I am sure you have heard this Business Advice many times…
Sometimes, in fact often the best business advice is the obvious business advice. It is often common sense, but more often, not common practice…
• 80% of profit comes from 20% of your customers,
• 80% of the sales comes from 20% of your products,
• 80% of results comes from 20% of your effort
Question – When was the last time you looked at how you spend your day? Are you spending 80% of your time doing the 20% of things that will make the biggest difference in your business?
It’s much smarter to identify the things that give you the biggest impact and then focus your time, money and effort on those things, rather than trying to hammer away at everything you need to do. The simple fact is that you can’t do everything and, if you keep doing what you’ve always done, you’ll get the results you’ve always got and you’ll never get the rewards that you could. The key is to MAXIMISE the return on investment that you get from each and every minute you take and every £1 you spend.
What have you spent your time on over the past few days?
Why not start keeping a log of what you do, every 10 minutes, today? Have you ever said “I just don’t know where all the time goes”. Don’t you think that it is about time that you did start to know when the time goes?
Once you realise that 80% of your results come from 20% of your actions, all you have to do is to start doing more of what works! In other words, the key 20% of activities that really drive your business forward. I’m not saying it’s easy – nothing worthwhile ever is – but it could really make a difference to your business and in fact every aspect of your life.
So take action and consider your own time allocation…
Identify your top 20% and then allocate more time to those activities.
One of the biggest mistakes made by most business is leaving referrals to chance. In other words, not having a referral marketing system and instead relying on the fact that you ‘do a good job’ to encourage people to refer you to others. And some people will do just that out of the goodness of their own heart. Others however, will think you always look busy and probably don’t need any more business. Whilst others may just not take the time to think about who to refer you to, because they are so busy.
My point is that “if you fail to plan, then you plan to fail”. Or, more accurately, you never MAXimise your referral possibilities. So you must plan.
Let’s have a look at the numbers! Suppose you have 100 clients and your plan is to ask each of them once per year for a referral. Let’s say that as a result you get 100 referrals (note – some clients will not give you any referrals, whilst others will give you 5 or 6).
Then let’s say that because of the quality of referrals in terms of leads you convert 50% of these into sales. What has just happened? You have just grown your business by 50%, with no marketing risk whatsoever.
So how can you MAXimise this? Well let’s get a little adventurous and say that we are going to ask for referrals twice per year, or even four times per year. I am sure you get the picture.
Then when you have thought about your current clients the next question to think about is who else will give you referrals?
This list could include:
- Prospects you did not sell to
- Sports club members
- Networking contacts
- Your family
- Your friends
- Club members
- Your suppliers (especially those who benefit if you sell more)
- Your bank manager
- Your accountant
- Your solicitor
- Your PR or press contacts
- Your marketing advisors, designers
- Business organisations
- Trade associations
- Companies selling similar non competitive products into a similar market as yours
- Your printers
- The list goes on and on.
So, what are you going to do about Referral Marketing?
How many times are you going to ask for a referral? What are you going to say? Who is the best person to ask? How are you going to train them? What is success? In other words, what would a good target of success be for this Referral Marketing plan? Could you set a target to win 10 referrals per month and to close 50% of those?
If you need help with referral Marketing, simply call The Prudent Marketing Company on 01256 345 556.
Who Do You Know that we can help?
Who do you know who need to create and convert more leads into sales?
I’m asking because an increasingly high percentage of our new customers are coming through referral.
So here’s my shameless bribe.
Tell your friends about us, and if they become customers of ours, on your recommendation, then I’ll send you a free copy of my ‘Grow your Business with Referral Programme worth £297.00 + VAT, to say thank you.
Not only that, but you may be aware of the fact that we support B1G1 and through this charity we will also pay for the education of a child in Africa for one month.
The new customer offer is our most generous ever, even if I do say so myself. A recommendation from a friend is the most powerful form of marketing in the world. Nothing I can say, no offer I can give, will be as compelling as a few words from you. Especially if they say something nice about us.
So the ball’s in your court.
And I sincerely hope that within a week or so I’m able to mail a copy of my Grow your Business with Referral Programme out to you, by way of saying “thank you” for recommending us to a friend.
Steve Mills – The Prudent Marketer
There are three key departments in every business and they are:
1. Operations = Doing the work
2. Finance = Managing the money
2. Marketing = Selling the stuff
Most of the businesses I meet are generally good at doing the work. However, they know little about financial aspects of their business, and so many go bust due to poor financial planning and management and they know even less about Marketing.
One of the biggest mistakes I see is a total lack of measurement of Sales and Marketing.
“You cannot manage what you do not measure”
How much does it cost you to win a customer? How much is the life time value of each customer? Unless you start to measure your marketing, how do you know if any changes you make, are making a difference?
Here are my top 10 things you MUST start to measure in your business:
- Number of sales
- Total sales
- Average unit of sale
- Number of meetings
- Meeting conversion rate
- Number of enquiries
- Where enquiries came from
- Number of people visiting website
- e-mail open and click through rate
- Number of referrals asked for and secured
Need help and advice? Call us on 01256 345 556.
Today I was asked a very powerful question….
What is the most important thing you need to do in your business for it to grow?
Wow! That made me think!
My answer was – to focus every day on keeping and creating customers!
What have you done today, this week, this month, to create and keep customers? Is anything more important?
What I learned from Ivan Lendl………………And other sports stars
I was once fortunate enough to meet my sporting hero Ivan Llendl. Ivan and I were born on the same day (he is still a very young man!).
When we met, I asked him a very powerful question. I said “How did you get to be so good? How did you become the world No.1 and stay there for over 250 weeks?
Ivan looked at me and said “Every day since I was 8 years old, I have done far more than anyone else could possibly imagine”.
My message to you is simple. If you want to create more leads – you have to focus on this – answer this question
“What would happen to your business if, every day you could focus far more on creating and converting more leads, than your competitors do”?
Why your website does not convert leads………..And what to do about it
If you are like 90% of the businesses I speak to, then your website creates nothing, or very little, in terms of return on investment. But of course – it should!
So, what’s the problem? There are essentially two problems:
1. You are not getting enough high quality traffic to your site. For example, nobody visits it and they can’t find it on Google;
2. When people arrive at your site, they often leave without buying, or even making an enquiry.
You have got to increase the number of people who visit your site from 100 per day, week, or month. You have also got to improve the conversion rate of your site.
Is is easier to get more people to your site, or to get those visiting to buy more? You probably know that the answer is to get more of the people already interested, to buy more.
Another question – How much time have you spent focussing on the conversion rate of your website in the past year?
Something to think about?
(Get a 30 page report on your website click here)
“I thoroughly enjoyed the Marketing Training Basingstoke workshop. It was packed full of relevant, up-to-date content, covering a variety of marketing techniques that all delegates on the course could use and optimise within their organisations. The workshop was well-structured with Steve continuously asking for our opinion, sparking countless discussions. I found it very engaging and interactive. The environment was very relaxed, and I felt comfortable asking questions (however silly they were)! Finally, Steve provided great resources to take away from the session. I am looking forward to the next one!”
Maisie Cole – K3 Consultancy and Training Services