60/40 Law of marketing
Lesson 9 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
60/40 Law of marketing
Lesson 9 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
9. 60/40 Law of marketing
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
60/40 Law of marketing
So the 6040 principle in marketing is from the book, the long and short of it, which is one of the most celebrated marketing books of all time. Now, in this lesson, we're going to be covering the difference between short term sales activation and long term brand building. And we also cover how important it is for you to take your own personal situation and create a formula or a percentage that ultimately makes more sense to you. So let's start with actually understanding the 6040 rule. The 6040 principle suggests that in marketing and brand building, you ultimately should be dedicating 40 per cent of your budget for marketing to short term sales activation and 60 per cent to long term brand building. So apparently this is the best split to help a brand grow. However, I don't 100 per cent agree. However, before we dive into that, and I'll cover that a little bit later on in the lesson. Let's first understand what sales activation actually is. Now, these efforts are all focused on actual...
ly getting the sales. So actually persuading the customer to get money out of their pocket and give it to you for your product or service. This can include many different approaches, such its promotions, discounts, campaigns to ultimately get the customer through the door so they can give you their cash. Now, a real life example of this could be a car showroom who ultimately holds some sort of promotion, gets more people to the showroom so they can buy more cars and make their sales figures. So now we've got an understanding of what short term sales activation is. Let's look at long term brand building. So long term brand building is essentially everything else that isn't focused on asking the customer for a seal. Basically, long term brand building is all focused around trying to build the perception in the customer's mind without asking them directly to spend their money. This could be posting stories about the team that you have within the business on social media. It could be marketing campaigns telling people about what the brand stands for. And it could also be how the support team talks to a customer when they call you. Long term brand building is all about creating a brand that stands for something. And this ultimately over time can help you to sell more, but you have to get the balance right between short term sales activation and long term brand building for your personal circumstances. Now neglecting one and just completely focusing on the other is going to cause a little bit of an issue because you're not going to have that balance there, even if you do need sales right now, if you do that, then you're going to be seen as a cheaper brand that is just desperate for customers. And on the other hand, if you just focus on telling stories all the time and you never actually give a customer a reason to buy from you, you, you might sell a few things, but you're not going to be selling as much as you could be. So the real magic happens when they both come together and work together. Short term sales activation can help to drive revenue and really get customers through the door and get them handing you cash. So you can reinvest that back into the business. And long term brand building is ultimately a case of building the perception in your customers that your brand is very desirable so that when they have a need for your product service, they don't mind spending that little bit extra to go with you because you've already imprinted in their mind what you stand for and they already desire what you can offer. So if you're a fairly new business and you haven't been around for maybe a decade, then I would actually suggest to focus more on sales activation. And the reason I say that is you need to start selling your product and services to get feedback from your customer base and also start building your customer base. So you can actually get the feedback and the data that you need to improve. Now, the secret is to ultimately get the balance right for you. And so take some time and really think about what makes the most sense for you. Now, maybe you don't have any marketing budget whatsoever, which in that case, that makes it really easy because you aren't spending anything. But this also applies to your time and resources as well. For example, if you're spending 100 hours on creating content or marketing efforts for your business, then maybe you'll spend 60 per cent on brand building and 40 per cent on creating promotions and discounts and stuff. It's all about balance. So take some time to think about it and I'll see you in the next lesson.
Class Materials
Bonus Materials