And then the nice looking sales rep from the local radio station “drops in”. They have an “incredible” deal on a 12 month package – that seems “perfect for your business” according to the rep.
It is only $2,000 per month, and has spots on the most popular shows. So – how do you decide what to do?
Firstly – it is evident that your “marketing plan” needs some attention. Because you think you need more leads, and because you think it is fate that a wandering sales rep has a “nice” package. If your marketing plan was in place you would already know what works best for your business – and do more of that.
Secondly – selection of marketing tactics based on “rep visit” is very high risk. Your choice of what choice will depend to a great deal on your own marketing education, and in some cases “mis-education”.
Most of what is taught to business owners is simply wrong, and will not predictably work well.
To illustrate this – let’s pretend you have a budget of $2,000 per month to “grow your business”…
And with that money you MUST get great results or a nasty man will come with a giant Bowie knife and chops bits off you. (ie – you HAVE to make it work!)
From that perspective – will you review everything you have been told about getting new business? You can “gamble” to one degree or another.
Me – I like to minimise the risk of any marketing not paying for itself. I know that the probability of different tactics working – varies immensely.
So – I would consider that getting a 10% increase in my average sale value (the total of sales divided by the number of sales events) has the same impact on my bottom line as 10% increase in the number of customers.
Or that if I can get my current customers to come back to my business just 10% more often – that has the same impact as well.
I might even consider that many people come to my business, get a price or quote, and then buy from somewhere else. If I can increase that “conversion rate” – it also helps with my sales.
The point is – each of the three tactics just mentioned are much more predictable ways to increase your profits – if you already have customers. And you can do it (in many cases) for free!
Some finer tactics include contacting your old customers and “resurrecting” them with a great offer and a good reason for them to return. (I call them Zombies – and just contacting them will often bring them back to life.)
Lead Generation Has Many Components To Master
I know about 130 different ways to increase your sales and profits off the top of my head. But the category which requires the most clear thinking, creative writing of emotional copy, and precision in scheduling and testing – is lead generation!
With a gun to my head – I would look to other strategies first.
And at the same time – I would begin to create and test lead generation activities to discover what works – and I would know because I would ensure it was measurable.
With $2,000 per month available – you could do radio. Or you could put that cash in to a referral system. Eg Refer a person to my business this month to go into the draw for “something”. Perhaps $1,000 cash? An accommodation deal that costs you $500 that is valued at $2500? Or simply buy 2 cars with your $24,000 and use them to get your current customers to buy more…
Or any number of different approaches.
And how do you know which approach is best for your business? Well – it depends…
This post was just to get it into your head that you have many different choices available, and they all have different probabilities of success. STOP doing your marketing based on what rep walks into your business. Get a marketing plan so you know all your marketing events for the coming year.
Or contact me for a Marketing Audit. It may be the difference between you getting really rich from your business, or not.
Townsville based James Hooper: The term “rainmaker” is becoming regularly used in business context as someone whose role is to ‘make rain’ or ‘create growth’ in your business. In some senses the term ‘business coach’ is limiting as it is primarily about optimizing the effectiveness of the owner/operator. Sometimes the leverage is in the business systems rather than in the operator – and focus on that produces the preferred outcomes.
Business is a game, a puzzle, a tool to get you what you want in life. Call me for a second opinion (other than yours) on how to make your business give you what you want it to.