Matt Hall
By Matt Hall
Merritt Hall Insurance
The other day I added up roughly 19 hours of high-priority “things to do” between now and the end of the month… with only 11 unscheduled hours available in my calendar. That leaves 8 hours of stuff that won’t get done.
Once again, a quick nod to the Law of Strategic Execution:
Infinite Opportunity. Finite Amount of Time.
So, as always, choices have to be made.
When you boil it down to its simplest form, there are really just two keys to success. They can be expressed in a basic equation.
Strategy + Execution = Success.
Strategy is the aggregate of great ideas, organized into an Action Plan that suits your business and your goals. (And anyone with a shortage of great ideas is just not listening or paying attention.) Execution is simply the “getting it done” part.
A serious commitment and focus on execution will overcome even a weak strategy. The biggest ideas and the greatest strategy will grind to a painful halt without execution. Since we all have limited time, we must be vigilant to ensure we invest that time on the most important, high-leverage and profitable activities.
Marketing should fall at the top of every entrepreneur’s list – with heavy focus. If you don’t have a strategy to attract prospects, convert them to customers and retain them at the highest possible long-term profit, then your business really isn’t a business at all. It’s a hobby. Getting customers and keeping customers – That’s the point, isn’t it?
So get your time under control. Get the right people or vendors on board. Strategize and then execute. And focus on marketing.
What type of marketing you ask? Which media works the best (newspaper, radio, direct mail)? My advice: focus more on the principles of successful marketing than on a specific media.
Over the years, we’ve seen media come and go, offering huge opportunities for entrepreneurs to make truckloads of money. And then watching one force or another – government regulation or “media fatigue” – take them away.
Years ago, you could blast out 30,000 faxes per week as a lead generator, and get rich. Government took it away.
Also not too long ago, you could run successful e-blast advertising campaigns with profitable results. But between the CAN-SPAM law and “media fatigue,” you would have been forced to move on.
Voice broadcast laws have changed – though this media can still be used (differently) with great results.
Some of my clients lost their biggest (or only) marketing weapon when the “Do Not Call” lists went into effect.
I’ll Always believe in direct mail, but a handful of states are (stupidly) considering restrictive laws. (Stupid any time. Completely insane during the worst recession since the 1930’s.)
The Yellow Pages are in hospice care. Order flowers for the funeral now
So here’s the bottom line: Media can change frequently and sometimes without much warning, but the principles of successful marketing remain the same. Learn the principles – why people buy, how to get them to buy and how to make them crave what you offer – and you can succeed using any media available.
If you’ll take the time to learn the fundamentals and then execute, success is practically guaranteed. However, I don’t believe you have much choice. Either embrace and master the principles of marketing, or get buried with the dinosaurs while forfeiting your clients (and wealth) to more progressive entrepreneurs.
For those serious in learning these principles, here are a few books that will get you started (in no specific order):
2,239 Tested Secrets For Direct Marketing Success:by Denny Hatch & Don Jackson This is one of my favorite gems. I’d pay hundreds for this material and never look back. It’s the kind of book that a marketer can keep on his/her desk and review to be constantly reminded of stuff you “already knew but should be doing” or get “tweaks and twists” that bump your response. It’s for the serious direct marketer, so don’t expect much on the “sales side” of the equation.
Influence: The Psychology of Persuasion by Robert B. Cialdini
A book on psychology for entrepreneurs? Yup. This book, first published 22 years ago, sits on the desk of every serious marketer I know, and explains why people take action (And what you can do to nudge ‘em along.). Advertising Secrets of the Written Word by Joe Sugarman. Any marketing book by Joe Sugarman is worth studying, but this one is a great starting point. Ultimate Sales Letter by Dan Kennedy. This incredible book is like a mini marketing Bible. It’s one of my favorites. I refer to it often. Tons of tips, strategies and example to help hone your marketing skills. Also see the Ultimate Marketing Plan by the same author.
I’ve always believed that entrepreneurs must “own” their marketing. After all, it is the marketing process that attracts, converts, upsells and retains your customers and clients. It’s one of the most vital and important functions of any successful business. I’ve never understood why anyone would give that away? And the more you master the principles of marketing, the more control you’ll have over the people and vendors you hire to execute your strategy. I’ve felt the temptation to “delegate” marketing to outsiders, and I’ve seen many entrepreneurs do just that, usually with poor results. The fallacy is that since they’re in the advertising and marketing industry, “they must know more” and “they must know what they’re doing.”
At a minimum, You must be in charge, and You must understand the underlying principles. Beware what you give away. You don’t necessarily need to turn into a marketing technician, that’s not for everyone. But you do need to understand the principles. From understanding comes control. And from control comes money.
Matt Hall
Merritt Hall Insurance
2421 Production Dr., Suite 203
Indianapolis, IN 46242
317-247-7737
