Magnetic Marketing - How To Attract A Flood Of New Customers - Book Summary

The takeaway from the book Magnetic Marketing by Dan Kennedy

The Book in One Sentence

• Magnetic marketing aims to consistently and economically draw in many of your ideal leads, clients, and customers.

The Five Big Ideas

1. You need a robust marketing system, which is the root of all your business's current internal issues and difficulties.
2. When you have a large enough consistent customer base with whom you can transact value for money, just a tiny portion of your business matters.
3. Big-name companies advertise and promote for various purposes other than to attract customers and increase sales.
4. You'll need to be the go-to source for any audience interested in you and your outputs.
5. You'll need to use the appropriate media to communicate the right message to the right marketing.

Magnetic Marketing Summary

You NEED a good marketing system, which is the cause of all your difficulties and internal issues with your firm today.

Only something else in your business matters if there is a sufficient and consistent flow of customers with whom you may transact for value.

Every profession, every business sector, every sales force, and every demographic share the same financial realities:

• 1% create tremendous incomes and wealth
• 4% do very well
• 15% earn good livings
• 60% struggle endlessly
• 20% fail

Don't start a media business because "everyone else is doing it." Big-name companies advertise and market for various reasons that have NOTHING to do with acquiring customers or increasing sales.

The average business owner and entrepreneur has to know more about marketing and advertising. This leaves them highly open to becoming what Kennedy refers to as "Advertising Victims"—easy pickings for media salesmen, advertising agencies, and anyone who lacks the sales skills to clinch the purchase.

"You must establish yourself as the go-to source for an audience interested in you and your outputs. And the primary way to do this is by coming up with a response to the question, "Why should I select you above any other supplier of the same good or service that you offer?

To establish or develop your unique selling proposition (USP), you can start by asking yourself the following three questions:

1. What exactly do you accomplish that is unique from what the competition offers?
2. What distinct advantages do you provide your target market?
3. Can you target a niche that no one else can or will fill?

Spend time developing your USP—one of the most powerful marketing tools you may have for your company or your product(s).

Marketing Mistakes

Mistake #1:Marketing to the Wrong People

Mistake #2:Saying the Wrong Things

Mistake #3: Asking them to carry out the incorrect actions

Mistake #4:Thinking You can Advertise Anywhere and Everywhere

Mistake #5:No Marketing System

Mistake #6:Chasing Clients

Mistake #7:Thinking You Have the Ad Budget of Coca-Cola

Mistake #8:Low price race to the bottom

Mistake #9:There’s No Follow-Up

"Determining precisely WHO you are selling to is the only way to avoid marketing to the wrong demographics. Knowing that makes it easy to decide which media outlets to advertise on—you follow them."

"In most circumstances, advertising doesn't target a specific audience. It is addressed to EVERYONE instead.

"By focusing on a specific WHO, you may identify exactly what motivates them. I can modify your offers and messaging to align with what you want and your capacity to help with those things. Knowing that WHO is inside and through allows you to create a powerful, dynamic message that digs deep into their aspirations, anxieties, and suffering.

Your marketing system should, at the very least, concentrate on the following three areas:

1. Lead generation—the ongoing acquisition of leads for your business
2. Conversion is the process of turning leads into actual customers.
3. Retention/Referral—keeping that customer base intact and generating new information based on referrals.

You can boil direct marketing down to two fundamental ideas:

1. Spend $1.00 on marketing and quickly recover $2 or $20 that can be traced back to the original $1.00 investment.
2. Only $1.00 on marketing or advertising directly and quickly brings back $2.00 or $20.00.

"There's a tale about great copywriter Gary Halbert, who once posed the question, "Imagine you're building a hamburger stand on the beach—what do you need most to succeed? " to a group of budding writers. The secret sauce, amazing location, and quality meat were among the responses. You forgot the most crucial thing—A STARVING CROWD, Halbert retorted. It's your responsibility to track down the "starving crowd" that needs what you have to offer.

I'm looking for good, potential clients for your business who can be reached easily, who are likely to buy, who can buy, and preferably who already know about you or are inclined to trust you is what you want to do in terms of targeting.

There's the fable of the man who entered a hardware store in search of a 3/4" drill bit. The error that is simple to make is assuming that the consumer needs a 3/4" drill bit. Wrong. He requests a 3/4" hole.

Three major components make up the Magnetic Marketing Triangle, each of which can be visualised as a triangle's base:

1. Message: A genuinely persuasive marketing message and, ideally, irresistible.
2. High-probability target marketing that isolates only those who are most likely to react.
3. Media: The most suitable and efficient mix of media to reach your target audience.

Consider the following questions to identify your target market's psychographics:

• What about your good or service keeps them up at night, staring at the ceiling, unable to sleep?
• What is it that makes them angry?
• What is their current point of pain with your good or service?
• What is the one most significant issue you can help them with?
• What is their deepest, darkest desire?

What do you say to your market, past, present, prospects, clients, and customers that is captivating, magnetic, unavoidable, demands a response, and pulls them to you as a brilliant porch light on a night lures moths?

A marketing message is a method of stating to the appropriate market, "Here's what I'm all about and here's why you should choose me," briefly and plainly.

If you operate a hotel, a typical offer may be, "Get 10% off your hotel room fee." On the other hand, a widget ups the ante by adding new components to make it even more alluring, challenging to resist, and impossible to compare to rival products. Widgets are collections of services, products, bonuses, and experiences that have been cleverly packaged, given a catchy name, and marketed as an exclusive, one-of-a-kind purchasing opportunity.

An irresistible offer combines different elements—price, bonuses, guarantee, quickness, security, etc.—into something distinctive and engaging. Think "widget" again because that's what you'll be pushing.

The offer needs to be better if the widget you create doesn't at least cause you to pause and wonder, "Am I giving away the farm here?

Three different kinds of offers can be made in the Magnetic Marketing System.

1. Lead Generation Offers;
2. Consultation Offers Direct Purchase; or
3. Final Offers

The 10 Foundational Rules of Direct-Response Marketing

Rule #1:There Will ALWAYS be an Offer or Offers

Rule #2:There Will Be a Reason to React Immediately

Rule #3:You Will Give Clear Instructions

Rule #4:There Will Be Tracking, Measurement, and Accountability

Rule #5:Only No-Cost Brand Building

Rule #6:There Will Be Follow Up

Rule #7:There Will Be Strong Copy

Rule #8:It Will Look Like Mail-Order Advertising

1. Rule #9:Results Rule. Period.
2. Rule #10:You'll have a strict direct marketing diet for your company and be a tough-minded disciplinarian.

Add an element of "bidding" to the agreement, attach the offer to a firm deadline, limit the request to a select group of consumers, remove the bonus or gift from the contract if they don't act immediately away, and make the offer more urgent.

Kennedy suggests that readers spend money on direct-response advertising and embrace brand-building as a bonus. If you don't want to spend Daddy's money out of spite, he advises, "NEVER buy brand-building and hope for a response as a bonus."

There are countless ways to combine physical and online follow-up campaigns and techniques. Only a few of the follow-up options are included here:

• Restate, ReSell, and Extend the Same Offer
• provide a stern or humorous "second notice" connected to a looming deadline
• “Third and Final Notice”—Tie
• Change the Offer

Your lead generation magnet does four things in particular:

1. First, to improve response to advertising by generating it.
2. Second, could you emphasize the prospect's dissatisfaction with his current situation and any issues he is experiencing for which you have a solution?
3. Third, could you show your knowledge and compassion?
4. Fourth, could you position yourself so that the prospect will receive your advice well?

"Doing what you do so well that people can't help but tell others about you" is a key to marketing success. Walter Disney