A while ago, I wrote about something I called the “Magic Marketing Formula”.
Here it is in a slightly different format (a.k.a, easier to read and remember). Also, I have changed the name to reflect the true nature of the formula.
A= (T * E2 * M)
From this point on, this marketing formula will now be called:
The Smart Marketing Formula
This post is the first of several that will explain the formula and how to best use it. I hope you find it useful. Please comment either way. I’d like to know what you think.
The formula is meant to be a guide to help us focus on what’s important as we grow our businesses. By using an algebraic formula we can easily see the relationships between different actions and concepts. It also helps us remember to think in terms of inputs and outcomes.
The higher any of the variables are, the more positive they are. The reverse is also true down to 1, as the lowest possible value. (Using zero blanks the whole thing.)
The variables are defined as:
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A = Awareness
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T = Time
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M = Marketing Activities
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E = Customer Experience
For now, we’ll talk about “Awareness”. The next several posts in this series will cover the other variables.
As you might guess, Awareness means the extent to which people know about your business. But it goes deeper than that. The “people” here need to be people who want what you can do. And they need to be people you can serve better than anyone else.
Awareness, in this case, has another meaning.
The more aware someone is of your company, the more likely they are to become or remain your customer. Awareness here equates to brand. High awareness means they trust you are able and willing to help them get what they want. It also means they believe you’ll do a better job for them than anyone else.
So you can see, awareness, as defined in the Smart Marketing Formula, is something we want to increase as much as possible.
Next time we’ll talk about the three variables in the formula that tell us how to increase the “A”. So, stay tuned!
Other articles you might like:
- The Smart Marketing Formula – Part 2
- The Smart Marketing Formula – Part 3
- Apple’s iPhone Blunder
- I’ll Take a Number Three Please
- Is Your Business Ready for More Customers?
