I hate to be the voice of doom and gloom, but I have to tell you that I’m concerned that online marketing is so easy to do, that most people are leaving out a critical component.
And if you don’t have this component built into all your marketing, you’re losing out on a lot of additional sales you could be making.
So what is this all important component I’m talking about?
You see, in the old days of direct marketing before the Internet, you paid through the nose to test most forms of marketing. Space ads, post cards, direct mail, radio and television were (and still are) expensive to use.
So much more effort was put into getting it right. And every marketing campaign was measured and held accountable.
If a postcard mailing didn’t beat your previously best performing postcard, then it was either modified and tested again or sent to the trash.
But these days, because clicks are so cheap, people don’t seem to hold their marketing accountable anymore.
For example, it’s been proven that a customer who has bought something from you is 5 to 10 times more valuable – and easier to sell other things to – than a prospect who hasn’t bought from you.
Yet when I ask most new clients how many people on their list are prospects and how many are customers, they usually have no idea.
They also don’t know who their “multi-buyers” are. By this, I mean people who have bought more than one of your products or services and are by far the “golden” portion of your list. These multi-buyers should be marketed to differently than everyone else, given more care and attention, and treated especially well. In turn, they’ll reward you by buying even more of what you offer!
Building accountability into the key areas of your marketing
If you want to maximize your sales and profits – and do so with just a minimum amount of effort – it’s essential that you build an accountability component into all aspects of your marketing. Here are three areas where you can start.
List accountability. Start segmenting your list today. Organize your list by prospects and paying customers. Then, organize your customers by the products they’ve bought. Running a quick spread sheet against your list will show you who the multi-buyers are. Devoting more of your marketing to your existing customers and multi-buyers is a fast, certain way to increase your profits.
Campaign accountability. Measure the results of every marketing campaign you use. Did it hold up to your best campaign? If not, tweak and test again or get rid of it. Then run your most successful campaigns on a regular basis.
One of the secrets of successful marketers is that they never retire a successful campaign simply because they’re bored with it. They keep running it until it no longer performs. Plus, they never retire it completely. After taking it out of circulation for 3 to 6 months, they’ll run it again. Often it will perform just as well as it did previously.
Product accountability. Be merciless about eliminating your lowest selling products or services. By measuring the sales of each product you offer, you can quickly tell which products sell best and which don’t.
Divide your products into thirds. Each year, you should aim to cut out your underperforming products, develop more products similar to those that sell best, and replace the lowest third with new products. Just remember to hold your new products accountable – if they sell well, keep them. If not, put them out to pasture as quickly as possible.
Got a comment?
Do you agree or disagree with me? Or do you have an experience with this topic that you’d like to share? Then feel free to leave a comment below.
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