Tips on Promoting and Marketing Small Businesses Into Super Profitability

To most struggling unsuccessful business owners, the possibility of becoming one of the truly successful business owners often looks like it’s reserved only for the lucky. However when you ask the successful business owner, they will seldom if ever attribute their success to being lucky. They may tell you they got some lucky breaks, but on the whole, their success is usually due to good planning, hard work, and making the most of all the resources available at your fingertips.

Something the vast majority of business owners don’t recognize is that their business isn’t a static entity. It is like a living breathing creature in its own right. Feed it good food, and it will thrive and grow, starve it, or pay it very little attention, and it will wither away and eventually die. Therefore, in owning and managing your business, with an aspiration of it growing into something that represent more than just a job (where you are the slave, and the boss) you need to pay particular attention to a number of key dynamics that will determine the growth, or demise of the business. These factors aren’t new, but they represent the lifeblood of any business.

1) Leads, or incoming Inquiries. This is the first part of your businesses blood supply. These leads or inquiries are generally created from advertising, marketing, word of mouth referrals, promotions, and the like. Without these, your business will not prosper. The first thing to do is the create a strategy to grow your leads, and incoming inquiries. There are many ways this can be achieved, but the fundamental thing is to be testing monitoring and measuring your response for every single dollar you spend on marketing and promotion to generate these new leads.

2) Once those leads come in the door, or call up on the phone, or inquire by email, you need to identify where they came from. How did they find out about you? And then how many of them subsequently purchased something from you. This measurement is important to know, as it will represent the measure of your conversion ratio. How many prospects you need to have before you can generate a sale

3) Once a prospect becomes a client and buys something from you, you need to be able to identify (over all of your clients in total over a set period of time- ie usually per month, but may be per quarter, or possibly even per annum) what their average dollar spend was with you. Allied to this, you also need to determine how often each client bought from you. In other words did they only ever buy from you once, and that was that, or did they keep coming back, and buying other products, or services from you at other times? This is particularly important in determining the long term life value of each of your customers, so that when you get around to calculating the cost of obtaining that customer in the first place, you will know whether or not that customer actually cost(s) you money, or whether they are an asset to your business.

4) The profit margin you make on your products becomes the next item to work out. Of all the products sold to all of your customers over the period of time we are talking about, how much of that is profit? From this figure you are able to calculate your average profit margin per item sold.

The key to developing your business into a gold mine, is to take a close look at each of these items, and make it a focus of your management style. Isolate techniques, and processes you can use to enhance and improve each of these areas. Believe it or not, but a simple 5-10% improvement across the board for each of these items will not only skyrocket your profits, but set your business on a growth path you probably never thought possible.

Video Advertising and Marketing – Using Video in Your Marketing Mix

Video advertising is becoming more popular and is, without doubt, one of the most effective means of marketing products and services on the internet.

I can easily remember the first time I kissed a girl. It was a strangely memorable occasion, particularly since the girl let it slip that she had vomited in the restroom a few minutes before. No wonder I thought it was such an over-hyped experience, like so many distasteful marketing campaigns I have seen since then.

We learn through our senses. For most of us, sight is the most developed learning tool we have. In early age, all senses are developed simultaneously, but the more we learn, the more we rely on memory to determine sensory experience and little by little sight begins to have preeminence.

Newspapers facilitated printed advertising, radio gave us sound, movies gave us the first multimedia experience, and television made it available in our homes for the first time. Technology is able to provide us more sensory experiences than before. Not only are companies developing means to release fragrances on demand, but even the security machines at the airports can now sniff you up and down to check and see if you are carrying explosives, or drugs, or perhaps to make sure that you haven’t just vomited in the restroom.

As with all technology, we need training to use it. When it comes to marketing, a business owner has to make the decision of whether to do the marketing himself or hire professional consultants to do it for them, and so reduce their potential risk. If you chose to do the work yourself, video training training courses are becoming popular and they provide a richer learning experience than books. There are also programs that can help you get started creating your own videos. They describe techniques on how to use video technology to complement and improve your marketing mix.

If you want your prospects to know you, like you, and trust you, there is no better way to reach them, short of your actual presence, than through video. To put it bluntly, a sales page can be ghost-written or read with dyslexia, but your personality comes through in a video.

How to Start and RAPIDLY Grow a Coaching Business – Secret Marketing Momentum

John, a coach, who “dabbled in marketing” when he started would either send out a postcard here and there, network a few times a week, or make a cold call or two a month… if he was desperate, and frequently he was due to only acquiring a client every couple of months.

In physics it is stated that “a body in motion tends to stay in motion, a body at rest tends to stay at rest.” Momentum is what happens when you get that body moving and all of the energy just keeps applying that energy to keep it moving. Or, if it isn’t moving then it takes more energy to get it moving than to keep it moving.

And that applies to your coach marketing. It takes effort to get it going, but once you get it going faster and faster, suddenly it’ll srprise you as it just keeps going.

However, if you dabble in it, by doing a little here and a little there, then there just isn’t enough momentum and the results will be small.

When John started, he was only dabbling in marketing with a cold call here, and some networking there. But when he cranked it up there (I held his feet to the fire), he started a series of cold calls, 4 hours a day for 3 weeks. At first he only got one appointment in week one. Then by the end of week 2 he had 3 appointments.

But by the time he was into week 3 something started happening. The phone started ringing on it’s own. For most of week 3 he didn’t have time to do any outbound calling… because the phone was ringing, inbound calls asking for appointments. Some of them were calls returning his voice mail messages from his first 1 to 2 weeks.

We had also, over those 2 weeks worked on fine tuning his message so that he was getting pretty darned good at not only “getting through” to the decision maker, but was also “convincing the decision maker”. Even his voice mail message was now getting people calling back wanting to have an appointment with him.

That’s momentum. After 3 weeks his market was begging to talk with him instead of him begging for some of their time.

The Small Business Administration says that over 90% of all small start up businesses will fail in their first 2 to 5 years. And frankly, the statistic for coaches is about 90% will fail within 3 months or less, and out of those that do succeed most will never make more than $20K. But there is another statistic in there that’s important. Of those businesses that do succeed most take just about 2 years to make the turn from struggling to just starting to grow and succeed.

I asked John how many dollars he wanted to make this year, and how many clients would he have to have to get there, and at his current sales success how many sales calls would he have to do to make acquire that many clients. he was going to have to meet over 100 people.

Then when I asked him how many sales calls he was currently doing, it was something like 1 a week, that’s only 52 sales meetings a year, and… by golly, just about 100 in two years. That magical 2 year number before most business owners, and coaches, have enough experience to survive.

So, John’s new goal became that he’d acquire that much experience in about 10 weeks, 10 prospects a week.

In addition to “brute forcing it” which this tends to be, we added “the coaching” to escalate what he was learning, and to fine tune his marketing, and his process. His goal was to achieve $100K this year, and within those 10 weeks, he was at over $2,000 a week, 1/50th of $100K a week. But, due to his momentum, by year end he was closer to $200K.

That was when he decided that this was too much work, and we back pedaled a bit to keep his momentum going while he reduced the time spent on his coaching.