How to Market Your Cash Machine - TheStreet

How to Market Your Cash Machine

How you position your business and build awareness in your customer base is essential.
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We've been talking about cash machines -- setting them up and bringing out the entrepreneur inside of each of you.

The popularity and success of my latest book,

The Millionaire Maker's Guide to Creating a Cash Machine for Life

, will give you more in-depth direction on

setting up your cash machine and creating new money quickly, but there's more to it than that.

All the work -- the brain-storming, defining your

skill sets, putting your

team in place -- may not have been easy.

But these actions with your first cash machine have all been about learning to make money. Action gives you experience, which delivers evidence to build the confidence you need to get results. You can use this experience to start other cash machines and create your wealth cycle to launch that dream business of yours.

We're through the concept and organizational stages, such as getting your cash machine properly set up. Done. Now comes the fun part: making money and building your revenues. That's the whole point, right?

So now it's time to look at marketing and sales -- how you position your business, build awareness in your customer base and generate leads and sales.

Marketing vs. Sales

Let's be crystal clear here: Marketing is not sales, and sales is not marketing. Anyone who's said otherwise has got it wrong.

Marketing is about your message, about defining the value of what you offer and how you get the word out to your potential customers. Why should people buy from you and what's in it for them?

Sales is how you actually engage your customers, generate leads and then make the transaction -- how the cash comes in.

Through marketing, you want to create awareness. In sales, you want to create a supply-and-demand relationship. Marketing and sales do work hand-in-hand and are complementary functions. Sequencing, or doing the right thing at the right time, is what makes the marketing-sales partnership actually work.

Let's focus on marketing first.

Marketing's goal is to bring in sales; that's where its value lies. Remember that when creating the strategy for your cash machine.

I can't tell you how many people quickly lose sight of that goal. It's vital to take your cash machine from concept and planning to execution where you actually open the doors for business. People find out about you and your business through your marketing efforts. In order to develop your marketing plan, your cash-machine team needs clear answers on the following:

    How do you define your business, what you do and how you do it?

    For whom do you do it, and why?

    Answering these questions will help you define your key marketing message, and this message will be the basis of what you use for all your marketing materials.

    What is your cash machine's unique selling position? What sets it apart in bringing value to your customers?

    For instance, my company Live Out Loud states that we make millionaires in three to five years or less. That's our unique message, and we use it whenever we reach out to our targeted customer base.

    These questions will also lead to defining your target audience. Who will see the value in your product or service? Where is the need?

    I'm a big believer in the rifle, not the shotgun, approach to marketing. Precisely defining your target audience, your potential customers, is essential in determining both how you reach them, and how to do it in a cost-effective manner.

    Finally, marketing is about how you reach your target customer base and drive traffic to your cash machine.

    You don't need a big marketing budget to do this. In my book, I discuss guerrilla marketing, which certainly includes Internet marketing for just about everyone.

    Then there are flyers, posters, display ads and even radio spots. Radio is far less expensive these days, as the audiences have dwindled significantly in recent years.

    You've all heard of

    Tupperware

    (TUP) - Get Report

    . This billion-dollar business started (and continues) with

    events: Tupperware parties. Events could be part of the mix of your guerilla marketing efforts as well. Just be creative. Think outside of the box. The possibilities for getting the word out about your cash machine are endless. Social media marketing opportunities, such as through YouTube, are huge right now.

    This is the down and dirty -- just an overview -- on marketing your cash machine. You've heard me hammer away at doing your homework, so get marketing right. Understand it. Build it into your cash machine action plan. Again, in

    The Millionaire Maker's Guide to Creating a Cash Machine for Life

    , I present more detailed strategies that could work for you, definitions of the different parts of marketing and a step-by-step guide on how to execute.

    A master coach and financial strategist, Loral Langemeier has proven how consumers and businesses can create wealth from the inside out. As author of "The Millionaire Maker" and "The Millionaire Maker's Guide to Wealth Cycle Investing" and director of Live Out Loud, a financial coaching and mentoring company founded in 2000, Langemeier has become one of the most successful business and financial speakers in the country.