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-Principle number 7-- keep your branding consistent.
-Keep your branding and small business ideas consistent. Now, in your mind, why is it so important for advertisers to really keep that brand consistent?
-Well, branding is something that-- there's all sorts of research out. There's all sorts of data. What they're finding is that people have to see something many times. A lot of people have to see something five or 10 times before they even know what it is. So like example, for me, I drive to work every single day, basically the same way, and I have no idea what businesses are on the way to work. And I think I've been on the way to work the same way at least, you know, 300 times. So I have no idea, but I still have no idea.
So if they're going to get my attention with small business ideas, they would have to have a billboard that was saying something insane, and it would have to be like-- it would have to be some pretty crazy. There was a billboard in Las Vegas where a guy actually, he made it look like there's a hanging body hanging from the billboard, which I don't recommend you do, but he did it, and all these cars were like, what? It was a mannequin, but it got their attention. Well, he was able to get national news through that.
-That's a little crazy, but if you had something that could get my attention in a memorable way as I'm driving, you'd probably have to get my attention five or six, maybe even 10 times, before I'd even fully recognize it. So in marketing and branding, you've got to keep it consistent, otherwise people will forget that's the same company.
-Do you have any rules of thumb that you live by when it comes to keeping a consistent branding?
-Yeah, and as I get older, I get more fastidious about it, get more detailed about it. But you just want to make sure that your logo is the same-- the same proportion, the same colors, the same resolution if possible, the same taglines. You just want to get everything to be as close to the same as possible.
-So if I'm watching this, and I'm motivated now to become captain consistency, what action steps do I take right now?
-If you're watching this, and you want to become captain consistency with your branding, it's super important that you commit to establishing brand standards today. So what is your logo? Which logo will you use all the time?
-No variation in color, because of this handout and this online--
-Yeah, what logo? What tagline? What are your official colors? know There's a color values, so if you're talking to a printer, they're going to ask you, well, what's your actual color? You're going to have to know these things. I would just sit down with a local printer or a graphic designer or just do a little Google on it. But you want to basically go with brand standards, so every single time you advertise it's the same.
-Same with phone number. I'm guessing? You don't want to be switching that up or having multiple [INAUDIBLE]?
-Yeah, I've done that before. Don't do that. Do the same number, same website, same brand, same logo-- keep it same.
-Principle Number 8 here-- this is the last one on this Marketing 101 here and the Advertising 101. This one is set aside a consistent percentage of revenue to advertise, so specifically set this aside each month for advertisement. Have you always on this?
-That's something you've been good at from the beginning?
-Do you have a number that you always set aside there?
-Many of the mentors I worked with have said 5%. So 5% of your gross revenue, you set that aside for advertising. Not 1% or 2%, not if you have extra money, not if it's a good month you advertise, but it's a consistent belief of buy-in that advertising and getting in front of ideal and likely buyers in a memorable way is the best way for you to reach the marketplace. So it's a consistency; you have to just consistently advertise, and you want to be able to keep the funds available to do so. So if you bring $1 in the bank, I recommend you set aside $0.05 and that goes into an account to use just for ads.
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-Now I know that we've talked a lot about advertising right now.
CLAY CLARK: Yep.
-But, again, here at this last principle can you just explain to us why it is so important to actually put away 5% of what we're earning for this every month? Why is that so necessary?
-Well, OK, like example, every time that I make a purchase I get a cash back bonus. I have credit cards that give me a cash back bonus. Once I accrue a certain number of cash back bonuses, I always take my wife on a trip.
-Why? Because I set it aside. And so every year it happens. I never don't do it, because I always have money set aside. I always have money set aside, because every time I buy something, it's sets aside cash. If I didn't set it aside, I might get to a time where I'm like, I don't have enough money to go on this year's trip. But it's like an automatic, systematic way to do it.
You want to set money aside, because advertising, when the market gets tough, when the market's hard, when the economy's in recession, that's when you really want to advertise. Ads get cheaper when less people are buying them. And then when the market gets tough, and it gets hard, and there's more and more people who are out there competing with each other. So now the market's hard for a good reason. The market's either hard, because there's very few customers buying and we're in a recession, in which case ads are cheap. Or ads are expensive, because everybody's wanting to advertise, and the markets good, but now it's so competitive it's tough to be successful. Either way, you want to set aside a set percentage of your money so you can always win. And the more you grow your company, the more your advertisement budget grows.
-Good. So set aside at least 5% there each month.
-That's your action statement.
-So, Clay, we've talked a lot about this. Do you have any other added additional bits of advice here for this entrepreneur watching?
-I would just say if you're watching this right now and you're an entrepreneur and you don't have a lot of money, just know that you need to advertise in some way. Advertising can be doing trade outs with local businesses. You say, hey, I'll refer you if you refer me, and we'll swap out services. Advertising could be paying a referral commission to anybody who refers you. Advertising could be anything you spend money on to acquire a new customer. And going back to this diagram. If you wow a customer, they should tell their friends. But Tulsa advertising is always five times more expensive on the front end to gain one new customer than it is on the back end where word of mouth takes place.
So think about it this way. When you move into a new town, anybody, if you're watching this, if you ever move to a new town or maybe you know somebody who's moved to a new town. You move to a town, gosh, it's hard to meet some people, because you don't know anybody and you don't know who to talk to and where to go. But once you meet one person, it might take you three weeks to meet one person. Some people I know it takes them a long time to meet one person. But once you meet one person, if you've ever gone to a new college, same deal. It's hard to meet a few friends. But once you meet one, it's easier to meet quite a few more, because they'll introduce you to other people.
So the key is to advertise to your ideal unlikely buyers. And one mistake I see a lot of business owners do is they advertise to the wrong demographic. And so this would be the final example I want to give you. One business I worked with years ago, this guy was like I want to buy TV ads. So he was put like $20,000 into TV ads. Well, you put $20,000 into TV ads, who are you reaching? The whole city. You can't control his watching. It's not like it's a specific demographic, like it's a specific show.
-It was like he bought ads on a rotator. He didn't buy them for a specific show. You could probably do that, but he didn't. And so he's been in $20,000 to market to the whole city. The only problem is his product is so specifically niche, that only a certain percentage, like 5% of the city would even buy his stuff. And the people who would buy his stuff probably didn't watch the programs that were on that station.
So one, the people who were calling were not the kind of people he wanted to work with. And two, he didn't get that many calls, because it wasn't appealing to his idea likely buyers.
-That make sense.
-So make sure that you know who your ideal unlikely buyers are any time an advertisement opportunity comes to your desk. Don't say yes to it unless it allows you to specifically laser target your ideal unlikely buyers... Small Business Ideas.
-I love it. Thank you, Clay Clark.
-You are beautiful.
-Thank you. I would suggest saying yes to Coca-Cola, though. Not that this is an advertisement.
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