Lies publishers tell themselves to avoid marketing

11 March 2009

Business plans for publishers are easy. You set out your projected revenue and estimate the costs to deliver your product.

But how did you arrive at your revenue estimates? What market testing have you done to support your income projections?

Publishers who put forward business plans without a marketing plan are usually rejected by company directors, seasoned investors, bankers, accountancy firms, other publishers and successful entrepreneurs. Backers need to see the figures.

But usually, the ‘marketing plan’ lacks the ‘real’ component: scientifically conducted research.

In other words, market-testing on real people.

Who will believe your figures?
The marketing plan must show where the money comes from, how much it costs to get it and how much people will pay for your product.

If you ‘estimate’ (make up) those figures no-one will believe them. People may like you and your team, and maybe you can get the money based on your experience and likability. But a good marketing plan needs more substance.

Marketing lies at the core of any business because unless you understand how people are likely to respond to your offer, and can show evidence, no professional is likely to be convinced.

How to be convincing
A simple measure of your believability is this: if it takes longer than around 120 seconds – two minutes – to prove your case, you’ll fail.

It’s is called the ‘elevator pitch’, because it’s about how long it takes to ride the elevator. Two minutes, and the benefactor or investor will make his mind up.

Without a tested marketing plan that shows how many and how much people are prepared to pay your forward projections are unlikely to be accepted.

The wrong kind of market research is no better than no research at all. The very best position is to have research results that you can take to the bank – and that means cheques, credit card and direct debit orders in your hand to show your prospective partners-in-business.

That is what real test-marketing gives you – handfuls of orders. Numbers that can be prudently extrapolated to show real revenue when you roll-out.

Test marketing – a real example
The best way to test if a proto-type vacuum cleaner will sell is to use it on the prospect’s carpet. The sale takes around 120 seconds. The proof of sale, the money, quickly follows.

No-one, not even your harshest critic, can argue with the hard cash that comes from sales.

Testing your market
Luckily, in our business of publishing we have methods of testing markets that are:

1. Inexpensive
2. Fast
3. Easy
4. Convincing
5. Backed by years of test-case studies

In case you think money will flow into your business without doing any marketing, or that you ‘cannot afford marketing at the moment’ here are some questions you will be asked:

1. Does your business plan contain a marketing plan?

2. Does your marketing plan contain real test-results that are indisputable?

3. Are you a recognised marketing and sales expert in your field? If not, where is he / she?

4. Do you think you are saving money by not marketing?

5. Do you confuse marketing with ‘promoting’ your product?

6. Are you ‘waiting until later’ to do your marketing?

7. Do you think your prospects will see the virtues of your product and buy it without promotion?

8. Is having a ‘better’ or cheaper product enough to be successful?

9. Will prospects automatically buy your product rather than another?

10. Should you involve someone who knows as much about marketing as you do about your business?

11. Have you tested an integrated Internet strategy into your plan?

These questions are the ones you should also be asking yourself. The answers should be the basis of your rationale for your new venture.

You think your product is best?
If you think that providing exceptional or cheaper products to a consumer is sufficient to have a successful business then you’re in big trouble.

There are fifteen common marketing mistakes even experienced publishers make when launching or promoting a publication. So if you have fallen into one, two or even all fifteen of the traps you are not alone. Many more companies fail than succeed.

To avoid trouble, create a marketing plan with an expert who knows as much about marketing as you do about your business.

Unless, of course, you already know such things as how to plan and execute a test-marketing programme, how to write copy, the difference between Web and direct mail copy, how to build a list of leads and how to combine online and offline marketing tactics.

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