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An old sales trainer, Red Motley, said, "Nothing happens until something is sold."And he was right. Marketing… effective marketing is critical to the success of a business... any business... in fact, your business. With ineffective marketing, your prospects may never find out about the products or services you offer and that they may need, may want, or that could benefit them, and consequentially, a sale may never be made.Statistics tell us that 80 percent of small businesses will go out of business the first year they’re in business. And of those that remain, 80 percent of them will not be in business five years from now.
Make no mistake…those are alarming statistics!
Failure To Let Your Prospects And Customers Know The Unique Benefits They Get From Doing Business With You And Not Your Competitors "Why should I do business with you, instead of any and all other options I have?"
Failure To Monitor Your Results. Results. That’s all that counts in business. Results.
Not Testing Your Marketing Strategies
One of the worst things a business owner can do is to fall in love with their product, service or marketing strategy. It’s important not to get blinded by how well you think your marketing efforts will pay off. An old Chinese proverb goes something like this: "Confucius say, ‘Hungry man sitting with mouth open waiting for roast duck to fly in have long wait.’
Not Identifying Your Ideal Or "Target" Market
Whom do you market to? Who should you be marketing to? Are they the same? If so, was that planned? If they’re not the same, why aren’t they?
Failing To Establish And Obtain Referrals
Getting referrals from the users of your products and/or services is one of the quickest, most effective and painless ways to build your business. Yet, most businesses fail to take advantage of this important marketing and business–building tool.
Not Cross–Selling, Up–Selling Or Having A "Back–End"
Not Calculating The Lifetime Profit Value Of Your Customer There’s no question about it. Your existing customers are your most valuable assets. Yet, nearly every business allots more money, time and effort to the acquisition of new customers than they do to keep their existing customers.
Failing To Calculate The Cost Of Losing A Customer
The "Ripple Effect" is one of the most powerful forces in business. And it can affect you both in a positive manner, as well as negatively.
Not Selling To Your Existing Customers. Your best prospects are people who have purchased from you before.
Not Monitoring Your Competition. You can learn a lot from your competition. Sometimes they can be your best source of what to do or what not to do.
Failing To Ask Your Customers What They Want
Not Working Joint Ventures. Joint Ventures, or teaming up with another business can be one of the most profitable things you can do. And they turn out to be win–win–win situations.
Not Using A Risk Reversal. Suppose a customer is not happy with a purchase they made from you. What do you do? Do you make them keep the item? Do you give them their money back? Do you an "in–store credit?" How should it be handled? How do you handle it?
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