If a person is able to invest millions of dollars and then put them into a business, they can potentially build a successful business. When a company has a lot of capital for marketing, there is a good chance of a successful outcome.
But where is the genius in this approach? And how can it help the person or business that doesn’t have a million dollars to sink into a startup business?
Anyone with enough money or credit can buy customers by spending huge amounts of money on advertising and promotions. Anyone can build their business given unlimited capital, and many have employed, in some cases, millions of dollars in equity.
However, there is another way to market your business. It applies to companies with limited capital and also to companies that have large cash reserves and want to keep growing. You don’t have to spend a lot of money, instead relying on your knowledge of what motivates people to buy something or choose one product over another.
Once you have this knowledge, you can successfully enter many if not most areas without spending a fortune on advertising.
You can call this no-money marketing, cheap marketing, marketing on a budget, clever marketing, or even better, it’s actually genius marketing. It’s marketing genius, no doubt, but you don’t have to be an Einstein to learn how to do it.
All you need is a willingness to abandon preconceived business methods and follow the example of others who have achieved their marketing goals without spending a fortune. It comes down to putting aside the traditional marketing philosophy and learning a technique that goes far beyond such outdated methods.
Let me give you an example of how easy some of these methods are. I have a little story on my website where a large company had just spent $110,000 on a three month advertising and marketing campaign to raid a certain city in the United States. They haven’t noticed any difference in business volume and actually believe they didn’t make an extra dollar from the practice.
I had just given a three-hour seminar to 2,000 people at the magnificent Waikoloa Hilton on the Big Island of Hawaii. It was 1997 at a 5 day corporate retreat for a large American real estate group. It was a long day and I went back to my suite around 2am. While I was waiting at the elevator, a very cheerful figure jumped to life next to me with the statement:
“OK Mr. Marketing Guru, I loved your seminar, but if you are so hot, what do you think you could do specifically for me that would make such a big difference in such a short amount of time?”
The elevator doors opened and we boarded, and I wanted to be brief as I’d been up since 4:00 am. He was the managing partner of a large independent law firm. I asked him three or four pertinent questions in just a few minutes. Then I told him that in about 30 seconds he would just give him an idea. I went on to tell him that I figured if he couldn’t make an additional $1,000,000 out of it in the next 12 months then he was either incompetent at his job or I am incompetent to describe the strategy….. maybe because I’m a little tired.
He listened carefully to what I had to say, which took me about a minute, I have to admit, because I was so excited about the opportunities for this company. Both he and his wife looked at each other slowly, their lower jaws almost touching the floor. How much could you make with this one idea Johnny I asked…… maybe $1,000,000????
He was silent for a moment, then he looked at me and said no – much more than that! I immediately asked him how much it would cost to generate that extra income. He thought for a moment and said maybe $2,000. I agreed.
We exchanged business cards briefly and the next day arrangements were made to visit his Florida offices for a week the following month.”
While I ended up implementing a wide variety of marketing tools at little or no cost, it was important to show how this new marketing mindset works. It allows all employees to get involved and keep doing their marketing without me having to be in the office all the time.
Over the past 25 years, I’ve seen many companies go bust simply because they’ve spent a lot of money on advertising campaigns that didn’t work. My approach is to see what everyone else is doing and then do it differently. Marketing is not a “campaign”.
Marketing is a way of doing business.
It’s something you do all the time, whether you realize it or not. It’s a mindset and it’s easy when you understand that. It’s a lot easier than sitting down regularly and planning a “campaign” or spending a fortune on direct mail or advertising and hoping for the best.
Rather than relying on a large budget to get results, you can reach your target audience with little or no spending. This applies to the one-person start-up as well as to large corporations, which often unnecessarily spend their shareholders’ capital on wasteful marketing measures.
To give just one example, you can get lots of free publicity by writing articles related to your field of activity and publishing them on other websites and in other organizations’ electronic newsletters. You might be a startup with ten people on your own mailing list, but if you can get your article published to a list of 100,000 readers, your new venture will take a shot in the arm.
This gives you significant credibility that no amount of money can buy, and you gain both your time and money. These are two critical elements of any marketing philosophy and the first two I discuss with each and every client.
There are many people promoting marketing materials these days, and one of the problems with this is that this information overload often creates confusion in the mind of the budding entrepreneur.
The answer is: get out there and do it… but you don’t have to do too much. You could find a hundred different ways to do some marketing and then wonder how you do it all. It just seems overwhelming to many businesses, especially new businesses.
Not you! At least not all at once.
Just start with enough that you can handle with your time and resources. If that brings success, do more and so on. This understanding so often seems to elude some of the brightest minds in business. For years I’ve shown companies how to achieve significant marketing success by only implementing what they know they can handle at any one time.
Remember that marketing is an ongoing process (whether you realize it or not) and not a series of structured campaigns!