“Every business has a unique and exact strategic marketing rubric that will produce the most profit for the least effort and cost. You deserve to know and exploit yours.” – Leap Williams
There is a unique, Optimum Marketing Rubric (OMR) or strategic algorithm for your business. A strategic marketing plan that gets you the most possible profit out of every dollar spent. Every business has one… yet most businesses never find it. Why?
The 10 Reasons Why Most Strategic Marketing Plans Fail
Most businesses follow one or more of these ten desultory marketing strategies:
- They shoot the forest.
If these businesses were hunting bears, they would shower the forest with buckshot in hopes of hitting a bear. They are entrepreneurs, marketers, managers, and business owners trying a myriad of marketing media. Yet they lose money time after time. They really do not know what works or they settle on something that produces some business. Marketing has become a discouraging necessary evil for them.
- They practice black and white thinking.
These business owners and marketers have one rule of measure with only two outcomes for each of their strategic marketing plans, methods or campaigns… either what they did made money or not. While the goal is to make money, limiting outcomes to ‘yes or no’, overlooks KPIs and the strategic thinking required for marketing. Failing to clearly and fully interpret data results in many missed opportunities.
- They have the ‘herd mentality’.
These businesses get on the latest marketing band wagon. Just because ‘everybody else is doing it’ they open social media accounts, execute social media campaigns, build sales funnels, and blow their money, all without asking the right questions first.
Each business is unique and while there are commonalities within certain industries, fields, products, and services, your optimum marketing rubric exploits what works best for your business and your inimitable distinction.
- They build a house of cards.
These businesses often measure results and some review KPIs (Key Performance Indicators). That is good. Their downfall is in placing inaccurate emphasis on varying KPIs and or failing to consider all variables and interpret the data correctly. Each conclusion derived is flawed and subsequent decisions are flimsy. Their marketing strategy is a house of cards that is doomed to eventually collapse.
- They mix up the puzzles.
These entrepreneurs, managers, and marketers open accounts and become active with social media including Pinterest, Facebook, YouTube, Twitter, Instagram, Flickr, Reddit, Weibo, Ozone, Google+ and more and build websites, sales funnels, and email campaigns. Yet they have not deciphered exactly how each one fits into their unique marketing rubric or how the KPI types integrate. They are trying to build one puzzle with pieces from a dozen or more different puzzles.
- They have the ‘casino mentality’.
Roulette anyone? These businesses see marketing as an ‘unknown’ so they grasp for the known and that is to establish an amount they can afford to spend. Often a company’s advertising or marketing budget is really; how much they can afford to lose.
This is like vowing to leave your credit cards at home and taking what you can afford to lose in cash to the casino.
- They shoot themselves in the foot to start the race.
Ouch! These marketing efforts are doomed right from the start. This happens when businesses and entrepreneurs begin spending money on marketing without:
- Fully comprehending prospect perception.
- Developing clarity of message, consistency, brand, and call to actions.
- Establishing business metrics.
- Stating clear objectives and goals that encompass all aspects of the strategy.
- Creating attainable SMART KPIs with measurable obtainable data and planned strategic courses of action based on results.
There is a seemingly endless number of variables to marketing campaigns including timing, brand, offer, sales copy, message, call to action upsells, down sells and more. Be off on one thing and you will lose clicks (sales or conversions).
- They don’t ‘float their boat’ before they promote.
No matter if your business venture is a row boat or the next Titanic, before you launch your marketing be certain your boat will float. Whether you are a new business or have a new product or service, prove that people want and will pay for what you are offering.
I have watched as entrepreneurs and Fortune 500 companies have launched products without knowing first if anyone would buy them. The Facebook Phone, the Ford Edsall, Crystal Pepsi, the Microsoft Spot Watch (Never heard of it? My point exactly.) The difference between these fails and most small businesses is that small businesses cannot afford too many fails or sometimes even one.
Make sure there is a demand for what you are selling. There are many ways to test market.
“Float your boat before you promote.” – Leap Williams
- They try to ‘out run a train’ on the tracks.
Like the adage, ‘Your past can catch up with you’, this is when businesses and entrepreneurs develop a strategic marketing plan that ignores the past.
Your history of marketing, advertising, promotion, and business missteps will follow you. Getting off the tracks and correctly evaluating your past before moving forward keeps the train from hitting you.
Note: This also occurs when businesses and entrepreneurs hire a consultant that is unaware of my OMR practices for creating a strategic marketing plan.
- They look through the wrong end of the binoculars.
These entrepreneurs, managers, and marketers are ‘micro focused’ on their marketing programs. While this can beneficial for project management, they are looking through the wrong end of the binoculars when the time comes to connect to the big picture.
These well intended marketers pull the trigger on campaigns without ever looking through the other end of the binoculars: they miss the big picture. The big picture includes the prospect avatar, current events, public sentiment, the campaign message, campaign integration, timing, KPI interpretations, brand perception, and more.
Stepping back from a marketing program or the entire business to see the big picture can be difficult if not impossible for most people. Dedicated entrepreneurs and marketers immerse themselves in their businesses and jobs. Some of them eat, sleep and breathe their projects for months on end.
In small businesses these micro-focused people are frequently also business owners wearing many hats and do not make all the links between marketing and their entire business and the outside world. In addition to their tunnel vision they often believe they do not have the resources to hire true expert and highly experienced marketing managers that get the big picture.
Bigger businesses fail to make the connections between marketing and their entire business (all departments) and the outside world due to a lack of communication and or a central conductor that gets the big picture.
How Many Marketing Plans Fail?
Businesses that make any of these marketing blunders pay the price.
What if I told you most marketing plans fail. That really is not surprising considering more than 90% of all businesses fail, (which is disgraceful.)
Yet your marketing plan and or business does not have to fail. Like a code there is a combination that will unlock your optimum per dollar profit. Marketing that brings you the people that want and will pay for your offer, service, or product for the least amount spent getting their attention getting them to take your CTA; the answer: OMR (Optimum Marketing Rubric).
How can you determine your Optimum Marketing Rubric?
Finding the OMR for any business requires planning, research, establishing KPI’s that make sense, and considers 97 other criteria. If establishing you OMR isn’t challenging enough, your Optimum Marketing Rubric is a moving target.
I can help you find the exact formula, (your OMR), the rubric for optimum profitability. Discover what social media channels, advertising and marketing will bring you optimum profit. I can show you how and what to track to keep on top of this moving target.
Contact me today to schedule a ‘marketing strategy break through’ meeting so that I can learn about your business goals and help you establish your strategic marketing plan.