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Understanding Marketing Strategy and Why You Should Have One

Jun 27 2023 Published by admin under Uncategorized

Many of you understand the basic concept of marketing. However, to ensure we are all on the same page, here’s a brief refresher.

Definition of marketing: Marketing is the essential process of effective communicating the value of your product and or service to your target customer base.

The goal is to peak their interest enough, allowing them to take action and buy your product or service. You are really doing an amazing job if your customer then refers another customer.

If you are a business and you don’t believe in the process of marketing, I highly recommend you re-think your overall business strategy. You absolutely need marketing to attract a relevant customer base to sell your product or service and have a real chance at making a profit.

Now that you’ve taken a brief refresher as to what is marketing and the importance, the next step is developing a marketing strategy.

What is a marketing strategy?

A marketing strategy will help your organization to develop the most optimal process, focusing your scarce resources on convertible opportunities.

Your goal with a marketing strategy is to increase the total sales your organization achieves within the target customer base and establishing a competitive advantage that’s sustainable.

When you are developing a marketing strategy, you have to consider the comprehensive marketing goals of your organization. This includes long-term and short-term marketing goals.

You may have to take small bites before you are able to swallow the amount of success you are sure to achieve with an effective strategy. This information will allow you to develop a complete marketing plan. You can’t get anywhere without a solid plan.

Communication as part of a marketing strategy

In order to develop an excellent marketing strategy, you must conduct research within the target market to know exactly how your customer prefers communication.

Remember, marketing is effectively communicating the value of your product or service to the customer. If you don’t have a clear understanding as to how to best communicate with your target customer, your marketing strategy will be ineffective.

What does this mean? Conduct research to determine if your customers need a visual aide, auditory aide, and or things they can touch and feel in order to become connected to your product or service.

For example, I’m auditory. It’s helpful for products and services I’m interested in to have a jingle to their slogan to help me remember to purchase their item.

When I’m in the store, if I walk past an item I need and I can see the product and then recall the jingle, I find myself making a purchase more times than not if I need the product or service at the time.

In your strategy, you may have to develop a combination to meet the needs of your target market. Nonetheless, discover the way your customer needs you to communicate value.

Product mix as part of an effective marketing strategy

It’s critical to ensure your strategy has a keen focus on the product mix that will cause your customer to react. What does this mean?

A product mix will take into consideration the various lines of products offered to the target market. Let’s take it a step further to ensure an understanding is achieved. For example, if you operate an athletic shoe store serving the entire family, what type of products must you offer to ensure you have a profitable product mix?

Athletic shoes are a given. Then to compliment the shoes, you will offer shoe strings. Another relevant offering would be socks and shoe cleaner. It’s important to anticipate the needs of the target consumer. Athletic shoes require certain attire. Therefore, it makes perfect sense to add athletic apparel to your product mix.

Also, consider the type of athletics your target customers are interested in. Perhaps your customers are runners, basketball players, baseball players, and or football players. You must have a mix that is relevant to your target market.

Your product mix must be right. This will ensure you realize maximum profits from your target customer. You must be willing to put in the work as this knowledge will not come without conducting extensive research.

Why is a marketing strategy so important and why do you need one?

Regardless of the size of your organization, you need a marketing strategy. The benefits far outweigh the time and financial investments to be made to create the most effective strategy.

Change in the industry and target consumer needs

Aside from meeting the needs of your target customer with an effective marketing strategy, you will also learn your strengths and weaknesses as the market evolves.

The goal is to develop a sustainable competitive advantage, thus you need to know what you are good at. The marketing strategy should help you stay current with the changing trends of the industry and the necessary strategic adjustments to be made in order to remain connected with your customer.

For example, if you are a business and you have not already implemented social media as part of your overall marketing strategy, you are behind. Technology is ruling the world we live in. Your customers are online and in-touch via social media. You must get connected to stay connected.

Digital marketing is hot! Many businesses are taking advantage of the mobile lifestyle of their target consumer. Digital marketing allows for a business to advertise on mobile devices, tablets, smartphones, digital billboards (these are really cool), and other digital friendly devices.

This is a huge part of internet marketing and is only going to get bigger. This is a must have in your marketing strategy.

Email marketing is another strategy that is continuing to grow. This is a great way to stay connected with your customer on a permission basis. What does this mean? The customers you send your message to each month, specifically requested to stay in touch. These are high probability sales transactions!

Organizational growth

Your marketing strategy should also help to identify areas for business expansion. Every business has the dream of growing. It’s typically identified in their vision statement.

Your marketing strategy will then direct you in the right direction to help reach the potential new customers you will reach as a result of growth. Growth is great and sustainable if you are able to scale your business in a timely and relevant fashion.

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Four Effective Marketing Strategies

Jun 27 2023 Published by admin under Uncategorized

A major challenge facing every business today is how to develop an effective marketing strategy for their products and services. It usually requires extensive research to determine which segments of the market to focus on and how to successfully reach them. Depending upon one’s objectives, some marketing models work better than others. Once you determine who you are trying to reach, there are at least four different marketing strategies that can be employed.

Single Segment

Sometimes the simplest and most direct approach is the best. A single segment strategy focuses on only one segment of the market. The goal is to direct all marketing efforts on what will appeal to that single market segment. It is a concentrated strategy that often works well for new business that have a limited budget. By focusing on their core customers, hopefully they can expand their base and begin marketing to a larger market.

Differentiated

More sophisticated marketing strategies often target multiple segments of the market. This multi-segment strategy is designed to take maximum advantage of all aspects of the market. Every market can broken down into sub-groups, so by differentiating between them a marketing campaign can target several kinds of customers at once. For example, Toyota manufactures a variety of styles of their popular Camry models with the hope of appealing to specific types of Toyota customers. The product is the same in every case, but there are subtle differences in style and exterior design that are intended to appeal to different segments. This differentiating between market segments is designed to broaden and deepen consumer access and increase market share.

Undifferentiated

With this strategy no attempt is made to differentiate between market segments. Instead a broad, one size fits all approach is employed that doesn’t distinguish one aspect of the potential market from another. Because it requires less research and fewer variations, undifferentiated marketing is often simpler and cheaper to produce. Unfortunately, it can also mean a lot of the marketing message is wasted on people who are likely to have no interest in the product or service. Newer companies generally need to differentiate more in order to establish a core base of customers before developing broader strategies.

Micro

The emergence of the Internet as a major tool has made possible a tightly concentrated marketing strategy called micro marketing. This is where the most sophisticated possible attempt is made to reach specific customer groups with marketing designed precisely for that market segment. The number of customers reached can be quite narrow, but the marketing is so focused on their specific needs that the probability of sales are greatly enhanced.

Every marketing campaign is unique and requires specialized analysis and guidance from marketing professionals. Whether you are marketing to a single market segment, a wide range of undifferentiated customers, or are micro marketing to a very narrow segment, a professional can help you determine which of the different marketing strategies that can be employed are best for you.

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5 Ways an Online Marketing Consultant Delivers Better Results

Jun 27 2023 Published by admin under Uncategorized

Every small business owner needs a marketing plan to come up with effective ways to advertise their goods or services and create their brand. It’s just a part of doing business – a necessity that can’t be overlooked. And today, that usually means an aggressive online marketing campaign. Most consumers use social media and Google searches in order to find companies with which they want to do business. You have to go where your target market hangs out, so to speak, in order to reach them.

But how many busy entrepreneurs actually have time to properly do the job of marketing their business? It’s often better to simply leave those tasks to a professional. Here’s why an online marketing consultant can achieve much better results marketing your business than you can.

Online Marketing Consultants Do a Better Job

Having a marketing plan in place is only one part of the equation. The other part is making that marketing plan work for your business. Not only must the tasks necessary to reach each goal be effective, they need to produce tangible results. In fact, online marketing consultants are more efficient and can produce better results than simply using an in-house person for internet marketing.

These are the five key areas where busy entrepreneurs simply can’t compete.

1. Knowledge

Online marketing consultants have prior marketing experience. They know how to do the job of marketing and advertising businesses.

Part of that involves staying up-to-date on the latest trends. Is Google currently using Panda, Penguin or Phantom page ranking algorithms? Do you know how to find out – and do you need to care? Unless your business directly involves optimizing websites or internet marketing, chances are you simply don’t have the time and resources to stay on top of all the trends and changes in the world of search engines.

2. Connections

When you need a specific piece of information, who do you turn to? If your car is making a loud, unexpected noise, you probably take it to a mechanic. If your website marketing efforts aren’t producing the expected results, an online marketing consultant – who often knows key industry insiders – is your go-to resource. The truth is, it’s all in who you know. For trusty, reliable references, an online marketing consultant is the right person to know.

3. Dedication

Whether yours is a sole proprietorship or a company with a handful of employees, chances are there simply isn’t enough manpower to properly market your business online. Unlike an employee who has to worry about day-to-day tasks, an online marketing consultant is dedicated to doing one thing and one thing only – marketing your business.

4. Skill Set

Wondering how to put together a PPC campaign or how to gather leads through your website? A consultant already knows how – and can offer the right advice to achieve the desired results. Sure, you could probably learn a few things by doing the research and receiving the training, but do you really have the time to dedicate to this? Is it really something you would enjoy doing anyway? If you hate it, delegate it.

5. Time

And, finally, it all comes down to time. It’s already been mentioned a lot. You know an entrepreneur’s work is never done. How can you fit internet marketing into the long list of tasks you already have outlined? Often it’s cheaper in the long run to hire someone with the necessary skills and know-how to more efficiently market your business than trying to do it yourself. After all, time is money!

Do you need to hire an online marketing consultant? Maybe, maybe not. But you’ll never know the types of fantastic results you could be missing out on unless you try outsourcing internet marketing.

Want to know more about how to use inexpensive ways to market your small business? For the new business owner looking for help, Web Navigator Gal will steer you in the right direction for success and profitability. With experience marketing for companies with global renown, such as Disney, Fox. Sony and Mattel, Web Navigator Gal knows how to get your online presence going and your internet marketing up to speed. Visit her

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The Power of Viral Marketing: Tactics

Jun 10 2023 Published by admin under Uncategorized

Viral marketing is one of the most powerful forms of marketing on the Internet. Viral Marketing is giving something away for free and allowing people to pass it on to others. The concept of free has fueled the imagination and the success of the Internet itself. And, although the free business model has been greatly scaled back in the post-bust Internet days, it is difficult to argue with the viral marketing success achieved by the early pioneers of free email, free web sites, free autoresponders, etc.

For those of us that cannot afford to give away such expensive resources, we can give away other free items. The following are just a few examples of how you can cash in on the power of viral marketing. The possibilities are endless. Let you imagination run wild and be creative. Besides, you’ll soon find that being creative makes you unique and being unique can be your best marketing tool available.

Ebooks

Write your own eBook and include your logo, message and website inside. Give your ebook away for free and offer others to do the same. As a matter of fact you can make your very first page about how others can give your ebook to friends and family or better yet visitors and newsletter subscribers. Offer your ebook as a free gift for signing up to a mailing list.

Affiliate marketers can write ebooks on whatever they are passionate about and include references inside with affiliate links. Example: You can write an ebook on how to take perfect pictures with digital cameras. Inside the ebook you can include affiliate links to cameras, memory cards etc.

Direct Sales representatives can use free ebooks to help their sales. Example: Let’s say you’re a sales rep for a company that sells spices, condiments and other goodies. You could write an ebook full of recipes using the ingredients you sell.

Reports and Mini Courses

So you don’t have enough content for an entire book. An easy solution would be to do something on a smaller scale such as offering free reports and mini courses. Let’s say you are either an affiliate or a sales rep that sells candles. You can offer a free report on candle safety. Be sure to include your website in your report. Using the example above for those who sell spices, condiments and other goodies again. Set up an autoresponder to send out a recipe every day or every other day. You can find free autoresponders online. Just do a quick search.

Tell A Friend

Make it easy for your visitors to share your website with their friends. Incorporate a “Tell A Friend” link your website and within a couple of clicks your visitors can share the good find of your site with others. You can also find free scripts online for this via a quick search.

Articles

Write articles that pertain to your product or service. Allow people to reprint your articles on their website, in their ezine, newsletter, magazine or ebooks. Include your resource box and the option for article reprints at the bottom of each article. If you have an affiliate program, let them include an affiliate ID in the resource box!

As I mentioned above, be creative! I’ve once heard about a woman who designed coloring pages and included her website address at the bottom of each page. She offered the coloring pages for free re-print and presto, juniors best artwork and her website address on mom and grandma’s refrigerator! The possibilities are endless!

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Real Estate Investors – Why Post-it Notes Are the Single Best Marketing Strategy

Jun 08 2023 Published by admin under Uncategorized

Let’s talk about post-it notes. We’ll do it real quick and do some basics in marketing. We previously talked about this, but it’s basic and it’s important.

Direct Response Marketing

We’re doing what’s called direct response marketing. That means we are putting some sort of marketing out there and we’re looking for a direct response.

We’re not doing what’s called grandiose or image marketing. We are not going to put out an ad and hoping 10 years from now the image, design, music or whatever becomes synonymous with our company. We can’t afford that. We need what’s called direct response.

We put an ad out, and a phone call or email comes back to us. Hopefully those phone calls or emails ultimately lead to some business. That’s why we do direct response marketing. It’s far more cost effective.

There is one-step marketing and we’ve talked about that. You get your entire message out in one step. It’s great if you can do it, but for the most part it’s not very cost effective. It can be very costly to get your entire message out.

Two-Step Marketing

Two-step marketing is when you get out a piece of information or a couple of pieces of information, just enough to whet their appetite that they will call you, email you, or go to your website and essentially raise their hand and say, “I would like to hear some more about what you’re doing or what you have to offer. Tell me some more.” Then you go through into your sales process.

The post-it notes do exactly that. It will give them a couple of pieces of information, and we’ll go through that tonight. It will in many cases elicit a response. “I’m kind of interested. I’ve been thinking about selling my house. I’ve tried to sell it with the realtor but the six-month contract is just about up and nothing’s happening. I would like to consider something else.” You’re at the right place at the right time. It elicits a response.

Our marketing pieces are going to have a benefits-laden headline. That never changes. It’s on everything single thing we do. These are the same things we have gone over before.

It’s going to give a marketing message. It’s going to have an offer or offers, potentially. It’s going to have a reason to respond immediately. It’s going to have response instructions: Please call, please email, please go to my website. It’s going to have very specific instructions. It’s not left up to a guess. We don’t allow our readers to have to do the work and try to figure out what the next step response is. We tell them very clearly.

Post-it notes meet all of the criteria. If it’s done well you’ll get extraordinary response rates

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Marketing Alert: 3 Questions Every Direct Marketer Should Ask Themselves – And Their List Broker

Jun 06 2023 Published by admin under Uncategorized

What does it take to generate enough sales to support a successful business? That depends on the business, right?

It’s true that while the necessary sales rate of any business to be successful is unique to each business; there are key factors that make up the required sales rate which never change. PEPE is the name of the game and it includes:

P – roduct demand

E – fficacy of the sales promotion

P – rospect quality

E – efficiency of the medium

In consumer direct marketing, what’s important to understand when evaluating all four factors, is that completely striking out with one will severely depress, and possibly eliminate, the power of all others. When this happens, sales dwindle and even worse, can disappear.

For example, on a scale from 1-10, you have three of the four score 10. You have strong product demand, a solid sales promotion, and an efficient medium.

Your still not out of the woods because the quality of your prospect is, on a scale from 1-10, a zero. In other words, you have targeted the worst prospects you can possibly find. In that case, don’t expect too many – or any – sales.

Today, we are only concerning ourselves with the quality of the prospect and how direct marketers should go about searching for prospect of the highest quality.

We are going to do this by asking three simple questions that should serve as a solid foundation for your search for the best prospects to be sold. They are:

1. How recent have your prospects purchased a product similar to your? The more recent the better.Their purchase has created “top-of-mind awareness” and it’s best if you strike when the iron is hot. It also shows that they have a basic need or desire for the similar product and were willing to part with their money in order to fulfill it.

2. How frequent do they make their purchases? The more frequent the better. This shows they have a need or desire for the product and their level of commitment to keeping it a part of their life is high.

A great example would be health supplements or vitamins that the prospect orders every month. They would do this because the person believes in being proactive instead of reactive when it comes to their health and longevity.

3. How much did they spend when they made their purchase in the past? The higher the amount the better. The amount spent showcases not only their level of commitment, but also their financial ability to buy.

You can always assume that people living in the wealthy neighborhoods will spend a lot of money on things, but that doesn’t mean it’s true. Perhaps that particularly affluent era is populated with Depression Era, self-made millionaires who scoff at the notion of buying new cars, furniture, and clothing.

Confidently answering these three questions means that the direct marketer is not basing her promotion on conjecture or arbitrary assumptions, but verifiable information that comes straight from the prospect.

There is no room, nor need, for debate. Once the information is gathered regarding how recent, how frequent, and in what dollar amount the prospect has purchased in the past, the time has come to purchase your list. Hopefully you have a trustworthy list broker to worth with.

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The Best Kept Marketing Secret – Consumers Really Will Tell You What They’ll BUY, If You Just ASK!

Jun 04 2023 Published by admin under Uncategorized

I started my consumer marketing career some 18 years ago doing “Focus Groups” or what is professionally called “Qualitative Research.” Our research firm was headed up by a touchy-feely PhD in Psychology from Englewood Cliffs, New Jersey named Betty. Betty loved to find out how products made people feel, and she was legendary. She conducted focus groups for the likes of Johnson & Johnson, L’Oreal, General Foods, Kraft, Proctor-Silex, Kodak, Avon, The Irish Tourist Board, Purdue Chicken, and even Burger King. During my first few months on the job, I was convinced that these groups were just an excuse for the R&D folks to get out of the office and eat Cheez-It’s in a dark room. But, as I sat behind the “secret” glass with my yellow legal pad feeling every bit like an investigator for CSI, I could barely keep the sound-bites straight. I quickly realized that consumers really do tell you what they think, if you just ask.

Betty was famous for her great “unopen-ended” questions that forced the customer to qualify each response. “On a scale of 1-5 with 5 being the product changed your life – where are we?” The next question was obvious, “How do we get to 5?” I watched women and men talk about everything from Child Care to Skin Care, from Fast Foods to Diets, from Vacation Packages to Investment Packages! We discussed free time, spare time, and the increasing lack of time. It was a snapshot of life in America back in 1988. Remember when they put raisins in Grape Nuts? After conducting 50 “one-on-ones” with Grape Nut eaters in Kansas City … I can tell you first-hand why it didn’t work. And, it involves as much emotion and perception as it does taste.

When she would pitch the blue chips Betty would say, “No one at this table knows what the customer will buy. The guy in Product Development hasn’t a clue. The gal paid to make things look pretty, has no idea what appeals to the buyer, particularly in the moment of impulse. And, the people in Finance are by far the most out of touch with purchase motivation. Get them out of your marketing process!”

She viewed the buyer as a child. Just as you would ask a child, “Honey what’s wrong?” so must you ask the buyer “How can I help?” “What can I do for you?” “Is there a way that I can make things better?” Betty ended every group with the boldest question of all: “If I were to build you the perfect product, what five elements would it HAVE to HAVE”? Not only were the group respondents clear and concise with their answers, they were remarkably consistent across the country.

I don’t know where Betty is today, but I wish I could somehow let her know that I still think about those research lessons here in the New Millennium. They seem to apply now more than ever in this New Age of technology where products have to be better, cheaper, deliver more, and do it all at lightening speed.

In the Direct Response world, we are not big on focus groups and yet every DR day and every DR contact is a “group” research opportunity. I can’t seem to get Field of Dreams out of my head … “Build it, and they will come.” Now, I am not saying that Shoeless Joe Jackson is going to come gliding through the corn fields, but perhaps if you take advantage of the “direct” contact that you have with your buyer, your next offer will be a Grand Slam right out of the gate. Or better yet, you will learn enough about the emotion of the customer to finally reach the man or woman that has yet to buy anything in a DR format.

Here are some easy ways to take advantage of DIRECT contact with the CUSTOMER:

1) Troll your database! Find out who your buyer is, what they read, where they live, and exactly what makes them tick. Your customer list is GOLD and holds the key to your NEXT winner!

2) Ask them! You have what retailers envy, the ability to talk to your customers. Inbound scripts are the perfect tools for asking simple questions and gathering EASY research.

3) Don’t assume you know anything! Test price points, upsells, and product bundles in multiple formats. Find out exactly what works and then put your money behind it.

4) Leverage the Box! Package inserts, order forms, letters, and mini-catalogs are an easy and inexpensive means to test new products, ideas, concepts, and promotions.

5) Inquiries are People too! Contact your inquiries! They can tell you exactly what you did wrong! If you ask them how to make it better … they’ll tell you that too!

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Market Forecasting Secrets for Traders and Investors

Jun 03 2023 Published by admin under Uncategorized

Market Forecasting is the science and art of determining in advance when a market is most likely to change direction and may also include the likely duration of the anticipated move.

Market Analysis is all about taking current price data and applying technical analysis and/or fundamental analysis in order to determine what the market has already done and what it is doing now, and may or may not include Market Forecasting.

If Market Forecasting is included, the degree to which it is included will vary widely from one analyst to another. The method of forecasting may be as simple as anticipating the crossing of an indicator line or the reaction to the breakout of some level of resistance, or as sophisticated as to predict the very date when the market will likely change direction (new trend direction or the beginning/end of a trend correction).

The method of forecasting involved in my analysis of price data is very sophisticated and naturally proprietary. The science behind my work is based strongly in the mathematics of market cycles. Market cycles provide a roadmap to future price direction and the likely culmination of one move into a new one.

There are various approaches to analyzing price data for cycle footprints. These cycles expose themselves to oscillators and moving averages (indicators), the tracking of seasonality, and even the monitoring of various planetary bodies and the effect it has on the earth (produce and psychology).

A trader or investor can do quite a bit of market forecasting without having to delve deeply into the really technical aspects that I use for my clients. Here are some suggestions to help you get started in determining the trend and likely duration.

Start with the WEEKLY price chart.

Using a weekly price chart, where each price bar represents one trading week, locate the start of a new move. What that means is to find a clearly defined swing bottom or top where the new direction starts from.

Usually, prices tend to change direction at Fibonacci points in time. For example, look for a possible turn 3 bars later, then 5 bars later, than 8 and so-forth. If you are not familiar with Fibonacci, there is much written on this subject.

Keep in mind that not only can you do this for every clearly defined swing top or bottom, but that they will overlap. For example, you may note that a certain week is 8 weeks from a previous top/bottom, and also 3 weeks from the most recent top/bottom.

Never expect exact counts all the time. If you count out 55 weeks from a previous top/bottom, it is possible that it could occur on week 56. In fact, it is possible that it won’t occur at all. Be mindful of these pitfalls.

The key here is to get a ‘time period’ to focus on for a possible weekly turn. Then, turn to your daily chart and look for evidence of a possible trend change, such as your indicators being overbought or oversold and possibly looking to reverse. You can even apply the time-count approach to your daily chart and look for clustering within the weekly time frame you are analyzing for. Clustering is when you have two or more results pointing to the same time period (within a day or two) based on counting from different previous tops and bottoms. These are time periods you want to watch.

There are so many valuable market forecasting techniques you can use to help you predict future market turns. I have included 12 powerful methods in my Market Forecasting Secrets book. By adding Market Forecasting to your chart analysis, you can be ready at the right time to either plan new trades or exit existing trades. Another big bonus is that it helps lower your risk exposure, since there is no better place to enter a trade than near the very beginning of a new move.

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What’s Email Marketing All About?

May 29 2023 Published by admin under Uncategorized

Email marketing is marketing or advertising through the use of electronic mail.

Broadly speaking, online marketing includes all e-mails sent to a current or prospective customer and a public venue. Generally though, online marketing refers to quite a number of things and for a number of purposes. They could be the following:

1. Promotional emails are sent to endorse products to prospective customers. It also serves to persuade new customers into subscribing into the company’s online store, thus they can acquire new customers through this way.

2. Customer electronic mails are sent to current customers of the company. They are sent to encourage the customer’s loyalty and to improve the company-customer relationship.

3. Market messages are sent through email advertisements to endorse a product to both prospective and current customers. It is the most common and general form of e-mail marketing. This is also what commonly causes spam mail.

These three main forms are basically the electronic equivalent of a company’s direct mail, print newsletter, and advertising through subscription publications system. However, email marketing differs in that it does not require permission from the customers for them to blast emails.
Popularity of email marketing

So far, many companies have engaged in email marketing because of its advantages. Firstly, sending email is a lot cheaper than other forms of advertising. Secondly, studies have shown that email marketing, when used rightly and efficiently, will yield successful results. Finally, unlike other forms of online advertisement, sending email assures direct contact with users, creating a higher possibility of increasing your market. Because the message is delivered to the user himself, then the company does not have to wait for the customers to go to their online stores.

Types of Email Marketing:

There are three types of email marketing. These are Direct email, Retention email and Advertising in other people’s emails.

1. Direct Email

Direct email is when a company directly emails a promotional message (special offers, new product versions, announcements and etc.)Just like regular companies, online companies obtain email addresses of prospective clients by either hiring an email broker or endorsing their website. Depending on the company’s interest, they can also rent a specific list of email addresses from service companies. This is where they send their direct emails.

2. Retention Email

While promotional emails are designed to urge recipients to either purchase something or sign up for something, retention emails on the other hand aims to inform, entertain and develop a long-term and beneficial impact to the readers. Examples of retention emails are newsletters. They carry promotional messages and more substantial content like articles, at the same time. Retention emails usually provides more than just sales talk.

3. Advertising in other People’s Emails

This is when a company pays a newsletter to advertise through them. In turn, when the newsletters get sent, the company shares with the newsletter the opportunity to expand market and endorse their product. Many companies nowadays do this. Instead of producing their own newsletter, they pay other newsletter to sell through their advertising space.

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Direct Insurance Company, Marketing Department, Or Independents – Who’s the Best Value For Brokers?

May 29 2023 Published by admin under Uncategorized

Brokers can write cases with a direct insurance company marketing department. An independent marketing department is also a viable brokerage source. The broker’s best value with insurance company providers or independents is road mapped 10 directions in this report.

As a broker, you must prioritize your values in the direct order of the best reasons for using which services. The services when dealing with an insurance company marketing department are very different that those of insurance marketing independents in areas of significance. The topics of substance are in the following brokerage areas.

1. Leads There are very few insurance agency departments let alone brokerage operations, company or independent, that provide true leads to brokers. Be wary when free leads are mentioned, as these so-called leads are of suspects with a few buyer characteristics rather than leads with full buyer traits. The best value is always leads; you cannot waste time on suspects. Look for the marketing department to assist with a cost co-op, where costs are split, and you have control of the lead style, location, and qualification process. Remember however that in either this direct company or independent choice, that a substantial amount of your business will be required if leads are involved.

2. Commissions & Renewals Look not only at first year commissions, but also at renewals. Some products are being offered with virtually zero renewals or production requirements, while a few offer second year policy payouts closer to the rate of the first year commission rate. You have to be able to sell the policy though, as 100% of nothing is nothing.

3. Ratings & Brand Name Unless you are previously brainwashed, do not think your customer is getting the best value because of an insurance company rating or its brand name. Right now, it is more obvious, but there is always constantly rating department changes occurring on a dozen or more top tier companies. If the customer pays a reasonable, price and receives quality benefits that is their main concern. Top rated companies waste millions on promoting their brand name. Part of that expenditure is often acquired from higher premiums, lower commissions, or tougher claim payments.

4. Policy Portfolio Producing all your brokerage business with one direct insurance company marketing department might be a wise choice if the portfolio of products meet your needs. However most brokers find they need alternative policies even in the same product line. Therefore, you might want to use a combo of direct company and independent connections to put your personal lineup together.

5. Minimal Production This is where many brokers are burned further down the road. They never read the contract they are signing to produce business. Your contract of receiving first year and renewal commissions can be suddenly stopped by the company if minimum production is not produced. Always remember that companies are continuously selling off product lines, or discontinuing products. These actions can suck your money in the sewer.

6. Personal Service Both insurance marketing departments and independent marketers have a tradition of providing little or no service after you are contracted. Find out what they are willing to do for you, legwork wise, when you have a problem case held up. If they do not go to bat for you, do not let them make money off you any longer.

7. Product Knowledge Often you have an unusual situation demanding some answers you do not know. Sometimes the staff at the insurance company or independent brokerage firm is made up of underpaid rookies unqualified for their position. If you know more than they do, it is time to place your cases elsewhere.

8. Policy Benefits Make sure that the policies you offer have the benefits and riders that your clients demand. There is no reason to bluff or sell an inferior plan without their best needs in mind. There are too many great direct insurance providers and independent marketers that have a solution of value for you.

9. Comfort Zone Do not get caught in the trap of being thrown outside your comfort zone. Product selling concepts that a marketing department offers can make you a tremendous amount of money. However, many times the products are very difficult to sell and the clientele are hard to make appointments with. If you are stuck where you suddenly cannot comfortable sell prospects your income will plummet to minimum wage or less.

10. Plan “B” Always expect the unexpected. You can get notice by mail that effectively immediately your main company is no longer offering your meat and potatoes insurance plan. Have a plan “B” as an emergency backup plan. You might add an additional carrier or two that you provide a little business to right now. That way if the lights go out, you have immediate backup recovery.

In the insurance business, if you are a quality broker remember that there are more direct insurance marketing company departments and independent firms that need you than you need them. Their number one concern is making a profit off you. Be a little leery, but keep looking out for opportunities to provide a big plus to you. For the best value, look at these 10 points before you leap.

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