A concept, framework, or worldview that you carry around in your mind.
Mental Models were created by Charles Munger. Who is worth 2.3 billion dollars and is the business partner of Warren Buffett at Berkshire Hathaway.
He says that knowing different metal models is probably the reason that he’s so successful.
Mental Models are chunks of knowledge from different disciplines that can be simplified and applied to better understand the world. They help identify what information is relevant in any given situation, and the most reasonable parameters to work in.
Every discipline of thought has its own set of mental models. They are the essential tools, concepts and ways of thinking for specific fields. Examples of mental models would include the scientific method, supply and demand or the compound effect.
Combining the right marketing mental models produces a more successful business and more profitable marketing campaigns.
The last few years of my life have been devoted to identifying and learning the mental models that have the greatest positive impact on the marketing campaigns managed by my agency.
Framing, Advantages, Ideas, Results
These four marketing mental models are going to be some of the most important to remember whenever you think about marketing. Each will be explained with greater detail in later chapters.
Remain completely objective and frame everything through the eyes of your customer.
This involves removing your ego and understanding as much as you can about your customers.
With this mental model you will be able to apply your customers’ way of speaking, create visuals they will respond to and connect with them on the marketing channels they are most likely to frequent.
What advantages can you bring to your current marketing efforts?
What customer demographics/information do you already have that you can build on? Even if they’re not from your company.
Do you have an oversupply of product inventory? Consider running a campaign offering upsells or free samples.
Have a high profit margin? This gives you the flexibility to A/B test different discount offerings.
Have a physical storefront? How can you collect in store visitors’ information to be used in your marketing efforts?
Being a marketing master is not about coming up with good ideas.
It’s the ability to collect and catalog the best ideas ( swiping ) and blend them to create better ideas.
Think about all marketing efforts as a return on investment.
Not Social media growth
Not building your list
Not brand building
These things can be important, but the target is always a return on investment.
Instead of asking…
How do we build our social media following?
How do we increase traffic?
How do we grow our brand awareness?
Ask, how can we increase revenue?
Using this mental model, these other benefits will come as a natural byproduct.
I want you to think about the F.A.I.R mental models whenever you’re building any sort of marketing campaign and try to apply these concepts whenever possible.
Think about your marketing campaign and ask yourself…
Is it framed through the eyes of your customer?
Are there any advantages you can bring?
Have you researched and collected the best ideas that are similar to your marketing campaign?
Is your marketing campaign built to deliver a return on investment?
These are some of the most powerful and should always be kept in the forefront of your mind.
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