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We all know that NO SALES = NO BUSINESS and sales revenue is a function of 2 completely separate activities – Generating of Leads (Marketing) and Conversion of these Leads (sales). It is critically important to accurately measure both the number of leads and conversion rate. Not doing this is like playing a round of golf and not keeping score. If you don’t know the score, you can’t improve on it. In the 1st of this 2 part article, we will be looking at lead generation;
Best business practice states you should be using at least 10 lead generation strategies at any point in time. In our coaching practice we currently have 13 lead generation strategies in place. This way we ensure we have multiple ways of generating leads which allows us to continually maintain a full pipeline. Some of these strategies cost us money and others are extremely inexpensive or free. The trick is to test different strategies and measure the results of each one. By doing this you will ensure that your marketing is not an expense, but rather an investment (as each new client will pay for itself and give you a return on your marketing cost). Any poor performing strategies must either be dropped or tweaked and re-tested. In no time at all you will be able to calculate your cost to acquire a new customer which then makes budgeting for marketing very easy.
Now you may be reading this and wondering how to go about implementing these strategies, herewith a few simple and quick steps:
– Identify the 10 strategies you believe are most suitable to your business;
– Prepare a roll out plan with dates and start to implement them one at a time;
– Measure the results of each campaign and make a decision whether to continue or drop each strategy;
– Never stop measuring the results and by turning your marketing into an investment, you will be creating an unlimited marketing budget for your business.
We have a selection of 73 lead generation strategies within the ActionCOACH coaching system and we assist our clients to select the 10 most appropriate ones for their businesses.
Remember too, to clearly define your target market and not to “spray and pray”.
Click here to download a free e-book on marketing strategies.
Till next Time
The ActionCOACH Ignite Team
Often the first thing that business owners do when business becomes tough is reduce or cut their marketing. We have learnt to do the exact opposite! If our business goes through a lean period, we immediately ramp up our marketing because we have turned our marketing...
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