Lost Marketing Opportunities and What To Do About IT
Marketing is one of the most essential parts of running a successful business. It’s the lifeline of your business and what keeps your cash flow alive.
Done correctly, your marketing can help you achieve the lifestyle you want while having the success you dream about.
With poor marketing, you’ll either be driven out of business or end up running a mediocre business that’s probably not worth your time.
Here’s a story about Len, who thought he didn’t need to market his business. Len loved agricultural equipment, so he opened his own business out in the country. He sold tractors and equipment, and he had his own service department. Len figured, “We live in a rural area, so I don’t need to market my business. It’s a small town and, after all, everyone knows everyone, and everyone knows everyone’s business”.
One day, Len noticed that one of his customers, Bill, had bought a new top-of-the-line and rather expensive combine. Len wondered, “Why wouldn’t Bill come to me? Have I offended him?” This got under his skin.
The profit on the combine was huge, and what was worse was that Len might be doing something wrong without realizing it, and all his customers could follow suit. He had to find out what was going on.
Len went to Bill and congratulated him on his new combine. As the two men looked over the new combine, Len asked Bill, “Have I offended you in any way?”
Bill, with a bewildered look on his face, replied, “Len, of course not. Why do you ask?” Len replied, “Why didn’t you ask me if I could provide the combine?
I might have been able to get you a better deal, and you’d have service here in town.” Bill said, “Len, I had no idea you dealt with such large machinery.” Len replied, “Sure I do. It’s just not practical to keep one of these in stock. I have catalogs and can get any combine.”
Len learned an important lesson that he’ll never forget for the rest of his life. You need to market your business. Len didn’t need to have a combine in stock.
He needed to let people know what products and services he could provide. He could do so by word of mouth. He could spend a few hundred dollars and create a well-designed display for the heavy equipment he deals in and have those displays in areas where everyone could see them. He could have a billboard in front of his showroom. The ideas are endless.
Are you assuming people just know everything about your business? Or worse, that people can figure it out on their own? If so, that’s a mistake, because people don’t have the time or the desire to figure out what your business has to offer, they are preoccupied with their own lives.
Marketing Should Be Your Top Priority
Marketing your business must be one of your top priorities. If people don’t know what you have to offer, then how can you expect the results you want?
Keep your eyes open for opportunities to let people know what you have to offer. Make it easy for them to see your offer by using brochures, displays, banners, etc. Make it easy to understand, and highlight your main benefits in a few simple words so people get it quickly without thinking about it.
Marketing your business is the fuel that keeps revenues coming in, so take some time to work on marketing your business.
That’s The Way I See It!
A Touch of Business.com
Steps to Retrieve Lost Marketing Opportunities
1. Think of opportunities you missed because people didn’t know what you had to offer.
2. Make a list of 10 new ideas you can use in your business to get the word out.
3. Take the best idea and put it to use.
Important Points to Keep In Mind About Retrieving Lost Marketing Opportunities
- Marketing is one of the most essential parts of running your successful business.
- Marketing is the lifeline of your business and what creates a cash flow.
- Done correctly, your marketing can help you achieve the lifestyle you want while having the success you dream about.
- With poor marketing, you’ll either be driven out of business or end up running a mediocre business that’s probably not worth your time.
- Keep your marketing activities active.
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