How long can you balance on one leg?

Now, how long can you balance on two legs? If you think of your legs as pillars, then clearly you need two pillars to remain upright and stable. But if you were a stool, two legs wouldn’t do – you’d need at least three.

How many pillars does a business need? Many businesses try to function using only one or two marketing pillars. That’s unfortunate; there are many more pillars you could build to give your business a solid foundation and have you out-marketing and out-selling the competition.

For example, some businesses rely on print advertising to bring in business, and in-house staff to create sales. That’s just two pillars.

What happens if, for some reason, the ad in this two-pillar company stops producing results, or if the key salesperson gets sick, quits or, worse, goes to a competitor? They would now be relying on just one marketing pillar to support the company. This would leave them very vulnerable to a business collapse.

But what if they were to have four or five other marketing pillars in place at the same time? This would create back-up and reinforcements to help keep new business rolling in and revenues increasing, regardless of how any given pillar was producing at a given time.

Here, in no particular order, is a quick guide to five other marketing pillars that most companies can and should build their business upon:

Pillar 1 - Average transaction marketing

Figure out your closing rate and the average initial purchase amount; then measure how much more you would sell by raising your closing rate or the value of each sale. Consider a regular program of up-selling and cross-selling; increasing the unit size of your products; point-of-sale promotions and the synergistic packaging of complementary products and services.

Pillar 2 - Frequency marketing

This pillar encourages repeat or multiple purchases. If your customers average two purchases a year, try to up that to four times. For example, back-end after-purchase products or services; keeping in regular contact with customers; endorsing and selling other companies’ products; special invitation-only events, like closed-door sales; and frequent shopper rewards.

Pillar 3 - Direct marketing

This is the pillar favoured by the world’s master marketers. Direct mail is one of its most familiar components, but you can use direct marketing in any medium – mail, print, TV, radio, Internet and e-mail. You must have a distinct, targeted audience and you must be able to make them a clear, measurable offer (preferably one they would be crazy to ignore). The techniques of direct marketing are best wielded by experts, but anybody can learn the basics. Direct marketing is the only marketing technique that lets you know exactly what your return is for every marketing dollar you spend. If you can clearly identify who your target market is, then you should be marketing to them directly on a one-to-one basis.

Pillar 4 - Community marketing

Make your company known and recognizable. Local newspapers and television are always looking for stories. All it takes from you is a little time, perhaps some donated products or services, and a willingness to occasionally volunteer on community projects. Write press releases; call your local media outlet about some special aspect of your business. The payoff is great – the exposure is free, and adds a tremendous credibility to you and your company.

Pillar 5 - Marketing alliances

Alliances generate ongoing referrals for your business. When PetroCanada offers points you can use to fly with Air Canada, they’ve made a marketing alliance. Any business can put together useful, profitable marketing alliances. Who is your ideal customer? What other business do they buy from? Create cross-promotions with those businesses.

In today’s business environment, companies building on just one or two marketing pillars will not survive. To be successful, you need to build your business on multiple marketing pillars. How many do you have?