When discussing the key to growing their business, 90% of owners say the same thing: “We need to spend more time and money marketing our products and services.”
Now don't get me wrong. Marketing is important. In fact, I love marketing! I've developed many successful marketing programs in a variety of industries. But here's the simple truth; trying to grow your business by pouring more time and money into marketing that is already ho-hum is like a boxer who steps into the ring leading with his chin: You're gonna get knocked out in the first round!
Some will say, “In order to get new customers I need leads. And in order to get leads, I have to advertise, or at least do something!”
Perhaps, but in a majority of cases, the solution isn't doing more—it’s doing a better job. And to do that, you need a strategic marketing plan.
Before I get into the nuts and bolts of improved marketing, let me introduce a simple diagram I call The Profit Equation. It demonstrates how small, incremental improvements in a few critical areas actually lead to dramatic growth in business over time.
By achieving a mere 10% improvement in each of the areas above, you’ll reap amazing results. And note that most of the improvements are marketing-related:
So how do you do it?
I’m glad you asked.
My next post will address how to create and implement a strategic marketing program.
(Excerpted from my eBook 6 Keys to Rapid Business Growth. Click the title for a free copy.)
Dwight Grant is a seasoned businessman with over 30 years of leadership experience. He lives in CO where he enjoys whitewater rafting, mountain biking and spending time with family.