|
Deadly Marketing Sin Number 3 - Wasting Time and Money On Marketing Strategies That Don’t Work!
Do you know which of your marketing efforts result in new business? Do you ever calculate the time, money and effort it takes to get a new customer from each promotional strategy you use? Why? Because if it is working – you want to do use it more often! And if it isn’t - you need to stop wasting your money!
Case in point; most professionals believe that networking is the best way to get new business. And it can be - but not always and not for everyone. Find out for yourself. Add up the amount of time you spent networking last month. Put a dollar value on it based on your fees. Add the actual price you paid to attend those events. Then divide this total amount by the number of new customers your networking produced. Are you happy with your results? Or is it a shock to see what it actually costs to get new clients by networking?
It doesn’t matter if it’s networking, advertising, referral or joint venture strategies – if you don’t know your ROME (Return On Marketing Efforts) I guarantee you are wasting money doing things that don’t work! Every marketing strategy can be tracked and measured. So figure out what works best for you!
Deadly Marketing Sin Number 4 - Missing Out On Repeat Business
You’ve heard about the back-end-sales, haven’t you? Are you doing it? It’s astonishing how many small business owners do not develop strong relationships with their customers and have no plan for generating repeat business.
You see, one of your biggest costs of doing business is marketing and getting new customers into your funnel. And once you’ve done a great job for them, and then you nurture the relationship you’ve developed, it’s so easy to ask for more business. But you have to develop different levels of products and services to offer to them.
Listen to your clients and develop new offerings to respond to their needs. Create assessments to uncover hidden opportunities for additional projects. If you can’t or don’t want to offer those new solutions – partner up with someone who does. McDonald’s made a fortune on “supersizing” their fries – time for you to start thinking about supersizing your business with each client.
Bottom line is this: when I hear businesses talk about bad economy, clients not having money and overall complaining about how tough it is to make a sale I can always pinpoint their poor performance to at least one of those marketing sins. Frankly, there is no such a thing as a shortage of business – there is a shortage of knowledge how to get that business.
(c) 2004 Adam M. Urbanski
----------
About the author
The Author, Adam Urbanski, a Marketing Mentor, helps Service Professionals and Small Business Owners attract more clients. For more free tutorial articles, hot how-to tips and a FREE 32-page marketing guide go to http://www.themarketingmentors.com
|