You know the funny thing about marketing? It means so many different things to different people. What is interesting about this is that consistently, the reasons businesses spend their money stays the same; they base their choice on hope and the chance it will grow revenues.
When I am chatting with and listening to business owners, I hear all sorts of stories. One such story was of a business spending $5,000 per month to generate brand awareness in a competitive market. These guys were taking a chance to drive more people into their business.
They chose a marketing package that gave them hundreds of thousands of eyeballs. But their revenues were static over many months, and despite spending more and more, actual revenues were down month on month from the prior year.
As a business coach, my role is to dive deep into your business by asking you better questions and getting to the bottom to better understand what roadblocks and obstacles you have in your business. In this way, we can create a plan to remove them.
So this particular business had 2 obstacles; the first was their mobile site for booking was unresponsive. The second was that their process for “thanking” customers was unsatisfactory. So what they were attracting into the business was effectively a continuous stream of new clients only.
In real terms, what did this mean?
First, the marketing spends on brand awareness was actually damaging the business because people couldn’t book through their mobile phones.Today, up to 50% and more of bookings for many activities are taken using mobile apps. And being unable to book meant that the trust and reputation of the business suffered. Simply, customers looked elsewhere to find the solution to their needs.
And second, those customers who experienced this business offer went away without highly recommending the business to others. So every marketing dollar spent was attempting to find new customers whereas the smartest business option was to focus on optimizing the existing customer’s experiences.
The power of a positive and structured word of mouth process is where you will find gold in your business. To do this, your business needs to truly understand why the customer bought, and what was important to the customer. And it is not necessarily the facts and figures (features and benefits) that result in people spreading the good word.
I have a free PDF to give-away, and I help you with some suggestions as to what are the underlying reasons of your customer to buy, and why it is such an important part of the puzzle in running a better business…to get revenues that will sustain your business over the longer term.
What I do as a Melbourne Business Coach and Advisor is to help you, the business owners, actually grow revenues by truly understanding what makes your best customers your best customers. We then work together to implementing a tried and tested process to attract more of them. My clients consistently generate 27% – 70% more revenues than the prior year. Which means you are one step closer to financial freedom.
If you have any questions or thoughts feel free to email me or book a timeslot for a chat Book a time slot.