Building Blocks of Renegade Millionaire Marketing (2 of 2)
May 3, 2024
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Marketing experts Dan Kennedy, Lee Milteer, and Bill Glazer discuss the essential building blocks of Renegade Millionaire Marketing, emphasizing the value of nurturing customer relationships. They explore strategies for herd building, finding riches in niches, and leveraging customer lists for business success, highlighting the importance of targeted marketing to specific subcultures for effective communication.
Retaining current customers is more cost-effective than acquiring new ones, emphasizing the importance of nurturing customer relationships.
Creating income at will is achievable with a loyal customer base anticipating new offerings, showcasing the significance of customer fidelity.
Deep dives
Importance of Customer Relationships and Assets
Building valuable customer relationships is the cornerstone of business success. The podcast highlights the critical shift in perspective from treating sales as the end goal to recognizing that a customer is the primary asset. By emphasizing that all tangible assets like intellectual property or brands hold no value without loyal customers, the importance of nurturing customer relationships becomes evident. The analogy of a rancher caring for their herd underscores the significance of curating a loyal customer base for sustained business success.
Creating Income at Will
Creating income at will is a key focus in Renegade Millionaire Marketing. The podcast links this concept to John Lennon's analogy of writing a song whenever he wanted something, emphasizing the power of having a dedicated customer base eagerly anticipating your offerings. By fostering a strong relationship with customers who eagerly await new products or services, businesses can generate income consistently and predictably, showcasing the significance of customer fidelity and demand in driving business success.
The Value of List Building and Segmentation
The podcast underlines the importance of list building to reach target audiences effectively. By segmenting lists and tailoring messages to specific niches and subcultures, businesses can enhance their impact and engagement. The example of marketing to military families versus generic ads showcases the power of niche-focused marketing in resonating with unique audience segments. List segmentation allows for personalized, targeted communication, fostering stronger customer relationships and higher response rates.
Maximizing Results through Niches and Subcultures
Embracing niches and subcultures rather than targeting broad audiences is key to business success. The podcast stresses the strategic advantage of focusing on specific population segments that align with your offerings. By delving into distinct niches and subcultures, businesses can tailor their messaging, increase relevance, and drive engagement. Highlighting the effectiveness of niche marketing, the podcast emphasizes the importance of psychological subcultures within overall target markets for enhanced message resonance and marketing impact.
Too many entrepreneurs are in such a rush to make a sale that they forget the fact that it is far less costly to retain a current customer than it is to acquire a new one. But just how do you nourish your relationship with your "herd" (aka list)?
Marketing experts Dan Kennedy, Lee Milteer and Bill Glazer are back to dive further into some of the essential building blocks of Renegade Millionaire Marketing, including herd building and finding riches in niches. Be sure to check out part one first before giving this episode a listen!