Tuesday, February 7, 2012

What The French Know About Marketing That You Don't

French economist Jean-Baptiste Say wrote: "The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield."

In other words, entrepreneurs create value. They produce bigger, faster, better results from the same effort.

As a business owner or high-level manager, you may focus most of your thinking outwards, to create better results for your clients. But don't forget to look inwards, to create better results for your business.

Fact: The two most valuable activities in any business are marketing and innovation. That's according to Peter Drucker (and my experience and your experience). Marketing and innovation produce results. All other activities are costs.

Now, take a moment to think entrepreneurially about your marketing. Are you shifting resources from areas of lower productivity into areas of higher productivity?

Example: Have you looked -- long, hard, and carefully -- at how you got your last 10-25 clients? Answer these questions, for a start:
  • How did they find you?
  • What was their first point of contact with your business?
  • What did they buy first?
  • What did you say or do that caused them to buy?
When you know what's working in your marketing, here's what you'll find: About 20% of your efforts are bringing in 80% of your revenue.

That 20% of your marketing is REALLY producing results.

The other 80%? It's a cost.

Your task as an entrepreneur (business owner, smart manager, whatever) is to shift resources from areas of lower marketing productivity into areas of higher marketing productivity.

Never stop doing this and your marketing will never stop improving (or making you more money).

You can learn exactly how to do this in my 80/20 Marketing program, by the way.

Bio: Kevin Donlin can help you grow your business and enjoy the breakthrough results your hard work deserves. If you're interested in boosting your revenues and profits, please click here.

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