Archive for '22 Fundamental Laws of Marketing'
Posted on 23. Dec, 2011 by 7Figure Sam.
This section is all about having marketing money. You can have the best idea in the world but it won’t get far without having funds to market it. When developing a new product or concept you have to be prepared to spend money. If you don’t have the money, then you better have thought of ways to get it. As I’ve said numerous times, marketing is a battle of perception in the mind of the prospect and you need money to get into the prospect’s mind. And don’t think once you have reached the prospect’s mind that you no longer need money; that is a fallacy. Marketing is an on-going component of business. Advertising is not cheap. Did you know it cost $6 million to advertise a one-minute commercial during Super Bowl? I realize this is not a place you would currently advertise but it does show how ridiculously expensive advertising can be. Acquiring market share will cost money but you have to smart with how and where you advertise. I advertise in local newspapers and magazines which cost approximately $3,500 per month, Facebook $1,700 per month and other sources approximately $3,000. So, in my business my total […]
Posted on 16. Dec, 2011 by 7Figure Sam.
In case you missed Fitness Marketing law of hype make sure you go back to read it. It’s essential to read marketing law of hype to understand fitness marketing law of acceleration. What is the difference between a product that accelerates quickly then dies out and one that moves slowly and builds a long lasting stance with customers? One is called a fad and the other a trend. A fad is quite noticeable, becomes popular fast, but then dies down in a hurry. A trend is not as noticeable and tends to be more powerful over time. A fad might make you a lot of money fast, but it won’t keep you in business for the long haul. Fads are short term marvels that offer profits quickly but don’t do a company much good once the fad dies down. For example, do you remember the release of Cabbage Patch Kids in 1983? Anyone that had children at the time, specifically girls, knows what I’m talking about. The hype of those dolls was insane. The maker, Coleco knew they were going to make some serious cash. They produced hundreds of different novelties relating to the dolls and within two years […]
Posted on 09. Dec, 2011 by 7Figure Sam.
Fitness Marketing law of hype means a new concept or situation that was successful in the press often times turns out to be a marketing failure. All this fuss is made, the product is viewed as a huge success and then ends up failing (Kind of like the XYZ boot camp franchise). The law of hype primarily refers to new innovative products that claim to make other products obsolete. I never forget the day that one of the XYZ boot camp co owner said in his mastermind. He said “Open up and XYZ boot camp or worry about it when one opens next to you”. To date I can name over 40 XYZ boot camp locations that didn’t make it (these are the ones I know of) and many more that will not continue past their contracted agreement. I recently watched a so called “fitness guru” video that claimed that by raising your energy you will make another 300K in your boot camp. Do You Believe that This ONE THING ALONE is going to Make You An Extra $300K per year? I don’t and want your opinion…… Watch closely at about 2:20 in this video for this ridiculous and illegal […]
Posted on 30. Nov, 2011 by 7Figure Sam.
How does anyone become better at what they do? They learn by their mistakes. John C. Maxwell, a well-known motivational author, says “you must fail forward to success”. Entrepreneurs cannot fear failure. Some of the wealthiest entrepreneurs have made major mistakes but they did not quit. They failed forward. Again, I mention Donald Trump. Entrepreneurs have to be willing to take chances and sometimes stick out their neck to reach success. By not taking chances you are giving the competition first shot at being first in the prospect’s mind. If you make a mistake or a product is not successful you can only fail if you don’t do anything to fix it. Recognizing failure and doing something about equates to success. If Xerox had used this philosophy they wouldn’t have spent 25 years and millions of dollars attempting to own the computer business. The Japanese are probably the best with this strategy because they leave their ego at the door and admit early on when a mistake is made and make the appropriate changes to solve the problem. As a result the Japanese are fierce marketers. We can stand to learn from them. Sam Walton, CEO of […]
Posted on 29. Nov, 2011 by 7Figure Sam.
Success sometimes produces a big ego in a CEO’s head. His success often times leads to arrogance and it’s that same arrogance that can lead to failure. There is no room for ego when it comes to successfully marketing your business. In the fitness industry egos can be big, but as a fitness entrepreneur you gotta check the ego at the door. Often times, successful entrepreneurs get an ego and become less objective. They think their strategies are the best and no one else is better than them. This may be true, but expressing it arrogantly is a dangerous attitude that can lead to financial hardship. Who better to use as an example than Donald Trump. I spoke of him in the law of perspective and explained how his desire to put his name on everything cost him three bankruptcies. The Trump, as he is called, is known for having a big ego and is part of why he lost so much money is the late 90’s – early 2000. Don’t get me wrong, there’s nothing wrong with having confidence in your product and knowing you are at successful at what you do, but letting that confidence turn […]