Following on from the first part of 5 Ways to profit.
Generating leads is the only external factor in the formula
Generating leads will more than likely cost you money. Why? - well advertising and marketing costs money.
Look carefully at each cost of each campaign. Lets take a simple advert costing £300 per annum. If I run the advert and I get 10 new Customers each spending £10 initially, then I have a made a loss on the advert. However if over the lifetime of the Customer that person visits me 10 other times each time spending £10 then the returns are 10 x £110 = £1100 not a bad return for £300 invested.
If each of my new clients tell 3 other people about my business then I have gained 40 New Customers, nice £4400 return.
We could go on all day if the 40 people told 3 people each then we would have 120 + 40 = 160 new Customers, wow £17,600.
So I would look at your marketing.
Are short one night only adverts right for your business? How likely are they to hit the audience or should adverts that Customers are going to see repeatedly more likely to generate you the returns you are looking for?
If I said to you, people typically will only buy after they have seen your product or service 7 times, ask yourself how often are people seeing what I can do and how effective is my marketing.
You may be the best plumber but where are you getting your marketing advice from, copying what everyone else is doing is not going to make you stand out.
Here is my view on Best of Carmarthen and Cardigan & Teifi Valley with respect to the formula.
Diana is actively promoting all of her clients to the business people that she meets, the Best of is designed specifically to get internet traffic, you benefit from people looking for other services, it is designed to get you to the top of google. The testimonials and effective professional copywriting ensure that your products and services are well presented thus improving your conversion rate you will ook like a quality Company. By being select and nominated as one of the “best of” you can stop competing purely on price improving your margins. Through the use of the blogs, testimonials,offers and events your prospects looking for other services, they will chance upon your product reminding them that they have that odd job that needs to be done or it is time to groom the dog. The categories ensure that you are being put in front of the right Customers. The cost effectiveness and 24/7 nature of the internet ensures that people can look at your adverts day and night, at the weekend whenever it is appropriate to them. Finally it is fluid medium where you can test different offers, headlines to see which generates the best response. I truly believe that “Best of” is the future and is setting the bench mark for online advertising. Interestingly online advertising spend has just surpassed that of television making it the leading mechanism for advertising.
At ActionCOACH we have over 350 strategies that we use to grow your business in each of these areas. I really want to help business succeed in South Wales so we have put a whole load of free stuff, calculators, ebooks, Videos, Audio clips just visit www.actioncoach.com/free-business-tools.php or give me a call on 01792 580462 and I will happily give you a hour of my time to help you get on in business.
I was going to wish you luck, but you will not need it if you do your homework and make the right decisions., Gary Player once said it’s funny the more I practice the luckier I get.
Regards
Donald K Melrose
Business Coach
Action COACH
The World's #1 Business Coaching Firm
Suite 9 Henley House
The Queensway
Fforestfach, Swansea
SA5 4DJ
Main: 01792 580462
Fax: 01554 700414
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Website: www.actioncoach.com/donaldmelrose
Email: donaldmelrose@actioncoach.com
