20 Marketing Tips…Every Entrepreneur Should Know! — DMG Capital Management

20 Marketing Tips…Every Entrepreneur Should Know!

  • The most important order you ever get from a customer is the second order.
  • In direct mailing, spend 10 percent of your budget on testing.
  • Understanding and adapting to consumer motivation and behavior is not an option. It is an absolute necessity for competitive survival.
  • A well-designed catalog mailed to a qualified response list will probably bring a one percent response.
  • Processing and fulfillment costs incurred from the time an order arrives until it is shipped should be kept below $10 an order.
  • Know the power of repetition. Be sure your message is consistent.
  • The two most common mistakes companies make in using the phone is failing to track results and tracking the wrong thing.
  • Marketing activities should be designed to increase profits, not just sales.
  • It costs five times as much to sell a new customer as an existing customer.
  • Selling what your customers need, instead of what they want, can lead to failure.
  • Don’t think that product superiority, technology, innovation or company size will sell itself.
  • Don’t neglect or ignore your current customers while pursuing new ones.
  • People don’t buy products, they buy the benefits and solutions they believe the products provide.
  • Any decent direct mail campaign will cost $1.25 per piece.
  • The average business never hears from 96 percent of its dissatisfied customers.
  • Fifty percent of those customers who complain would do business with the company again if their complaints were handled satisfactorily.
  • It is estimated that customers are twice as likely to talk about their bad experiences as their good ones.
  • Marketing is everyone’s business, regardless of title or position in the organization.
  • Exaggerated claims can produce inflated expectations that the product or service cannot live up to, thereby resulting in dissatisfied customers.
  • Get to know your prime customers—the 20% of product users who account for 80% of the total consumption of that product class.