Know your breakeven point so you don't give away all your profit with a discount or promotion you can't afford.
A lot of business owners seem to get hung up to the fact that they’re really great at what they do. Now it’s not necessarily a bad thing… but you have to ask yourself whether it’s helping you grow your business.
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It’s good to be the best at what you do and every business owner should strive for it, but it’s not the full story for business success. It can even be a limiting factor when it comes to growing your business. Let’s have a look at some <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />New Zealand business success stories:
Now all of these businesses are huge successes… but is it really because they have better jewellery or bake better cookies? I would say it’s because they had great marketing systems. And I believe that marketing is the key when it comes to growing your business.
Part of the marketing system each used was to challenge industry norms and play the game on their own playing field.
For example, if Cookie Time founders Michael and Guy Mayell had tried to launch into supermarkets from the start, it would have been a very hard slog for the company’s founders.
However, by delivering straight to dairies and grabbing a great position next to the cash register due to it’s distinctive and interesting display bowl, Cookie Time managed to walk itself into the hearts (and mouths) of New Zealanders everywhere. Accompanied by a great product, this marketing cemented the company’s place in history and lead to its enormous success.
But it’s not just the display bowls that did it. Cookie Time also went out and baked the world’s biggest cookie (a title which it held for 12 years), started a Christmas cookie selling tradition, and opened “all-you-can-eat” factory tours. The brothers sure knew how to create a marketing opportunity when it came up.
The point is that being great at what you do is only the first step. Next you have to get out there and let people know you exist. For that, you need to have an effective marketing system.
Now, you’ll notice I didn’t say marketing plan. Most businesses have a marketing plan… it sits in a filing cabinet and hasn’t been looked at since it was written. Hey, I don’t blame you, the same thing happens with my plans.
That’s why a marketing system is different. A marketing system integrates into your business on a daily basis and is regular, repeatable, and results-focused. If you want your system to work, it must hit all three of these areas.
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Craig Dewe is the Web Marketing Outlaw... at least that's what his mum calls him. He helps business owners make more sales from their websites by increasing website conversion. This means instead of focusing on getting more and more traffic... he shows you how to turn your website visitors into loyal clients using simple and effective strategies that any business can implement. |
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