Merchants are not selling a product but a positive experience, said Marianna Hayes, president of HALO Business Advisors, at the Greenwood-Leflore County Chamber of Commerce Tuesday.
Hayes talked to more than 15 Chamber members and visitors about the "12 Steps to Revolutionize Your Business."
By evaluating and measuring the results of a marketing strategy, a business can waste less, spend smarter and increase sales, Hayes said.
She encouraged attendants to know what business they were in. "You are selling an experience," she said.
Customers buy feelings, success, confidence and relaxation, she said. Otherwise, Starbucks would not be able to sell coffee at $3 a cup, she said.
Hayes called customer retention the secret key to success. It costs five times more to gain a new customer than to keep an old one, she said.
"You can slash your budget and grow your business, if you retain and give attention to existing customers," Hayes said.
Reed Gaede, manager of JCPenney, enjoyed the presentation. "It's common sense," he said, "but presented in a concise and user-friendly way."
The steps are:
Admit your need for a revolution.
Know you're selling an experience.
Expect more from your marketing.
Take inventory.
Focus on retaining customers.
Establish appropriate partnerships with entrepreneurs around you.
Develop a written game plan.
Shamelessly promote your brand.
Walk the talk and use your marketing plan.
Avoid potholes, such as complaining about bad business; be a cheerleader.
Review.
Revise.
