Summary: Changing the Channel E-Book

BusinessNews Publishing

• Herausgeber: Business Book Summaries
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 38

Veröffentlichungsjahr: 2013

Beschreibung

The must-read summary of Michael Masterson and MaryEllen Tribby's book: "Changing the Channel: 12 Easy Ways to Make Millions for Your Business".

This complete summary of the ideas from Michael Masterson and MaryEllen Tribby's book "Changing the Channel" shows how it is no longer enough to be good at just one type of marketing. In today's market, it is necessary to use multiple channels to attract prospective customers. In their book, the authors present the 12 marketing channels that are important today and how you can effectively make use of each one to gain customers and drive sales. By reading this summary, you will learn how to select the right channels and use them together to achieve maximum success.

Added-value of this summary:
• Save time
• Understand key principles
• Expand your marketing skills

To learn more, read "Changing the Channel" and discover how you can ensure that your business survives in the current market by making use of all marketing channels.

Leseprobe

Book PresentationChanging The Channel by Michael Masterson and Maryellen Tribby

Summary of Changing The Channel (Michael Masterson and Maryellen Tribby)

Book PresentationChanging The Channel by Michael Masterson and Maryellen Tribby

Book Abstract

MAIN IDEA

In “the good old days”, if you were good enough at one type of marketing, you could do fine. The arrival of the Internet has changed that dynamic. Today, it’s necessary that you use multiple channels to attract prospective customers. If you’re still just using your one or two traditional channels, you’re probably leaving money on the table.

There are twelve marketing channels which are important today:

Direct-response online marketingSocial mediaSearch engine marketingTeleconferencesDirect mailDirect printDirect-response televisionDirect-response radioTelemarketingJoint venturesEvent marketingPublic relations

The question today is not really whether to be a multi-channel marketer. That’s something of a no-brainer. The real key to success is figuring out which channels to select and then finding ways to integrate those channels together so you multiply both sales and profits. This is the essence of twenty-first century marketing.

The only three ways available to grow your business are:

Increase your number of customers.Increase the purchases each customer makes.Increase the average amount of each purchase.

By using a multi-channel marketing approach which harnesses the information era tools now available, you can achieve all three of these objectives in a dramatic way.

“For a business to be successful in the twenty-first century, it must be a direct marketer. Relying on one marketing method to build your business today is like swimming upstream with one hand tied behind your back. It can be done, but it is very difficult, and completely unnecessary.”

– Michael Masterson and MaryEllen Tribby

About the Author

MICHAEL MASTERSON is an entrepreneur who has developed a number of successful companies over a forty-five year business career. Two of these companies have grown beyond $100 million in revenues, two more exceeded $50 million and more than a dozen surpassed the $10 million mark. He is currently a consultant to Agora Inc, a $300 million information publisher which owns EarlytoRise.com, a daily e-zine. Mr. Masterson has written ten other books including Ready, Fire, Aim; Seven Years to Seven Figures; Automatic Wealth; Automatic Wealth For Grads and Anyone Else Just Starting Out and Confessions of a Multi-Millionaire.

MARYELLEN TRIBBY is CEO and Publisher of Early to Rise. She is also the founder and Executive Publisher of Investor’s Edge Daily and Total Health Breakthroughs. She has more than twenty years experience in publishing and business, including serving as President of Weiss Research and managing divisions of Forbes, Globe Communications, Times Mirror Magazines and Crain’s New York Business.

The Web site for this book is at www.ChangingTheChannelBook.com.

Important Note About This Ebook

This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.

Summary of Changing The Channel (Michael Masterson and Maryellen Tribby)

The key principles you need to know first

To be successful today, you need to be skillful in applying direct marketing principles to all of your advertising and marketing programs. To do that in practice, there are three principles you need to understand well – direct-response marketing (DRM), multi-channel marketing (MCM) and lifetime value (LTV) of your customers.

Marketing in the twenty-first century has changed mainly due to the arrival of the Internet. The way marketing gets done has now changed permanently. Direct marketing has become entirely Internet based which means multiple channel marketing is the new norm. For any business to excel in the twenty-first century, it will need to get good at doing Internet-based direct marketing.

There are some key marketing principles which need to be kept at the front of your mind at all times:

DRM stands for “direct-response marketing”. This is a form of marketing which is designed to elicit an immediate, quantifiable response to the offer you make. DRM asks customers to take action immediately. It is quite different and distinctive from branding where you’re trying to get customers to buy in the future. DRM wants the customer to place an order immediately. For most businesses, DRM is the best way to grow.