The word “marketing” is thrown around a lot these days, and it’s used rather loosely to describe a lot of activities inside of a business. But I found a definition that’s so simple a school kid can understand it.
Here it is:
Marketing is… made up of all the things you do to attract and sell to the right people who are perfectly suited for whatever you offer — and then all the things you do to re-sell as much as you can to these people, for as many years as possible.
I explain “Marketing” in the video below.
This clear definition tells you exactly – what you must do:
First: Attract the right prospective buyers to your business.
Then: Re-sell to them for as many months and years if possible.
Forget the complicated theories about business.
Good marketing is simply about attracting and retaining the right kind of customers, who will ultimately do the largest amount of repeat business with you over the longest period of time. (Why more business classes don’t teach this will always be a mystery to me).
That’s my definition of marketing. It’s simple. It’s clear and direct. There’s no confusion here. In fact, there’s nothing complicated about any of this. You see, building and growing a business is actually a very simple process.
That is when your marketing is working correctly.
As you’ll see these THREE things increase:
- The number of new customers who are attracted to your business.
- The frequency of repeat business your current customers do with you (they will re-buy from you more often).
- The average profit you make on each repeat transaction with your growing base of existing customers.
When these THREE things are increasing, you’re growing you’re business. Then if they decrease, you’re going in the opposite direction.
And one more thing;
The best thing about No.2 and No.3 on the list – is that you don’t need to spend more money.
By making improvements to No.2 and No.3, you could more than DOUBLE the amount of money you’re, making from the same amount of customers.
This is not something that needs to be fully formed when you launch your business either.
It’s fine to build your plane as you fly it, and that’s exactly what the majority of all successful businesses have done.
“The aim of marketing is to make selling superfluous.”
~ Peter Drucker
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