“Marketing” is one of the most misunderstood and misinterpreted terms in the business industry.
Having great products, a high-quality website and social media accounts is the tip of the iceberg. If you don’t get your products to the perfect target market, AND get them to buy, then there’s something wrong with your marketing.
Marketing is the number one place most business owners go wrong.
All businesses need marketing—but small business owners need an excellent marketing strategy more than anyone else. Small businesses owners need to generate revenue as quickly as possible because they don’t usually have the necessary funds set aside to scale the business. If you fit into this category, schedule a free, guided Gap Analysis strategy session with our team of experts so we can diagnose your current situation and lay out a roadmap to maximizing your money-making potential.
Mastering successful marketing requires understanding what the key components are and how to use them to your advantage.
Let’s go over the 5 most critical components of marketing, what they mean and how they can massively scale your business.
1. Generate leads.
This means pinpointing your customer avatar, finding your target market, reaching out to them, and capturing their information. There is a plethora of ways to garner leads, especially with social media and digital marketing. But what’s most important is the quality of your leads. It should always be quality over quantity. You want leads who will actually convert. Start with the people who already know, like, and trust you or your brand, as warm traffic has a higher likelihood of converting. Then branch out to cold traffic—but don’t try to sell cold traffic on the first interaction. Build rapport and trust by offering free, valuable content first, such as a “lead magnet”.
2. Sales and conversions.
A conversion is getting a prospect to say yes, whether it’s to your lead magnet, promotional offer, a sale, etc. The key to getting conversions is understanding the problem that the prospect has and providing the solution, by lighting the way from A to B. Once you get people to say yes, have a plan to get them to say yes again. This is the core foundation of your marketing funnel—every step should send the prospect to the next step, then retarget them to get them back into the funnel.
You may have thought your end goal was to get your customers to buy your highest ticket or most expensive products or services—but it shouldn’t end there. Your ultimate goal is to make your buyers repeat customers…that buy again and again.
3. Higher price points.
Once you have repeat customers, you can raise your price point. For example, a customer who already bought a product from you will be more likely to buy your higher-priced product, because you have established a relationship with that client.
Don’t cheat yourself out of generating more revenue by only providing products and services with a low price point!
4. Organize priorities.
In everything that you do, ask yourself first if it will serve your purpose. Does it need to be done by you? Does it need to be done at all? Cut out activities that don’t add value and focus only on the things that will scale your business and increase profits. And anything that doesn’t need to be done by you, hand off or outsource.
5. Increase profits.
Produce a revenue chart and tie everything you do with revenue production. It’s important to put the revenue-generating side of your business first—the ultimate goal is to scale to multi-million-dollar revenue. More profits will not only allow you to make better products, reach more people, and build a bigger and better business, but also live your dream lifestyle, and build a legacy that lasts generations.
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