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The Definition of Marketing Insanity

marketing insanity image

Are you suffering from Marketing Insanity?

The definition of insanity is doing the same thing over and over again, and expecting a different result. The definition of marketing insanity is, therefore, doing the same marketing over and over again and not getting any better results. So why do so many small businesses insist on this approach when it comes to attracting new prospective clients?

There are two reasons for this:

  1. They haven’t measured the performance of the marketing they have been doing.
  2. They have knowledge of only a certain number of ways of marketing their business.

Does this sound like an issue you have? Let’s see how we can improve things for you.

Why Measure your marketing?

There are three reasons to measure your marketing:

Time

Time is a resource that you always need more of. Using up time on marketing activities that aren’t generated leads and clients for you is wasting that time. It is time that you cannot get back. It’s gone forever.

Money

The old saying “time is money” counts here, but it is also the amount of money you spend on marketing activities that don’t work, that has to be considered. The more money you waste on marketing activities that don’t work, the less reaches your bottom line.

Quality

Too many people measure the vanity metrics of Likes, Follows and Shares. Whilst important, as they are likely to be pointing people at your website, or where people buy from you, they are not THE measures of success. From there, people often then measure the number of leads developed by a particular marketing channel.  Again, whilst important, it is not the most important measure. The most important measure of success is return on investment. Let me explain.

Leads that don’t turn into sales are also a waste of time and money. If you stop measuring at Leads, you risk wasting more time and money. If the leads aren’t turning into sales, they are probably the wrong leads.

Limited Knowledge

When, as a business owner, you have limited time, you can only do so much. If you invest time in learning how to do certain types of marketing, you want them to work otherwise you think that you have wasted your time.

That’s actually not true.

What you’ve done is tried something that you can now cross off the list.  There are huge numbers of ways to market your business and the chances are you only have time to work with a small number. If you have tried certain marketing channels over and over, don’t succumb to marketing insanity. Get some advice and look at what other marketing channels you could be using.

 

 

 

What marketing worked for your business this year?

wonder what marketing worked

what marketing worked this year? As you approach the end of the calendar year, you start to think about 2018. As you think about what your business will be doing in the coming year, you naturally look back at 2017 to see what was good and what wasn’t so good.  This question is key to how your business performs next year.

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What is your 2018 Marketing Strategy?

what is your 2018 marketing strategy?

2018 is coming fast

January 2nd 2018 still seems a long time away. In reality, it is only 15 weeks or so.  If your financial year is the calendar year, what are you planning to do to attract new business? What does your 2018 marketing strategy look like?

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Don’t stop Marketing for the summer

Have you stopped marketing over the summer?

  1. Everyone’s away for the summer.
  2. Nobody makes any decisions over the summer
  3. There’s no point in doing any marketing over the summer

Every year I hear the same old reasons for not doing any marketing over the summer. Let’s have a look at this in more detail and see whether there is any benefit in not doing any marketing over the summer…

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How to qualify your prospects as a small business

Are your properly qualifying your prospects?

As a small business, of course you want to generate as much business as possible. Your marketing is aimed at generating as many prospects as possible. However, not every prospect is going to bring their business your way, and so it is vital that you identify which are worth your time and effort and which are not. Being a small business, you don’t have the time to entertain every single prospect; you have other tasks that need attending to. So how should you go about qualifying your prospects?

Can you provide a solution?

The prospect needs to be clear as to the exact nature of your products or services. Similarly, you need to grasp precisely what it is the prospect requires or how you may be able to provide a solution to a particular problem. There is no point in proceeding any further if the prospect is looking for something you simply do not provide, so it’s best to just walk away at the first possible opportunity. Ensure your website and any marketing material is clear and updated regularly so anyone who comes across it can easily understand what it is you offer.

Do you have the time?

This is something that is often overlooked with qualifying prospects. Yes, it may be very nice to receive an enquiry, but if you don’t have the time to fulfil it, then you need to say so from the outset. If you take on the work but know that you already have more than enough to fill your time, then some or all of it is going to suffer, and you could ultimately lose out on future business. Check with the prospect first what sort of timelines they have and then consider whether your schedule will permit the work. It is believed that most businesses have 15% pipeline close rate efficiency, meaning that time and resources go into something that 85% of the time doesn’t drive revenue – don’t let that 85% include time wasted on prospects.

Does the prospect have the funds?

The last thing you want is to press ahead with the deal only to find that they cannot pay you for the goods or services. One way of ensuring that a prospect is likely to pay is by running a credit check or gaining access to company credit reports. This can be an incredibly useful way of highlighting whether a prospect has a healthy credit history and could save you a considerable amount of time and money in the long run. Company credit reports can let you view important information such as credit rating and limit, 5 year accounts, CCJ information and full director information, as well as links through to debt scores to find which of your outstanding debts are most likely to be paid, and access to any media stories about that particular company.

Are you speaking to the decision maker?

A sure-fire way to waste time and effort is to do your dealing through someone who isn’t the main decision maker in a company. If you only speak to an assistant or someone who is not the decision maker, then you will likely have to wait for them to feed the information back to the relevant people, which takes time and could be misinterpreted. Always ask to speak to someone in authority, such as a Sales Director, and question the sincerity of a request from someone who is not willing to talk to you themselves.

These are just a few points you should consider when qualifying your prospects, and each prospect will have to be handled slightly differently, but they should give you a good basis from which to start.