This Issue: Powerful Marketing for Competitive Times

I always ask other people what they think. Whether it’s in my real-life boardroom when I’m making a multi-million dollar business decision or whether it’s on the set of The Apprentice in my famous boardroom, I like to know what people think. After all, I surround myself with talented advisors for that very reason. I value their opinions and want to hear them. But that doesn’t mean I always do what they say.

Even more frequently, I get loads of unsolicited advice. Everyone has an opinion on what you should do and how you should do it. Although most people mean well, and often even offer you sound advice, they don’t necessarily know what’s best for you.

When I decided to develop properties in Manhattan years ago, my father couldn’t understand why. He had been very successful in Brooklyn and Queens and thought I should work there too. However, moving to Manhattan was a major goal of mine; it was center stage and it was where I wanted to make my name.

I trusted my father and listened to what he had to say, but in the end I chose to make up my own mind. And I was obviously successful with the path I chose.

For me, a major joy of my business is being able to exercise my own vision and creativity and to express myself. Often this means going against the advice of everyone around me and taking lots of chances. Certainly I lose some, but most often I win.

I advise you to do the same. Educate yourself and learn how to write a business plan. Listen to those you trust and weigh their advice. But in the end, go with your gut. It works for me.

What are the most disastrous marketing mistakes that new entrepreneurs make? Now that our Marketing Mastery Program is entering its second successful year and we have worked with hundreds of students, we can answer that question with some certainty.

The two marketing problems that most new entrepreneurs need to overcome are cockiness and laziness. Let’s take a closer look.

Cockiness - You can hear this attitude in the words of one student who told Professor Don Sexton, “I don’t need to worry about marketing. People would be crazy not to buy my product.” That’s backwards thinking - or worse. People will never be crazy about your product or service until you make them feel that way. And that demands great marketing. You can also hear cockiness in the words of another student who said, “I spent so much time and money to develop this great product that it just cannot fail.” Great products do fail. Only good marketing makes them succeed.

Laziness - You can hear this attitude in the words of the student who said, “I’m too busy raising money to get to know my customers. Can’t I just hire a sales staff and turn them loose?” The fact is, marketing is hard work. You can’t hide from it. You need to study your competition and find ways to differentiate yourself. You need to talk with your customers and understand how your business can serve their needs. You need to identify targeted marketing channels and use them to reach your customers. And in the early stages of building a company, doing it all well is your job. You can’t just push one magic button and expect the money to start rolling in.

According to the U.S. Small Business Administration, more than 550,000 small businesses will close their doors this year and give up. If you don’t want to join their ranks, learn the skills you need to succeed in The Marketing Mastery Program from Trump University. 

The television show I was watching last night was punctuated by some pretty crazy ads. I saw flying cars and a talking toilet.  

To judge from those ads, you might think that you need to be a creative advertising genius to get your customers to buy anything from you. Not so. These classic approaches can get your message across simply, without breaking your advertising budget:

1. Target the competition by giving facts about why your product or service works better, costs less, or has other basic advantages. 
2. Just show your product attractively. (This doesn’t work if you have an ugly product.)
3. Showcase your brand. Just remind your customer about the positive attributes of your brand while you display your product.
4. Use testimonials from satisfied customers.
5. Have a celebrity or expert endorse your product.
6. Simply remind customers to use your product if they have not been doing so lately. Sometimes they forget that you are there.
7. Provide a toll-free number to make it easy for customers to make an impulsive decision to contact you.
8. Give a slice of life by showing people using your product in real-life situations.
9. Offer discounts, gifts or special promotions.

It’s all simple stuff, but these days simplicity can make you stand out from the advertising clutter. I think that most people are getting a little tired of talking toilets and flying cars anyhow. Aren’t you?

Note from Michael Sexton, President of Trump University: To learn more marketing strategies that work powerfully for smaller businesses, be sure to enrol in Dr. Sexton's Marketing Mastery Program from Trump University.  Classes are forming now.

• Terrific differentiation. Unlike neighboring restaurants, Martin’s doesn’t just sell food. It sells experiences. If you stop to read the menu in the glass case outside, you’ll learn that JFK proposed to Jackie in one of the booths. Nixon and LBJ had favorite booths too. A spy used to sit in another booth by the bar and eavesdrop on conversations. You can dine in any of these booths. Now, how about proposing to your future spouse in Booth #3, where Jack popped the question to Jackie? How many other restaurants can offer you that? And the point is, Martin’s doesn’t make you dig for this information in guidebooks. It puts it right in front of you.
• Strategic segmentation and pricing. Members of Washington’s power elite can dine pretty reasonably (for them) on $27 New York strip steaks. But the restaurant also takes pains not to alienate empty-pocketed students from Georgetown University up the street, who can pony up just $11 for a burger or $8 for Welsh rarebit at dinner. Brunch, which is served daily, was drawing both tourists and sleepy-eyed undergrads on our second visit. There are also plenty of tastefully installed TVs above the bar where Georgetown sports aficionados can watch their beloved Hoyas. And of course there is a vast selection of beer, the most effective marketing tool yet devised for students.
• A terrific Website. Martin’s Website is packed with information about the restaurant’s history, about things to do in Georgetown, and lots more. In the “photos” section of the site, you won’t find those dopey pictures of lobsters and steaks that turn up on most restaurants’ pages. Instead, you’ll find lots of photos of the restaurant’s own employees at last year’s Christmas party. Those images do a great job of reinforcing the impression that Martin’s is run by friendly and caring people.