Mass marketing refers to treatment of the market as a homogenous group and offering the same marketing mix to all customers. Mass marketing allows economies of scale to be realized through mass production, mass distribution, and mass communication. The drawback of mass marketing is that customer needs and preferences differ and the same offering is unlikely to be viewed as optimal by all customers. If firms ignored the differing customer needs, another firm likely would enter the market with a product that serves a specific group, and the incumbent firms would lose those customers.

Mass marketing is not the best approach for small businesses for a variety of reasons.  Here’s what you need to consider when approaching your marketing plan:

1. Mass marketing is not targeted to the people most likely to buy what small businesses sell.
2. Mass marketing rarely creates quick sales.
3. Mass marketing can be expensive and suck up your resources.
4. Mass marketing is difficult to design to appeal to a target market.

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The first step to putting together a strategic marketing plan is to thoroughly understand your market space and your ideal target client.  This includes acquiring a thorough understanding of the affluent mindset (Attitudes, Beliefs and Values), defining the demographic and psychographic qualities of your ideal client and understanding who else is serving your clients.

Whether you are starting a business or launching a new product line, it is a little like buying a car:

You need to do some research before taking the plunge. First, figure out if there’s demand for your product or service. Do a competitive analysis. And ultimately, create a plan to differentiate your offering.

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Client loyalty takes customer service to a whole new level.  It isn’t just about providing exceptional service.  It is about creating an entire experience for your clients.  Here’s why it is essential to solidify your customer’s loyalty:

1. While a growing business needs to constantly capture new clients, the focus and priority should be on pleasing your existing client base.
2. If your company fails to nurture your existing client base, your business will pay the price.
3. You will also be limited in your ability to attract new clients if you can’t hold onto and satisfy your existing clients and clients.
4. Referrals among repeat clients are 107% greater than non-clients.
5. It costs six times more to sell something to a prospect than to sell that same thing to a client.
6. Nurturing your existing client base is a strategy that will move you forward in increasing your sales by 50% without increasing your budget.

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When you begin the process of outlining a customer service plan you must first identify what you want that experience to look like.  To do so, you must reverse engineer your desired world class client experience vision.

When a client has an experience with your business what exactly do you want it to look like.  At our company, we have several goals:

• Have our clients recognize our commitment to exceptional customer service
• To feel appreciated as a client
• Have our clients believe that if we make a mistake we will make it right.
• Have our clients recognize that we always go the extra mile and are innovative in our processes.
• To create loyal raving fans who feel very comfortable referring us business on a regular basis.
• If they leave our business, to leave satisfied with the results they have achieved

What does your vision look like?  Write it down to begin the process of creating the ideal experience for your clients.

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Business owners tell me every day that the way they generate the most new business is through referral marketing. And with the affluent, there is no marketing weapon powerful.  Yet these same business owners don’t seem to grasp the power of this statement. Few if any businesses harness the true power of referrals by making the receiving of systematic referrals a cornerstone of their marketing efforts.

Referrals are essential because:

1. Referrals are credible right from the start. When a trusted friend tells you about a business you transfer that trust to this company…even if you’ve never heard of them before.  I see this every day.
2. Research has proven that people who are referred to a business tend to spend more money.  Your affluent clients will refer other who are highly qualified and not just tire kickers or price shoppers.  That is why…It only takes one!
3. Referrals are very cost-effective. In some cases free or a fraction of what you might pay in marketing investments.

This is especially true for service businesses.  Good relationships and client referrals are worth their weight in platinum, especially when you are dealing with affluent clients.   Unfortunately, the company sells itself short and overlooks one of the most effective ways to generate new clients.

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If so, you do not want to miss this call!  My good friend Kevin Nations and I are going to talk about how to move from a slow EVOLUTION in your profits to a complete REVOLUTION of your entire business!

The call is happening on Thursday, February 4th, 2010 at 1 pm PT / 2 pm MT / 3 pm CT / 4 pm ET.

Click here for details!!

It’s MUCH easier to GO BIG than to try for slow, small gains in your business. We’re going to dispel TONS of myths about steady, measured growth and reveal for the first  time ever how you can put the Science of Strategic Success to work IMMEDIATELY to literally revolutionize your own success!

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I did it and you can too.  That’s the message in Lucinda Cross’s new book, Corporate Mom Drop Out (http://corporatemomdropouts.com/) and I’m extremely honored to have been asked to contribute to it along with 20 other successful Corporate Mom Dropouts.

You probably already know my story.  After working over 15 years in leading marketing agencies, emerging technology companies, and Fortune 500 companies, I left it all to create my own business. So here I am today creating my own success and feeling gratitude and fulfillment by helping others live their dreams and allowing them to earn more and work less.

Take a look at this new book to learn more of my insider secrets to drop out and create a rewarding financial lifestyle as well as so much more from others who have done it too.  It’s currently available at Barnes & Noble (www.bn.com) and Amazon (www.amazon.com).

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By any measure, the affluent sector is growing exponentially, and is far more diverse (in terms of ethnicity, education, location, and professional background) than at any time in the past.  Edward Mazze presents a comprehensive approach to analyzing affluent consumers–and creating, promoting, and selling innovative products and services to them. Illustrating their principles through dozens of examples, including Mercedes-Benz, Neiman Marcus, Merrill Lynch, Tiffany, and even discounters, such as Target and Wal-Mart, the authors deconstruct how a complex market segment works. Dispelling popular myths and misconceptions about the composition and behavior of this segment, they provide not only a practical guide for marketers and students of marketing, but a fascinating glimpse into a culture driven by materialism, status, and aspirations to luxury.

Join me as I interview, Edward Mazze, Author of  The Affluent Consumer: Marketing and Selling the Luxury Lifestyle, this Thursday, October 15, 2009 at 1:00pm EST (10am PST).

About the Author

EDWARD M. MAZZE is Distinguished University Professor of Business Administration at the University of Rhode Island, where he previously served as Dean of the College of BusinessAdministration and holder of the Alfred J. Verrecchia-Hasbro Inc. Leadership Chair in Business. He consults extensively with industry executives and government officials on marketing, management, and economic development issues, and is a member of the Board of Directors of several public corporations. He is the author, co-author, and editor of over 150 articles appearing in such publications as the Journal of Marketing, the Journal of Retailing, the Journal of Advertising Research, and the Journal of Marketing Research, and eleven books, including Lifestyle Marketing (Praeger, 2003), Specialty Retailers (Quorum, 2001), and The Food Wars (Quorum, 1998), with Ronald Michman.

This call is FREE for all Millionaire Prodigy Club members. Not a member? Join Now!

Article by Kelly K. O’Neil, Million Dollar Marketing to the Affluent Coach and Creator of the Marketing to Millionaires™ Programs

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From the instant the starting gate opens, a modern jockey is working really hard to ensure that its horse is at its performance peak.  Keeping it from distractions and helping it to focus on the task at hand.

I believe every entrepreneur needs a good “jockey” to ensure they are keeping on track, operating in peak productivity and keeping their eye on the prize.

That jockey can look like a great coach, a mastermind group or a business manager.

Watch as Kelly shares her theory.

Thanks and let us know your thoughts. I encourage you to leave your comments or questions below.

Be Sure to sign up for the Marketing to Millionaires Retreat this October, to learn more on Marketing to the Affluent

Article by Kelly K. O’Neil, Million Dollar Marketing to the Affluent Coach and Creator of the Marketing to Millionaires™ Programs

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If you are a small business owner who is facing challenging times, watch this prayer/meditation developed by my client Ryan Angelo.  There are so many people who are stunned by the transitions in the economy and stuck in fear. Please share this video with anyone who you believe could benefit from this.

World Prayer of Overcoming from Ryan Angelo on Vimeo.

If you would like to meet Ryan in person, he will be doing the Meditation/Yoga classes for the VIPs at http://www.marketingtomillionairesretreat.com

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