I Hope You Studied
Whoever said, "Don't sweat the small stuff" had it all wrong in terms of marketing your business. In fact, from renting direct-mail lists and buying radio time to getting the best results from shows and events, the little things you don't know can hurt you. Take the following quick quiz to test your marketing know-how, then follow the expert tips. You just might be able to give your company the edge it needs.
1. You've received proposals from two competing radio stations with similar audiences and advertising rates. Which should you choose?
A. Few spots clustered in specific parts of the day.
B. Many spots placed at unspecific times throughout the day.
Answer: A. Never make a broadcast buy based on the overall number of spots offered unless you can look at a specific time schedule showing the dayparts (such as morning-drive time) in which your commercials will run. The best schedule is one that features the dayparts during which the greatest percentage of your primary target audience will be listening. A proposed schedule including a large number of spots to be aired at unspecified times indicates that many of the spots will be ROS (run of station) and may air during the middle of the night or early Sunday morning when ratings are lowest.
2. You're attempting to organize a direct-marketing campaign that will include multiple mailings to your target audience. You should:
A. Rent the list for one-time use now and then rent the list again when you're ready.
B. Rent at least one duplicate list along with your initial purchase.
Answer: B. Studies show response rates go up when you mail multiple times to the same list, so experienced direct marketers purchase duplicate lists along with the initial rental agreement. This can save you as much as 20 to 50 percent of the cost vs. waiting and making a future purchase.
3. Which of the following should a business-to-business marketer place beneath their company name or logo on all marketing materials?
A. Mission statement
C. Positioning statement
Answer: C. Business-to-business marketers can help customers understand what they offer by placing a positioning statement (a four- or five-word description of the services or benefits your company provides) underneath their names and logos on stationery, brochures and marketing materials.
4. You're planning your company's special-events program. Within the confines of your budget, you have two choices. Which would be a better course of action?
A. Participate in a limited way in as many as six area events.
B. Take a prominent role in just two.
Answer: B. A successful special- events program should prominently place your company in front of its best prospects and most valued customers. Instead of taking a minor position (such as a small booth in a big community fair) at half a dozen events, choose a couple of events that allow your message to really stand out. It's better to participate in fewer events overall and concentrate the majority of your budget and the efforts of your staff on those specific occasions that will allow you to get the biggest bang-and audience-for your buck.
5. When marketing a product or service, how many contacts should the average company expect to make with a prospect before a sale is completely closed?
A. 1 to 5
B. About six
C. Eight or more
Answer: C. On average, it takes approximately eight contacts with a prospect before a sale is finally closed. So, plan a marketing program that includes multiple contacts with your prospect database over time, because if you're not continually asking for the business, you can be sure your competitors are.
How Savvy Are You?
Give yourself 20 points for every correct answer.
100 points: You're a marketing maven!
60 to 80: Time for some brushing up.
40 or less: You've got some work to do.