Now that we have started to focus on getting our profit margins to the right levels, let’s discuss how you reliably attract the right business to engage with you (Next week we will talk about how to close/sign all the new business you will attract).
It is 2018 and I doubt if most of you are marketing and selling like it is 2018. Shining a critical light on how you currently market and sell, above everything else, will make the biggest shift for you.
If you’re like most of the businesses I’ve met and work with, you have salespeople, brochures, a nice website, the pricing structure that you’ve used for the last 15 years and the acknowledgement that you will sell to anyone that is willing to buy from you.
Maybe you still even cold call or perhaps you send email campaigns. Maybe you dabble a bit on social media or do a bit of all of it. The key aspect here is that while some of this may work some of the time, it is not RELIABLE. What you MUST have, is a fully running system to bring in new business that you can rely on.
What I urge you to build is a self-running system (Or one that is managed as a process from from start to finish) The best example to study, I have found, is to dig deep into the world of growth hacking.
Growth hackers on the web have figured out the science and the systems to understand their customer for a whole variety of products. You have probably been pulled into, what they call, online funnels that turn an ad into a long form sales page that leads you to a webinar or free report to download. From there they invite you to buy a product, register for an event or schedule a call.
They have refined the art and science of this to such a degree that many of them apply their same system to selling just about anything, from consulting to supplements, and it works at a scale that you can barely imagine. The masters in this craft, and it is a craft, earn tens and hundreds of millions of dollars of profit from following a reliable process over and over.
They first start by understanding the customer they’re selling to. They research their pain points, their demographics and build a detailed avatar. They craft plain language messaging (Super important point here, as we are all making our messaging to our market far too complicated). They figure out where they can connect with the eyeballs of their clearly identified target market, and they put a compelling message in front of those eyes.
Once they connect, they create an offer for them to buy or to get on the phone so specific needs can be understood to craft a proposal and close the sale.
They refine this system so that they know for every dollar they spend, they know how much they will get back in sales and profit. Once they know that, they just slowly increase the spend and know exactly how much will come out the other side. They, essentially, build a 24/7 sales force that delivers a predictable number of ideal prospects to your door.
How many of you wish your sales and marketing processes could run with this amount of reliability?
How would having this type of system in place would change how you feel about the future prospects of your business? How much less would you have to worry about if this was the way the attract and sign side of your business functioned?
Now, I am not suggesting that you replicate an online sales funnel for your business (But it might work extraordinarily well for some of you). What I want you to understand is that there is a science to be learned that, when applied to your business, can give you the steady stream of new prospects that sales quotas, PR firms and “spray and pray” marketing efforts simply cannot. If you are serious about feeling in control of your business then I suggest you start to learn about growth hacking and online funnels so you can interpret the tactics into your business (If you are struggling making the leap back to your particular business, hit reply and let’s chat about it).
This is the modern way that people are selling. This is the modern way for them to develop a system, a repeatable and reliable system, that allows a business to grow and scale profitably with far less worry and doubt.
Another side benefit of a steady stream of new business? So many businesses wrestle with the clients that they have that don’t pay enough or that they aren’t making enough profit from. They wish they could be working only with their ideal customers. I could quickly tell them that the first thing to do is just fire all of your bad customers, but we all know that those customers, at least in our minds, pay the bills and we’re worried about what’s going to happen if we lose that revenue, even if it’s not great revenue.
One of the ways to fix this, so you get the confidence to only have clients that you love, is to know that you have enough new business coming in. The right profitable business with the right kind of customers who are paying you the right fees, so that you don’t feel bad about saying goodbye to the customers that are hurting your business. This also gives you the confidence to have the hard conversations with marginal clients and tell them what needs to change to make the relationship work for you.
Understanding growth hacking is worth, at least, as much time as you have worked to understand the old way of selling and marketing. You know all those sales books you have read about trial closes, countering objectives and asking for the business? Did they ever really work when focused on you? If they did, did you ever hear from the salesperson much after the one time sale?
Getting a ‘black belt’ in growth hacking would serve your business well. It is an expertise that will show up in your cash account.
Some links and resources to get you started:
Click Funnels CEO Russel Brunson Keynote
Russel Brunson has built Click Funnels into an enormous online business by creating a self-serve product to make online sales funnels. In this keynote, he takes the audience through the why and the how to do it. His style may feel over the top by get past that to learn the lessons and reality of how these tactics make millions.
DotCom Secrets: The Underground Playbook for Growing Your Company Online
If you do not want to watch the video, this book is one of the few that has more tactics than theory. Step by step, Russell Brunson takes you through exactly how to understand your customer, how to craft the right funnel and provides proven templates.
Hacking Growth: How Today’s Fastest-Growing Companies Drive Breakout Success
“Think of the Growth Hacking methodology as doing for market-share growth what Lean Start-Up did for product development, and Scrum did for productivity. It involves cross-functional teams and rapid-tempo testing and iteration that focuses customers: attaining them, retaining them, engaging them, and motivating them to come back and buy more.”