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4 Principles of Marketing Strategy | Brian Tracy

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A short clip from Brian Tracy's Total Business Mastery seminar about the 4 Principles of Marketing Strategy. Want to know: How do I get customers? How do I determine my target markets? What's my competitive advantage?

Transcript:

0:00
hi everyone its felicia here checking in
0:02
with you on day two of the total
0:04
business mastery seminar did you know
0:07
that there are four principles of
0:09
marketing strategy i didn't either
0:11
watch this brand new footage where Brian
0:13
explains exactly what they are and how
0:15
you will become more successful once you
0:18
start using them ourselves oh yes
0:22
sometimes I ask my business clients I
0:25
say who sets your prices sometimes have
0:27
a whole room full of business owners who
0:29
sets your prices by the way and who
0:31
determines your market share and who
0:34
determines your profit levels and who
0:36
determines how fast you grow and who
0:38
determines the future of your ism I do I
0:40
do we do know you don't your competitors
0:43
do your competition determines
0:45
everything your competition determines
0:47
your level of sales the prices you
0:49
charge and how much money you make I've
0:51
done a lot of work on military strategy
0:53
and one of the great principles I
0:54
learned in military strategy is that no
0:56
strategy can be made independent of the
0:58
enemy in other words you can't sit there
1:00
and plan military strategy ignoring who
1:03
your enemy is and where they are and how
1:05
big they are and what their plans and
1:06
intentions are so no strategy and
1:09
business can be made without thinking
1:11
about your competition and who are they
1:13
and what do they do and why do people
1:15
buy from them and how can I get them to
1:17
buy from me and how will they react if I
1:20
get their customers there's there's
1:22
volumes of books in the libraries on
1:24
this and I've got them all there's one
1:26
book called competitive analysis it's
1:27
this big by Michael Porter so a six
1:30
eight hundred pages and it's all on
1:32
things that you have to think about to
1:34
position against competition big stuff
1:36
you can get PhDs in marketing focused on
1:40
competitive analysis so the four
1:41
principles of marketing strategy are
1:43
these number one is your decisions in
1:46
these four areas whoops these that your
1:48
decisions in these four areas determine
1:50
the success or failure of your business
1:52
the first is specialization
1:55
specialization is determining where you
1:59
are going to specialize which we'll talk
2:01
about in your product or service and
2:03
I'll talk about this I'll define it a
2:04
little bit better the second is
2:06
differentiation differentiation was
2:08
really the key to business they say that
2:10
all business strategy is differentiation
2:12
strategy
2:13
competitive advantage is how it is that
2:17
you are different and better than your
2:19
competitors because human beings in the
2:21
marketplace customers always want to
2:24
know why should I buy from you rather
2:26
than from someone else and you'd better
2:28
give me a better reason than your
2:29
competitor does or I'll buy from your
2:31
competitor and it's not personal it's
2:34
just I want to get the very best deal as
2:35
a customer I want to get the highest
2:37
quality for the lowest price you tell me
2:39
why I should buy from you why you are
2:42
giving me the highest quality the lowest
2:44
price and if your answer is better than
2:46
that of your competitors I'll buy from
2:47
you and if it's not I won't and it's not
2:49
personal no emotion involved we get
2:52
emotionally involved because it's our
2:53
business so differentiation is the key
2:56
is how and why and where are you
2:58
different segmentation means looking at
3:00
your market and saying who are the
3:02
specific customers in the market who
3:04
value my area of differentiation and who
3:07
will pay more for my area of
3:10
specialization than anybody else so in
3:13
other words in every market place and
3:14
they say that all marketing out all
3:16
marketing today is segmentation is
3:18
segmenting and identifying those
3:21
customers who are most likely to buy
3:23
from you the fastest and finally there's
3:25
concentration once you have determined
3:27
your very best market segment for what
3:29
you do really well what you do is you
3:31
focus all your energies on them so let's
3:34
look at the specialization says this is
3:36
the product service customer market or
3:38
area of technology where you focus all
3:40
your efforts we also say in
3:42
specialization it can be a product or
3:45
service it can be a particular that you
3:48
want to serve or it can be a particular
3:51
market area that you want to work in
3:53
I'll give you an example McDonald's
3:55
McDonald's customer is people who want
3:58
to eat quickly and they want cleanliness
4:00
efficiency value price and pleasant
4:03
surroundings and so what they will do is
4:05
they will offer every product that they
4:07
possibly can for people who want to eat
4:09
quickly
4:10
whether it's a salad or whether it's a
4:13
a shake or whether it's a type of coffee
4:15
or whether it's in other words they're
4:16
constantly looking for other products
4:18
that they can offer to that customer who
4:20
wants who's in that market segment which
4:22
wants to eat quickly and efficiently and
4:24
they trust they test continuing very
4:27
clear about that so the next one is look
4:29
at that okay and so and so
4:32
differentiation is your competitive
4:34
advantage which you've heard me talk
4:36
about but you'll never hear me talk
4:38
about too much because if you can
4:40
identify and/or create a competitive
4:43
advantage and convey it to your
4:45
customers the dam will break you can
4:47
make more sales and more money in a year
4:50
with a clear competitive advantage to
4:53
your customers then you might make in a
4:54
lifetime if your competitive advantage
4:57
is unclear so number two it's your area
5:00
of excellence or superiority it's
5:02
something that you do better than
5:04
anybody else and I sometimes joke why is
5:08
your product or service better and they
5:09
say quality service quality service all
5:12
in in service we give quality service
5:14
and people don't understand that that is
5:17
only an answer if your competitors offer
5:20
zero quality and zero service in other
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words other than that it's not an answer
5:24
if your person says well you should buy
5:26
from us because of our quality and
5:28
service they're saying I do not have the
5:30
slightest idea why anybody should buy
5:32
from me I am a complete idiot and I'm a
5:35
danger to my company and probably to my
5:37
whole society so it's interesting when
5:42
Steve Jobs looked at the BlackBerry
5:45
looked at all the cell phones that were
5:47
out there and he sent out with his
5:48
engineers and he said I want a phone
5:51
that you can activate with one button I
5:52
said it's impossible all these other
5:54
phones have all these other buttons to
5:56
turn off and on if I want a phone that
5:58
you can activate with one button and he
6:00
kept sending them back and saying in the
6:01
back so they finally came with the one
6:02
button you activate it put in your code
6:04
and bam you have all your apps and
6:07
you're ready to go the game is on one
6:09
button it's never been done before in
6:10
history can't be done can't be done
6:12
can't be done can't be done
6:13
I want it done and there's the phone I
6:15
said phones cell phones so they should
6:17
not be so darn complicated to start up
6:19
use get around and so on I had a
6:22
blackberry and to get
6:24
app on a blackberry which has far fewer
6:26
than Apple it's almost like it you need
6:29
an act of Congress to get a damn app I
6:32
mean you know what I'm talking about
6:33
they're so hard and you go to blackberry
6:35
and I go to go to Apple which my my
6:38
family and my staff got me into within
6:40
half an hour I have 30 apps loaded I
6:42
mean it's unbelievable or in the one at
6:44
a time at whoa and now you can float the
6:46
whole world and stuff the stuff that's
6:48
on there for apps just the free apps
6:50
blow your mind much less the paid apps
6:52
and now your four hundred and eighty six
6:54
thousand apps think about that but they
6:57
make it easy so Apple says you come to
6:59
us and it's easy you can access
7:01
everybody anything anywhere and then
7:03
they come up with the Apple too and they
7:04
put that vision video bot model on it
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whereas you can act and hold it up and
7:08
you can talk my video to anybody in
7:11
anywhere in the world has an apple with
7:12
the same facility it's the most it's the
7:14
most amazing thing I mean you look at
7:17
it's almost like a kid how can this be
7:19
so what is yours and if you don't have
7:22
it you can't compete but if you do have
7:23
it yourself 50 million sets and become
7:25
the highest valued company in the world
7:27
in five years if you can be really clear
7:29
about an area of excellence that people
7:32
want and we'll pay for your unique
7:34
selling proposition what is it what is
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it bit and this is called your USP your
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USP is the one thing that you offer that
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no other competitor offers in the whole
7:43
world it's unique
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what do we know about the word unique is
7:48
it cannot be modified it's the only
7:50
adjective that cannot be modified you
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can have more and you can have greater
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and you can have greatest but you cannot
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have more unique or unique er or less
7:59
unique or unique guest you have only one
8:01
word unique each person here is unique
8:04
you are not unique er you are not the
8:07
unique guest you are unique because the
8:09
only one of you in the entire world
8:11
so therefore what is your unique selling
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proposition I've worked with people has
8:17
spent hours to identify this and when
8:19
they finally identified it their
8:21
business went up five hundred percent in
8:22
the next twelve months they could not
8:24
believe it they went from struggling to
8:26
living in a big home driving a Cadillac
8:27
or a Mercedes because they finally found
8:30
it and then all of your advertising all
8:32
of your promotion all of your work is
8:34
focused and conveying that USP to your
8:36
customers getting it to them
8:38
so that they are clear what it is and if
8:40
it's what customers want and value and
8:42
will pay for they will line up around
8:44
the street
8:44
remember when they brought out the iPad
8:47
at because of the iPhone nobody really
8:49
knew it was in the iPad except it's
8:51
going to be like a whole broad screen
8:53
it's gonna have everything that a
8:54
computer that they line up around the
8:56
streets by the hundreds to beautify to
8:58
lay five hundred dollars now five
8:59
hundred dollars I don't know about you
9:01
but I think five hundred dollars so long
9:02
money wouldn't you say five hundred
9:03
dollars these are poor people with
9:05
flip-flops and sandals and tractor caps
9:07
well then they have to put their five
9:08
hundred dollars down to get this because
9:10
they didn't they didn't know what what
9:11
it was but it's going to be like that
9:12
it's going to be like an iPod iPhone
9:15
with a bigger screen plus all kinds of
9:17
other capabilities Wow and they know
9:19
what they did they sold 25 million of
9:21
them in in less than a year 25 million
9:23
and they totally changed the book
9:25
retailing industry the book retailing
9:27
industry like a ship that turnover went
9:29
from basically hardcover books in
9:32
bookstores it flipped now 51 to 55
9:35
percent of all books are being purchased
9:37
on as ebooks and the reason is because
9:40
of the iPad because iPad owners are
9:43
readers and they buy an average of two
9:44
to three hundred books in the first year
9:46
and the whole market flipped and borders
9:48
one of the biggest and oldest bookstores
9:49
in america went bankrupt all in less
9:52
than a year when the ipad was introduced
9:53
can you imagine I mean we're living in
9:55
pretty turbulent times would you imagine
9:57
a company that spent decades building
9:59
this bankrupt nationwide within a year
10:02
with the advent of one new technology so
10:04
what is your unique selling proposition
10:06
there's this convenience you can get
10:08
everything get everything fast
10:09
everything convenient more convenient
10:11
than anyone else everybody tries to
10:13
compete with the iPhone or the iPad
10:15
can't do it the Nook can't do it the
10:17
hewlett-packard got into it with their
10:19
tablet and just quit let's just can't do
10:22
it now
10:23
who is it not Samsung but the the Korean
10:28
company is trying to compete and so on
10:30
but they have a unique selling
10:31
proposition so my question is what is
10:33
yours and I'm going to ask you to answer
10:35
that what is yours
10:36
what is it that you offer that nobody
10:38
else offers now here's is an insight if
10:40
you're offering something that everybody
10:42
else sells let's say you're a real
10:43
estate agent what's your unique selling
10:45
proposition as a real estate agent if
10:47
every other real estate agent with 100
10:49
miles has same unlimited access
10:52
to the yeah the MLS what's what is your
10:58
what is your USP or can be what could it
11:02
be what should it be
11:03
come on cheese well the answer is
11:07
yourself because you the product is all
11:10
the same you don't even control the
11:11
product you even control the marketing
11:13
everybody else can have it so what makes
11:15
top realtors I work with top Realtors
11:17
the average realtor makes about 25,000 a
11:19
year I work with entire roomful of
11:21
Realtors average incomes $833,000 a year
11:24
on straight Commission selling and they
11:26
all started off with nothing and they're
11:28
now at the top of the field and some of
11:29
them make several million selling homes
11:31
what's the difference personality
11:34
personality preparation punctuality
11:36
friendliness warmth follow-up notes
11:39
phone calls contact in other words they
11:42
make a supreme effort to build a really
11:46
high-quality relationship with a home
11:48
buyer or home seller so that that person
11:50
will never think of going anywhere else
11:52
I know because I worked with some of
11:54
these people in buying and selling my
11:55
homes and I would never buy or sell
11:57
buyer through anybody else but these
11:59
people because they have they are so
12:02
good at what they do and every one of
12:04
them started off on the street knocking
12:06
on doors and diving for dollars and made
12:08
a decision that their unique selling
12:10
proposition was going to be themselves
12:12
and and you as an independent business
12:15
owner can make that decision as well
12:16
make the decision that I'm going to take
12:18
such good care of my customers my
12:20
customers would never go anywhere else I
12:21
don't have to give them blandishments or
12:23
discounts I'm going to take such good
12:25
care of them that they will eagerly come
12:27
back to me so number four is where are
12:29
you or could you be the best where are
12:31
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