Are you struggling to attract more new customers to your business? Do you have a great product or service, but aren't sure how to let prospects know about you? Do you see your competitors growing and wonder what they are doing to be so successful (even though you know their product or service isn't nearly as good as yours)?
Chances are you may be making these costly mistakes in your business ...
Mistake #1 - Many business owners believe that if they have a great product or service, business will automatically come to them.
Well, you probably do offer the best product and you probably do offer great service. You have the best-trained employees, the longest warranties and the most awards. But, that alone hasn't brought you all the prospects you can handle...has it? If you don't promote and market your business, it will eventually dry up and blow away - no matter how good your product or service is.
Mistake #2 - You believe that your business is so different from all other industries.
Essentially your industry is no different from others - be it manufacturing, service, wholesale, distribution or retail. The product or service you provide may be different. But like all other industries, you are in the business of marketing your product or service. Hence, marketing should be a high priority for your business.
Mistake #3 - You do not differentiate your business from your competitors.
If you cannot say to your potential customer anything other than "Our pricing is competitive," "Our quality is good" and "Our services are reliable," you are in fact just another 'me too' business. Your competitor will be telling the market the same thing. Today, more than ever, you must differentiate your business. There are simply far too many choices for consumers. To command a strong position, you don't have to be the best; you must be unique to your market.
Mistake #4 - You believe that marketing is a costly expense.
Marketing is usually the first item that gets cut when business is slow. However, marketing is the engine that drives your business. You should instead invest more on marketing even when your competitors are cutting back in bad times. Marketing doesn't necessarily entail big money. There are many low-cost or even no-cost marketing strategies that your business can use.
Mistake #5 - You neglect to market to your current customers.
It's an established fact that acquiring a new customer costs a business at least six times more than selling to their existing customers. And yet, many businesses choose to ignore their current customers. You may focus too much on that first sale when the real goldmine lies in repeat business, as well as things that are supplementary or complimentary to the products or services your customer has purchased.
Mistake #6 - You fail to capture your customers' contact information.
You've spent so much money on acquiring your customers and yet you don't know who they are, where they are located, or how to contact them. Since they have purchased from you, there is a high probability that they'll come back if you stay in touch and communicate with them. However, you can't do that without their contact information.
Do these mistakes sound familiar?
You can avoid making these costly mistakes in business by changing your perspective on business. If you continue to run your business purely from the distribution perspective, i.e. by having the best product or service and expecting the world will beat the path to your door, you'll be in for a big disappointment. On the other hand, when you expand your focus to include marketing system strategies, you'll begin to experience a sustainable long-term growth in your business.
Start building a solid foundation of marketing knowledge. Lay your hands on a good marketing resource book such as 22 Immutable Laws of Marketing by Al Reis and Jack Trout. A solid marketing engine will go a long way in helping you to run your business in a fun and profitable way.
Prime Your Marketing Engines - To learn more about this author, visit David Carter's Website.
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David Carter
(Visit David's Website)
David's professional career has taken him
around the world living and working in the
US, New Zealand and the UK. He has held
senior executive positions within the
Thomson Corporation, Wolters Kluwer, and
Ziff-David publishing companies. David has
led small and large organizations in the
healthcare, franchised executive suites,
and service industries. In addition, he
successfully founded and developed two
businesses: American Trade Exchange, an
import and export company, and a PC
systems development and training company.
These have provided excellent environments
to "practice what he teaches." He is a
Contributing Author for Walking with the
Wise II, Mentors Publications. David
founded ActionCOACH Philadelphia in 2002
and has been successfully coaching and
training businesses in the Greater
Philadelphia Area. He has helped privately
held and family owned businesses, as well
as senior executives, to realize their
personal, financial and business goals,
and to achieve greater lifestlye. Visit ww
w.actioncoach.com/davidcarter to learn
more about David.
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