Dale Howarth - Business Mentor and Accredited CPD Speaker


A game of chance or a game of skill?

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Written by Dale Howarth

www.dalehowarth.com

Leaders Are Readers by Dale Howarth

Mass marketing can be likened to a game of chance. You place your bet, then wait for the odds (and sheer weight of numbers) to hopefully fall in your favour. In contrast, more personalized and direct marketing is a game of skill. One where, unlike mass marketing, you can better control the outcome. It also costs less.

Most people have a natural distrust of being sold to and wish they could avoid all that “sales and marketing stuff.” It’s not that selling is bad, just a reflection that mass marketing has trained people to believe that selling means someone taking something from them (money, information, time and more). This isn’t irrational. It’s simply the natural result of growing up in a culture largely driven by mass marketing.

Preparation–what are your aims and desired outcomes, the nature of the event, who is likely to be there (your targets, KBI’s, competitors). Is the format casual, standing up or sitting down, is there food, what is the dress code. Can you reach out to those attending in advance to leverage introductions and meetings. Consider what you need to take: business cards, notepad, literature etc.

Meeting Competitors –unless you provide a product or service that is ground breaking, the chances are you will meet competitors at networking events. Don’t shy away, take the initiative, be the one to make the first approach, be nice –it really unsettles them and shows everyone present that in your world you do not see people as competitors, just people who chose to compete with you –after all your business is unique and in a category of one.

Average customer retention rate varies across industries. According to Mixpanel's 2017 Product Benchmarks report, for most industries, the average customer retention rate was below 20%. In the media or finance industries, retention over 25% is considered above average, and in the SaaS industry, retention above 35 is considered above average.

Most people have a natural distrust of being sold to and wish they could avoid all that “sales and marketing stuff.” It’s not that selling is bad, just a reflection that mass marketing has trained people to believe that selling means someone taking something from them (money, information, time and more). This isn’t irrational. It’s simply the natural result of growing up in a culture largely driven by mass marketing.