Don’t make the same old mistakes…

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?

Chances are you may be making some or all of the following mistakes in your business:

  1. Mistake #1 – Believing that by simply having a great product or service, business will automatically come to you. If you’re not promoting your business, it will eventually dry up and blow away-no matter how good your product or service is.
  2. Mistake #2- Believing that your business is so different from all other industries. The product or service you provide may be different but like all other businesses, you’re essentially in the business of marketing your product or service. Hence, marketing should be the most important function in your business.
  3. Mistake #3 – Not differentiating your business from your competitors. Listen…if you can’t say to your potential customer any thing other than “Our pricing is competitive”, “Our quality is good” & “Our services are reliable”, you’re in fact just another ‘me too’ business. To command a strong position, you don’t have to be the best; you just have to be unique to the market… and any business can do that, even if your product is a commodity.
  4. Mistake #4 – Believing that marketing is a costly expense. Marketing is the engine that drives your business and doesn’t necessarily entail big money. There are many low cost or even no cost marketing strategies that your business can use.
  5. Mistake #5 – Neglecting to market to your current customers. It’s an established fact that it costs a business at least six times more to get a new customer than to sell to their existing customers. You may have focused too much on the first sale when the real goldmine lies in the ‘backend’ sales.
  6. Mistake #6 – Failing to capture your customers’ details. You’ve spent so much money on acquiring your customers and yet you don’t know who they are, where they live and how to contact them.

Do these mistakes sound familiar?

Remember a business essentially consists of three vital components: Distribution, Marketing and Systems. If you continue to run your business purely from the distribution aspect, i.e. by having the best product or service, you’ll be in for a big disappointment. On the other hand, when you re-engineer your business towards marketing and systems-centred activities, you’ll begin to experience sustainable long-term growth.

So, start building a solid foundation on your marketing knowledge everyway and anyway you can. Good marketing resources, books, tapes, reports, manuals and people are all out there and able to help. It will go a long way in helping you to run your business in a fun and profitable way.

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Time Retrievers Pty Ltd  Ph: 1300 794 401    Email: success@timeretrievers.com.au