Get Different | Mike Michalowicz

Summary of: Get Different: Marketing That Can’t Be Ignored!
By: Mike Michalowicz

Introduction

In today’s oversaturated marketing world, standing out from the crowd can be a daunting task. The book “Get Different: Marketing That Can’t Be Ignored!” by Mike Michalowicz provides a practical guide to stay ahead of the game and grab your target audience’s attention. Through understanding human psychology, captivating ideas, and data-driven decision-making, Michalowicz offers a unique framework to design marketing strategies that defy norms and capture interest. This book summary highlights effective marketing techniques, illustrating how to craft a straightforward message that resonates with your target demographic while remaining different and memorable.

Stand Out, Get Noticed

People are wired to notice what’s different, with our ancestors relying on this ability for survival. This skill, called habituation, is crucial in marketing today. To grab attention in a world of distractions, stand out by being different from the crowd. Once you have an audience’s attention, you can sell the benefits of your product or service. But remember, with new trends constantly emerging, you must continually adapt your approach to avoid blending into the background.

Imagine sitting on a plane, surrounded by commotion, yet unfazed as your brain filters out predictable stimuli. Suddenly, a passenger starts loudly whooping, capturing your attention. This scenario illustrates the principle of habituation – our brains are wired to notice the unusual while ignoring the mundane.

Our hunter-gatherer ancestors relied on this ability to survive, distinguishing between essential sensory data (like potential dangers or opportunities) and unimportant, recurring sounds. Today, this phenomenon is crucial to successful marketing strategies, as companies strive to stand out amidst abundant background noise.

The first goal of marketing is to attract attention. Once you have your audience’s focus, you can introduce your product’s benefits. However, habituation means that overused tactics lose their effectiveness over time, so continually adapting your approach is necessary.

Take personalized marketing emails as an example. Initially, addressing recipients by their first names piqued curiosity, but now that it has become the norm, we’ve learned to ignore unsolicited “friendly” emails.

To truly get noticed, choose tactics that differentiate you from everyone else. Don’t merely follow tried-and-tested methods; think outside the box and be bold. Remember, though, knowing whom you’re targeting is essential. So, keep innovating to avoid getting lost in the crowd – after all, standing out and getting noticed is the key to marketing success.

Target Your Ideal Prospects

If you’re unsure of who to target with your marketing, start by building a list of dream prospects – your Target One Hundred. Analyze your existing customer base to discover who spends the most and who you enjoy working with. Without an existing customer base, look to vendors, partners, and even competitors for insight. Get acquainted with your Target One Hundred to boost the effectiveness of your marketing endeavors.

Much like an angler seeking a marlin in a small backyard pond, casting your marketing net into an unspecified audience will only lead to disappointment. Without targeted marketing efforts, you’ll just be wasting your time. Instead, begin by building a list of ideal prospects – your ‘Target One Hundred.’

The ‘Get Different Framework’ is a marketing experiment with a targeted sample size of participants, the prospects. Based on data scientist Dr. Piroska Bisits Bullen’s research, this sample size should include at least one hundred individuals. By understanding your prospects, you can effectively tailor your marketing strategies to their needs.

But how do you identify your Target One Hundred? Start by analyzing your existing customer base. Rank them based on revenue brought over the past two years, and identify customers with whom you genuinely enjoy working. Those who bring in high revenue and have a positive relationship with you make the final cut, shaping your target prospects.

However, if you don’t have a customer base or none that you’d like to replicate, you can still find prospects by assessing the people around you. Consider your vendors, partners, colleagues, and even competitors for inspiration. For example, if Ford, a car manufacturer, is your top customer, you might target Goodyear, a tire manufacturer partnered with Ford, as a potential prospect.

Once you’ve identified your Target One Hundred, it’s crucial to get to know them better. Developing a better understanding of their needs and preferences will ultimately lead to more effective and fruitful marketing campaigns. With your dream prospects in mind, you’ll be casting your marketing net with more precision and direction, increasing the odds of achieving success.

The Power of a Clear Goal

Visualize a challenging mountain climb – what could motivate you to reach the top? A simple desire might not be enough, but if your child were at the top and a villain was competing against you, your mission would suddenly become crystal clear. Similarly, effective marketing requires a clear goal, knowing your customers’ desires, and staying aware of your competition. Define your “win,” understand the value you offer to your customers, and use your competition as motivation to improve. With clarity and focus, you can overcome marketing obstacles and reach your destination.

Consider the mountain metaphor – what could possibly motivate you to reach the top? A simple desire might not drive you to overcome the challenges ahead, but a clear mission, like saving your child from a villain, would certainly ignite your determination. Just like that, when marketing, it’s crucial to establish a well-defined goal right from the start.

Begin by identifying your desired outcome, or your “win,” which can range from retaining customers, collecting newsletter sign-ups, or selling specific products. This win ultimately becomes your marketing mission – the peak of your metaphorical mountain. Furthermore, determine what your customers want and how you plan on fulfilling their needs. Is your promise draft-proof windows for cold homeowners? Pinpointing the value you offer to your customers will form the foundation of your marketing mission.

Don’t forget about the villain – your competition. Observing your competitors can keep you motivated and driven to outperform them. Use their strategies and tactics as inspiration to differentiate yourself, ensuring that you always put forth your best efforts.

With your prospects, marketing mission, and knowledge of your competition combined, you’re now equipped to tackle the more technical aspects of marketing, such as budgeting. Clarity and focus enable you to overcome challenges, ensuring that you scale the marketing mountain successfully.

Smart Marketing Budget Strategy

In a marketing context, Linda Weathers’ struggle to find new leads for her bookkeeping business highlights the importance of determining an investment budget based on the chances of success. By calculating Customer Lifetime Value (CLV) and Close Rate Odds, entrepreneurs can avoid spending blindly on leads and make informed marketing decisions for better results.

When Linda Weathers contacted Michalowicz about her struggling bookkeeping business, she had already spent $50,000 on programs claiming to secure new leads but failed to deliver. He quickly identified the issue as a potential scam, emphasizing that generating leads should not cost that much.

An effective strategy for determining how much to invest in marketing efforts is to consider the probability of success. First, calculate your Customer Lifetime Value (CLV) by multiplying the average annual revenue a customer generates by the number of years you expect to have them as a client. For example, Michalowicz, as an author, expects a top prospect to buy eight of his books, resulting in a $28 CLV based on $3.50 royalties per book.

Next, determine your Close Rate Odds, which represent the likelihood that you will land a client. Investigate past conversion rates or consult industry averages for this information. In Michalowicz’s case, he has a 1:5 chance of selling to any given prospect.

Using CLV and Close Rate Odds, you can estimate a reasonable amount to spend per prospective customer. With a CLV of $28 and 1:5 Close Rate Odds, Michalowicz’s spending limit for each lead is $1, resulting in a final marketing budget of $100 for 100 prospects.

The main objective behind these calculations is to create a rough estimate to guide your marketing investment. Stick to the ballpark figure and resist getting bogged down by details. As this example illustrates, a little thoughtfulness can go a long way in developing cost-effective marketing strategies.

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