Last time we talked about the second part of word of mouth tactics which help you put together a system to help shorten the purchasing decision time of your customers which can increase your profits immensely.
Today we’re going to talk about the nine levels of word of mouth which gives you a tool to measure the word of mouth circulating around your company, products, and services. You can then see where you are getting negative or weak word of mouth and find ways to correct it.
So, launching into the nine levels of word of mouth-it should seem relatively obvious that the negative levels are, well, negative and the positive levels are positive.
This is the worst of the worst and means your product is creating a scandal. Remember, when the popular over-the-counter pain relievers, like Tylenol, were deemed unsafe? Yea, you won’t want that kind of word of mouth.
Disgruntled customers are going out of their way to convince other consumers from purchasing your products and services. They are boycotting you.
While not outwardly boycotting, when customers are asked about you, they will give a negative response.
At this level, people are mildly dissatisfied and while not outwardly talking about it, they will have an opinion if asked. Now they may purchase from you despite their negative feelings, this can be a little confusing.
This is sort of a neutral place to be. Customers are using your products, but don’t really talk about it. People rarely ask them about it, so they aren’t sharing their opinion with others. This can be a bit of a slippery slope because you don’t want to turn that neutral experience into a negative one. In fact, you should work to make it a positive one.
At this level we are finally starting to work our way into the positive word of mouth about your company, products, and services. Plus 1 signifies that people are generally pleased with your products, but unless asked, don’t really say anything about them.
When asked, your customers will talk about how much they love your products.
Customers will go out of their way to talk about your products, services, company, and their shopping experience with you. This is most evident when you see how people recommend movies to their friends and family.
Your product is the toast of the town. There is an obvious buzz going around and your business is the place to be. People are not only talking about your great products and services, but they are talking about their shopping experience, your customer service, and how they perceive the company to help them in the future.
Some great examples of Plus 4 companies are:
We’re going to leave this lesson for you to mull over and take a look at what kind of word of mouth you are generating. If you need help with this process, try our GUIDED TOUR to get help from our experienced business coaches.
If you are a current entrepreneur and you are worried about your business and how you are going to survive in these uncertain times, or if you will survive, you need to register for my MARKETING ACCELERATED COURSE. In this five-module course, I’ll show you cost-free strategies that will increase your leads, conversions, and profits immediately.
Next time we’re going to talk about the 30 ways to harness the power of word of mouth.
In the last post we started our series on word of mouth and talked about how to make your customers purchasing experience a short, easy one. We are going to continue with that theme a bit today. We’re going to talk about the power of word of mouth and how to mold it to your advantage.
The reality is everyone needs an advisor to guide them to make a decision. We rely on the expertise of others to make the right decisions as they are explained to us. When you take the time to understand exactly what and how word of mouth works, you’ll see all the great advantages it has to offer you. Remember this path when working to understand word of mouth:
Accelerate the decision-making process for increased profits.
You can accelerate product making decisions by making the process easier.
Instead of low-ball advertising and the used car salesman approach, try delivering on your word of mouth promises.
Traditional advertising draws about one response for every thousand ads and most of those are to ask for more information before the customer even considers purchasing. When you get information from a friend, you are more likely to take their word for it and act. On average customers purchase two out of every five recommendations their friends make. That’s a HUGE difference.
So, what exactly is word of mouth? Well, we know how powerful it can be, but to define it: Word of mouth is a communication that happens between a customer and a potential customer. There is usually a relationship of some kind between these two people with an established level of trust.
Now, compare this to advertising where you are providing a message to a potential customer where they have not established relationship with you or level of trust. Who are they more likely to take advice from? The answer is clear!
We talked above about the benefits of word of mouth now let’s take a look at some reasons why it works. Some of these are:
The information is custom tailored to the potential customer because of the friendly relationship of the referrer.
It’s more personal, relevant and believable.
It,s customer driven.
It’s self generating and can take on a life of its own, especially with the information age of the Internet.
It becomes part of the product’s description.
The source of word of mouth can be important and more effective when coming from an expert.
Word of mouth saves you time and money.
To fully utilize word of mouth you need to understand:
Where is your word of mouth coming from?
What products are being affected by word of mouth?
How is your word of mouth traveling?
Once you know these things you can work out a plan on how to trigger more word of mouth. This wraps up this lesson on word of mouth. If you need help understanding word of mouth and how it can impact your business, try our GUIDED TOUR to access our wealth of resources and tools.
Next time we’re going to dive into the nine levels of word of mouth. These levels help you understand which word of mouth is positive and which is not.
Don’t miss out on our new course for entrepreneurs and business owners. Take a look at Marketing Accelerated today.
Today we’ll start a new series talking all about Word of Mouth and how it can make or break your business in an extremely short amount of time. In this first lesson we’ll get a feel for what exactly word of mouth is.
Word of Mouth is easily the most powerful form of marketing and is absolutely free. People talk about ads they see, experiences they have and the products they purchase. If you treat people right and spread the word about your new products/services in a positive way, you’ll attract the right customers and client who will sustain your business for a long time.
Now, as positive as word of mouth can be for your business, the other side of the coin is how negative it can be as well. Bad news seems invariably to travel faster than good news and if you have a less than high-quality product or weak customer service system, then your customers will tell everyone they know to not buy your products and services.
The age of technology has proven to be an amazing benefit in the world of word of mouth. With blogs, podcasts, online marketing, forums, social networking and all the other online mediums available and making it easier and easier for consumers to share their experiences. And, remember this is all free advertising for you.
Let’s take a minute to talk about the importance of shortening the customer decision cycle to help customers/client choose more quickly and easily. There are three great ways to increase sales by shortening the decision cycle. They are:
Increase the overall dollar amount customers spend on each purchase
Increase your number of customers
Increase frequency of purchases
Let’s take a deeper look at decision speed. Offer simplicity, ease and a fun purchasing atmosphere and you’ll help your customers make their decisions quicker and more confidently. When this happens your customers will buy more frequently, spend more money than usual, refer friends and make the decision to purchase more quickly. This can raise your market share by over 100 times.
The time it takes your customer to decide and purchase far outweighs any other component of marketing. When you focus on customer decision speed it forces you to take a hard look at your company and brand image, positioning, value, customer service, guarantees and product quality.
The next area I want to talk about quickly is how to minimize the friction, or stress, involved with decision making. No matter how easily people find decision making there is a certain amount of anxiety we all experience when making a purchase, especially from a new source or for a large amount of money. When you help to minimize this emotional response, you will soothe your customers’ anxiety and they will make their decision quicker and more confidently.
There are a few secrets to accelerate the customers decision making progress:
Your benefits, features, claims and promises must be obvious, clear and concise.
The information you offer must be complete, easy to understand, credible and balanced.
Use comparisons that show a marked difference.
Your guarantees must be rock solid, and more than the customer expects.
Make trial periods easy.
You must have simple evaluations of your products or services.
Testimonials need to be relevant and positive.
Your support, delivery and other operational systems must be perfect.
Your website can be as good as you make it. You can offer more than information; you can offer an experience that guides your customers gently through the decision-making process to make it easy for them to buy. Take it a step beyond by offering toll-free support numbers, software downloads to help with the process or other classy and informative ways to reassure your customers that you are there with them every step of the way and have nothing to hide.
This wraps up the first post in our series on word of mouth. If you need help identifying your target market and the issues they are experience in their purchasing experience that is making their decision time long, try our GUIDED TOUR and work with one of our coaches to come up with the best way to smooth out your purchasing experience.
Also, make sure to check out our new course, Marketing Accelerated, if you’re looking for ways to increase your leads and conversions in addition to making your website and online marketing significantly more effective.
Next time we’ll move forward with word of mouth and talk about the power of word of mouth and what exactly this powerful tool is and can be used for.
The last few posts in this series have talked about how to multiply the resources that you’ve worked hard to maximize. So far, we’ve covered:
Call in the Troops
Bring ‘Em Out of the Woodwork
Black Sheep Clients
Olympic-Size Sales Staff
Open Water Fishing
Call for Back-Up
Go Big Online
Bartering with the Best
Give Away the Farm
Today we’ll finish up this series with the last three ways to multiply your maximized resources. We’ll cover:
Finding Your Pot of Gold
Stay at the Top of Your Game
Wealth from the Inside Out
These areas are all key to keep up the momentum you’ve found in making what you have work harder for you.
Finding Your Pot of Gold
You must always have a goal you’re working toward in order to stay on course. Your goal needs to be something you can attain and utilize your full potential. Don’t be afraid to aim high, just make sure you are clear on what your goal is and exactly what you need to do to get there. You need to continue to hold yourself accountable to your goal and raise the bar as you accomplish the steps to your goal.
Stay at the Top of Your Game
Once you’ve mastered these areas, you need to make sure you are staying competitive and constantly coming up with new ways to use your new tools. Don’t rest on one success when there are more on the horizon. To continue to be successful your business must continue to learn and revolve.
Wealth from the Inside Out
Wealth and riches are defined within yourself, not by your profits or the world beyond. You can use all these strategies in both your business and life to find a greater level of success. When you naturally reflect who you are and what you mean, you will automatically attract the right people to you. This will happen in life and in business.
You are capable of reaching your goals as long as they are well-defined, and a solid road is built to them.
Throughout the last seven lessons we’ve talked about how to take a hard look at the resources you currently have right in front of you and maximize them to get the most out of what you already have. Then turning around and multiplying those maximized resources to take them to the next level.
If you need help with any of these areas, steps or processes, try our GUIDED TOUR to gain access to our resources, tools and business coaches-All there to help you succeed.
Also make sure to check out the FREE Momentum Series, which will help you to gain clarity on where you want to go, WHY you want it, and how to get there!
Business owners today are in the fight of their lives. The global economy is in shambles, they have no additional revenue sources they can tap into for financial support during lean times – and perhaps worst of all, marketing and advertising just don’t work as well as they used to. In fact, for many small business owners, marketing isn’t producing any results for them at all… and their financial situation is growing more desperate by the day.
As a business owner or entrepreneur, if you’re struggling right now to generate more leads and clients for your business, and you need to find immediate ways to dramatically increase your business’ bottom-line revenue, over the next few issues of SAVVY The Business Magazine I’ll show you how I can help you make all of these problems disappear forever.
Over the next few issues, I’m going to give you back door access to a series of powerful business growth strategies that are some of the most powerful revenue-generating strategies ever created.
So let’s get started.
More Leads – Marketing and Advertising
Let’s face it. The major hot button for most small businesses these days is the ability to generate leads. All small businesses want more leads, but few of them know how to successfully attract customers to their business.
As a coach, I have in-depth knowledge and skill when it comes to generating leads. So here’s the process I use to do this.
If you’re like 99% of the business owners I speak with, you may often feel lost or overwhelmed as you try to navigate through all the various options available these days. Websites, social media, SEO, email marketing, Facebook, pay-per-click and so on.
Let me do you a favor right now and completely remove that overwhelm from your life forever. Are you familiar with the 80/20 rule?
For business owners, it means 20% of what you do every day is generating 80% of your total annual revenue.
In other words, you’re only doing a few things daily that makes you most of your money. I can tell you specifically what makes up that 20%, and that’s all you really need to focus on.
There are 5 areas that make up that 20% – leads, conversions, transactions, pricing and profits.
To show you the potential impact we can have in these five areas, I use a tool called a Profit Growth Calculator. Do you by chance know the exact number of leads and sales you’ve made over the past 12 months?
No! That’s OK… let’s plug in numbers for a make-believe business. Let’s say your business generated 1000 leads in the past year… and your average conversion rate was 25%.
Let’s also say your customers bought what you sell 10 times throughout the year… and they typically paid on average around $100 per purchase.
Finally, let’s say your profit margin per sale is only 25%.
Notice at the bottom that you’re earning $62,500 annually. But, look what happens if we simply increase each of these 5 areas by a meager 10%.
You would see your annual revenue almost double from $62,500 to over 6 figures. By the way.
Most business owners would KILL to almost double their revenue, wouldn’t you agree? Now, watch what happens if you could increase each of the 5 areas by 50%.
Your business would skyrocket from $62,500 to almost half a million dollars annually. Now, you may be thinking 50% gains in each of these 5 areas would be next to impossible. Let me assure you, a 50% increase is possible, and I’m going to prove it to you right now.
When asked, most business owners tell me “word of mouth”, or more often than not “referrals”, are how they generate leads. Referrals are obviously an excellent lead source. In fact, it may be the best one by far, but the problem is you never know when you will get them. They’re not reliable and you certainly can’t generate them whenever you want.
99% of businesses today do have a website. Do you know for sure how many leads your website generates every month? Do you know for sure how many sales your website produces every month?
Can I show you why your website isn’t generating leads or closing sales for you.
Here’s the key to successful marketing. You MUST be able to enter the conversation taking place in the head of your prospects. Or, another way to look at it is to be able to address the number one question on your prospect’s mind at just the right time. So how do you do this? It’s actually quite simple when you know and understand the fundamentals of marketing.
The conversation that’s taking place in EVERY prospect’s mind revolves around two major points. There’s a problem they have, and they don’t want… and there’s a result they want but don’t have.
Now believe it or not, there is actually a marketing formula we follow that takes these two points into account and spits out a message so compelling it practically forces your prospects to buy what you sell.
It’s called the Conversion Equation, and it looks like this – Interrupt, Engage, Educate and Offer. The Interrupt is your headline – which means it’s the first thing someone sees when they visit your website, read any of your marketing collateral, or hear you speak. When someone asks you what you do, it’s the first words out of your mouth. That’s your headline… and it MUST address the problem your prospects have that they don’t want.
The Engage is your sub-headline – which is the second thing your prospects see or hear. It MUST address the result your prospect wants but doesn’t have. The Educate is the information you provide… either verbally or in writing… that presents evidence to your prospects that you and your product or service are superior in every way to your competition.
Unfortunately, MOST businesses aren’t different from their competitors, and that’s why you MUST innovate your business to create what we refer to as a market-dominating position.
You MUST make your business unique… it MUST stand out from the crowd. It MUST make your prospects say to themselves that they would be absolute idiots to buy from anyone else but you – regardless of price. And finally, the Offer. You MUST create a compelling offer that makes it so irresistible your prospects can’t turn it down.
But, here’s another critical fundamental of marketing. Because of the saturation of marketing messages these days, most prospects have become numb to most marketing.
Following our Conversion Equation can dramatically overcome this, but even with this powerful tool in play, it will still take multiple “touch” points before your prospects will buy what you sell.
For most businesses today, it takes anywhere from 20 to more than 100 touch points before a prospect makes their buying decision. Following the Conversion Equation reduces the touch points to somewhere between 5 to 12 points of contact.
But here’s the key… most businesses don’t follow up with their prospects at all, and this provides a HUGE window of opportunity for ANY business that does follow up… to position themselves as the dominant force in their industry.
But, in order to have the opportunity to get your message in front of your prospects 5 to 12 times, you MUST find a way to collect their contact information, and that’s the purpose of your Offer.
Most businesses offer something that only appeals to prospects we call NOW buyers – prospects ready to make an immediate purchase. Unfortunately, NOW buyers make up less than 1% of the total number of prospects that are in the market to buy what you sell.
These businesses typically offer prospects a free consultation, a discount, a coupon, a free assessment, a complimentary quote, or the biggest mistake of all… CALL US!
For most businesses, all of their marketing material… their website… their business card… all list their phone number as their sole offer… and that ONLY appeals to that 1% of NOW buyers. The remaining 99% of viable prospects are “investigating” and gathering information about what you sell.
They’re searching for information because they want to determine who is offering the best value. You see, prospects DON’T shop price – they shop VALUE!
The only reason prospects consider price is that most businesses don’t give them any other value proposition to consider except price.
Remember what I said a moment ago about making your business unique – creating a market-dominating position?
Most businesses don’t do that, and since they… and all of their competitors… look exactly the same, prospects are FORCED to shop price. So, with these fundamentals in mind, let’s see how your website stacks up to them.
Let me tell you about a website we recently revised for a child psychologist so you can see what I mean.
His website was typical for his profession.
He had a very generic headline – Parenting Advice and Resources from Dr. John Smith
He has to have a headline like that because he’s attempting to be all things to all prospects. Basically, this doctor helps parents deal with adolescent problems. He had a list of the 9 areas he specialized in – emotionally disturbed kids, behavioral problems, teen pregnancy, peer pressure and so on.
So, let’s compare this site with the fundamentals we just discussed. First, you MUST create a market-dominating position. This doctor could actually create 9 of them by simply positioning his specialty in each of his 9 individual areas of treatment.
For example, let’s say he decides to start with the top condition on his list… emotionally disturbed kids. These are kids that yell, scream and constantly have a highly belligerent attitude toward their parents. They scream at them and are known in some cases to threaten the parents. These kids can’t be reasoned with and these poor parents have NO clue how to deal with this situation.
So, here’s what this doctor needs to do. Forget the website completely – this doctor needs what we call a squeeze page. This is a single page that’s online and specifically addresses ONLY this one condition. So, what should this page look like… and what should it say?
Remember the second fundamental – you MUST enter the conversation taking place in the head of your prospect. There’s a problem they have they don’t want… and there’s a result they want but they don’t have. This is where we implement the first two components of the Conversion Equation… Interrupt and Engage. The headline is the Interrupt and it must address the problem they have and don’t want.
We started with a new headline – Are You Sick and Tired of the Yelling, Screaming and Belligerent Attitude of Your Child? Does that address the problem these parents have and don’t want? Would you say that’s a 100% bullseye?
Now, for the Engage which is the sub-headline. It MUST address the result they want but they don’t have. We used – Now You Can Discover the Secrets to Controlling Your Child and Instantly Restore Peace and Quiet in Your Home. Would you say that’s bullseye number two?
Now, let’s look at the third Conversion Equation component… Educate. On the doctor’s original website he had a short video, because he’s trying to appeal to all prospects, his video said this – “Greeting parents. I want to welcome you to remarkable parenting. You will find tons of great information here with hundreds of pages of articles.”
Think how ridiculous this sounds if I’m one of these parents with a kid that has a belligerent attitude. Do I want to read hundreds of pages of articles? Or, am I searching for a specific solution to a specific problem? Do you see why most websites these days are basically a total and complete waste of money? They don’t address the things your prospects are truly looking for. Here’s the new script we created for this doctor.
“As a parent, are you struggling to gain control of your child’s attitude and emotions? Is your child yelling and screaming at you, while often displaying a belligerent and sometimes threatening tone that no matter what you do or try… you just can’t seem to get under control?
My name is Dr. John Smith, and I help parents like you every day learn the techniques that will solve these frustrating and destructive behavioral patterns once and for all. In fact, let me prove it to you. Enter your first name and email in the box to the right, and I’ll send you a series of 60-second techniques that will immediately restore peace and quiet in your home.”
Think that just might get more prospects to respond to this message? And that brings us to the final component of the Conversion Equation… the Offer. Look at the doctor’s original offer. His original site was offering a free consultation. The only prospects that will accept that type of offer are those NOW buyers. Remember, they’re less than 1% of the total number of prospects looking for this type of help.
When your offer is to “call me,” that basically says “let me sell you” to your prospects. We are so used to getting non-stop sales pitches these days that we resist calling anyone with every fiber of our being. This type of offer is called an incentive offer, and incentive offers only work for common purchases, emergency situations and impulse purchases.
And remember, most prospects don’t buy until they have been exposed to your messaging somewhere between 5 to 12 times. If you tell prospects to “call you,” and most won’t, how do you keep marketing to them? Obviously, you can’t. The secret to effective marketing is to offer what most prospects truly want… INFORMATION!
Look at the last sentence in the child psychologist’s video script… “enter your first name and email in the box to the right, and I’ll send you a series of 60 second techniques that will immediately restore peace and quiet in your home.” That offer is ZERO risk to a prospect, and it offers them something they truly want… a solution to their problem.
They can receive it by simply providing their name and email address… WITHOUT having to speak to anyone… or be subjected to any type of sales pitch. That’s why the offer on this doctor’s squeeze page says, “Learn the Secrets to Gaining and Maintaining Complete Control of Your Child in Less than 60 Seconds.” Is that a highly compelling offer that would appeal to a majority of the prospects directed to this page?
And do you now see why we call this a squeeze page? There are NO navigation buttons on this page to distract the prospect. In fact, there is only ONE action they can take… enter their contact information. Otherwise, they have to close the page completely… and if they do, THAT is when we can redirect them to the doctor’s main website to see if there is something else that might grab their attention.
That informational offer provides them with proof that this doctor can actually get them the results they’re looking for, and then within that information is an offer for them to schedule a consultation with the doctor, which they are now more likely to do.
But consider these numbers for this doctor’s original website. He could easily generate 300 or more leads per month using a pay-per-click campaign on Facebook. Those leads are then sent to his original website. He will then average around 10% of those leads… or 30 prospects… will see his offer for the free consultation and will call to inquire about it.
Notice I said INQUIRE about it, NOT request it. Out of that 10% that will call… only 10% of them will actually consent to the consultation… which equals 3 prospects.
Fortunately, for most professionals like this doctor, they typically convert 100% of the prospects they get in front of… so those 3 prospects will more than likely become patients. Note that out of 300 leads, the doctor winds up with 3 new clients. That is the national average today – 1% of all leads generated will typically convert into a new client.
But, now let’s look at the doctor’s new squeeze page. First of all, let’s leave his number of leads at 300 per month. That squeeze page won’t impact that number whatsoever.
Do you think this new page will increase the number of prospects that will request this doctor’s secrets to gaining and maintaining complete control of their child? The doctor was getting 10% with his old site. What percent do you think would request this new, more compelling offer?
Most responses I get average somewhere between 50% to 70%. Well, suppose we stay really conservative and say that just 20% request the new offer.
That would mean 60 prospects would receive those secrets and actually see for themselves that this doctor’s methods really work.
And once they do, what percent of those do you think might request the consultation with the doctor? Remember, that originally it was just 10%.
Again, most responses I get average between 50% to 70%. I would tend to agree with those numbers, but we know he originally converted 10%, so to be really conservative, let’s just leave that conversion rate the same… 10%.
So, out of the 60 prospects requesting the doctor’s secrets, 6 of them now request the consultation. And let’s assume like we did originally the doctor converts all 6 of them into patients. That’s an additional 3 patients per month, isn’t it?
Now, let’s say this doctor only charges $800 for his services. $800 times 3 new patients is an additional $2,400 per month… which is an annual increase of $28,800. That’s obviously a dramatic increase in revenue considering we’re being conservative… and all we did was make some slight changes to this doctor’s site.
So, let me ask you this. Do you think we could get similar results for your business? How many leads have you generated in the last 12 months?
How many leads would you estimate you’ve generated this month? How many of those leads requested your offer? If we could create a similar process for your business… and offer compelling information to your prospects just like we did for the child psychologist… do you think more prospects would respond? By what percent?
Could we conservatively agree that a 10% opt-in rate is easily a no-brainer? Do you realize just that one change alone would double your current sales revenue?
And that’s assuming we don’t increase your number of leads or your final conversion rate… which we will. If you said your last month’s revenue was $25,000… then just this one change alone adds an additional $25,000 to your bottom line.
But consider this!
That additional revenue is NOT just a one-time increase. That’s revenue the business will generate year after year after year.
If you would like more help on this you can contact me directly at email@example.com, or check out what our E-Learning Marketing System has to offer in our GUIDED TOUR.
Get my Momentum Training Series for FREE HERE!
Business Development Coach
Today we’ll talk about the last three areas you can work on to maximize your current resources. They are:
An offer they can’t refuse
Would you like fries with that?
Stay away from the edge of the cliff
An Offer They Can’t Refuse
The secret to success is to stay ahead of your competitors – maintain a competitive edge. To do that you need to make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other roadblocks they may have.
You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.
Would You Like Fries With That?
It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complementary to the original product being purchased and must create a higher perceived value.
Avoid the Edge of the Cliff
Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.
Here are a few specific areas you can test for potential improvements:
Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many other areas for improvement that will better utilize your current resources.
As an entrepreneur and small business owner, are you happy with the results you’re getting from your current marketing efforts? Is your company website generating leads and closing sales for your business? Are you spending your precious marketing dollars… yet seeing little to no results whatsoever?
If so, you’re not alone! So why is this happening? I’m here to tell you that everything you have ever heard… everything you have ever learned… and everything you’ve ever been taught about marketing your business… is WRONG!
Suppose for a moment that you decide to run a typical marketing campaign for your product or service. You invest more than $10,000 developing your marketing and designing your website in hopes that your prospects will see your message… go to your website… and buy your product or service.
You launch your campaign with great hope and anticipation… only to experience over the next several months that your marketing results in just 15 inquiries… and 3 sales that produce $1900 in total revenue. That’s a net loss of $8,100 you will never get back… not to mention all the time, effort and energy you just wasted? But let me ask you this.
What if… with our help… you could spend just $1300 of that $10,000 marketing budget… and just by changing what your marketing says… instead of getting 15 inquiries resulting in only 3 sales… you could generate 137 inquiries that resulted in 37 sales… and each sale was worth an average of $2500?
So with our help… instead of losing $8,100… you just pocketed a cool $92,500… all for a measly $1300 investment! That’s a 7,100% return on your marketing dollars. That’s what’s called getting more results… and making more money… for the same time, the same investment… and the same effort spent.
Sound farfetched? Not at all. These are the exact results we recently helped one of our clients generate in a business just like yours. Business owners today simply don’t understand the tremendous untapped potential that lies within their marketing. Most businesses today are spending some money on marketing and advertising… and then they decide that whatever results they get from that marketing is probably about as good as it’s going to get. They never imagine that results like the earlier example where our client got 137 inquiries instead of 15… and 37 sales instead of 3… is even remotely possible.
I’m here to tell you point blank that nothing could be further from the truth. But don’t take my word for this. Let me prove it to you. Enter your name and email address in the box below… and I’ll send you what may be the single, most eye-opening informational video you will ever see as a business owner.
This video is content-rich… with NO sales pitch whatsoever. I’ll show you the fundamental formulas and strategies we use with our clients that will not only make your marketing work better… but will position your business as the dominant force in your market. Learn this information… and you will gain a significant advantage over your competitors the moment you implement it.
The information I’ll teach you is truly a breakthrough in marketing and advertising, yet it’s simple and easy to understand. And best of all… it works… regardless of what business or industry you’re in.
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In two recent posts I covered the first four of the killer mistakes you can make that will not only make you lose your fish, but possibly your entire company. Today we’re going to talk about the fifth killer mistake: Up Cash Creek Without a Paddle.
Even when business is good there’s still a chance of running out of cash flow. You have to always be prepared for a slow in sales (such as many businesses today with the impact of the Corona Virus) or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare, but is absolutely essential to a successful business.
Here are some tips to speed up the payment process:
Always send invoices on time and adjust your records for potential audits.
Learn how the client processes payments on their side and find out precisely where to send invoices.
Find out who’s in charge of processing orders and payment, so you know who to contact if needed.
Have a follow-up procedure in place, just in case.
As a last resort, call your contact to ask questions.
Always make sure your invoices are correct before sending them out.
You also need to make sure your cash flow is protected. You can do this by:
Always know which accounts need paid and when.
Negotiate with your suppliers for the lowest cost possible.
Have a bank contingency plan in place.
Build your own inventor network.
These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and your need to take the time to work through each of these steps carefully and correctly for the best success.
If you need help with any step of the process of catching your fish or subsequent big fish clients, try our GUIDED TOUR for access to a wealth of great tools and resources as well as our business coaching staff.
Join our Inner Circle Mastermind to join our weekly call with success-focused people looking to help one another fund success.