ANOTHER ONE BITES THE DUST…BUT IT DIDN’T HAVE TO BE THAT WAY!
They were so excited when they threw open their doors to their business. And the cool part was they actually managed to attract customers at first. The excitement continued to build as they enjoyed their “honeymoon” as new customers and clients gave them a try. In fact, they thought they had discovered a goldmine in their new business not knowing it’d be a failed business in the future.
And that’s where the “feel good” part of this short story ends before creating a failed business.
You see, they thought the steady stream of people giving them a try would automatically and enthusiastically return again and again all the while recommending them to their friends and neighbors.
They didn’t know any better.
No one told them it was their job to remind their customers to come back.
The media, marketing, and sales “seers” descended on them – all claiming to have the only answer they needed to take their dream business to the promised land…and they believed them.
The social media people told them all they needed to do was to post, tweet, and snap their way to untold fortunes. It sounded easy, fun, and even better – it was free.
The traditional media people told them all they needed to do was buy spots and space and keep their name out there…if they waited long enough and spent enough money they would be “branded” and life would be perfect.
The web people preached that a really nice website coupled with SEO and pay-per-click would be the sole answer they were looking for.
And everyone told them not to expect results too fast because it could take months or even years before they should expect a return on their investment.
And they were all happy to take their money right up to the end.
BEFORE YOU READ ANY FURTHER…
there are a few good media, marketing, and salespeople out there that really can help you move your business forward…I’m not talking about them here, but buyer beware. Do your homework before you choose and be very careful of anyone that tells you they have the only “magic pill” you need.
Moving on…
As they ran out of money because the customers stopped coming they made the gut-wrenching decision to close their doors and cut their losses fast.
The nasty process of watching their dream slowly evaporate even took its own pound of flesh by filling their minds with stress, frustration, and guilt as they toiled down the path to business failure.
Finally, they put the “OUT OF BUSINESS” sign on the door…the only sign I wish we never had to produce.
It didn’t have to be that way.
Here are 9 things (and they only scratch the surface) they should have done to grow their business:
1. They should have identified exactly who their ideal client or customer was and focused their time, money, and energy on reaching them.
2. They should have created a clear and compelling marketing message that spelled out exactly why their ideal clients should choose them.
3. They should have captured the name, physical address, and email address of every new customer that came through their door.
4. They should have had a plan and system in place from day one to follow up with every new lead and every warm body that came through their door.
5. They should have calculated the lifetime value of a new customer – not just the single transaction value.
6. They should have used a variety of marketing tools, tactics, media, and strategies…but only those that were laser-targeted at their ideal client.
7. They should have tracked and measured the results of each of the marketing and sales tools they were using and buying.
8. They should have stopped any marketing and advertising that couldn’t produce new leads and customers quickly and consistently.
9. Finally, they should have known they were in the business of marketing and selling their products and services and not just in the business of providing them.
As I mentioned above, we’re only scratching the surface here. There are literally dozens of ways to attract and retain new customers and even more ways to keep them coming back again and again.
And for the record, if you’ve been in business for years and you’re frustrated, tired, and even angry about the “state” of your business, the 9 things above apply to you too.
Three ways to increase your sales quickly and easily
1.
Make a written list of all of the reasons that your potential clients DON’T BUY from you. If you have been in business for any length of time you have already heard things like “I’m going to think about it”, “I’m shopping around”, “I’m comparing prices”, “We’re just gathering information”, “We’ll let you know”, “That sounds high”, “We’re not ready” and those are just a few ideas to get you started.
There is a “conversation” going on in the mind of your potential buyer and your job is to know exactly what it is, enter the conversation and give them the information they need to make a good decision. Creating the list of common “objections” and then documenting an answer for each of them will allow you to give your buyer the information they need to make a decision faster and with more confidence.
2.
Document in writing your sales process if you have one. Create a documented sales process. I know that sounds really simple and it is, but most businesses spend tons of time and money trying to get potential clients to “raise their hands” and very little time or money on creating and documenting a sales process to actually get the sale – it’s easier just to “wing it” and see what happens before having a failed business.
There is a really great way to sell your product or service and there is a really bad way. Look at your current sales process that works the best and is the most reliable, document it, and then improve it so you will not create a failed business.
Once your sales process is defined and perfected – use it all of the time. This is not a place to get complacent or even lazy.
You spend a lot of time, energy, and money convincing potential buyers to consider your services or products. Don’t drop the ball at the end by being unprepared to make the sale.
3.
Give your potential buyer a reason to make a decision now.
Create urgency.
Most people are looking for a reason to make a decision. As much as we would all like to believe that logic is the main motivator for our clients – it’s not.
Emotion is the driver of the buying decision and we must address as many of the emotional “triggers” as we can for our buyers (ok, that’s kind of deep, but really important) so that they are comfortable making a decision.
There are five main motivators but “fear” and “greed” are right near the top of the list. Fear of loss or greed for more will move your prospects to a decision much faster.
In every sales situation offer an incentive, bonus, or additional benefit to your original offer. Make this “enhancement” truly valuable to your prospect and give them a deadline to receive it.
In simpler terms – present your offer, enhance your offer and put a deadline on your offer. If you have no deadline you have no offer and your potential buyer has no reason to make a decision and you will be left with the dreaded, “I’m going to think about it” response. By using this tool you will create “fear of loss” and “greed for more” in the same instance. Test this process and watch your “closing” rate jump quickly instead of having a failed business.
