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… and a social marketing P.S. Tip.

Two once high-flying companies you can now toss away as junk because they ignored marketing fundamentals:

The Sharper Image and Lillian Vernon

Why?

Well, Denny Hatch at Target Marketing claims they both” launched businesses without paying their dues… and, ultimately, neither of them knew what the hell they were doing.”

So, in a nutshell, where did these two blow it?

1. They focused all their marketing efforts on chasing new customers. (you know I like “clients”) Both Sharper Image and Lillian Vernon failed to leverage relationships with their first-time buyers. They had no strategy to up-sell, cross-sell, and offer incentives for additional purchases. Basically, they took the money and ran.

2. Always protect your USP. (Unique Selling Proposition) Sometimes competition will force you to innovate your USP. Never get lazy or take your USP for granted.

3. If you build a great business, make sure you have someone to continue your legacy. Bill Gates has Steve Balmer.

P.S.— Don’t expect Social Marketing to fix these basic marketing flaws. Take a look at “What Social Media Is Not”

“The big bucks spent on traditional advertising and PR, online and offline, are nowhere near as likely to influence sales and reputation as what friends, family and coworkers say about something you are considering buying.”

Humm… maybe social marketing could save Sharper Image or Lillian Vernon?

Not likely, they were too caught up in the traditional advertising chase for new clients. A fundamental fatal marketing flaw.

Seems to me that the key today is open communication, and your responsiveness to your communications with your prospects and clients…

In other words, stop interrupting them with your advertising and listen to what they want.

Sounds simple. Perhaps not easy.

Now, let me ask you a question:

“What’s your biggest challenge in using social media to build relationships with your clients?”

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