How Many Marketing Strategies are You Using?
If your answer isn’t 8-10 strategies you need something to change. You see every marketing strategy you have should generate around 10% – 15% of your leads. If you have 10 strategies always running, then it won’t matter when one or two start to decline because you still have the other 80%. Then you have the freedom to change the ones that are failing without having the dead space in between where you aren’t getting leads which means no customers! Most small businesses rely on one strategy like referrals to grow their business but with just one strategy what happens when it starts to fail… so does your business. Implement 8-10 strategies in your marketing so you don’t fail!
Do You Understand the Lifetime Value of a Client?
Most business owners are way caught up with the numbers of today. This is my revenue today; I don’t know the revenue for tomorrow… But when you understand the lifetime value of a customer/client you are actually able to forecast your future revenue. So, let’s think of it in terms of a realtor, the average person will buy a house every 7 years. Now that one commission check is $5,000 however if you take the lifetime value of a customer and stay in contact with that customer that one customer could increase that overall revenue or commission by 5 to 7 times.
That is why it is CRITICAL to understand the lifetime value of a customer and how it can help predict the numbers in YOUR business. So, think how often do my clients buy from me and for how long?
Are you leveraging other people’s money?
It may seem like an intimidating concept but you’ve probably been leveraging OPM your whole life without even noticing. When you buy a house with the bank you are leveraging other people’s money. After all, it’s far safer to use other people’s money than your own.
Business is no different, you should be leveraging OPM. There are various ways to spend OPM like Equity investors, government grants, vendor, and landlord financing. The key to finding OPM is getting people to believe in your business. This should be easy because you wouldn’t have customers if you didn’t know how to make others believe in your establishment enough to give you, their money. After that, you can rest easy! There’s a certain calmness you have investing money that’s not yours.
There’s tranquility knowing you’re not at any risk of losing your own money. If that weren’t the case, we’d all be in Vegas every weekend. Your goal in business should be to make lots of money without ever having to spend lots of money. Saving money while making money is the name of the game.
Do You Have a Guarantee?
Every industry has something customers fear that prevents them from spending money. With marketing, it’s a fear that it won’t work. In the medical industry, it’s a fear of a bad diagnosis. Find out what your patrons are scared of and you’ll know exactly what to guarantee to ease their fears. A customer who has no fear is a customer who is not afraid to spend money.
The opposite of fear is not courage it’s trust. The more your customers trust you, the more money they’ll spend at your establishment. We all know there is no monster in our kid’s closets. However, sometimes we still have to go into their room and reassure them there’s nothing to be afraid of. Customers are no different, every now and then you have to reassure them there’s nothing to fear at your business. How are you making your customers feel safe?
How Much Does a Client Cost??
If you don’t know then you’re missing a major factor to running a successful business. Marketing is like oxygen; you can’t see it with your bare eyes only its results. You know you’re breathing but you can’t see it… So how do measure how much to spend attracting clients? How do you know how much money will yield results?
This is why it’s critical to pay attention to the difference in revenue and dollar profit after marketing. How much customers and revenue you receive after marketing illuminates how much of your budget needs to go into attracting clients.
You don’t want to end up spending large sums of money on marketing when you’d have the same results with half the price. The only way to know this is to find the trends between customers, marketing, and revenue.
Just remember just because you don’t see them doesn’t mean they’re not there. Your business is always breathing…
Where do You See Your Business in 5 Years?
It’s a simple question but many owners have a hard time answering it.
Setting goals gives the mind a clear target to set. This way you always know what you’re working towards. You would never step out of your house and start walking aimlessly. You have a plan on where to go, what time to be there, and how long until you need to get to your next destination.
Why should your business be any different? You need a plan on where you want your business to go, how long it will take to get there, and how long until you reach your next goal. If you want your business to reach its full potential, you need a set of goals to achieve. After all, in most sports, it’s impossible to win the game unless you aim at the goal. Like people, goals give your business a sense of purpose.
Does your business have a purpose?