What Exactly is Business Marketing and Advertising?
There are so many different definitions of marketing, it's hard to keep track of them all. Some people use the term marketing when they really mean sales. Others use it when they really mean advertising.
But business marketing is much more than just sales or advertising, although both sales and advertising can be components of your marketing mix. For the purpose of this program (and for making your practice extremely profitable) we'll be using the following definition of marketing:
Business Marketing is the process of creating a client, maintaining an ongoing relationship with that client, and bringing substantial benefit to both the client and your practice.
Sound complicated? It really isn't once you understand all three parts and how they work together. So let's break my definition down into its component parts so you can fully understand how powerful this can be for your practice.
Business Marketing is:
1. The process of creating a client
2. Maintaining an ongoing relationship with that client
3. Bringing substantial benefit to both the client and your practice
1. The process of creating a client
There are a lot of steps that go into creating a client. All of these will be covered in complete detail in other chapters of this program. For now, to understand what marketing is, just know that there are proven processes for identifying qualified prospects and turning them into paying clients.
2. Maintaining an ongoing relationship with
that client
The most expensive aspect of marketing is identifying qualified prospects and converting them into paying clients. First, you have to generate a sizable number of leads, because only a fraction of these leads will convert into prospects. Then, only a fraction of those prospects will convert into paying clients. As you can imagine, even when done right, this can get expensive.
On the other hand, once you've provided your service to a client and earned their trust, selling more services to them that they will benefit from is relatively simple and inexpensive – which means that these repeat sales are far more profitable than initial sales to new clients.
In order to make these repeat sales, you'll need to maintain an ongoing relationship with your clients. All the details of how to accomplish this will be provided in later chapters.
3. Bringing substantial benefit to both the client and your practice
This third component is really the product of the first two components. By repeatedly providing high-quality services to your clients, they benefit directly. And by your clients paying you (handsomely, I might add) for your services, you benefit directly.
Business Marketing and Advertising | 