In order to have a successful marketing or advertising system, you need to know how each area of your system is performing. You can’t be a rockstar if your marketing is out of tune. For example, if you want more sales and have a steady stream of leads but a low conversion rate, you should fine tune conversion rather than focus on getting more leads.
This article will review the 6 strings of a finely tuned Marketing System:
- Average Sale
- Number of Transactions
Knowing your numbers in these areas will help you figure out the best way to fine tune your business’ marketing system so you can be the rockstar in your industry.
A Finely Tuned Marketing System
Visibility is how to get your business in front of your ideal customer or prospective patient. The goal is to get in front of as many of your ideal prospects as possible for the best return on investment.
A few ways to increase your visibility:
- Traditional Advertising- direct mail postcards, TV commercials, radio commercials
- Email Marketing- monthly newsletters
- Internet Marketing- Search Engine Optimization, content marketing
- Networking- attending networking events regularly
- PR- free media exposure from public relations efforts
When marketing your business, building your email lead list should be a top priority. Often customers are not ready to buy at the time of inquiry. They may be shopping around or “kicking tires.” If you can focus on building your email lead list of prospective customers, you can nurture the relationship with leads through time.
So, once your business has been noticed by your ideal customer, the next step is to get them to take an action that will result in them providing their email address. Once they have given you their contact information, they have become a lead, or a member of your community. By offering something your ideal customer would want in exchange for that information, you can begin to build your community and nurture your sales leads. It is important to create a lead magnet or lead generator to serve this purpose.
Some popular lead generators or lead magnets are:
- Ebooks or informational downloads in the form of PDFs or whitepapers
- Complimentary online assessments
- Promotional offers such as coupons or exclusive sale and event opportunities
The Conversion Rate is the percentage of leads who turn into customers. This is often one of the most overlooked pieces of marketing. Often, once an ideal customer has given their information, they are dumped into a generic email list and the attempt to “sell, sell, sell” begins. This “sell, sell, sell” mentality is very old school and definitely not effective.
Below are some ways to improve your conversion rate:
- Lead Nurturing- regular communication with your prospects through drip campaigns or other communication of
- information that is helpful, unique, interesting and perhaps even entertaining
- Brand Positioning- a strong consistent brand look and message that is visible, recognizable & distinguishable
- Value Proposition- speaking to a pain or issue the prospect has and how you solve it
- Emotional Marketing- content that speaks emotionally to the prospect
- Urgency & Actions: timely marketing/advertising that prompts immediate action
The average amount a customer will spend with you per transaction is your Average Sale. Increasing your Average Sale is important if you are looking to increase the quality of your projects, sell a high end product or service or want to work with fewer clients yet retain revenue levels.
By increasing the Average Sale value, you reduce the number of customers you need to achieve your Revenue Goals. A finely tuned marketing system that includes professional branding, content marketing systems and an authority marketing approach educates your clients and prospects on your value and unique difference so you are more likely to increase your Average Sale.
Number of Transactions
The Number of Transactions is the number of times a customer buys your product or service or does business with you. There are a few ways to increase the number of transactions per client. One way is to use an email marketing system to send clients and prospects new products and services they may be interested in, special promotions, or add-on sales opportunities.
Profit, as defined by Investopedia, is a financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity. Any profit that is gained goes to the business’ owners, who may or may not decide to spend it on the business.
Here are a few options for increasing profitability:
- Create branded products that are built once and sold multiple times over like a course, workshop or book
- Market the value of your service against your competition, not the price
- Use a sales system to track, review, and adjust your campaigns by making them more efficient and reducing your costs per lead
- Narrow your market to a very customized segment or offer a branded product for a niche market
- Increase the lifetime value of a customer through retention efforts. It is always more expensive to attract a new client than to build your business with existing clients.
Knowing your numbers in the 6 strings of your Marketing System and options for fine tuning them will ensure you are the rockstar in your industry.
Learn more about how to set the stage for marketing success by pre-ordering a copy of Amplify Your Business: A Rockstar Professional’s Guide to Marketing Success, Rock My Image’s first book set to publish in Spring 2016. Click to Pre-Order Amplify Your Business!