Profit Forecast Confusion Calls for Marketing Answers

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It’s Up. It’s Down. The Confusing Profit Outlook

Well it’s confusing folks and that’s putting it mildly. Some companies are increasing their profit forecasts, whereas others are sliding them down significantly. Many are naming their best marketing practices to praise or blame.

Think other business’s profit outlook don’t affect you?
You couldn’t be more wrong
. But who wants to talk money? Well, I do and so should you!

As reported in the Marketing Magnetics’ Jan. 25, 2011 blog -”2 Ways to Heat Up Business”, national brands like ConAgra are seriously seeking dough into new WOW product ideas, but despite a return to WOW customers, some companies are reporting less than WOEful profits not WOWful.

The point is profits and money, of course, drive business, employment, investments and all economies. So, confusing profit talk does affect your ability to work, your ability to earn and your ability to market to customers. What are the best marketing practices right now?

Google search “First Quarter 2011 Profit Reports”, you’ll see a messy mix of headlines including “Company X boost profit forecasts for 2011″ and “Company Y Misses Analyst Profits Estimates”.

Pharmaceutical Giant Bristol-Myers Reports Losses

Bloomberg News, Jan. 27, 2011
Income from continuing operations [on drug Plavix] fell to $483 million, or 28 cents a share, from $818 million, or 41 cents a share, a year earlier, New York-based Bristol-Myers said today in a statement. Excluding one-time items, profit was 47 cents a share, missing by 1 cent the average estimate of 15 analysts surveyed by Bloomberg.

So what’s it mean?
If the giants still have issues, you too as small and medium business owners must think long and hard about marketing your services to customers. Who is your generic competitor?

Marketing Tools to Identify and Rise Above the Competition

  • Take Your Business Above Sales
    Example: Shoe store owner hosts a sale on a weekend and partners with a foot doctor to come perform free analysis on customers as well as a fitness expert to discuss shoes and the effects on fitness. That’s marketing not just a sale.
  • Identify Your Target Audience – be honest – who is it really?
    My father, for example, is a high service dentist with the laser and all the high-tech toys, but not everyone wants a full service dentist , maybe they don’t care. His target is people with major issues that need resolved and individuals who put a no value limit on caring for their body.
    Reality check: The general audience would be a coupon clipping, deal grabbing audience who doesn’t care where they go.
  • Reduce Prices Slightly (preserving profit but undercut the competition by just $5)
  • Brilliant Marketing Moves
    The most brilliant move I made for a client once was to promote a coupon that “looked” like a discount for a water park, but in fact was part of their existing fee to give residents a discount.
    More than 500 people went to the park because of the creative marketing coupon!

Today, you have WOW customers, and that is the best marketing practice period. Consumers are able to purchase any product, any service anywhere.

As an employee or an employer, identify a WOW factor you are comfortable with…..but hey, you have nothing to lose so be creative! How hard is it to bring another outside vendor in to help promote your business?

Step out of the coupon or doing nothing box: Be the Person You Want to Be Every Day – successful.

For more information about our services, contact DREAMFly Marketing.

About Camden Smith

Camden Smith has written 77 posts for Marketing Magnetics.

Camden Smith owns DREAMFly Marketing with 16 years in strategic marketing and television journalism. Her cutting-edge, aggressive marketing skills have earned her numerous awards. Smith lives in Naples, Florida with her daughter London.

  • Msmith9176

    I liked this article because it made me stop and think who is our target for business and what do we want to do to bring them in to our practice.

    • Eric Tanner

      Msmith9176 good point. Customer service seems to be dead these days so businesses who focus beyond the dollars using these tips will do well.