Marketing Information

The 7 Areas of Marketing Waste - Are You Committing These Marketing Sins?


If you want to reduce waste and grow your business it can be useful to know where to look. Marketing waste is usually most apparent in these 7 key areas:

1. Activity (over production)

2. People (over capacity)

3. Processes (over complication)

4. Waiting (poor communication)

5. Excessive Communication Costs

6. Trial and Error

7. Excessive Lead Costs

1. Activity (over production)

Too many people doing too many different things. Thousands of brochures produced with no clear plan how to get them in the right hands. Twenty different networking meetings on the horizon, with no time to follow up.

Over production and too much activity is usually a symptom of poor planning. You're not quite sure what you aim to achieve, but there is budget (or time) to spend and any marketing activity is seen as good activity.

Performing lots of different marketing activities without first having a clear vision and strategy in place is a massive area of waste. Your business may perform well as a result of so much effort (and cost), but how do you know what is working and what isn't?

Measuring ROI on activity is essential. This will enable you to focus more effectively on the successful activity and completely remove the need for unsuccessful or wasteful marketing approaches to free up capital as profit or to fund other business improvement initiatives.

2. People (over / under capacity)

Too many people involved in the marketing process can also be a big area of waste. In particular, full time marketing managers can waste a lot of time choosing where to spend your money on promotion.

The marketing director or CEO needs to be able to enlist good marketing advice and planning as it is needed and then allow experts outside the company to implement the necessary action. There is no need for an internal marketing manager to oversee this if you use the right marketing consultants. By carefully retaining the services of a marketing consultancy you can gain access to a range of experience that no single individual can ever hope to possess. You can then recruit a more junior but bright person from within your company to liaise with your consultants and yourself.

You can never truly know if your marketing manager is working at full steam and I'm certain that they won't tell you unless they want more budget to spend on the next CV enhancing fad.

If you are a marketing manager reading this, be honest, maybe you should talk to your boss about a more flexible retained position. This way you can look for other contracts and build your exposure to more businesses which will enhance your ability to perform well.

If you're a solo or very small business, then the "people" doing your marketing may be just you and you may be suffering from a serious lack of capacity. There comes a time when your lack of time causes waste for your business and holds you back. You must seriously look at the skills gap and address the needs of your business (and your sanity!).

3. Processes (over complication)

Lean Manufacturing (where we learned our trade) deals with the process of moving an order through your supply chain and to your customer. In this instance we're talking about the marketing process - this deals with acquiring the customer in the first place and how you handle your customers once you have them. For this we use the Lean Marketing Pipeline - would you like a copy? Just send an email to: leanpipeline@aweber.com with "Send Me The Pipeline - I'm Missing Out!" in the subject line and we'll send you a picture.

To understand your present state you need to map the processes of communication, customer acquisition, customer processing and customer relationships. Then you need to make sure that there are no non-value adding activities. This will enable you to eliminate steps in the process that have literally become bad habits. We have a module called Moments Of Truth in our Toolbooks series, that deals thoroughly with this issue.

Getting your sales and marketing process right will enable you to reduce the cost of gaining new business, dealing with your customers and upselling new services and products.

Other important things to include when refining your processes are measurement tools. Once you begin to measure success against strategic key performance indicators you will have the information to continuously improve and reduce waste even further. If your customer facing processes work well you will also find that customer satisfaction will improve.

4. Waiting (poor communication)

An over hierarchical communication structure can make it very difficult to take action quickly. This lack of flexibility can cause waste in the form of missed opportunities and unnecessary inaction. If the people responsible for implementing marketing for your business are inactive then you are wasting money. We're not just talking about the hierarchy in your business (you may not have one) - we're talking about the hierarchies in your marketing consultancy, web developers or ad agency.

If you see marketing as a fundamental part of your business then waiting is rarely a problem. If the CEO or board view marketing as separate from the business, then lower priority will be given to spending and decision making in this area.

Changing communication policy or empowering people closer to your marketing activity with limited (and accountable) financial independence will help to overcome this problem.

5. Excessive Communication Costs

Traditional methods of communication - mail / fax / phone / in-person are relatively expensive, and though still essential, need to be mixed with other more cost effective methods. The Internet is a powerful way to reduce communication costs, but still far too few businesses embrace it as such.

Let's say that you produce a monthly printed newsletter for your customers. This will involve cost at the following stages: design; copywriting; editing; printing; packing; distribution. Now imagine the same idea using email. The cost areas are: design; copywriting; editing; distribution. Firstly, there are fewer steps (less time) in the email process, but when you look at the steps that are omitted you'll also find that they are the costs that escalate (stamps, envelopes, printing) as you communicate to a growing audience.

How many times do your people get asked the same questions? Every time they answer a frequently asked question they are performing a duty that does not add value but can't be ignored. Simply using your website to provide general advice and FAQs (Frequently Asked Questions) could reduce your costs (Freephone support line) and free up your people's time to perform more productive, value added duties.

I'm wondering if... You Know Other People who should be reading this too? So do us all a favour (they get 2 free books - we get a new subscriber - you get to look good) when you Pass On This link... http://www.leanmarketing.co.uk

6. Trial and Error

Trial and error is the inherent waste involved in all marketing. But simply accepting this fact is not good enough. There are ways to reduce the guesswork as well as reducing the cost of targeting and increasing conversions.

The biggest failing of most traditional marketing promotion is that it relies on interrupting people when they aren't necessarily looking for the product or service you have to offer. Just think what happens when you are watching your favourite TV show; the advertisements are a useful break to make a cup of tea or go to the toilet. They aren't providing something you were actively looking for by watching TV.

Advertisements in glossy magazines interrupt you when you're in the middle of an article. They may improve your awareness of a product or service but you'll rarely welcome the opportunity to read them - you'll ignore them! The bits of paper and advertisements that are shoved into magazines and Sunday newspapers are also wasteful. If you're like me then I bet you simply shake the magazine until all of the annoying bits fall out and then throw them in the bin.

You need to find places and procedures for attracting people to look for your solution and find you without interrupting them. A correctly designed and marketed website is the ideal solution.

7. Excessive Lead Costs

What do you currently have to do to find new leads? If you're in B2C then list brokers are useful, but as soon as you buy a list you're well aware that the information will be out of date (instant waste). So you pay for your own people or a telesales agency to clean the list. Then you may only get one shot at this list before you pay again. See the problem?

B2B businesses should almost never buy lists. The Internet has opened up a whole range of opportunities for finding information to build your own database.

Every other element of waste involved in promotion (especially trial and error interruptive marketing) is wasting money. You need to look at the important elements of a process and remove the unnecessary. Then with what's left, ask yourself, "How can we do the same thing cheaper?"

Reducing lead cost can also be achieved by selling more to your existing customers and building referral streams.

Before you make assumptions you'll need to measure. There are plenty of people who don't even know how much each lead costs or more importantly how this can be calculated.

So, how many ways can you see for reducing the waste in your marketing? Why not spend a few minutes now to consider how the 7 areas of waste are affecting you?"

Speak Soon,

'Dangerous' Debbie Jenkins
debs@debbiejenkins.com

(c) Copyright 2005 www.BookShaker.com

SUMMER CAN BE SLOW FOR BUSINESS
But don't let that get in the way of your success.
This is the ideal time to work on your business
rather than in it. Get 2 F'REE eBooks and prepare
for more success with less effort here...
http://www.leanmarketing.co.uk

I'm wondering if... You Know Other People who should be reading this too? So do us all a favour (they get 2 free books - we get a new subscriber - you get to look good) when you Pass On This link... http://www.leanmarketing.co.uk


MORE RESOURCES:
Business:Marketing Articles from EzineArticles.com
01/16/2018 08:04 AM
Are You on Top of Your Marketing Game?
What are the things that businesses can do to remain at their best and develop their growth? This is not a straightforward question and there are different things that can work. They include the quality, the style of management, and even the business environment.
01/16/2018 08:03 AM
How to Influence People to Purchase Without Hard Selling
Things have really changed in the world today and we are now hyper-connected. Prospects are able to find the information needed very easily. This can be regarding services and products. As such, it is very important that people adapt to the changes. The best speakers use science and data to help salespeople to see selling differently. It is no longer about that old-fashioned selling approach. This was an enthusiastic and persuasive pitch for any service or product. Things are done differently now and this has changed business as we know it today.
01/11/2018 12:06 PM
Voice Overs and Your Business
Videos are one of the most important marketing tools that you can use for your business. Informative compelling voice overs are one of the most important tools for your videos. Videos are everywhere you go and because of the latest technology, you can watch them on the go as well.
01/10/2018 03:29 PM
New Year Sales - Should You Be Discounting Your Rates?
Now that we're past most of the holidays (there are still many faiths celebrating), we certainly have passed the biggest spending period of the year. Many of us stuck to our budgets, some well... not so much!
01/10/2018 11:15 AM
Learn The Importance Of Graphic Designing Services
Graphic design is a major element of today's IT world. The potential and scope of growth associated with this field are really enticing, and this is the reason why more and more people are plunging into the arena of graphic design. However, being a graphic designer or the owner of a graphic design company is not that tough; the real challenge lies in making your business grow at an impressive speed.
01/10/2018 11:09 AM
Keys to Be Successful in Business Marketing
A typical Business-to-business (B2B) company creates value for its customers, builds brand recognition, and communicates a unified message, targets decisions makers, supports salespeople with variety of communication tools. Business markets have shorter distribution channels and emphasize personal selling as the form of promotion and marketing communication. The business-to-consumer as a business model differs significantly from the business-to-business model. Keys to success in Business markets are value creation and customer satisfaction, social media marketing, mobile marketing, multimedia content and executive brandings for personal selling.
01/08/2018 09:38 AM
Why Using Branded Workwear Clothing Is Beneficial for My Business
If you want to spread the word about your brand and get it recognized by the customers, you should consider the idea of using branded workwear clothing. Make your employees wear clothing engraved with your company logo so it becomes easy for your customers to recognize what you're offering.
01/08/2018 08:44 AM
Get the Most From Automated Marketing and CRM: 3 Email Topics That Engage and Convert
Email marketing is one of the most effective marketing tools for businesses. Learn how marketing automation and CRM can help you better engage and convert new customers.
01/08/2018 08:44 AM
Five Signs You Need Automated Marketing
Consider using marketing automated to help you mange your leads and clients. It will allow you to work on your business rather than in it.
01/08/2018 08:12 AM
Here's Why Your Customer Won't Always Care If Your Product Is Better
If you think better always prevails in a high-tech environment, then here's a story about the unrivaled persuasive power of simplicity - Back when I was a young engineer in R&D, I developed a very small and cheap component for replacing a rather costly outdated one in a project I was working on. One day the head of a manufacturing line calls me up and schedules a meeting with me and a project manager who may need what I've developed for another project. We start the meeting and the project...
01/08/2018 08:11 AM
Why B2B Marketing Is Very Different From B2C Marketing
Most ad agencies, marketers and copywriters do B2C campaigns. In such competitive consumer markets, the most regurgitated "how to market" slogan is "Sell the Benefits. Not the Features" And that's true.
01/05/2018 09:54 AM
Challenges Faced in the Data Integration Process
In the process of data integration, setting up the pragmatic prospects can become a challenge. For an agency, the primary goal is to set realistic figures and analysis.
01/04/2018 08:27 AM
Deciding on the Design for Your Exhibition Booth
The return on your investment by spending time at an exhibition booth can be very high. However, this is only going to be the case if you have something that stands apart from the rest.
01/04/2018 08:24 AM
Get the Best Concept in Place for a Trade Show Display
There are some amazing trade show stand contractors out there, and they can bring your products or services to life! They can make them appealing to your target audience, and they are more likely to buy once they have stopped by your booth to get additional information.
01/03/2018 04:03 PM
Important Aspects to Discuss With the Designer for Your Exhibition Booth
The services of qualified exhibition booth designers can help you to have a professional and eye catching set up that people stop to look at. That is what you want when you make the exhibition circuit.
01/03/2018 03:43 PM
6 Lessons I Learned From Seth Godin at SmartHustle Conference
I attended Ramon Ray's SmartHustle Small Business Conference in New York City. What a day! The conference was truly inspirational on many levels. I hope you can use some or all of these takeaways in your marketing to make you stand out and be truly effective!
01/02/2018 04:02 PM
Small And Midsized Company Marketing And Marketing Communications - Actionable Forecasts For 2018
Many marketers are currently feeling unsure about their communications efforts. In fact, Infusionsoft's recent survey of 1,000 small business owners found that nearly two-thirds feel that they "don't know if their marketing strategies work" or "know that their strategies aren't working". Unfortunately, improving marketing and marketing communications strategy, planning and tactics will be even more difficult in 2018. My article presents actionable forecasts for small or midsized B2B, B2C and nonprofit marketers to help them profitably improve sales and ROI.
01/02/2018 11:29 AM
3 Follow-Ups Tips For Tennis Clubs
Hello to all you club owners out there. You know something? If you guys knew how much money you were leaving on the table with your marketing, you would shoot yourself in the foot!
01/02/2018 11:07 AM
Infographic Communication
Infographics are graphic representations of data, information or knowledge, pertaining to an organisation. Its purpose is to present data promptly and comprehensively.
01/02/2018 08:20 AM
Satisfying WIIFM for Your Target Audience
WIIFM is the concept of satisfying the needs and wants of your target audience before getting what you need for your brand and your business. In other words, it is your ability to solve the other person's problem.
01/02/2018 08:01 AM
What Your DNA Can Tell You About Your Business
Us humans are always obsessed with discovering our origins. As part of the Jewish nation, it's always fascinating to find out new-old connections to different ancient nations due to our long and complicated nomadic history. Biological DNA tests have become a very powerful tool in that sense - I've just read about a fascinating DNA test results showing that Jews and Samaritans have a shared male ancestor in the last 2500 years, indicating that Samaritans (like the Good Samaritan from Jesus' famous parable) are actually Jews that were left...
12/29/2017 08:09 AM
The Colors of Marketing
The psychological impact of colors make a direct impact to your bottom-line. Companies spend millions of dollars per year getting the right colors to inspire, enthuse, and influence their customers.
12/27/2017 09:54 AM
Custom Designed USB Drives - An Excellent Promotional Tool
Using custom designed USB drives for promoting your brand is the most feasible decision you could make. There are several benefits of using USB drives as a promotional giveaway item at a trade show or an exhibition.
12/22/2017 10:59 AM
5 Tips to Boost the Value of Your Leveraged Sales
The year is nearly at the end, and some folks are wondering how to add additional value for their leveraged sales. In many cases its simple, as promoting and explaining the unique value point of each one.
12/20/2017 09:12 AM
10 Tips About How To Successfully Write Your First Business Book
This article provide relevant tips to start writing your first business book. It is written in a clear and simple manner.
12/20/2017 08:08 AM
The Truth About How Little Your Sales Copy Affects the Success of Your Sales
If you're biting your nails with anxiety every time you hire a copywriter to write your upcoming promotion, then this may just be the most important article you'll ever read. One of my most popular articles on EzineArticles.com is about how to make your online business better by using direct mail (YES - people still read those!).
12/19/2017 03:59 PM
2017 Review: Content & Social Media Marketing Insights
How was your 2017 as far as marketing and branding? Do you have your strategy ready for 2018? When was the last time you looked at your website content and branding position? What have you done in social media channels? Have you done your research into how your clients view you ad your business? I hope you enjoy the article with a few insights into how to make 2018 a banner year for you and your business.
12/19/2017 03:58 PM
Getting Your Business Ready NOW for Holiday Shopping
Are you taking advantage of the Holiday season, for not only sales but also lead generation? If you had a sale on your website, how were conversions? Have you implemented a re-targeting campaign for those who may have abandoned their cart? It is not too late for this year or the ability to cross over into marketing for the upcoming months. Get engaged into your marketing now while traffic on the internet is at its peak.
12/19/2017 11:47 AM
Planned Obsolescence: Necessity for Society or Merely a Business Tactic?
Do we really need a new iPhone launching every year? Do we really need a latest version of Play Station or X-box? Does it merely makes the companies rich or it also helps the society?
12/18/2017 09:03 PM
5 Advantages of Using Customized Coffee Mugs
If you are a marketer and you have been looking for an easy way of promoting your brand and services, we suggest that you give a go to customized coffee mugs. Whether it's a bank, farm or an office, these mugs can be seen everywhere, especially in the developed countries. In this article, we are going to talk about 5 advantages of promotional customized coffee mugs. Once you have read about these advantages, you will make this strategy part of your business. Read on to know more.
12/18/2017 08:22 AM
The Beginner's Guide To Audience Definition
So, you've decided to wade into the murky waters of the business world. As you've slowly set yourself up for providing your product or service, you've been bombarded with a number of words & acronyms that have confused you, with one of the more confusing being the idea of audience definition.
12/14/2017 08:48 AM
Marketing Communications: There's No Reason To Be Crass
Although society's bar for what's appropriate seems to drop lower every year, companies should avoid falling into the trap of using vulgar language and crass phrases. This article offers practical guidance.
12/13/2017 02:32 PM
10 Ways to Keep Users Engaged With Your Mobile Application
It is a fact that there are some hundreds of mobile applications in each category, where to keep your users hooked is a challenge. Let us look at some effective ways to keep users engaged to your mobile app.
12/13/2017 08:21 AM
How To Create a User-Centric App That Has Potential to Capture a Greater Audience
This article enumerates the chief principles that every app maker needs to follow for prioritising user-experience in their mobile applications. There are a plethora of innovative apps coming out in the market every day providing a range of services or utilities.
12/12/2017 08:36 AM
Is Your Business Ready For Mobile Marketing?
Mobile marketing is a multi-channel, digital marketing strategy aimed at reaching a target audience on their smartphones, tablets, and/or other mobile devices, via websites, email, SMS, social media, and apps. In 2016, the inevitable happened, and mobile overtook desktop as the primary device used to access websites. This didn't come as a huge surprise because, as far back as 2015, Google reported that more searches were conducted on mobiles than on any other device category.
12/11/2017 03:53 PM
The 10 Most ANNOYING Marketing Buzzwords
As fellow marketers and creative professionals, let's kindly retire (or extinguish) these irritating phrases so we can all evolve past this "noise" cluttering our industry. Are you with me?!
12/10/2017 08:17 AM
The Case Against Meditation - Why It's Getting You Stuck
I used to be a big advocate of meditation - Wake up bright and early, do some meditation, a little morning ritual, just a really relaxed start... But guess what - It's All Horse Crap!
12/08/2017 03:39 PM
Reach the Most Customers: Necessary Media Formats for Your Marketing Literature
To reach the highest number of customers in today's business environment, it is critical to have multiple media formats for your marketing and business literature. This paper discusses those formats and highlights the importance of having an experienced full-service graphic design firm or individual designer that can provide them. Your business should possess a print version that can be handed out or placed in locations where potential customers will take one, an electronic version in PDF that can be posted on a website for download and printed by the customer, an image version that can be posted on sites such as Instagram or Facebook for customers to view, and an HTML version that is formatted for targeted emails to customers.
12/07/2017 10:03 PM
Trump Swears His Daily "Happy" Drug Is Legal
According to FirstToKnow.com, Trump gets 2 "happiness pills" a day: "The President routinely goes off on Twitter about how unfair the negative "fake news" coverage he receives is, so the White House communications team have come up with a way to try and appease his anger by showing him more friendly coverage. Including photos of him looking "powerful" Vice News claims the sensitive Commander-in-Chief gets one folder delivered at 9:30 am and another at 4:30 am with around 20 to 25 pages of favorable news in each" Now, I don't know what your...
12/07/2017 04:10 PM
Your Blog Alone Doesn't Cut It Anymore: The Keys to Content Marketing for 2018
I recently fell upon this article, "How Much Data is Created on the Internet Each Day," and I was blown away by the following information. According to IBM, 90 percent of the data that is on the Internet today was created since 2016. When you think about it and the fact that Google's mission is to, "to organize the world's information and make it universally accessible and useful" on the Internet, the study by IBM is startling because the Internet and Google have been around for a long time.
12/07/2017 04:08 PM
5 Business Marketing Trends You Need for 2018
We're at that time of year again where we're in a swirl of activities around the holidays, but every business leader understands that this is the time he or she should be looking to ensure next year's success. Marketing is an essential aspect of any group or organization, and in the digital era, it's critical that you provide your team is focusing on the following as we soon speed into 2018. Storytelling Customers do not want to be sold.
12/06/2017 12:55 PM
Is Your Sales Team Inbound-Ready?
Inbound Sales is the process of focusing on individual buyers and their personal needs, pain points, what keeps them up at night, frustrations and goals; as an Inbound salesperson, it is essential that you prioritize the buyer's needs before your own. Before you can sell anything, you have to understand who your buyers are, which is a difficult but crucial task: nowadays buyers are more equipped than ever with information about companies, but sales people don't have a similar level of insight into their prospects. Bridging that information gap will help you close more leads; therefore, the most important task on the way to...
12/04/2017 03:59 PM
Here's An Easy Way To Increase Your Sales
Want An Easy Way To Increase Your Sales? Work your customer list. Sounds sooooo simple and easy but very few small business owners do it. A house list is one of the best sources of profit building, hands down.
12/04/2017 02:24 PM
How Valuable Content Keep You Above Competitors
Every business faces competition but the competitions doesn't matter if you know how to use valuable content. With valuable content, you have the edge over your competitors while they watch you making the spotlight. The how of doing this is what this article presents to you.
12/04/2017 07:58 AM
Your Market Doesn't Want To Read Another Hyped-Up Headline
Hyped-up headlines have become so trendy today by all the "online gurus/experts". It's no wonder many business owners fall for this fallacy, bore their market to death and make 'em indifferent to their brand before they read one word of content. This article will show you how direct marketing legends come up with their headlines.
12/03/2017 09:29 PM
Mind Your Marketing Manners
What bothers you in the new world of marketing online and off? Let's take a stand for respect, listening, and connection. All of those things fall under an old fashioned idea-manners. Manners may seem old fashioned but when you want to build lasting relationships they are as important now as ever.
12/03/2017 09:28 PM
Content Creation for Non-Writers, Procrastinators, and the Stuck Among Us
The reason to create content in the first place-and all content need not be written-is to provide value to your readers, listeners, viewers. If you are going to write, take the time to write well. If your brain is a dusty dry patch of nothing on the day your weekly missive is due, ditch your usual way of connecting and have some fun.
12/02/2017 11:50 AM
Seinfeld's Soda Machine Theorem of Converting Your Prospects Into Buyers
One of my favorite Seinfeld episodes is the car dealership, where Jerry is looking to buy a new car in a dealership from Puddy, his mechanic and Elaine's boyfriend at the time (George does a hilarious candy bar lineup, but I'll talk about that one another time). Anyway, Elaine is trying to break up with Puddy, and she's trying to convince Jerry (and herself) that their relationship has finished in one mighty blow. Jerry says there's no way that's possible and that: "breaking up is like trying to tip a soft drink machine over - you can't do it with...
11/29/2017 02:18 PM
Nurturing Techniques To Raise Your B2B Lead Conversion Rates
The most difficult thing to achieve is conversions in B2B, marketing professionals are of the view that their biggest challenge is to convert leads into customers without knowing their lead conversion rate. Conversions are the money makers or the cash cows of B2B marketing, and it is from them, that the cash flows in. Running a lead generating campaign is easy, but if leads don't convert into business opportunities and those opportunities are not turned into deals, it is not worth the effort.
11/29/2017 08:09 AM
Trump's Sneaky Little Marketing Tricks
Trump has been trumping a lot lately about whether Obama was born in the U.S. or not. Some may ask themselves - who cares? Well, if you want to learn a thing or two about marketing, then you should care - just watch the big man in the white house - he's one of the best self-marketers around.


home | site map |