Have you ever felt like your marketing activities just aren’t generating enough profits for your business, so you just give up on them? Or do you pause your marketing plan in order to save more money? Well consider this…
…If you put an end to your marketing plan, will you really save money? Yes, you will… in the way that stopping your wristwatch saves time. In other words, don’t kid yourself.
A marketing plan needs to be clear, simple, and most of all, consistent. Then you have to actually stick to it and, rather than halting its use, update it and make it better. If you let it go after 3 months of not seeing any results, you are guaranteeing that you’ll never see results.
Most business owners think that you must be a marketing guru to generate and implement a strong and profitable marketing plan. Well this should be music to your ears… there are only 5 key areas of marketing and sales that you need to focus on to build your business!
Over the next few months, I will cover each key area in detail. Here is a summary to start your journey to becoming your own marketing guru:
Number of leads – This area is all about how many potential clients you attract. Unfortunately, being unable to generate leads is one of the main reasons that so many small businesses fail in the first few years. The lead generating strategies we will teach you are both simple and mind-blowingly effective.
Conversion rate – Now that you are generating enough leads, how many of them do you convert into clients? Many business owners ‘wing’ the sales process and hope for the best. If that’s you, how is that going for your business? Having a detailed sales strategy will not only improve your conversion rate, but make it much more reliable.
Number of transactions – How many times a year do your clients buy from you? Increase this frequency by devising the ways you can encourage past clients to buy from your more often. Think about this… your existing customers already like what you do, which makes it about six times easier and cheaper to get a past customer to buy again than to acquire a new one! Get brainstorming!
Average dollar sale – How much do clients spend with you each time they buy? Imagine what would happen if you increased the value of each sale by 10%. That’s not a big jump, but it makes a big difference. By executing only one well-implemented price increase strategy, you could make a big difference to the bottom line.
Margins – What is the gross or net margin your business achieves? Improving your margin is one of the quickest way to improve your cash flow. Our clients are often left shocked when they learn that this, the easiest part of a marketing and sales plan, is the fastest and least costly to implement and will have the most immediate impact.
If you are thinking ‘this is too much to work on right now’, remember that all you need is a slight 15% improvement in each area, and that will be sufficient to double your profit! These 5 areas provide you with more than 350 different strategies to explore. All that’s left for you to do is to select the ones that are right for you, implement them effectively, and watch your business soar.
If you feel like you are investing in expensive marketing; that being, marketing which you do not receive a profit from, and just aren’t seeing the return, join one of our coaches for a coffee to discuss the ways in which we can help you.
Can you afford any more expensive marketing? Register here or call us today on (02) 9146 4439.
In my next blog, I will dive deeper into Lead generation and share with you my favourite strategies which will help you increase the number of quality leads attracted by your business. Till then, here’s a thought to take with you…
“…Unless commitment is made, there are only promises and hopes; but no plans”