Marketing Mindset: The 6th M
The Follow up to the 5 M’s
Hi, Nhat Pham here with SUCCESSWERKS. I want to talk to you about the sixth M.
You’ve heard me talk about the 5 M’s a lot. There’s a 6th M I’ve discovered; it’s Marketing Mindset, and here’s why this is so important.
So there’s actually three areas when it comes to Mindset of Market. There’s:
- Branding and Awareness
- Customer Acquisition
- Loyalty and Advocacy
See, so many people come to us and say “Nhat, we need more customers. We need more clients.” And they want to jump right into customer acquisition. And the thing that a lot of folks haven’t understood yet is there’s a branding and awareness piece to it.
Branding is your logo, the fonts, and everything that comes with your collateral, okay? And then there’s the awareness piece; just because you have a nice logo and everything doesn’t mean people understand what it is you do. See, that’s the awareness piece. Awareness is, well, when I say they recognize your logo and have an understanding of what it is you do. I’ll say it again: not only a recognition of your logo, but an understanding of what it is you do.
And it’s okay to just brand! Let me give you an example. Now, in this example- they had deep pockets to do it, okay- they are the folks from Aflac: for about 20-some years, all they did was get on football spots during halftime. There were trivia questions, and this duck saying “Aflac”, and they really didn’t explain for years exactly what they did, which is supplemental insurance. The awareness didn’t happen until Johnny, or Susie, or Sally came through the door at your office and explained to you what Aflac was about. But the branding helped them get in the door.
Now, the Customer Acquisition happens when there’s actually a need or desire for your product or service. Again, a need or desire. That happens in the consideration funnel. That’s when you need to get the little “yeses”. And the bigger the ticket item, the more “yeses” we need. You may want to check out “Little Yeses Lead to BIG Yeses“.
The last piece where I think a lot of businesses in general, and small businesses in particular, need to concentrate their ad dollars is the Loyalty and Advocacy. And loyalty and advocacy is when you already have customers, and you get them to use your product or service more. And the advocacy piece is the “the word-of-mouth.” How do you get them to tell others? Do you have a referral program? Do you create buzz? Do you give them a pat on the back? Do you give them a gift card, or, whatever rewards you offer to excite them about being loyal, and an advocate to you?
So, again, the Marketing Mindset is so critical in executing the Five M’s of Mission, Market, Message, Method, and Metrics. Remember that as you approach marketing in the future, that Sixth M. That’s the missing piece we’ve discovered that’s going to help you decide how you are going to structure your marketing.
So until we meet each other online, be successful and stay social.