While Marketing is obviously important, and the business skill that gets the most attention, especially from all the internet (and offline) marketing gurus, it isn’t the only one that you need to master in order to own a successful and sustainable business.
Business success is more than just marketing.
There are many other skills that are absolutely Critical to the long-term success of your small business, and you must master those as well in order to stop struggling in business and thrive as a profitable small business owner.
Marketing gets the lime-light and all the attention because of it’s obvious importance, but if you aren’t utilizing that marketing effectively, if you don’t know what is really going on inside your business and you aren’t managing your business effectively and efficiently, then all that marketing time, energy, effort and money is just gonna go to waste.
The best and easiest way to grow our business and your profits is to fully utilize what you already have.
Business Success Is More Than Just Marketing
Things like improving your internal processes and bumping up the conversion rate at each step of your sales process are free or at the very least inexpensive relative to the marketing costs of going out and trying to find additional new customers.
In order to improve your existing processes, you need to fully understand what they are including every singe step in those processes to see what you are actually currently doing, and where you might be able to make a few little adjustments that could have huge ramifications down the line.
Now of course this is a pretty hokey (and poorly performing example), but it makes the math easy for an example in a blog post like this.
If you have a sales process with say 5 steps in it, and you improve the conversion rate on that first step from 10% up to 15%. Even if that is all that you do and the rest of the steps in your process remain at, say a 10% constant conversion rate, no improvements, you will be improving the conversion on your bottom line by 50% just by making a simple change to improve that 1st step by 5%.
If instead of bumping just the first step in the process by 5%, you can bump each of the 5 steps by 5% from 10% up to 15%, then your bottom line conversion rate for the entire process will skyrocket by a total of 659%.
All that from a 5 step process that is currently converting at the pathetic rate of just 10% at each step along the way.
One more thought to ponder before I sign off for today …
If your business still had every single customer that you have ever done business with, how would your business be doing today?
Would you need to be going out and finding new customers if you still had all your past customers buying your products and services?
You past and current customers are also significantly cheaper to market to, because you already know who they are and how to get a hold of them, and they are also more likely to buy, because they already know who you are and what your products and services are like.
Are you spending enough of your marketing time, energy and effort on past and current customers?
And always remember that business success is more than just marketing.
Please post a comment below to let me know you thoughts, as well as Like this post to share it with your friends.