Marketing Success Formula
Marketing Success Formula
P x P x M x M = PS
There is a way to predict the probable success of a marketing campaign
- before you launch it.I call it my Marketing Success Formula. By
evaluating the four different elements of every marketing effort, you
can more forward with much more confidence.
The first element of the formula is – 1. Product -
Examine your product. Is there enough need or want (demand) for it? Is
it priced so that those who want or need it can also afford it? Does
your company name already carry a high value? If your company or brand
already has a positive reputation in the marketplace, your product can
receive a higher rating; say "9" or "10" if everything else is strong.
If your company or brand is unknown, you must score your product lower,
maybe a "5" or a "6". This is the most difficult element to be
objective on. But objectivity will give you a more realistic projection
of your Probability of Success.
The second element of the formula is – 2. Prospect -
Who will you send your message to? Are there enough people who need,
want, and can afford your product? You must take the affordability
factor into account. If your product is perfect for 12 year-olds, how
will they buy it? Will parents be convinced to purchase? Think about
your best prospects in relationship to this product and rate them
honestly.
The third element of the formula is – 3. Message
- This is what you say and how you say it. How's your headline? Does it
feature your product's strongest benefit? Does it speak the language of
your target audience? Look for major mistakes, like featuring the name
of your company, instead of a strong benefit. Scrutinize your message
and make sure it does a strong selling job. Rate your message on a
scale of 1-10. If your message is a little weak, or incomplete (maybe
because of space constraints, or lack of research), be honest with
yourself and give it the rating it deserves.
The fourth element of the formula is – 4. Medium
- How will you get your message to the right prospects? What magazines
do they read? Which cable networks do they watch? Which websites do
they frequent? Can you afford the best possible medium or multiple
media to reach your best prospects? Highly targeted websites, networks
and publications cost more, but are usually worth it. The point is to
examine your media options carefully. Choose the best your budget
allows, then rate your selection on a scale of 1-10. Example: If you're
selling golf clubs and can afford display ads on http://www.golf.com
you may be able to rate your medium a "10". If, on the other hand, if
you have to downsize to a broader sports website, you may have to rate
your medium a "5" or "6".
So if your Message = 10, your Prospect =
10 and your Medium = 10 but your product is only a 3 your Probability
of Success (PS) = 3,000 (not very strong out of a possible 10,000). If,
on the other hand, your Message, Prospect, and Medium are all “10s” and
your product is an “8” that pumps your PS all the way up to 8,000 (much
stronger).
In another example, if you’ve got three
perfect “10s” and you’ve rated your medium a “2” because you just can’t
afford something targeted and you don’t have a lot of confidence in it,
that brings your PS down to 2,000. Not very promising. It may make
sense to put off your campaign until you can get a better handle on the
medium. It goes back to math class. It’s simple multiplication.
This formula is a good starting point. It
forces you to first, recognize that there are four elements to every
marketing effort, then to examine each element with an objective eye.
During the process, you may need to go back to the drawing board, do
some refining, and improve one or more of your elements.
This exercise is worth it. What can be
more frustrating than investing time, energy, money and high hopes on a
marketing activity, only to have it yield nothing but disappointment. Try the Marketing Success Formula before launching your next marketing effort. The you can move forward with much more confidence!
