Some Random Thoughts on Business Development

Something to consider, why did you go into business?

Whatever the reason and that reason may have changed over time, we all need money in the bank to give us the ability to chase our dream. It is highly likely that you will only get money and profit from customers. While not all come from our website or digital marketing efforts, a lot do and those that do not have checked us out before making contact.  Where? probably on our website. To cut to the chase our website makes a huge difference to how many customers we have.

Let’s face it business is booming, we have more customers than we can deal with, we cannot find the staff to do the work we have now! All great reasons to stop marketing. What happens when we need to replace those that have left or shut down?  How do we increase profit? Market to attract more valuable clients so we can replace those that leave and those less profitable (we all have them).

What is the best way to survive a business downturn and bounce back as the cycle swings back up? Make sure you have excess profitable customers in your pipeline. In other words, MARKET YOUR BUSINESS. 

YOUR WEBSITE IS THE FOUNDATION OF ANY DIGITAL MARKETING

The reality is you have less than 8 seconds to grab your visitor. Just take a look at how you surf or search for a product or service.

So your website must do something to stop people from moving on and keep them on your site. 

One of the best ways to do this is by using online video.  These do not need to be expensive and can be produced using a variety of sources. Most smartphones can be used. to do this. Check out these three sites and see which one stops you.  

https://www.abmarineservices.co.nz/

https://www.gtmarine.co.nz/

https://promarine.co.nz/index.php

USER EXPERIENCE

Pop Ups and other widgets not only distract the visitor but also have a negative impact on user experience, especially on mobile devices. If you listen to Jon Reed then the answer is definitely no: “pop-ups, by definition, ruin the user experience.”

Another part of user experience is Load Speed. Google claims that for every extra second your site takes to load your conversion rate drops by 20%.  Load speed is also a key factor in the Google quality score a vital ranking factor

Make your contact details easy to find

We all know that 60 to 70% of our visitors are likely to be on a mobile device. While they are holding their phone ask them to call and make your number easy to find! Put is everywhere. Simple but effective. After all your website is about getting inquiries.

FYI my number is 0225431080. 

 

SEND MORE EMAILS

Yes, the use of email may seem a tiresome process there are ways to automate this. Let’s say your average open rate is 20% and you will get around 5% response (this is a little on the high side). So to get 5 enquiries you need to send around 100 emails. Some recommend sending 2 to 3 emails a week and this is fine if you can make them relevant. My own view is that less is more so 1 per week at most. The key is to make it relevant to the receiver and offer information and tips, links to videos. Check this video on Email Marketing

Of course, you will need to build an email list. I do not recommend buying one or scraping websites for them. In some cases, this can get you in trouble depending on the country you are operating in. Here is a list of potential sources.

  1. Existing Customers
  2. Lost customers
  3. Website visitors
  4. People who email or message you
  5. Contact forms on social media and websites ( you may need to offer some value to get them)
  6. Referrals, always ask your clients for these

Do you use online video meetings? 

Some of us have been using these to work remotely for years now. I have a business offshore and even pre covid we used Skype to video conference with our team. It is amazing how much faster an online meeting moves compared to traditional board room meetings.  Now with lockdowns and health concerns, the video meeting has become more acceptable. As far as sales meetings go this reduces travel time and the loss of time due to cancelled meetings, we have all spent 45 minutes driving to an appointment only to find our meeting has to be rescheduled as something more important has come up. So that’s a 90 minute round trip. At least if it’s a video meeting you can get on with something else. It also seems to be a little easier to get a potential client to agree to a 10-minute video meeting than a 30-minute appointment.

Call to Action 

Writing the perfect call to action often makes or breaks your marketing campaign. It’s one of those elements that will directly impact your conversion rates.

A call to action or a CTA is a written directive used in marketing campaigns. It helps encourage website visitors to take the desired action. A call to action can take up different forms:

  • Text hyperlink
  • Button
  • Plain text with no link

“Buy Now” or “Download Now” are typical examples. But a CTA can run longer, too, such as “Subscribe today so you’ll never miss a post.” The possibilities are endless.

My Time is Limited

So we need to focus on the important stuff. This is where the 80/20 rule or Pareto Principle can be a useful tool. It is not new but seems to work for most things. It is an old business adage about 20 percent of your customers produce 80 percent of your sales. Do I need to say more? Focus on that 20% that bring the bucks. Look at those customers that cost you money (we all have them) or are your lowest profit makers and see how you can replace them. You know who they are!  We all like to deliver great service to everyone but we need to remember we should focus on the 20%

Payment Plans 

Giving the customer options is always a benefit. A benefit for them as well as for your business. It can make your product more affordable and attainable. A word of caution make sure you have a fallback if the client does not pay.  You will attract customers that may not have considered purchasing from you due to the cost.  The customer will focus on the monthly payment amount and not the total amount. We find this a very effective way to help smaller customers get a website that they are not able to afford otherwise.

 

Use Everyday Items to Demonstrate Value / Afforability

Here is an example of one that we have found successful Just A Cup Of Coffee.

This can bring the cost of a higher-priced item into perspective and reduce price objections. Be careful when we launched this video we had a few comments about sure that works out to be $x,xxx. The trick is to agree with this objection and explain that but when you consider the costs of not having your product this cost is very small. As an aside when I checked out the people who were objecting they were not really the target client we were after anyway.

Premium Pricing

Your field is intensely competitive, and like everyone else, you’re looking for a sales strategy that will help your product bring in more revenue than your competitors. One simple way of doing this is to just charge more for your product—also known as premium pricing. There is a group of potential clients that are prepared to pay for a premium product. to be honest (Pareto at work here) these tend to be the clients that leave us to get on with the job and cause us the least headaches.  “The bitterness of poor quality remains long after the sweetness of low price is forgotten” a quote frequently attributed to Benjamin Franklin. 

Of course, premium pricing is not without its challenges. It is an exacting pricing strategy that isn’t appropriate for every type of business. For those that can make it work, however, it can lead to untold market advantages, improved perception of your product’s quality, and tremendous profit margins.

Sure have entry-level pricing but focus on marketing to those prepared to pay a premium.

 

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