Is your marketing strategy as effective as you think it is? Are you sure?
STOP THROWING ALL OF YOUR MONEY AWAY ON ADVERTISING that may or may not be working.
Advertising is Expensive!
Advertising costs SO MUCH MONEY! On average it takes 16 impressions of your brand for a prospective customer to take an action towards purchasing. Think about the last ad you paid for: how many people actually saw it? How many of them had previously seen 15 more impressions of your brand? How many of them took action towards purchasing? And how many of THEM converted from leads into customers?
Calculate your average advertising cost per customer… you may be surprised at how little return on investment you’re getting.
Try Focussing on Your Existing Customers
Rather than using expensive ads and other marketing techniques to attract new customers, consider focussing your energies on your EXISTING customers. You already HAVE people who want to buy your product or service. So focus on giving them the best customer experience you can, they’ll help your business to grow and thrive!
If you take BETTER CARE of the customers you already have, two things will happen:
- Sales will increase (by increasing revenue per transaction or frequency of transaction) and
- Net profit will increase (by decreasing expenses like advertising).
The best way to increase sales and profitability is by selling to existing customers. And there are three ways to do this:
- Increase price of existing products,
- Have clients purchase more per transaction—increase your average dollar transaction,
- Have your customers purchase more frequently.
Providing superior customer service will open the door to more and better chances to give them the products or services they want. Also, superior service means higher prices!
Knowing these things, you will realize that the biggest mistake you’re making is throwing money at advertising when you should be focusing on existing clients processes (conversion process, intake process, cultivating relationships process, increasing sales processes, cross-selling, etc).
TAKE BETTER CARE OF YOUR CLIENTS = MAKE MORE PROFIT
If you feel you need some help to make your company more successful and more enjoyable, contact TMH Business Coaching today for a confidential, free, no-obligation consultation to propel you forward. Also, please feel free to add yourself to our weekly coaching tips email!