Strategic Marketing Lessons from “The Profit”

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Marcus Lemonis, multimillionaire entrepreneur and star of the hit NBC show “The Profit”, has a formula for success. For Marcus, business success is based upon the simple principles of people, process, and product. These three hallmarks have helped the charismatic Lemonis grow his ultra-successful company Camping World. People, process, and product can be successfully applied to your company’s marketing program.

People

When building your marketing program in-house or hiring an agency look for the following:

  • Ownership: does each marketer possess the ownership “gene”? Do they treat your business as if it is their own?
  • Leadership: will your marketing personnel show their leadership skills when executing, formulating, or analyzing strategies? Are they proactive, take charge types?

Strategic Marketing Processes

What processes are in place to ensure your marketing team will continue to successfully grow your marketing program?

  • Content Creation: does your marketing team include Internet savvy writers that understand how to optimize content for search engines while creating content your consumers wish to read?
  • Distribution and Scale: are your marketing personnel familiar with how you want to distribute your content, where you want it published, how often you expect updates, and how to find a large audience suited for your messages?
  • Data Analysis: does each marketer understand how to analyze data that is a result of your online campaigns or ongoing messaging? Do they know how to “read” your data with an eye for potential new strategies, new campaign opportunities, or when to consider revamping or removing an ineffective online communication strategy?

Products and Services

You can’t successfully market or successfully sell a product or service if either is of substandard quality. When Mr. Lemonis is evaluating a business he looks for products that are undervalued, under-served, yet they are products that should provide value to customers.

Likewise, when digital marketing agencies, entrepreneurs, or small marketing consultancies begin to look for services to sell they need to be cautious and discerning when making their choices. The process of selecting which marketing services to offer your clientele should include:

  • Skill Sets: List the skills and aptitude you and your team as a beginning guide post. Look for strengths (services you should offer) and weaknesses (niches you should seek training)
  • Expertise: What is your expertise and that of your team? More importantly what is your aptitude if you don’t have the expertise in a particular service you wish to offer?
  • “Hot” Services: Like the old baseball adage: Some of the best trades you make are the ones you don’t make- just because a social network launches and has created buzz doesn’t mean you must build a service around that network.
  • Profitability: Calculate which services or products represent the highest profit margin
  • Passion: If you or your workforce do not have a passion for your services or products that lack of enthusiasm will sabotage your sales efforts and brand perception
  • Do Great Work: When you perform your work do it to the best of your abilities. Don’t cut corners, don’t give half effort, go all-in or don’t go at all!

Strategic Marketing Lessons

The old saying if you fail to plan plan to fail is very true when it comes to successful strategic marketing. To achieve business success you must lay the foundation for your business with a business plan. Research and market analysis will provide the backbone and road map for where and how you will proceed. The rest us simply a matter of effort and passionate belief in your journey! Good luck to you all.

 

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