The best marketing tools out there and how to choose the right ones

One of the most frequently asked questions I get from other cash flow professionals is “What are the best marketing tools and methods for finding new prospects?” The truth is that there is no silver bullet and one size does not fit all. Some marketing tools and strategies work better for some, while others… well, you get the idea.

Therefore, the correct answer to these questions is “It depends”. Of course no one wants to hear that answer because it’s just not what anyone wants to hear and everyone thinks I’m dodging the question. Is it an honest and correct answer? Yes. Is it constructive? No. Or is it?

Perhaps if we understood what it “depends on”, we could better focus on how to optimize the effectiveness and efficiency of our marketing by selecting the most productive tools and strategies. By the way, by “effectiveness” I mean the quantity and quality of marketing results, while “efficiency” refers to the investment (ie money and/or time) required to achieve those results.

So what does it depend on? What are the variables that really influence the success or failure of your marketing? This may come as a surprise, but here are the key contributors and the most crucial variables you can directly influence that make up most of the difference between your marketing success and failure:

1. You (your background, experience, skills, personality, style, etc.)

2. Your marketing and communication message

3. Your investment (time and money)

However, the marketing tools you choose to send your marketing messages to your target group also play a role, of course.

To illustrate this point, I first grouped the various most used marketing tools/strategies into three distinct groups:

1. Direct approach Like ads, direct mail, flyers, brochures, websites, and even cold calls – the marketing purpose is obvious. It is a one-on-one delivery directly to your target group and clearly focuses on the benefits of your product/service).

2. Indirect approach such as networking, presentations, articles, press releases and social media – marketing is more subtle and more informational in nature. The reported benefits could be more generic, that is, not only linked to your specific product/service but also to the product/service category. It is delivered to groups, not individuals, which may also include contacts outside of your immediate target group.

3. A third-party referral approach It’s the typical relationship-based marketing approach; You don’t “market” per se, but you build relationships and a network of strategic alliances with people who can and will recommend businesses to you. Also known as “word of mouth” marketing.

Based on our own experience and what others have told us about theirs, we can rank the various marketing “delivery tools” based on their effectiveness and efficiency. Now, this information can come in handy when you have to decide which marketing tools to use and which ones you can do without. Here is a summary of what we found:

Referral Based Marketing / Word of mouth strategies are rated as highly effective and more efficient. This seems logical, as nothing beats a good recommendation, and all you have to do is earn one! Of course, this is often easier said than done.

Between “indirect approaches‘, networking is also considered very effective, although slightly less efficient, because it involves a large investment of time and patience. The results are seen in the medium and long term, but success does not come overnight.

“direct approaches” – especially advertising, direct mail, and even frequently declined cold calling are effective marketing delivery tools. Of course, they are also among the least efficient, since they require a huge investment (both in money and time) .

The final vote on social media strategies is still pending, and so far it’s a mixed bag at best. Some have a lot of hope and get tired, others consider it a waste of time.

“direct approaches“For example, websites, brochures, and business cards are clearly considered ‘must have’, but their value as new business development tools seems quite limited.

While this is a good start and can work as an initial guide, we must realize that this is not a “scientific model” with hard numbers behind it. It is simply an aggregate of opinions. Expert opinions, but opinions nonetheless. Second, the model is only derived from marketing tools used in a B2B environment without any validation in the business-to-consumer marketing world. Although I suppose there are likely to be similarities.

However, most of the “noise” in this data comes from three variables that aren’t even on the map: you, your marketing messages, and your investment (money and time)! And here’s why.

While most people agree that “customer referrals” are one of the most effective and efficient methods of developing new business, other “tools” aren’t as clear cut, because it really depends on how you use them.

Take networking, for example. Again, most people report that networking has been a highly effective and quite efficient business development tool for them. But imagine what would happen if you were a lousy network marketer who made every typical networking mistake under the sun. Do you think networking would be an effective marketing tool for you?

Or take cold calls. People who get it right see it as an effective tool for business development. Those who don’t get it right often dismiss it as an anachronism or a waste of time and resources. But think about it! Of course, cold calling will never work for you if…

• you are horrified at the mere thought of picking up the phone
• you don’t say the right things when someone answers the phone
• you don’t spend enough time to make enough calls
• you waste too much time calling the wrong people.

Or, if you can’t give a decent speech or presentation in front of a group of people, even if your life depended on it, don’t! Presentations and public speaking engagements will not work for you.

By the way, the same goes for any other marketing tool or method. If you don’t use it correctly, it won’t work. No surprises here, I hope.

To make matters worse, if your marketing message sucks, it won’t matter one bit how you deliver it to planet prospect, ie through advertising, direct mail, brochures, websites, magazine articles, brochures, etc. Your marketing just won’t work. End of story.

The point in all this madness is this:

1. Referral Based Marketing Systems they usually provide the best results with the most reasonable level of investment. The downside is that you don’t really control your funnel, because you rely on leads that other people send you. To manage specific, measurable goals in a given time frame, you can’t rely solely on referrals to build your business.

2. Indirect marketing methods provide an excellent complement to anything else your marketing plan calls for. They allow you to build a kind of “expert” status and, when done correctly, move you away from a hard-sell approach to a consultative one. However, since you can’t always control who your audience is, you can’t manage numerical and time-sensitive business development goals very well with this approach either.

3. Direct marketing methods they are the only ones that truly put you in control of your business development goals. However, those that are considered most effective are also those that require a greater investment. Either in terms of money or time or both.

However, long before you decide which marketing tools and methods to use, make sure you have the other parts right: persuasive marketing messages, as well as the professional skills and experience required for particular marketing tools (for example, for cold calling). , networking, writing articles, public speaking, etc.). Then determine how much money and time you can invest in your marketing efforts.

So, to hit a home run with your next marketing plan, refer to the analysis above, develop a powerful marketing message, and focus your marketing resources and budget solely on marketing methods that

a) take advantage of their personal strengths, and

b) are able to reach and communicate with their target group.

Remember, ultimately it’s not about what marketing methods you choose, but how well you execute them. And don’t forget: while your target group may consist of businesses, the recipient of your marketing blitz is still an individual. So whatever you do, keep it nice!