We’re already speeding into the New Year, and top of most business owners’ minds is this: How can I be more profitable this year? (Without being wildly overworked?) Here are 5 unconventional strategies and habits that you can implement NOW in order to make more money in 2014 than you’ve made previously in your business.
Make Sure You Think About Your Business More Holistically.
For instance, if you’re only looking at “new patient” numbers brought in by your latest Groupon or Living Social deal… you might think you’ve stumbled upon marketing nirvana. But, you must also look at PROFIT (lost or gained), and how this deal-driven marketing strategy impacts the buying behavior of your core group of patients — you know, the ones who USED to pay full price? Are they now waiting for your next “deal?” How does this influx of new clients or patients impact your staff and the experience clients have in your clinic or office?
Think Holistically. And carefully construct every aspect of your business. Leave nothing to “chance.” Construct. Choreograph. Orchestrate.
Always Know What You Expect, and What Comes Next.
This is a huge one…. and businesses big and small mess it up all the time. As the CEO of your company, you must know what you expect from every marketing campaign, every blog post, every speaking gig and every networking opportunity. Everything you do should have a specific intended outcome. (After all, if you don’t know WHY you’re doing any one particular thing, how will you ever be able to hold that action accountable?)
You should also know what comes next. In other words, if you have placed an ad in the local advertorial, have a plan. The ad itself won’t do squat for you. If your ad is intended to bring in phone calls, prep your receptionist or assistant with a scenario-based script. Orchestrate this process. Don’t let him or her “wing” it with these new prospects.
If your guest blog post was intended to bring new followers to your website, be prepared to track traffic. Also, give this new traffic a compelling reason to contact you and ask for more information. Choreograph a way to follow up with this new traffic. Tell them what’s coming next.
If you’ve run a groupon offer or television commercial, meet with your entire staff and let them know what you’ve done, what you’ve promised, and what you intend to see as a result. It’s (definitely) not enough to hope these deal seekers will be so “won over” by your service that they’ll come back ready to pay “full freight.” (They won’t.) You must (carefully, deliberately) orchestrate their initial experience, the follow up offer, and the entire post-experience.
Take Your Ego Out of Your Marketing Entirely.
I’ve seen more than my fair share of business owners who have fallen in love with something about their business, and — as a result — refused to change it. NOT because it’s working… but because they love it. For example, I have a “should have been client” that LOVES their 8 minute video — buried about 4 pages in to their cluttered website. This video talks all about their expensive equipment and covers 4 — count them FOUR — very different patient procedures, for 4 very different target markets. All in one 8-minute video. I told them the truth: It’s too long. It covers too much. It’s too hard to find. Blah, blah, blah.
But they love it… so this video that COULD be working overtime for them and bringing in great clients, if amended, made into 4 different videos, etc… is enjoying a lazy, protected status. Case in point: It doesn’t matter what you think, like, or believe. The ONLY thing that matters is what works. Focus on (and keep) WHAT WORKS and you’ll be way ahead of where you were last year!
STOP Marketing ONLY to RIGHT NOW Buyers.
(Very) Few things drive me more crazy than seeing businesses pay for a print ad, television commercial or radio ad that speaks ONLY to the 1% – 2% of their market that MAY be ready and willing to BUY NOW. Here’s a quick example, to my left. Keep in mind, I don’t know this Dee Liles from www.townebankmortgage.com but I DO know 1) that Towne Bank is a very savvy organization and I assume the same to be true of Ms. Liles and 2) that this ad has been run routinely. As a result, I’ll assume it has had a reasonably good return.
I don’t care… because it COULD (and SHOULD) be producing more than DOUBLE its current return. The ad FIRST is only speaking to people already somewhat interested in a reverse mortgage. It does NOT call out to those who SHOULD be considering a reverse mortgage. It gives you Dee’s contact information, but doesn’t tell you WHY you should contact her — unless of course you’re ready to apply for a reverse mortgage now.
They could more than double the return of this ad by speaking to more than those who are READY NOW. Here’s a VERY INCOMPLETE list of ideas… same $$ spent on ad, much greater return for Dee:
1) They could ask readers to go to a certain website to download their own copy of Reverse Mortgage Readiness. (This report could answer FAQ and encourage them to set up a quick meeting with Dee Liles to discuss options.) This allows Dee to have a larger pool of prospects to educate and serve.
2) They could take a clue from the VERY SAVVY marketers over at http://www.monthlydivorceseminars.com/ who offer twice monthly seminars for their prospects.
3) They could encourage prospects to call a “recorded message” hotline for more information. (Old school suggestion, yes… but also a low -barrier “YES” for this older market.)
Bottom line: Don’t waste money marketing ONLY to those who already know they want what you have to offer… Make your ad dollars go farther by driving PROSPECTS to you who are earlier in the sales funnel… those in information seeking mode. Do this and you’ll find less competition and better clients. Do it not, and you’ll see MORE competition competing for those at the tail end of the sales funnel.
Do Not Allow Your Emotional Temperature to Take You Off Course.
Let’s face it… business would be a lot easier if it weren’t for “how we feel” sometimes, right? This year, commit to approaching your business — its ups and downs, its wins and losses, its best customers and its worst patients, its competitors and its allies — with a rational mindset rather than an emotional one.
It’s January 2nd, so I’m gonna assume you have a plan for the year. Work the plan. Measure results. Change what’s not working, and keep what is. And stay the course. Keep it rational and numbers-based. Because you can “feel great” when you’re losing and you can “feel lousy” when you’re winning. Emotions aren’t reliable. Numbers, on the other hand, always paint an accurate picture.
When you find yourself running this business “emotionally” — BEWARE. Quick note: FEAR is the most damaging emotion of all. FEAR of not being liked, of being rejected by your peers, of being told NO… FEAR of ending up with egg on your face. FEAR is a profit killer. Find a way… CREATE a way to operate fearlessly.
