We live in times where it is no longer business as usual. Technology is moving at a rapid pace. The speed and types of communications have changed beyond belief. From a few television channels we now have hundreds. Whereas printed directories were once a key element of the marketing mix (particularly yellow ones) they are now consigned to the back of the cupboard. The way that we do business and think about doing business needs to develop. In this article we will look at how thinking outside the box could help your marketing and sales
When you are planning for your next marketing and sales plan consider the following.
1: Make sure your marketing is different from your competitors
Is your marketing just like your competitors, do you have a similar looking website. Does your product range have a strikingly similar feel to your competitors. They perhaps have yellow and blue products, whereas you have blue and yellow products. Is the way that you engage and try and develop customers just like your competitors.
I recently attended a major trade show where numerous manufacturers had all got a similar style and format brochure / price list. The reason being the easiest way to get these produced quickly was through a standard “show” printer. The net result companies looked the same, its hardly a strong selling point when you are just like your competitors. The immediate comparison someone will make is how do you compare on cost, is that what you want?
There is no reason for your marketing to be similar. Doing something “different” can be a challenge but if it sets you apart from all the others within your sector can provide a significant point of differentiation.The challenge is that doing something different takes effort and time.
2: Make lots of small measurable improvements
The classic question “How do you eat an elephant” , the answer “One piece at a time”. Making major changes can seem daunting, which is often why the net result is that nothing happens. But what if you looked to make a series of small improvments to you sales and marketing tactics, systems and processes.
Now this does mean that you will need to be measuring the performance of what you are doing or how well activities are performing.
Once you have measurements in place, you can start asking questions like
- What could we do to increase conversion rates
- How could we get more enquiries
- What would happen if we increased prices
- Are we attracting the right kind of enquiries
And for all of these questions looking at making small changes and evaluating if it makes a difference. In the next article “Ask The Right Marketing Question” I will feature a real life case study on how measurements and small improvements can make a big difference to sales
3: Establish how much a customer is worth to you
Customer Lifetime Value (CLV)is an important metric that all businesses should consider.
In very simple terms the following would appear bad (not desirable)
- When you are spending more to acquire a customer than the value of any possible transactions
- When you work hard to secure a customer and lower your prices to gain the work and never get any additional higher priced projects (Jam Tomorrow)
- When you don’t have the capability of selling your customer additional products / services once you have acquired them
- When you don’t know the potential spending power of a customer. So you are happy selling £X worth to them, when in fact they are buying £X’s
- When you provide great products / services to a customer but never ask for a testimonial or referral
Understanding the value of your prospects / customers should be an integral part of your marketing and sales strategy
4. Perform the marketing vending machine calculation
The following analogy sounds crazy but provides a foundation to the marketing / sales process.
Imagine you had a magic marketing vending machine and every time you put money in, it spat out an average customer for you.
How much money would you be prepared to put in?
If you would like to consider this concept more and how it links with your marketing and sales strategy then please give me a call 07748554756 and we can work out how much you should be putting in!
For many of the companies we work with the factor that most impacts on their growth is TIME. There just isn’t enough of it to deal with operational and strategic issues.
The DDWT approach is a Hard Hitting, High Impact approach that in 90% of cases will free up time without impacting on profitability
If you would like to find out more about DDWT e mail firstname.lastname@example.org and simply put DDWT in the subject line.