When I ask entrepreneurs what business they are in, they all tell me what line of business they are in. If they’re an accountant, they will say “I’m in the accounting business.” If they own a consignment shop, they will say “I’m in the retail business.” But when you break it down to its bare essence, we are all in the marketing business. I can almost guaranty that there are other people and businesses that sell the same products or services that you do – unless you have a patent or other intellectual property that is proprietary. Even so, I’m sure some of your competitors will be selling a close replica of what you’re selling.
With that being said, we need to acknowledge that the only thing separating you from your competition is your marketing. I don’t want to get into the whole concept of positioning your business; which is an excellent way of separating you from your competition, but you can listen to my podcast episode titled Black Entrepreneur Blueprint: 341 – Jay Jones – “How To Make More Money In Your Business – Product, Perception, Pricing, And Profit”.
While I was teaching an entrepreneurship class, I came up with the concept of the” 5 M’s of Marketing.” The idea was to keep it simple and give my students a simple framework to help them create successful marketing campaigns to grow their business. Here are the “5 M’s of Marketing.”
The 5 M’s of Marketing
- Message – you must have the right message to connect with your audience and make them respond to your call to action. Your message should have a headline or an opening that captivates and connects with your audience. If you’re selling a weight loss supplement to people over 40 years old your message or headline could start something like this; “Are You Over 40 And Can’t Lose Weight Like You Used To?” Now that message speaks directly to your audience.
- Market – You must send that right message to the right market. Make sure you understand your market so you can communicate with them effectively. Who is your market and what problems can you help your market solve?
- Medium – You send the right message to the right market via the right medium. Understand how your market likes to be communicated with. Do they like email, video, blog posts, podcasts, or a combination of a few of these? If you’re selling social media services, you probably won’t use the newspaper as a medium to communicate with your audience, right? You want people that are on social media, so you need to understand what is the best medium to connect with your current and prospective customers.
- Motivation – In order to be an effective marketer and make sales you must understand what motivates your audience to take action. The easiest way to convey this is to help them solve a problem. But it’s not just helping them solve the problem, it’s what does solving that problem really mean to your customer. For example: If you sell mortgages and you wanted to generate refinance loans to help pay off people’s outstanding debt you could say something like this: “STOP – NEED MONEY? Are Your Bills More Than Your Monthly Income? We Can Help You Sleep Well Tonight By Reducing Your Monthly Bills With A Consolidation Loan. Call Now At 215-555-1212” This was the actual ad copy I used to run when I owned a mortgage company. The motivation is sleeping well at night and not worrying about how you’re going to pay your bills. We were selling peace of mind, not consolidation loans. Always make sure you understand what you’re selling. You’re selling the transformation, not the product or service.
- Measure – If you are an astute entrepreneur, you understand how important it is to measure your marketing campaigns for effectiveness. If you continue to spend more money on your marketing than you generate, you will eventually go out of business. You need to understand your ROI (return on investment) for each marketing campaign that you employ so you know what’s working and what’s not working. Once you identify the campaigns that are working, stop spending money on the ones that are not working and funnel those resources to the campaigns that are making you money.
This is a brief synopsis of my concept for the “5 M’s of Marketing.” For more content to help you grow your business make sure you subscribe to the podcast and the newsletter. You can find links to both on this page.