Your Marketing’s Weakest Link
Definition: Marketing (noun): Finding and Attracting people who want to buy what you have to sell for the price you want to charge.
Marketing is not a single event, it’s a sequence. The first step is the Finding and Attracting, but there is a qualifier. The right kind of people.
So firstly, do you have lots of enquiries?
No? Then getting more might be your priority.
Yes? But are they difficult to convert to sales? If so, this could be either due to them not being the right kind of enquiries, or it could be that you aren’t handling them well.
If they are the wrong kind of enquiries, it means that you are wasting a lot of your marketing time and money on attracting unqualified people. This requires more focused marketing which will reduce your marketing effort while at the same time increase your sales.
If the people you are attracting are qualified, it could be that you aren’t handling these enquiries well. It could be the way you presented your proposal or tried to close the Sale, but more likely is was how you prepared the customer for the sale.
If the customer is qualified, it won’t be because of Price. It might be the way your offer is structured, it might be the way it’s presented. It might be the way that you have (or haven’t) communicated value.
Of course, there could be a combination of factors that may be depressing your sales, but of all the factors, one will be having a far greater impact than all the others. This will be the weakest link in your marketing, and focusing on this will give you the biggest bang for your buck when you address it first.
If for example, the issue is that you aren’t managing your enquiries well, advertising more is going to be a waste of money, particularly if your advertising is bringing unqualified enquiries.
To identify your marketing’s weakest link, lay out the steps in your marketing sequence and determine where you are losing most your leads. Then by looking at a sample of the leads you have lost, the reason why you lost them will be revealed and your weakest link exposed.
Of course when you have addressed your weakest link, another element in your marketing sequence will become the weakest link! Just repeat this process and watch the way your results are improved whilst simultaneously reducing the cost and effort of each sale.
May Your Business Be – As You Plan It.
Dr Greg Chapman – The Profit Whisperer
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