with anything else in life, you can look for solutions or you can look from the problem There an abundant or scarcity mindset when it comes to marketing but you have to choose how you going to approach the market Choose to find opportunities even in down markets because I telling you right now people that identify opportunities in down markets will pick up more customers, more market share, and more profit than their competitors. Bottom line. And so let's talk a little bit about the downturn in the marketplace. You know, there's a great book. I've got, man, I've probably read a hundred marketing books, um, because success leaves clues, right? Successful authors, successful business people, um, can tell you how to circumvent the mistakes you might make on your own. So there's a book called how to become a marketing superstar. It's one of those quick, easy reads. It's written by Jeffrey Fox and he's written a bunch of other things, um, books on how to be a CEO, how to work and, you know, negotiate all kinds of things, but how to become a marketing superstar. And there's actually a chapter in there I want to talk to you about, and it's called Superstars Love Recessions. Superstars Love Recessions. And the point here is that every downturn in the economy creates opportunity if you're a marketing superstar. And I want to read you just a couple things in here because I think it'll give you some tangible, tactical, strategic things you can do. It says the empirical evidence is undeniable in every economic downturn, including the Great Depression of the 30s, companies that out-marketed, out-sold, and out-promoted their competitors emerged from the recession with increased market share and better long-term profitability. That is a fact. And I love when people say, oh, the marketplace is hard. I always think to myself, man, that means I'm going to get a lot more market share. Because if you can learn simple principles in marketing, you will do more. He goes on to say, the marketing superstar attacks the marketplace in a downturn. The stars cut unnecessary costs, but carefully and intentionally allocate resources to acquire new customers. Remember, when people are losing customers, you can be gaining customers. And the companies will, the companies with a hunker down mentality, cut marketing expenditures, reduce customer service staff, postpone new product launches, and cut Salesforce commissions. The superstars do the opposite. How many of you right now are looking to cut back your marketing budget, are looking to trim commissions, or postpone that new product launch? Man, that's too aggressive. We can't do that right now. We can't do that in the marketplace. It's just too much. And we don't want to take any risks right? That whole scarcity mentality. But here's the bottom line. During economic downturns, marketing superstars employ seemingly counterintuitive strategies to get customers and grow their market share. So here's a few different growth approaches. Hire newly available talent. Get rid of consistent underperformers. That's the key difference. If people are underperforming time to get rid of them I know that sounds harsh but remember if you an owner CEO high high executive you've got to take care of a lot of people. Redeploy capable people in the field to sell. Cut customers' costs. Show customers how your products reduce waste, save time, improve warranties. Take advantage of the fact that customers have more time to see your salespeople and greater incentive to cut costs. This is the time people are looking for things that you have. Partner with customers to develop and launch products. Rush new products to the market. Invest in web products to cut administrative costs and reduce bureaucracy. Specifically target the customers of weaker or weakened competitors. I'm going to do a little training. I'll do a bunch of trainings this week on this topic. But if you haven't gone to things like, for example, there's a website called SimilarWeb, SimilarWeb.com. If you go to similarweb.com, you can put the URL in of any one of your competitors and you can scroll down. You can pay for this service, but you could scroll down. This is a marketing thing that a lot of people use that don't know about it. Scroll down and you'll see where the traffic is coming from that lands on your competitor sites. You'll also see where the traffic is going. You can find out is there stuff coming from social media. It'll tell you what type of keywords that company is buying in order to get traffic. That is just one tool. Go to SimilarWeb.com, put in your competitor, and find out where their traffic's coming from. Another thing you can do, and it blows my mind that people don't know this, Google Facebook Ad Library. Facebook Ad Library. and then when you get to Facebook ad library, choose all ads and put in the Facebook page of your competitor and guess what? Believe it or not, Facebook publishes all of their paid ads. Go to their ads. So many of you are here trying to create a brand new Facebook ad when you can go to the top five competitors in your marketplace and you can see exactly what ads are working. Now I'll give you a couple of tips here. Scroll down the page because you don't want to just look at the most recent ads because they might be testing those. But if you go down the page a little bit, you'll see ads that have been running for two months, six months, a year, two years. Now, what do you think intuitively you can assume if an ad's been running for two years? That's right. It probably works. But here's the key. Success leaves clues. Are they images? Are they videos. What does the button say? Does it say learn more, buy more, act now, sale price? What is the headline, the sub headline? What do the text say? Are they all testimonial ads or are they feature ads? Take a look at it and just don't go with face value. But the bottom line is this, you can learn a lot about what working in your marketplace and you can learn a lot about what people are targeting Now I don have time to get into all the details now but you can literally find out what audiences they targeting as well if you dig into some detail You know I always try to opt myself in to ads that competitors are running because once you on the list, man, they're retargeting you and it's like, yes, please send me all of your ads. I would love to see them when they come out. I don't even have to go looking for them because I'm on their list. That's one of the things that a smart marketer does. But here's the bottom line. I will leave you with my last thought. The last thought is this. The end result for your customer is the key. I can't tell you how many times I've worked with clients and businesses and I've asked them about their product and they keep telling me, well, my product does this and my product does that and they're going through all the features and advantages and benefits of their product, which is great for a salesperson, but it's not for marketing and it's not for getting, keeping, and attracting long-term customers. Your only goal in life in a business is to help your customer get whatever end result they're looking for. What problem, listen to me real carefully here, what problem is your customer looking to solve or what pain are they looking to avoid? So when you get somebody that you're talking to, and that's, for example, you might be a coach or a consultant, and you might be like, I do this and I do that, and I have this experience, and I have all these things and I keep thinking to myself, your headline and your marketing should be what that customer wants, not what you offer. What's the result? They're looking to do a certain thing in a period of time without the struggle of doing this and that. They want to get more leads in less time without spending a lot of money. They want to be able to sell their product to more customers. You see what I'm saying? You've got to think about what your customer wants, needs, and desires more than what your product offers. Think about that for a minute. When you're communicating to the marketplace, are you communicating what your customer is looking to achieve? Or are you communicating the amazing things that your product does? Because they are not the same thing. Those are just some thoughts on marketing I want you to think about. Take your perspective in the marketplace and turn it into an abundant perspective. find strategies in order to maximize and go after customers in this time and in this marketplace and most importantly focus on the end result that your customer is looking for if you do those things I promise you you're going to get more customers you're going to keep them longer and you're going to increase the lifetime value of those customers that's my message for today I hope it's just giving you a little bit of food for thought marketing is the lifeblood of your company Do what you can. Do me a favor. If you haven't yet, like or subscribe this podcast. I'd love to be able to make sure you don't miss out on any episodes. And also, share it with somebody. If you've gotten value from this, do me a favor and share this episode. I would really appreciate it. And I look forward to helping you a little bit more on our episode. Have a great day.
