Way too many businesses are practicing, what I´d call: “marketing by default”, meaning that they are getting leads who´ve found them somehow by chance on the internet or who were accidentally every now and then referred to them.
The problem is that prospecting and generating leads that way is highly unpredictable and uncontrollable, since everything is subject to chance and luck.
And, what´s even worse, they´re leaving too much money on the table, making it easy for their competitors to outcompete and eventually get them out of business.
How good is your marketing? Here are some questions that we´ll help you check, if you are leaving money on the table and if you can grow much more rapidly:
- Do you have at least one (better several) proven and tested referral / joint venture programs in place to stimulate more referrals and leads?
If you answer is YES, give yourself 10 points, if it´s NO – 0 points.
- Do you have at least one (better several) proven and tested client reactivation programs in place to reactivate lost /inactive customers?
If you answer is YES, give yourself 10 points, if it´s NO – 0 points.
- Are you regularly tracking and measuring your sales metrics (such as the closing rate) to improve, optimize and make more sales?
If you answer is YES, give yourself 10 points, if it´s NO – 0 points.
- Are you regularly checking, testing, tracking and optimizing new traffic sources (such as Google AdWords, Facebook paid Ads, LinkedIn ads etc.) to get more leads and clients?
If you answer is YES, give yourself 10 points, if it´s NO – 0 points.
- Do you have a tested and proven program to capture more leads and follow up with them to convert them into buyers (for example an email-follow up sequence)?
If you answer is YES, give yourself 10 points, if it´s NO – 0 points.
- Are you offering upsells and cross-sells to monetize your clients better and help them find quality products and services they need or want?
If you answer is YES, give yourself 10 points, if it´s NO – 0 points.
- Do you have a proven and powerful Unique Value Proposition that sets you apart from the competition and allows you to charge higher prices?
If you answer is YES, give yourself 10 points, if it´s NO – 0 points.
Okay, now, how many points did you get?
If you got 70 points – congrats, your business is doing and growing awesome!
If you have 0 points, you´re like many other businesses, but the good news it, with some quick and easy to implement strategies you can your business quickly to a whole new level!
If you are anything between 0 and 70 points – congrats, you´re doing much better than a lot of businesses, but you could also do significantly better by implementing just a few more strategies.
We´ve seen that with most businesses, they could easily add from 10% up to 50% more revenue and profits by applying the 7 strategies.
Let me give you a few benchmarks we´re seeing:
#1 Referral /Joint Venture program
A good referral /joint venture program, which stimulates getting more referrals and leads, gets on average 20 % to 25% more leads. This is because on average, if done correctly, every 1 in 4 or 1 in 5 clients or business partners will send you a referral.
Which means that if you have for example 100 clients and business partners, with a well executed referral program you can expect on average 20 or 25 new leads!
#2 Client Reactivation Program
A good and proven client reactivation program generates similar results – you can expect anything from 10 to 30 % of your “lost” costumers to become your long term customers once again. If you have 100 inactive customers, such a program could generate 10 to 30 “new” clients.
#3 Optimizing the Sales Process
Regularly measuring and improving your sales approach is crucial: We´ve seen business double or triple their sales, revenues and profits just by optimizing the sales process. If you are currently closing 10 % of your leads, and due to optimization of the sales process you start closing 20%, what impact would that have on your revenue and bottom line?
#4 New Traffic Sources
Testing and adding new traffic sources can have a huge impact on your business. In fact, lots of my leads during the last years came from my Google AdWords and Facebook campaigns. For lots of my clients, especially those selling to corporations, LinkedIn has been working very well.
However, we don´t recommend you just run into the next Google AdWords, LinkedIn or Facebook campaign, without having done research, if this is really going to work for you and without having a game plan on how to compete.
Just starting and “hoping for the best” is not a great option and you´ll end up spending way too much money for mediocre results.
Here is an article on how to find out if Google AdWords is right for your business and here you´ll find out, if there are Facebook campaigns that might work for you.
Whenever possible start with research and reverse engineering best practices and rely on data, even when you´re creating your content. That eliminates the costly “trial and error” and the waste of time and money until you finally “figure it out”.
#5 Follow-Up
Implementing a lead capture and follow-up program has a huge impact. Studies show us that it takes on average 5 to 12 touch points with a prospect until he finally makes the sale.
On average, 97% who visit your websites leave, without buying. If you don´t have a system in place to capture their contact details and follow up, you´re leaving money on the table.
Because a certain percentage of those 97% will eventually buy – according to research app. 37 % of them would be willing to buy within a period of 2 years – so not capturing those leads and not following up will lead to lots of money left on the table!
# 6 Upsells and Cross-Sells
Upsells and Cross-Sells are another great way to increase your revenue and, at the same time, help your clients and become more valuable to them.
Way too many businesses are “afraid” to offer upsells and cross-sells, especially by referring other products or services for a commission, because they only see the risk: if the other company doesn´t deliver properly, they´re afraid of losing their clients.
But let me ask you this: If your brother, sister, mother or best friend would need an additional product or service, and you know a good service provider – would you let him find someone on his own, risking ending up with a low quality product or service? Or would you help him and give him some advice on what and where he should buy?
If you´re like me, you´d help him make the right decision and find the right product /service.
Now, wouldn´t it make sense to treat your clients just like your family and friends?
I mean, if they want or need an addition service / product, they´ll got out, search and buy in anyway, right? Why not help them make the right decision, since you´re more knowledgeable and experienced and save them from costly mistakes?
So, we look at upsells and cross-sells as an opportunity to help your client even more and protect him from making costly mistakes, and, applied this way, offering upsells and cross-sells shouldn´t be something that you´re afraid of.
And, it could add a lot to your bottom line – as a great side effect!
Today there are many tools on the market, such as, for example, WordPress Profit Builder, Clickfunnels, Leadpages, Instabuilder that allow you to build online “funnels” where you can offer upsells and cross-sells to the customers who are purchasing from you online, or signing up to your newsletter, so that you can automate this part of your business.
#7 A Powerful Unique Value Proposition
Coming up with a powerful Unique Value Proposition can be a total game changer for your business! We´ve seen business increase their sales 10 times, just by implementing and acting upon a great UVP!
What to Do Next
If you´d like to get our feedback on your overall marketing approach free of charge, or if you´d like us to help you come up and implement some proven strategies to increase revenue and profits – Guaranteed –, just Let Us Know and we´ll be happy to help.
To your success,
Kiril
4MyBusiness
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