This week’s blog is by Jeremy Johnson, Director, 21st Century Marketing Systems, an international marketing/sales training and consulting firm which has helped thousands of small businesses in all industries and of all sizes, on-line or off-line, achieve exponential growth without spending more money on traditional advertising.
When thinking about growing their business, most think of getting their product or service in front of more potential customers. Even the online social networking and media, that is growing so quickly these days, is entirely focused on that one area!
For some businesses, it might be very difficult or very expensive to get in front of more prospects. Plus, if you are not sure what it is that you are truly offering to your customers, if your message is unclear, paying to get in front of more prospects will just be a waste of time and money.
Are there ways to increase your top line without spending more money on traditional advertising?
There are THREE ways to increase your top line revenue:
1. Increase the number of prospects your product or service is exposed to
2. Increase the conversion ratio of prospects to paying customers
3. Increase the value and worth of each individual customer
Traditional marketing and advertising focuses on just ONE area, why not focus on all three?!
Are some ways more cost effective than others?
DO NOT spend money on getting in front of more prospects without first identifying, leveraging, and optimizing the marketing assets you already have within your business.
First make sure you know what it is that you are selling. Are you selling eye glasses like so many others, or, are you selling the fact that you can get it done in about an hour? Are you selling pizza like everyone else, or, are you selling 30 minutes or less? Once all your competitors can claim 30 minutes or less, does that aspect of your business differentiate you any longer?
ALL of your marketing efforts must be designed around what makes YOU unique. You must differentiate yourself. This concept alone, differentiation, is the topic of classes, workshops, and seminars in and of itself. It is also very similar to, if not synonymously used at times with branding, and positioning, just to name a couple.
Doesn’t it make sense to start here first before spending any time and money in other areas? Anyone who answers your phones must be selling what makes you unique; your sales force needs to be selling it in every aspect of their sales cycle, your USP or unique selling proposition must be integrated thoroughly into your operations.
Also, before getting in front of more prospects, make sure you’re getting the most value out of each customer, past, present and future. Make sure your conversion ratio of prospects to paying customers is respectable. A strong Unique Selling Proposition will help your sales force increase their closing ratios. Then and only then, after your house is in order, do you even think about spending money to get your product or service in front of more prospects!
If you need to grow 20% as quickly as possible, don’t just focus on getting in front of 20% more prospects. Rather, a small increase of around 5%, in all THREE areas, will start building on each other and create exponential growth with the potential of much more than 20%.
Can you see the potential?