Wednesday, July 25, 2007

The Permission Marketing—The Way to Make Advertising Work Again

Using the concepts of Permission Marketing, we can turn the clutter to our advantage. In fact more the clutter increases, more profitable permission marketing efforts become. Switching to Permission Marketing can change entirely the business model of the company and its profit structure.

We are running out of time
In any era, the profit is made on that resource that is scare. Great industrialists earned their millions by providing what the market demanded. We need two things in
order to have an economy: first one is the people who want the goods, and secondly there should be the scarcity of those goods. Without scarcity there is no basis for any economy.

There is one resource that is in chronically in short supply. This scarce resource is Time. And light of today’s information glut, which means there is a vast shortage of attention.
This has created a unique situation, where consumers are willing to pay more to save time while marketers are ready to spend more to get more attention.
Thus Interruption Marketing is the enemy of consumers who are trying to save their time. The alternative is Permission marketing, which offers the consumer an opportunity to volunteer to be marketed to. And it ensures that the consumers pay more attention to marketing messages. It serves both consumers and marketers in a symbiotic exchange.

Permission Marketing is anticipated, personal, and relevant.

Anticipated- People look forward to hear message from us.
Personal- The messages are directly related to the individual.
Relevant- The marketing is about something the prospect is interested in.

Permission marketing turns strangers into friends and friends into lifetime customers.

Five Steps to dating the customer

1)Offer the prospect an incentive to volunteer.
2)Using the attention offered by the prospect, offer a curriculum over time, teaching the consumer about our product or service.
3)Reinforce the incentives to get even more permission from the consumer.
4)Offer additional incentives to get even more permission from the consumer.
5)Over time, leverage the permission to change consumer behavior towards profit.

Permission is an investment

Nothing comes for free and that is true for permission marketing as well. Acquiring solid, deep permission from targeted customers is an investment. Most of the marketers to their chagrin have found out that cost of generating new customers is coming close to net present value of that customer. Thus they are responding by increasing the number of customers.

Permission Marketing cuts through the clutter and allows a marketer to speak to prospects as friends, not strangers. This personalized, anticipated, frequent and relevant communication has infinitely more impact than a random message displayed in a random place at a random manner.

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