GUEST: Tony Guarnaccia, Founder and Owner at Results Trained
Marketing used to be straightforward. You placed an ad in a newspaper and you got business.
These days, it’s complicated — and we’d all benefit from democratization.
In this episode, we discuss:
- What democratizing marketing means
- The 6 factors essential to growth
- Where to begin in your business
How to democratize marketing
In order to discuss how we need to shape the future of marketing, we need to turn to the past.
How did we get here?
Marketing: A brief history
In the past, there weren’t a lot of channels to get your marketing message out on.
You had newspapers. You had radio. Maybe a billboard. Then you had a crazy revolution in broadcast media — television. And it had about 3 channels to choose from. It was simple. But over time, it got more complex.
Then came the marketing revolution. The internet changed everything.
Search engines become the Modern library of Alexandria — only with a lot more cat gifs — and add infinitely more complexity to how content is delivered. Then we get mobile phones and smartphones, allowing people to consume content anywhere at any time.
Then comes social media and, along with learning how deep your uncle is into conspiracy theories, new ways of consuming and sharing content.
So, what’s the problem?
Where once you could just pick a few newspapers, radio stations, and I Love Lucy spots for marketing, now there are literally thousands — if not millions — of channels to choose from, which causes choice overload and much more time spent researching.
Even if you do find a decent level of success on a channel, how do you stand out from everyone else? You need to find a way to differentiate and make your message heard.
Back in the day, the only technology concern was the signal strength of broadcast media.
These days, you have to worry about analytics, tracking, numbers of pixels, AI uprisings, and other multisyllabic tech terms that Amish parents use to scare their children into behaving.
With the increase in marketing complexity, there is a gap between what the largest companies and the average marketer can accomplish. Democratizing marketing is about bridging that gap.
“The idea behind democratized marketing is to bring the strategies, tools, resources, tactics needed to every business so that everyone has an equal opportunity for success.”
Now, this isn’t just for the sake of any one individual business.
By democratizing marketing, we are helping our communities and the health of the overall market.
Consumers, business owners, and workers all benefit when more organizations have the tools they need to succeed in today’s complex marketing world.
The 6 key factors for growth
So, what do we need to keep in mind if we want to position ourselves for success in this complex marketing era?
Well, there are 6 factors Tony recommends you keep in mind:
1) The market you are serving.
2) The products and services you are serving that market with.
3) The value you are providing those markets.
The next 3 are growth-drivers:
4) Gaining new buyers.
5) Increasing the lifetime value of your buyers.
6) Driving repeat sales, recurring revenue and referral business.
In order to really incorporate these factors into a successful strategy, it’s important to have the right data — especially for your growth drivers.
You can be as focused as possible on these areas, but without the right data leading your decisions, you will have trouble using them to your advantage.
“Data is what keeps you level-headed and not making emotional decisions.”
So, where do you start?
Before doing anything, you need to do a proper assessment, some of which you can take for free on his website. Now, depending on your assessment, you can go a few different ways.
But Tony often recommends focusing on the 3rd growth driver first: Loyalty.
“It's better to start with loyalty, because the lowest hanging fruit is typically getting your existing client base to buy again and again.”
Loyalty is the most important lever to pull if you want to find success in today’s chaotic marketing world.
Everyone knows the old adage about the cost of keeping a customer vs. gaining new customers. But that cost is only half of the equation, maybe less.
Loyalty leads to referrals, which are invaluable. The trust you build with your customers is contagious — and that trust is much harder to build from scratch.
And loyalty drives growth because customers who trust you will buy again and again — and often more and more — from you.
And the best part?
It’s one of the easiest things to build.