Castle Valley Summit Part V: a Look at Marketing
|Robert B. Jeppsen, Vice President of Commercial Sales for Zion's Bank speaks about marketing.|
Introduction to Marketing
Robert B. Jeppsen, Vice President of Commercial Sales for Zion's Bank began by saying he is not a banker, he is entrepreneur who has built and sold three companies. "Nothing happens until someone sells something. Take Alpine Ski Resort for instance. Instead of crossing their fingers hoping it would snow, they bought snow makers.
"You have to learn how to make your own weather. Times have changed and there are more choices than ever before. You have to ask yourself, how do customers make choices. This is the key to marketing and if you don't understand that then all you can do is hope things work. Hope is not a strategy," said Jeppsen.
Jeppsen went on with what he called Marketing 101. He said marketing advertising was thought to be successful by being creative. Marketing is traditionally based on interruption, how can you interrupt your customers lives to get their attention. Today success is found in differentiation. So the question is, how can you be remarkable. Jeppsen began to show what he thinks are the four steps in order to stand out.
Step one is differentiate or die. Stand for something, be unique. You must be different in order to bring the business to you. Never be a "me too." Don't compete with the big guys, be different. Jeppsen said that there are three ways it doesn't work, which he called differentiation traps. Quality- customers expect quality from any provider. Satisfaction-is expected and is not a differentiator. Creativity-provides entertainment but rarely changes the customers behavior.
Step two is dominate the situation. Customers are situational buyers. Do you know why they walk through your doors? Always make things easy for them and figure out what situations you can own. Get your customers a reason to never go anywhere else. If you own the situation you own the customers. Success is not lucky, it's because you're good and you can be good. Ask your customers what brings them in.
Step three is keep them coming back. Are you dynamic? The same old, same old doesn't stimulate customer activity. So find ways to change things from time to time, for example do seasonal offerings and things of that nature.
Step four: win the swing group. There three groups in all customers. One is the love group, who understand you and benefit from your business. Two is the hate group, who are your future barriers. Three is the indifferent group or the swing group. Customers are influenced more by their peers than by any other source. The love group will help you if you want them t,o and listen when they tell you what they want. Jeppsen told of several times that the love group sold his products for him without him doing anything.
"Learn how to dominate the situation and you will too. I want you to leave here today saying I want to be remarkable. If you follow the steps you can be. Chase customers and not competitors. Let the competitors chase you. Learn how you can understand the love group. Nobody can beat your own drum louder than someone else. Always love the love group, and they will always market for you," said Jeppsen. He ended by saying, "Focus on why your customers buy your products. Stop interrupting and start being remarkable."