If you’re looking to grow your business in this less-than-ideal economy, then pull up a chair and get ready to buckle down for the next 5 minutes, because your answer is in this article.
In the next few minutes, we’re going to look at three crucial elements that you must consider before you attempt to overhaul your marketing efforts. First, we’re going to make sure your business isn’t currently shooting itself in the foot. Next, we’re going to make sure that your marketing and sales systems are up to snuff. Finally, we’re going to go over the details of the 3 ways for exponential growth in a small business.
An ounce of prevention….
First, let’s start with preventing your business from sabotaging itself.
The #1 biggest missed opportunity I see is when a business doesn’t place the highest value on it’s current and incoming customers (or clients.) When your business interacts with each customer, whether it’s on the phone, online, or in person, ask yourself this question: Are your customers and prospects being treated like the lifeblood of your business? Because that’s exactly what they are.
Did you know that after 2 rings, you lose 30% of your incoming callers? Now, how much is your average lifetime value of a customer? (If you don’t know this number, call your accountant and find out.) Take that number, write it on a post it note, and stick it on the handset. That is the amount of money you just passed up when you didn’t have your staff drop everything to answer that phone call. The solution? Make incoming calls top priority, and train your staff to do the same.
Bonus phone tip: If the person who answers your phones is rude or has a bad attitude, do you think that will transfer well to your prospective customers? How about your current clients? Think you should reconsider having a rude person as the face of your company? Of course you should.
Do you have a system?
Next, let’s talk about your marketing and sales system.
Do you have a comprehensive sales and marketing plan in place in your business? Do you know the proper strategy to implement to attract traffic to your website and then convert that traffic into sales? Do you know the proper social media strategy for busy entrepreneurs? Do you know how to use media, direct mail, and PR for the highest return on investment? And have you considered how you can do all this without wasting precious man-hours? These are elements that are not too difficult to implement if you have an expert marketing consultant in your corner.
3 Ways for exponential growth
Finally, here is a list of the 3 ways for exponential growth in any small business:
1. Get more prospects.
2. Increase your conversion rate of prospects to customers.
3. Increase the average ticket size (or frequency.)
It’s that simple. Can you think of one tactic you can implement to improve your business in each of these 3 areas? A 33% increase in each of these areas is often quite feasible. And that can add up to doubling your business in 90 days or less, if you build your business using a sound marketing blueprint.
So, check out how you handle incoming phone calls and customer inquiries. Make improvements where there are issues. Next, think about bringing in a consultant to give your marketing systems a comprehensive audit. Often a fresh eye can help you see things you can’t see in your daily grind. And last, focus on the 3 ways for exponential growth. Make improvements in all 3 areas, and you will be on the path for growth, even in a flat economy.
You can learn more about these and other marketing systems, tactics, and strategies in the Marketing Manual for Contractors.
About the Author – Seth Holdren is the author of Your Marketing Blueprint and Founder of the Local Business Development Education Association, the only governing body certifying LBDEA Certified Education Professionals. (LBDEA is an association dedicated to helping business owners increase profits.) After years of helping businesses grow, Holdren observed an epidemic of missed opportunities for growth in the arena of local marketing for small business. So he set out to cure this epidemic, by performing marketing audits and teaching workshops focused on effective and practical marketing tactics that provide ROI above all else.