Are Major Revenue Killing Mistakes Killing Your Small Business?
It’s a certain fact that business these days is more competitive than it has ever been and that most small businesses are losing millions of dollars because they have not eliminated their “Revenue Killing Mistakes”.
“Revenue Killing Mistakes” aren’t confined to a singular industry. They apply across the board to every business… construction companies, computer software companies, food companies; cable sales companies, real estate brokers, financial consultants, architects, engineer, doctors, lawyers, and many more. All of these companies have most, if not all of these greatest business killing mistakes present in their operations.
To stay alive these days, you just can’t just offer a quality product at a fair price. You have to know how to stop your “Business Killing Mistakes”. You need to know and apply the time-tested secrets of tycoons, titans, and billionaires, to explode your business in 90 days!
This report reveals the extraordinary, unusual methods of people who attracted the most money and attention to themselves and their businesses with the least amount of effort and time.
It reveals how to attract profitable new customers! How to make your business insanely profitable on a shoestring budget! It shows you how to dominate your market, snatch business away from your competition and out-think, outmaneuver, outwit, outpace, outsell, and outperform every competitor in your field – large or small!
Revenue Killing Mistake # 1: Your business focuses on itself, and not on your prospects and customers’ needs.
Does this seem too obvious? Look through your website or marketing information pages. Check them right now and glance through.
Answer this question:
Are most of the ads telling you what benefits you get if you if you become a customer? Or are the ads telling you about the vendors, where they are, how wonderful they are, what they do, how great their quality is, how great their service is, and all about them?
95% of the ads are totally focused on the business and not on what the business can do for YOU, the prospect!
Take a look at the ads in the newspapers, on the TV, and listen to the radio. You’ll find the same thing happening there, consistently, every day. This type of selfish advertising falls into the terribly wasteful category of institutional advertising. Institutional advertising produces, at best, little or no results.
It worst, institutional advertising is ineffective, unproductive, and a wasteful expense that accomplishes no profitable purpose whatsoever. You know when it’s institutional advertising because institutional advertising tells you how great the company is, or how old and stable they are, or some other frilly, fancy, cutesy and other non-compelling foolishness.
Selfishness is what kills your business. From brochures to flyers, and sales letters to advertisements, marketing messages should let your prospects know that you are concerned ONLY WITH WHAT THEY WANT!
Anything about you should always come last. Your clients, customers, patrons, patients… whatever you choose to call them, should always come first.
Any marketing documents you create should start out by focusing on the prospects wants and needs. Every sentence should show that you understand the prospects wants and needs. Until your marketing efforts focus on the prospects wants, you’re killing your business.
Revenue Killing Mistake # 2: Failure to Use the Power Parthenon Strategy Revenue Generation
According to Jay Abraham, there are two kinds of business models: TheDiving Board Theory of business and the Parthenon theory of business.
Diving Board Method (1): Almost every business that we look at operates using the diving board model. This method has one primary method which is generating 90 or 100% of the revenue.
Parthenon Method (2): The Parthenon method has different pillars each of which is a revenue generating activity.
If you can move your business from the Diving Board Model to the Parthenon Model, you will no longer be dependent on that one primary activity to generate revenue. Ironically, that one activity to generate revenue will actually improve as all the other activities of generating revenue will reach out and impact that activity.
If each revenue generating pillar adds a mere 10% to your business, the overall effect will be geometric profit growth.
After you have added those profit generating pillars, you can then add a sub-Parthenon under each profit generating pillar.
Revenue Killing Mistake # 3: Failure to Have a Detailed Marketing Plan.
90% are flying by the seat of their pants, with no direction for tomorrow, no idea how much they’re going to make in the next 365 days, and no written plan whatsoever.
Your business will never succeed on any type of a large scale unless you commit to writing a plan that guides you to success. This is a fact that all too many businesses will never accept, to their own demise. If you don’t have a marketing plan and business plan you will kill your business. You’ll never reach any truly substantial objectives.
Your plan must include the following:
(1) A specific, clear, precise, dollar objective for each year, for each of your products or services. Break this dollar amount down into how many widgets you must sell to reach that amount. Next, figure out how many sales that means you need to make. Next, figure out how many prospects you must connect with in order to sell XXX amount of widgets, based on your past experience. If you have no past experience, use a 20% closing ratio to figure with.
(2) A specific dollar amount for each month, for each of your products or services. Do the same things as above, except figure the totals on a monthly basis.
(3) An objective evaluation of all of the different marketing alternatives that will help you reach your monthly and yearly goals.
(4) An exact indication of which marketing alternatives you have decided to use, why, in what ways, and how often, and how much these alternatives will cost you in money, time and materials.
(5) Techniques to use that will help you capture and keep track of your customers and prospects.
(6) Techniques to use to help you sell the back-end to a new customer.
These are the bare bones basics that you need in your plan.
With this information alone, you’ll probably perform head and shoulders above your competition. If you want to take the plan further, make sure you include precise deadlines for each step. Then take each of these steps and break them down into the action steps that you can take on a daily basis to reach your monthly and yearly goals. The key words here are daily basis.
Marketing should be a daily activity for you, like eating and drinking. It’s not a difficult thing to draw up a simple marketing plan like this.
Realize the power of this simple, easy to do marketing plan. It’s so easy! And it will bring you success! Without a specific marketing plan ON PAPER, you cannot expect your business to live.
Yes, you do need to put it on paper. Why? On paper you have focus. If you keep your ideas in your mind, you’ll lose focus on your objectives.
Get your plan on paper. Even though it’s on paper, doesn’t mean you can’t change it. Be flexible. Understand that as your business grows and succeeds, you’ll want to update your marketing plan. Re-evaluate your plan on a weekly basis.
Ask yourself: a) Is this plan taking me where I want to go? b) Is there any part of the plan that isn’t focused on the desired end objective? c) What can I do to update my plan to gain more focus on my end objective? Questions like these on a weekly basis will help you reach your objectives quicker, and in a smoother way. Remember, without a written plan, your success is highly unlikely.
Revenue Killing Mistake # 4: Failure to Have and Complete Marketing Plan Strategies.
Marketing Plan Basics
1. Market Research: Collect, organize, and write down data about the market that is currently buying the product(s) or service(s) you will sell. Some areas to consider:
Market dynamics, patterns including seasonality
Customers – demographics, market segment, target markets, needs, buying decisions
Product – what’s out there now, what’s the competition offering
Current sales in the industry
Benchmarks in the industry
Suppliers – vendors that you will need to rely on
2. Target Market; Find niche or target markets for your product and describe them.
3. Product: Describe your product. How does your product relate to the market? What does your market need, what do they currently use, what do they need above and beyond current use?
4. Competition: Describe your competition. Develop your “unique selling proposition.” What makes you stand apart from your competition? What is your competition doing about branding?
5. Mission Statement: Write a few sentences that state:
“Key market” – who you’re selling to
“Contribution” – what you’re selling
“Distinction” – your unique selling proposition
6. Market Strategies: Write down the marketing and promotion strategies that you want to use or at least consider using. Strategies to consider:
Networking – go where your market is
Direct marketing – sales letters, brochures, flyers
Advertising – print media, directories
Training programs – to increase awareness
Write articles, give advice, become known as an expert
7. Pricing, Positioning and Branding: From the information you’ve collected, establish strategies for determining the price of your product, where your product will be positioned in the market and how you will achieve brand awareness.
8. Budget: Budget your dollars. What strategies can you afford? What can you do in house, what do you need to outsource.
9. Marketing Goals: Establish quantifiable marketing goals. This means goals that you can turn into numbers. For instance, your goals might be to gain at least 30 new clients or to sell 10 products per week, or to increase your income by 30% this year. Your goals might include sales, profits, or customer’s satisfaction.
10. Monitor Your Results: Test and analyze. Identify the strategies that are working.
Track sales, leads, visitors to your web site, percent of sales to impressions
By researching your markets, your competition, and determining your unique positioning, you are in a much better position to promote and sell your product or service. By establishing goals for your marketing campaign, you can better understand whether or not your efforts are generating results through ongoing review and evaluation of results.
As mentioned earlier in this article, be sure to use your plan as a living document. Successful marketers continually review the status of their campaigns against their set objectives. This ensures ongoing improvements to your marketing initiatives and helps with future planning.
Revenue Killing Mistake # 5: Failure to Have and Work an Effective Sales Plan
In order to achieve sales success, a company or salesperson needs to develop and implement a sales plan. The successful plan will contain components relating to identifying prospects as well uncovering a potential need. Once the sale is made, a methodology should be employed that paves the way for repeat and spin-off business.
(1): Targeting: It’s important to establish a target market for your product or service so that you are only approaching those who have a need for your product.
(2): Qualifying:A sales plan should also include the component of pre-qualifying prospects to see if they are able to actually purchase the product or service. A health insurance agent needs to ask general questions about a prospect’s health, to uncover any disqualifying health conditions, before launching into a full-scale presentation.
(3): Finding a Need: A sales plan should contain a needs analysis component where salespeople determine the needs of a prospect by asking a series of questions. Once the need is uncovered, the salesperson can then determine which product best meets the need and explain how the product’s features and benefits provide the solution.
(4): Closing the Sale: The sales plan needs to contain a process or processes for closing the deal. A variety of techniques can be employed, such as giving the prospect a choice of two or three options, demonstrating how the advantages of purchasing the product outweigh the disadvantages or asking an assumptive question like, “How many would you like?” or “When would you like this delivered?”
(5): Planting the Seed: Once the sale is finalized, the sales plan should include a component to develop future sales. This can include obtaining referrals or testimonials from the client, or to set the stage for another meeting to discuss another need that may have been uncovered. A method of keeping in touch should also be implemented, such as an email newsletter or regularly scheduled follow-up calls.
Revenue Killing Mistake # 6: Failure to Choose a Niche or Specialty.
If you have many topics that you are knowledgeable about it can be difficult to narrow your focus on just one. However, if you concentrate on one main skill or specialized field it becomes much easier to create a marketing campaign and memorable business brand. Accentuate the part you really enjoy doing and love the most.
Revenue Killing Mistake # 7: Failure to Know your Target Audience.
Wanting to serve anyone and everyone is perfectly natural when you first start out in business. Don’t let that fool you. Knowing who you like and want to work with makes it easier to identify and meet their needs so that you can capture their attention.
Revenue Killing Mistake #8: Failure To Determine Specifically Who Your Market Is And What Their Wants And Needs Are.
Ninety percent of the businesses out there never precisely determine who their market is, and what the markets desire, needs, wants, and passions are. This is a grave mistake.
The successful business owner can tell you precisely who its market is, and what they want in a product or service; the age of his best prospect, who this person is, where this person is, educational and income levels and other critical information.
You must know why people buy from you. Why does your customer buy from you? What do your customers want or need most in the products or services you offer?
You must discover what the “why” so you can focus your marketing efforts to show your prospects that you can meet the “why” in the most satisfactory fashion.
Think about it…How can you expect to adequately fill someone’s needs if you never take the time to get involved and understand them?
Yet few companies ever bother to seek to meet their customer’s needs. Successful companies understand their customers’ needs and attempt to satisfy those needs better than the competition. Once you have this information you stop killing your business.
Revenue Killing Mistake # 9: Lack of Research and Testing
Market research and testing should be done to determine the performance of every marketing effort. This takes the guesswork out of what your potential customer or client wants. Always make sure you have done your due diligence when it comes to testing different offers, prices, and packages. Get the input of your customers
Revenue Killing Mistake # 10: Improper Focus and Positioning
Don’t market to build up the company, but approach marketing to demand an immediate response from the recipient. Improper focus and market positioning can be avoided by following the proper solution positioning of marketing.
Revenue Killing Mistake # 11: Failure to have an Effective USP
What is your unique selling proposition. It is the one single statement that will single you out amongst the competition. It should be used in every piece of marketing material. Think of your USP as the philosophical foundation of your business. Don’t market without it!
Revenue Killing Mistake # 12: You Fail To Capture Your Customers & Prospects Names And Addresses.
This has caused the loss of hundreds of thousands and millions of dollars every month. Yet it is by far the simplest mistake to correct!
Why a company would spend hundreds and thousands of dollars to get a customer in the door and them let them walk out without getting their name and address and any other information from them! 90% of the businesses in America don’t ever bother to keep track of their loyal customers, let alone any prospects! Your mailing list or customer database is your biggest source of lifetime profits!
Here’s why you should keep track of every customer and every prospect:
1) According to Fortune Magazine, it costs 5 times as much to generate a new customer than to resell an existing customer. Existing customers are almost as good as money in the bank!
2) Your existing customers already trust you and know you. They’ve bought from you and (hopefully) have had a positive experience with you. Sales resistance is low.
3) They know you’ll deliver on your promises, because you’ve delivered before with energy and promptness (haven’t you?). All you need to do is develop a systematic way of keeping track of them, and asking them to buy from you more often.
Computer databases are easy to come by, and more affordable than ever. If you don’t want to bother with computers, that’s OK. Just make up and hand-write on a customer index card that has your customers’ name, address, and phone number on it.
A simple 3 X 5 card would do nicely. You should also include vital information like: what they’ve bought in the past, what they’d like to buy from you, etc.
A list like this opens the door to developing a profitable, long-term relationship.
Do you see how valuable this list becomes?
Recent studies show that you should contact clients and prospects once every 21 days and a minimum of once a month.
Here are some ideas for staying in touch:
1) Sponsor some kind of information-based event…a workshop, seminar, luncheon with guest speaker, etc….anything that would be of interest to your customers and prospects.
2) Send a postcard announcing a private sale with special discounts or added services exclusively for your loyal customers.
3) If you work with businesses, send them information that will help them become more successful (for example, a copy of this report) along with a personal note…I thought you might benefit from this.
4) Send a postcard with problem-solving tips on it for easy, quick reference. By collecting names, addresses and phone numbers of your customers and prospects, you will be in a position to increase the profits earned from each customer anywhere from 35-200%.
Keep in mind that when marketing 80% of your business comes from existing customers and 20% comes from new customers. Failing to resell to your current customer base could have a detrimental effect on your profits. It will cost you 5 times the expense to sell to a new customer than to sell to an existing customer.
Revenue Killing Mistake #13: Failure to Sell Your Customers Something Else On the Back End.
Your hottest prospect is someone that has just bought from you. This is your best opportunity for another immediate sell. The key to successfully doing this is having products that offer solutions to problems that your prospects have.
Related problems and related solutions equals an increased opportunity for sales. The buyer that just bought from you offers you a prime opportunity to sell again.
Your products must be good, however, and you must prove to him that your back-end product will also solve his problem.
Here again we are talking about knowing your prospects wants and desires. Your job isn’t over once you’ve sold your customer his first product. You and your people should constantly be striving to ascertain what problems your prospects have, and then proposing the appropriate solution to it.
If you are focusing on what your customer wants, and are offering them another solution to a related problem, he will not be resistant as you try to up-sell him. He will be grateful for your desire to solve his problems. Just remember: your customers are never hotter than when they first order.
Immediately acknowledge their first purchase and tell them how appreciative you are. And then, offer them something else so they’ll have the chance to solve more of their problems and to spend even more money with you!
You should look for logical product or service extensions to offer your customers. Using the back-end will turn one-shot sales into repeat customers. Ironically, most businesses rarely try to sell their current or previous customers anything again.
Revenue Killing Mistake #14: Failure to Make Doing Business with You Convenient, Easy, Appealing, And You’re not Ready To Sell When Your Prospects Are Ready To Buy.
Most businesses almost make it difficult for a prospect or customer to buy from them. Most businesses do business from 9 to 5. You must be prepared to do business when your prospects are ready to do business.
With technologies that are now available, there is no excuse for business not to have a 24 hour phone service center.
You must be fanatical about servicing your customers and causing positive impact on your prospects. You must focus on their needs consistently. Think of how you want to be treated when you do business with someone. Really think how you’d like to be treated. Then, treat your customers in that way.
Most businesses never walk a mile in their prospects shoes. Why else would they make doing business with them so difficult?
If someone walks into your business, how well versed are the sales clerks? How much time have you spent in preparing dialogs, questions and advice for your people to ask or offer to customers?
If someone calls your company and your switchboard operator is their first contact, can your operator make a motivating, compelling response to the customer or prospects requests?
How willing are you or your people to answer questions and render truly informative advice, even if it sometimes may not directly result in an immediate sale? How easy is it for your customers to find things in your business?
How well do you keep customers updated on the status of their orders, or back orders?
These are questions that you must answer on a regular basis so you stop killing your business. By making it easy, appealing, and convenient to do business with you, you will attract more customers, and more customers will consistently return to your business.
Revenue Killing Mistake #15: Failure to be Persistent And Willing To Stick It Out Until You’ve Contacted Your Prospect Enough Times To Warrant Dropping Him, Constantly Testing And Trying New Approaches Until You Find The Hot Button That Sells.
Too many businesses rely entirely too much on the hoped success of one advertisement or one direct mailing. Marketing success is not an event…it is a process. Processes take time. Therefore you should never put your faith in one ad, one mailing campaign, or one TV spot. You must commit to connecting with your prospects a minimum of 7 times in 18 months.
If you are not willing to pay that price, then you shouldn’t even start to promote to those prospects.
You need to decide that you are willing to connect with your prospects time and time again and hit them with the same benefit packed points over and over again – from every conceivable angle – in a determined attempt to motivate your prospects to take action!
A single marketing event will not ordinarily produce outstanding results. It used to be true that a guy could make a fortune off of one ad, one promotion. But today, it’s just not going to happen very often, and you should NEVER plan on it.
You must resolve to connect with them again and again and again, until they either prove that they are not a prospect, or until they see that you have the best solution for their pressing problems. Marketing requires persistency to say the least. You must work at it on a daily basis.
Some days will be downright discouraging for you. But, you cannot give up. If you have done your homework, and you realize that you have the solution to your prospects problems, if you have focused precisely on your target, then you must not let discouragement get in your way. It can keep you from succeeding.
If your prospects are not responding then you need to refine your approach. You need to refine who you are trying to connect with. You may need to approach them from several different angles to find the approach that works the best…indeed; you will need to test constantly, always trying to improve your take.
In short, you must persist so that your prospects never have the opportunity to forget who you are, and what you can do for them. The only way to discover your prospects hot-buttons are to test and to test continually.
The way to find out what they want is to test one marketing approach against another, one ad concept against another, one headline against another, one TV or radio commercial against another, one price against another and the list goes on and on! Testing is an ongoing process.
You should always be trying to outdo your best results. Because you never know when results are at their best! The point is that you cannot guess what your market will buy. It is something to be discovered by testing one approach against another, and by carefully analyzing and tabulating the results.
Once you do this, you will be amazed to find that one approach always substantially out pulls all the others by a tremendous margin. Testing is what tells you where to demand more.
Remember, an ad costs you the same amount of space, production time, or air time whether it produces 10 prospects, 100 prospects or 1,000 prospects. It only makes sense that you should test different ad approaches to maximize your investment. You must not sleep at night until you know you’re getting better results than last week. Testing takes persistence. It will pay-off big if you do it. As I mentioned earlier, marketing is NEVER an event, it is always a process. Keep this in mind when you consider selling something to your market.
Revenue Killing Mistake # 16: Failure to Test
Very few companies ever test any aspect of their marketing, and compare it to something else. They bet their destiny on arbitrary, subjective decisions and conjecture. This is unfortunate for a number of reasons.
First, we don’t have the right or the power to predetermine what the marketplace wants and what the best price, package or approach will be. Rather, we have the obligation and the power to put every important marketing question to a vote by the only people whose ballot counts: customers and prospects. How do we put a marketing question to a vote?
By testing one sales thrust against another, one price against another, one ad concept against another, one headline against another, one TV or radio commercial against another, one follow-up or up-sell overture against another. I could go on and on.
The point is — and this is not guesswork —when you test one approach against another and carefully analyze and tabulate the results, you will be amazed that one approach always substantially out pulls all the others by a tremendous margin.
You’ll also be amazed at how many more sales or how much larger the average orders you can realize from the same effort. The purpose of testing is to demand maximum performance from every marketing effort.
If each of your field salespeople averages 15 calls a day doesn’t it make sense to find the one sales pitch or package that lets them close twice as many sales and increases their average order by 40%-100% with the same amount of effort?
You can easily achieve immediate increases in sales and profits merely by testing.
Tomorrow, have your salesmen try different pitches, different hot-button focuses, different packages, differently specially priced offers, different bumps or upgrades, different follow-up offers, etc. Each day review the specific performance of each test approach, then analyze the data.
If a specific new twist on your basic sales approach out-closes the old approach by 25-50%, doesn’t it make sense for every salesman to start using this new approach?
Test every sales variable. Any positive or negative data can help you to dramatically manipulate the effectiveness of your sales efforts. But don’t stop at merely finding those approaches, offers, prices, or packages that outperform the others.
Once you identify the most successful combination, your work has just begun. Now you should find out how high is high! Keep experimenting to come up with even better approaches that out pull your current control.
Your control is the concept, approach, offer, or sales pitch which has consistently proven, through comparative testing, to be the best performer. Until you establish your control concepts, techniques, and approaches, you can’t possibly maximize your marketing.
Once you find control concepts or approaches, keep testing to see if you can improve on their performance, thereby replacing one control with a better one. Test your prices. Different prices often outperform one another on the same product by an enormous margin. $19 has out-pulled $25 by 300%. $195 has out-pulled $245 by huge margins. $295 has out-pulled $195 on certain offers, which netted a cool $100 more per sale! Why does one price out-pull another? I don’t know. Probably for a lot of reasons: psychological image of value, perception of quality, etc. Every situation is unique, so I implore you to test several different prices.
You’ll be amazed at the difference in profit and total orders one price will produce over another. Testing applies not merely to prices, but to every aspect of marketing.
If you run ads in newspapers or magazines, test different approaches, different headlines, different hot-button emphasis, different packages, different rationales, different pricing, and different bonuses on top of the basic offer.
Test different directives to the reader or listener on how to respond and what action to take. Test positioning in the front, back, right, or left-hand side of the page. Test where your commercials run.
Make specific offers and analyze the number of responses, traffic, prospects, and resulting sales for each specific ad. Then compute the cost-per-prospect, cost-per-sale, the average sale-per-prospect, average conversion-per-prospect, and the average-profit-per-sale against your control. This reveals the obvious winner, the control that you will keep running until a better control beats it. Remember, salaried salesmen cost you the same fixed amount, whether they make one sale a day, three sales a day or more.
An ad costs you the same amount of space, production time, or air time whether it produces 100 prospects, 1,000 prospects, or 10,000 prospects. Therefore, it stands to reason that you should test different ad approaches and find those that out-pull all the others, and then use those approaches to maximize your investment.
The suggested order of testing is: 1) Headline 2) Price 3) Offer You must have a strong headline always!
Your headline is an ad for the ad. If people are not drawn into the copy by a strong, compelling headline, then you have wasted your effort. A headline is not just there to attract attention. It must talk in terms of benefits to the prospect along with a promised solution to a problem. Test everything starting right now.
Revenue Killing Mistake # 17: Failure to Attract New Clients.
Thinking that your current clients are keeping you busy is shortsighted. The situation can change without any warning and catch you off guard. Never stop marketing yourself! Keep you name out there in the marketplace by writing articles and press releases at the very least.
Revenue Killing Mistake # 18: Failure to Follow Up with Clients and Prospects.
The success of your business depends upon following up and building relationships with leads and prospects. Without an effective system to follow-up with clients and leads you can lose clients. The solution: create or purchase a contact management system.
Revenue Killing Mistake # 19: Failure to Have an Email Signature.
In today’s global economy, email communication has become essential for transacting business around the world: making the email signature a dynamic (and free!) marketing tool. An email signature lets your clients and prospects know how to get in touch with you, and it tells people who you are and what you do. An email signature can even be used to promote an event, special offer, or new product.
Revenue Killing Mistake # 20: Failure to Publish a Newsletter, or Not Consistently.
Publishing a weekly or monthly electronic newsletter is an easy way to regularly keep in contact with clients, and follow up and build relationships with prospects. There are plenty of inexpensive and easy to use electronic newsletter providers available on the internet.
Revenue Killing Mistake # 21: Failure to Use Low Cost or free Internet Marketing Strategies.
There are many ways to build a business platform, attract an audience and the media and drive traffic to your door. Four simple and inexpensive ways are article marketing, blogging, email campaigns and leading tele-classes.
Revenue Killing Mistake # 22: Failure to Have a Website Opt-in Box.
One of the most important goals of your website is to collect qualified leads. This is done by offering visitors the opportunity to sign up for a free newsletter or some other useful item. When the visitor signs up, you have their name and email address and permission to contact them again to inform them about your products and services.
Revenue Killing Mistake # 23: Failure to have a free promotional “gift” to give away.
I am not talking about t-shirts or fancy pens with your business logo on them. I am referring to intellectual property you create such as a report, tip sheet, newsletter or other relevant, practical and useful document(s) you want to share with your clients, and leads. You can give them away at speaking engagements or on your website in exchange for their name and email address.
Taking the time to put each of these simple strategies into place will go a long way toward creating the successful business you deserve.
Here are ten of the most common marketing errors that the majority of business owners and manager will make at some point – are you making them too?
Revenue Killing Mistake # 24: Failure to Write or Produce Persuasive Marketing Documents That Get Your Prospects to Buy NOW, Or To Get Your Customers to Buy Again.
If your car was having a problem, and you knew NOTHING about cars, (except where to put the gas in) would you open the hood and try to fix it? NO! Why then, do so many businesses try to write their own advertisements, their own brochures, their own flyers, and other marketing communication when they don’t know how to do it?
It doesn’t make sense. If you don’t know what you are doing then you shouldn’t be doing it, or else you’ll mess things up worse than they were before! The real problem comes; however, when someone thinks they know what they’re doing when in fact, their efforts are usually self-centered and unfocused on the needs and wants of their prospects and customers.
Larger companies have entire design and marketing departments that do nothing but put together and create their marketing documents. Though most of these Madison Avenue Types do terrible, institutional advertising… Because the majority of companies don’t know how to put together a persuasive marketing piece, most marketing documents:
1) Focus on the seller, instead of the buyer and the benefits that the buyer gets.
2) Are terribly boring, dull, and uninteresting.
3) Don’t excite the prospect to want to take action NOW!
4) Don’t ask for any action from the prospect.
5) Don’t tell the prospect what’s in it for him if he acts right away.
6) Assume that the prospect is as interested in the product or service as the seller is.
7) Brag on and on about product and service features, when all the prospect really cares about is the benefits hell get from the product or service.
8) Try to be creative and clever; thinking that clever sells when actually clever does nothing to motivate a prospect to buy NOW.
9) Try to be professional and not worry about their image.
The only thing that matters is relentlessly focusing on your prospects desires. You must focus on the benefits that your prospect wants you to tell him about. You need to worry about delivering on your promises, improving your product or service…and forget about the professional image.
These are just a few of the problems that you’ll see every day around you when you look at typical marketing communications going on. It’s terrible. It’s a waste of paper, money, time, energy and other valuable resources. Don’t fall prey to this game. Find yourself a professional copywriter and designer that can deliver what your prospect wants. Your investment in a good copywriter will be worth more than anything else you’d ever spend your marketing on.
Revenue Killing Mistake #25: Failure to Determine What It Is About You That Makes A Client Want To Buy From You Because He Can’t Get What You’re Offering Anywhere Else.
Failure to establish a Unique Selling Proposition (USP)! A USP is what the advantage is for your prospects or customers to do business with you? What makes you unique from your competition?
Your unique selling proposition (USP) is the unique advantage you hold out in all of your marketing, advertising and sales efforts. It’s something that a customer usually can’t get anywhere else. It’s the philosophical foundation of your business, and its essence should pervade everything you do. The formulation of your USP (unique selling proposition) depends on the specific market niche you have already carved, or wish to carve out.
Your USP may be that: you only sell the highest grade products in the industry. Your USP may be that: you sell your products at the lowest mark-up in the industry.
Your USP may be that: you maintain 24-hour, 7-days-a-week service for your customers.
Your USP may be that: you maintain 5 times more service personnel than anyone else in your industry, so you can respond in three hours instead of three days. Your USP may be that: you provide more information, education, and service than anyone else.
Your USP may be that: you have everything in stock at all time — no out-of-stock, waiting, or back orders.
Most companies are me-too companies. They look just like everyone else. They sell like everyone else. They carry the same products as everyone else. They develop nothing to make them unique that creates a desire in the prospect to have that special uniqueness.
Too many companies are just out there to sell. You need to commit to becoming a company that’s dedicated to solving a client’s problem. Don’t sell. Solve!
Perhaps that could be your USP! The USP can carve you out a market so quick you won’t believe it! So, figure out what your USP is and start promoting its benefits to your customers and prospects today!
Revenue Killing Mistake #26: Jay Abraham Business Killing Mistakes and How to Solve them.
Revenue Killing Mistake #1 – Not testing all of your marketing ideas.
Solution: Test all your marketing.
Revenue Killing Mistake #2 – Running Institutional Advertising.
Solution: Run Only Direct Response Advertising
Revenue Killing Mistake #3 – Not articulating and differentiating your Business.
Solution: Develop a powerful USP and use it in all your marketing.
Revenue Killing Mistake #4 – Not having back-end product or service.
Solution: Create a profitable and systematic back end.
Revenue Killing Mistake #5 – Not understanding your client and their needs and desires.
Solution: Always determine and address the real needs of your clients and prospects.
Revenue Killing Mistake #6 – You must ‘educate’ your way out of business problems…you can’t just cut the price.
Solution: Always recognize that you must educate your client as a part of the marketing and sales process.
Revenue Killing Mistake #7 – Not making doing business with your company easy, appealing and fun.
Solution: Make doing business with your business easy, appealing and fun.
Revenue Killing Mistake #8 – Not telling your clients the “Reason Why.”
Solution: Always tell your client the “reason why.”
Revenue Killing Mistake #9 – Terminating marketing campaigns that are still working.
Solution: Don’t stop marketing campaigns that are still working just because you are tired of them.
Revenue Killing Mistake #10 – Not specifically targeting your marketing.
Solution: When you prepare your marketing, focus on the intended prospect and no one else.
Revenue Killing Mistake #11 – Not capturing prospects name and addresses, email addresses as well as pertinent contact information.
Solution: Capture everything on a prospect or client that you can in an organized, retrievable system.
Revenue Killing Mistake #12 – Not being strategic.
Corollary: Always having a strategy which tactical actions and methods are integrated into.
Revenue Killing Mistake #13 – Not having a marketing or sales system.
Solution: Have a marketing and sales system in place and refine it continuously. Using letter/call/letter call or email/letter/call strategies.
Revenue Killing Mistake #14 – Not taking advantage and integrating the Internet into every aspect of you marketing and sales efforts.
Solution: Integrating the Internet into all your Marketing and sales activities.
Revenue Killing Mistake #15 – In sales situations, shooting from the hip.
Solution: Constantly using and refining a sales script.
Revenue Killing Mistake #16 – Being stuck doing “what works.”
Solution: Always be willing to change.
Revenue Killing Mistake #17 – Not reinvesting your profits.
Solution: Always parlay your success and momentum into greater achievement.
Revenue Killing Mistake #18 – Not knowing and leveraging the lifetime value of a client.
Solution: Always understand the lifetime value of your clients.
Revenue Killing Mistake #19 – Not maximizing your assets, relationships, opportunities, resources, etc.
Solution: Always explore and maximize your resources, assets and opportunities.
Revenue Killing Mistake #20 – Treating marketing and sales as operational “silos.”
Solution: Do your best to integrate marketing components into all your operational and back-end processes.
CONCLUSION: The Revenue Killing Mistakes in this report are real. They cause the loss of hundreds and millions of thousands of dollars every year for businesses. Now that you know what they are and in many cases how to solve them you’ll see your revenues go up higher than they’ve ever been!
We sincerely hope you enjoyed reading today’s message. If marketing, sales and business development is something you’d be interested in please let me know.
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To your higher profit and business success,
The Business Doctor
Business Development Director
Profit Builders Inc.
1st Degree Tae Kwon Do Black Belt (Kukkiwon)
Former 10th Special Forces Member
Email: email@example.com or firstname.lastname@example.org