Few entrepreneurs planned to be in the business they find themselves in — including me. It’s often a case of us pursuing a dream, doing something we like to do, rather than a rational and well considered small business marketing plan.
They appear to labour under the illusion that because they’re good butchers, bakers or candlestick makers they’re going to be good at operating those businesses.
Alas, it’s pretty much never the case, because they don’t recognize the fundamental truth: each and every business lives and dies by the quality of its marketing.
So in this short piece I share with you what I consider to be the three most vital pieces in any small business marketing plan.
Indeed, I’m perfectly aware I cannot share all I know about small business marketing in one article and 3 tips … but in true 80/20 style I can give you some strategies which, if you embrace them, are going to make a huge difference in your business.
1. Unrelenting follow up.
Successful business owners understand the key to business success is to be found in following up.
Another way of putting it is, the more you tell, the more you sell.
Your chances of selling something to someone on the first pass are in general pretty remote, and even in my business, which is in an industry not particularly noted for its long sales cycle, I routinely get first-time customers who have been on my email list for (literally) years and have just then decided to buy.
2. Focus on acquiring clients, not bringing in sales.
The true worth of a customer or client is in his or her lifetime value — the amount of money he or she pays you over the lifetime of your relationship.
Not too many business owners truly comprehend this, and needlessly waste a lot of time and effort chasing after new business without carefully nourishing and nurturing the relationships with the clients they already have.
In my experience, it’s often held true I make more money in my relationship with a client in the long term by talking them out of an early and to my mind unsuitable purchase.
3. The Bullseye
Why are you in business?
If you answered anything other than “to make money”, then you might want to think again about your career.
This is not a money-grubbing attitude to take. No matter what the eventual aim of your business, it’s got to pay its own way so it can meet the wages bill, pay its bills and keep up with its commitments.
All of this means you’ve got to be making sales — and this does have to be your target.
What’s more, this is no way contradicts what I said above about nurturing long-term relationships rather than focusing on immediate sales. On the contrary, by serving rather than selling, you ‘ll end up selling MORE over the long term.
What is does NOT mean, though, is fixating on each prospect or customer as if he or she was the last one you were ever going to get. That’s the quick way to the asylum, and you don’t make any additional sales while you’re on your way there, either.
Undoubtedly you do need to make sales. But you must never be of the mind that any one customer, client or sale is necessary. Always be ready to walk away, even when you think you can not afford to. The instant customers and clients know they have you over a barrel … you’re doomed.
Seriously, it’s easier than you think to grow a successful and profitable small business, and if you pay attention to what I’ve shared with you here, it’s going to be a whole lot easier for you.