Are you leaving marketing money on the table? There is a lot of NOISE out there when it comes to marketing options. Check out this video done during my 10 minutes in my BNI group, Business Partners in Arlington, TN.
Below the slideshare, find the written content.
I did another version of this speech at my local Toastmasters group with a slightly different ending. No video for that one, but here is the content.
ARE YOU LEAVING MONEY ON THE TABLE?
When it comes to marketing, there is a lot of NOISE out there! There are tons of marketing options.
How do you know which are the right ones? Often the information you receive can be incomplete or just totally misguiding, which can lead to ‘leaving money on the table’ when it comes to your marketing. What can you do to make sure you’re always picking up your money?
The diversity of marketing options will often leave you overwhelmed and frustrated. You’re possibly wishing you could bury your head in your hands, shouting “No!… No more!” Maybe you just want to ignore your marketing entirely.
Every marketing service business will tell you, “I have the answer to your marketing needs.”
The problem is they almost always solely focus on their one little area, which is their area of specialty. Typically, they are not necessarily concerned with what’s happening to the rest of your business and marketing. They expect you to handle your total marketing strategy plan and fit their part into it.
It definitely requires one person to identify and watch all those moving pieces of your marketing.
Does this sound like one more thing you have to do? Another hat to place on top of the one-hundred-and-one other hats you already wear? Whew! Enough!
Think about this. Could you be leaving money on the table?
One of my favorite quotes – Do you manage your money or does your money manage you?
If you have hired financial advisers, if you have a CPA & bookkeeper, if you have a bank relationship, then most likely you are managing your money.
You need to ask the same question concerning your marketing.
Are you managing your marketing or is it managing you?
OK! You have decided you want to be the master of your business’ money & marketing. A large part of being the master is knowing your limitations and strengths, and understanding your time value. How does each of these affect you and your business?
Business owners should consider these 3 areas when it comes to managing their business and creating their plans, whether that is growing, maintaining or exiting their business. Maintaining a consistent marketing strategy plan during all of these phases is critical and it will look different in each phase.
In the Growth phase, it is more about bringing in the new clients. It’s about getting established and getting consistent sales coming into the business.
In the Maintain phase, it’s a mix of getting and keeping clients. Concentrating on keeping customers is critical because 80% of your sales will come from 20% of your current customers, not new ones.
In the Exit phase, it depends on the state of the business.
Most people come to me in the exit phase because of needing an increase of clients. Often by this time marketing hasn’t been changed in a while and they need a new marketing strategy plan.
Here is an exit strategy story:
Let me tell you what it looks like for Mack. He owns a Health & Fitness center and he has recently diversified into multiple businesses. He has had the fitness center since the early 2000’s and his business took a huge hit when the economy dumped in 2008. He lost approx 1/3 of his sales at that time and has only recovered a small-small portion of that.
Because he wants to move his focus to his new businesses, he is ready to start his exit strategy for his fitness center and hire a General Manager. He knows he needs to bring every aspect of his business up in value. In order to pay for the new position, he is making.
His decision was to work with a coach & consultant on his overall strategy plan. In particular, his marketing hasn’t changed in the last 8 years much and it needs an overhaul. Then as we move through the strategy plan we will bring other people, financial, web design, etc in as needed. He paid attention to his limitations and his time value when it came to making this decision.
Here is a growth story:
This is Brandon’s story. Brandon has a new gutter installation & repair business, he has been in business less than 4 years and is ready to add on more teams, expand by acquiring new equipment, storage for his business supplies & equipment and add on an office person.
Quickly he made the decision to work with a coach & consultant to help him finalize his foundational pieces and put a comprehensive growth strategy plan into place. This will include everything mentioned above, plus an updated marketing strategy plan.
Part of what he needs is more time so that he can work on growing his business and he has found having a coach & consultant helps him have that time.
Do you know your limitations, strengths, & time value when it comes to you and your business? Or are you not dealing, can’t take one more thing on, or just don’t want to do it?
By finding assistance, you can be assured you will have a more cohesive path to growing and expanding your business- and Marketing is critical to this.