Tuesday, 17 March 2009
10 Warren Buffet Quotes To Boost Your Marketing
Warren Buffet is one of the most influential and successful investors of all time. He has some great quotes that we can benefit from to improve our marketing, I’ll show you how.
Warren Buffet Quote 1 – “A public-opinion poll is no substitute for thought.”
When we conduct market research, usability tests, focus groups we’re polling the opinions and views of our target market and existing clients. This is very useful and a great practice, but we need to keep an open mind. Some of the most amazing products have been developed by radical free thinking.
Warren Buffet Quote 2 – “Price is what you pay. Value is what you get.”
Not all marketing investments are created equal. Just because you spend big money for a certain advertising campaign, a smaller, better planned and executed campaign could return more value. Approach your marketing budget management in this way – Focus on value.
Warren Buffet Quote 3 – “Your [premium] brand had better be delivering something special, or it’s not going to get the business.”
Although this quote relates to premium brands, in this environment, we all have to consider what’s special about our brand. Lacklustre brands, products and services will have a tough time surviving the economic crisis.
Warren Buffet Quote 4 – “Be fearful when others are greedy. Be greedy when others are fearful.”
There will always be times of plenty and times of scarcity in your industry and market. When competitors are cutting corners, producing bland, boring and unimaginative marketing approaches. You need to be fearful of how this can impact your brand and the reputation you build with clients.
When times are tough, it might be tempting to retreat, hideaway behind generic advertising and marketing tactics, but being bold and ‘greedy’ for customer interaction will pay when all your competitors are rationing they attention they pay existing and potential clients.
Warren Buffet Quote 5 – “A girl in a convertible is worth five in the phonebook.”
The existing and potential clients you’ve made contact with are a lot more valuable than those you’ve yet to build a rapport with. Focus on growing, building and enhancing the relationships you have with these clients as a priority.
Warren Buffet Quote 6 – “Risk comes from not knowing what you’re doing.”
Developing a well thought out and long-term marketing strategy with clear goal posts will help inform all your marketing activity. Also, developing a healthy curiosity about your marketing and website activity statistics will help you understand how effectively you’re moving towards these goals. Knowledge is power.
Warren Buffet Quote 7 – “There seems to be some perverse human characteristic that likes to make easy things difficult.”
Sometimes we get bogged down in jargon. It’s great to be sophisticated in your marketing approach, and employ the most advanced marketing methods and equations if you can. But keep focused on the simple and core goal of solving clients’ problems. In simple terms, that’s what it’s really about.
Warren Buffet Quote 8 – “Chains of habit are too light to be felt until they are too heavy to be broken.”
Don’t let yourself get too comfortable, stay flexible, be read to change your beliefs and habits, the success of your marketing depends on it.
Warren Buffet Quote 9 – “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently”
You can probably build a reputation a lot more quickly than that especially online, equally you can probably ruin it faster. As Seth Godin says, the internet doesn’t forget. Maybe this airline would have behaved differently if they’d read this quote by Mr. Buffet.
Warren Buffet Quote 10 – “Let us do or die.”
Theory is great, but practical action is where the magic happens. If you have an idea, something you’ve been mulling over, do it. Launch that blog, start joining the online conversation, reach out to your customers. It’s do or die, especially in this economic climate.
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