Covid has created many business challenges, and the established multi step process of actions to achieve business development still holds true. From identifying and establishing where you are now (and making sure that you are in control), to being clear on the Marketing and Sales tactics required. Then looking at improving the systems and processes in place and then identifying if jobs can be effectively delegated and if more people are required. Finishing with looking at where any synergistic opportunities exist and evaluating the results.
In this article we will look at Mastery and Marketing and Sales and a thought provoking tool to help you think through growth objectives.
Are you in control? Have you mastered planning, time, numbers and delivery elements within your business.
Planning (Destination) Mastery
- Do you have a marketing and sales plan?
- If yes – fantastic. (Just out of interest have you changed it significantly since Covid?)
- If no – then how do you know what you are going to be doing from a business perspective
- Would you benefit from having a clear actionable plan for the next 90 days that clearly identifies who is doing what
- With Covid we have had to become reactive, but now provides the opportunity for some proper thinking and putting a proactive plan in place
- Are you operating at 100% efficiency
- Are your team operating at maximum efficiency
- What do you need to do improve your effectiveness and efficiency. Perhaps you are doing lower value activities that could be outsourced
- Sit down and make some time to evaluate how you spend your day and identify specific action points on how you could make improvements to your and your teams time management
- From a marketing and sales perspective knowing your numbers is critical. Can you instantly answer these financial and marketing metrics
- How many new sales leads / enquiries coming in
- What is your conversion ratio of lead to sale
- What is your gross profit
- Which products / services provide you with the highest contribution
- How much does it cost you to get a new enquiry
- What is the average value per transaction
- How many customer referrals do you get
- How quickly do your customers pay ( what is the trend on your debtor days )
- Which of your marketing activities provide you with the greatest impact
- Are your web metrics improving or deteriorating ( this is a subject in its own right and will be explored in more detail in a future article)
- Etc Etc Etc
The key driver is that you need to have mastered the numbers before you can hope to start doing effective “Marketing & Sales” activities. Knowing the numbers provides the starting point in mastering your marketing actions.
IMPORTANT – If your product or service is poor (that’s putting it politely) and doesn’t match how you are trying to position then ultimately your business will not thrive or be sustainable. For example if the equipment you manufacture is marketed as being high quality and top price , but when buyers purchase they find it to be low quality and unreliable, whilst you may initially make some sales, it is very likely that you will get caught out.
What does a business coach do and are they effective?
In its simplest form a business coach will perform two functions – acting as both trainers and mentors. Business coaching can play a crucial role in the success of your business, but it might not be what are expecting. Business coaching when performed well will be a thought provoking, introspective and creative process.
In many companies Owners and Directors are responsible for both the vision and execution of your ideas. Covid has created multiple business issues having a clear marketing plan and sales and marketing processes has never been more important.
- Support – helping you