The six-question marketing quiz for entrepreneurs

Tips for Entrepreneurs: You can tweet to the millions out there, but unless you’re speaking their language, and I mean the language of social media, you probably won’t see worthwhile returns.

Twitter  (photo credit: Courtesy of twitter homepage 150)
(photo credit: Courtesy of twitter homepage 150)
True or false? “Three out of 100 people will always buy what you are selling.”
False! This is one of those famous calculations people make only to be so disappointed. They go to trade shows and tell themselves, “If there are 1,000 people at the show and only three out of a hundred buy from me, I’ll make millions.” This is an amateur mistake. If the offer is unattractive to the proper audience, you many not sell even a single dongle. (Imagine if three out of every 100 people that passed a Ferrari dealership bought a Ferrari.) True or false? “You should spend you advertising budget as slowly as possible, so it lasts the full year.”
False. Marketing should be based on what it costs you to acquire a new customer. As long as your acquisition costs are exceeded by new profits, there should be no cap on spending.
You turn on the sink and let a trickle of water come out. If it is successful, you open the faucet wider and wider, growing your business as quickly as you can while keeping clients happy and not outgrowing your ability to provide good service and product.
True or false? “Emailing your customer list once a week is way too much.”
Well, it depends on conditioning. If they are used to getting one email a week, they will not mind at all. If however, you email once a month and then suddenly barrage them with emails once a week, you really will be harassing them. So think about how to condition your clients best. The right answer is: “Whatever schedule works best for your customers based on how you have educated them about what to expect from you.”
True or false? You have satisfied clients, degrees and prestigious awards, and therefore the client knows you are the best.
I’ve spoken at Google, for the JNF, at The Jerusalem Post and many other prestigious places. But how did you know that? Probably because you read about it somewhere in an interview with me or saw me post about it on LinkedIn, Facebook or on Twitter.
If you don’t tell your clients about your recognition, then quite frankly, they don’t know about it. And when you do show them, you keep them happier (because people enjoy working with people they know are very successful), and they are more sold going forward on working with you and referring you other business.
In fact, here’s a tidbit: Google didn’t pay me. They don’t pay anybody who comes to speak there – because they have tremendous demand and they hardly let anyone in. they came to me via a referral, which is how I ended up there. But do you think I was disappointed not to get paid? Absolutely not. I was happy to be there, develop personal connections there and have a money-can’t-buy recognition via that association that has done well for me in my own business. That was worth way more than the $1,200 I would have gotten for a paid talk. But shh! This is one of the secrets that marketers don’t like to share unless you are paying them really well. Sometimes it’s not about the money but the cachet.
True or false? “Social Media works/doesn’t work.”
My favorite expression about social media is: “Social media is only free if time has no value.” Social media is one of my favorite speaking topics because it is a miracle tool: It is free, easy to use and has a seemingly gentle learning curve. The truth is that social media can work magic, even miracles at times – but not the way most people are using it.
You can tweet to the millions out there, but unless you’re speaking their language, and I mean the language of social media, you probably won’t see worthwhile returns. It’s about leveraging the platform to get to specific people who will move your business to the next level, not the people who might buy a new pair of goggles if they happen to see your post about the sale.
True or false? “Always advertise where it is cheapest based on the distribution.”
False. Advertising is not about what’s the cheapest. It’s about the right medium for your message to get to your market. If you were trying to raise awareness about a local New York politician, then advertising in the London Times, even if it were only a third of the price of a New York publication, would be a bad idea.
Think about the positioning your clients see from their very first contact with you. Like a phone call, it’s the one who initiates the call that usually dominates the conversation. Be the one who sets the pace, and you’ll be the one who sets the price!
Issamar Ginzberg is a business adviser, marketer, professional speaker and rabbi who has been published in more than 50 business publications.