According to Wikipedia, marketing is the process of communicating the value of a product or service to customers for the purpose of selling the product or service. It is a critical business function for attracting customers.
There are five competing concepts under which organizations can choose to operate their business: the production concept, the product concept, the selling concept, the marketing concept and the holistic marketing concept. Most small/medium sized businesses would focus on the latter – whether they know it or not.
The four components of holistic marketing are: relationship marketing, internal marketing, integrated marketing and socially responsive marketing. The set of engagements necessary for successful marketing management includes capturing marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, creating long-term growth and developing marketing strategies and plans.
In my assessment I would summarize marketing as the goal of three things:
A text database and mobile engagement strategy (once built) can significantly help merchants achieve all of the engagements listed above and be the KEY to effective, affordable marketing.
Most smaller merchants fail at achieving all three of these things because their efforts lack synergy and focus. It’s not realistic on a limited budget for a small business to be able to focus on each element separately, so every dollar spent must accomplish all three. This is a monumental challenge for smaller merchants who are forced to compete against big box brands and online retailers with larger budgets.
SMS Masterminds believes and has proven that proper implementation of a text/loyalty system can be the glue that binds everything together in perfect synergy, maximizing the marketing spend. Of course this is really not new news though… and you might be asking, “if mobile is the solution, why isn’t everyone doing it?”
In Derek Johnson’s article “Small Business SMS Marketing Just Isn’t Practical,” he outlines the fundamental problems with small business text marketing summarized in the bullet points below.
- There has to be a marketing budget
- The rules and regulations surrounding text message marketing have become too complicated
- 90% of SMS marketing success is due to a well-planned strategy
- You can’t track what you can’t measure
He’s right. These are the problems with text marketing and why small businesses fail at it. In order to succeed at a mobile strategy, merchants must first understand what their marketing vision as a whole is and then employ the right person to implement and execute that strategy. With budgets tight, they also need to see results quickly or they simply can’t keep investing in it.
What makes the Masterminds different? Automation and professional oversight. With the installation of the Loyalty Kiosk, database growth is virtually automated and can improve opt-in rates by over 500% that of a traditional text call-to-action. The key to its sustainable success over time is its Automated Engagement feature, which sends “smart” text messages to customers when they are most likely to buy. This process minimizes wasted messages and reduces cost. With over 1,000,000 customers within the network nationally, analytics and effectiveness reports help identify what is working best and merchants are set up with proven strategies and campaigns according to their industry. Managed by a certified Mobile Mastermind, merchants can be assured of proper compliance and oversight at all times.
The industry has proven that mobile works and the SMS Masterminds have proven that even small businesses will have great success when working with the right partners.