For about a decade I have been blessed to work with and for Howard Partridge, president of Phenomenal Products. In fact, this year I will be one of the presenters of a leadership master class with Howard and:
John Maxwell the category-creating leadership author of more than 60 leadership books, as well as
Michel Gerber the cutting-edge author of The eMyth
Since today Howard is launching a new book – 5 Secrets of a Phenomenal Business – and given the quality of this guest blog, please allow me to share the gift of Howard Partridge….
PHENOMENAL Marketing Systems
by Howard Partridge
What comes to your mind when you think of the word marketing? For some, it’s advertising. Others might think of networking, branding, or the idea of “getting your name out there”.
Of course marketing includes those things, but marketing is actually everything you do to attract prospects to your business. Phenomenal marketing delivers a meaningful experience that educates, engages, and entertains. A phenomenal marketing system is a group of working parts that duplicates results consistently.
What kind of results?
Enough of your perfect target prospects to reach your sales goal consistently. A phenomenal marketing system consistently produces your perfect target prospect.
If you are attracting the wrong kind of prospect, your marketing isn’t working. And if your sales are up and down because you don’t consistently implement marketing, then you don’t have a system.
Too many business owners spend lots of time and money “getting their name out there” but have no real system of attracting prospects consistently. Most often, a small business owners marketing is a gamble more than a planned effort.
Regardless of the type of marketing you do, it must increase sales. Of course the sales process will determine whether the prospect will actually buy, but that also depends on the quality of the prospect you are attracting.
When you attract the wrong kind of customer (because your marketing isn’t what it needs to be), it doesn’t matter how good your sales process is. You may even close the sale, but you won’t build the kind of business you want.
The Only 3 Ways to Increase Sales
Regardless of the type of business you are in, there are only 3 ways to increase sales under the sun. The 3 ways are…
1. Increase Sales from Existing Clients. The first way to increase sales is to get your existing clients to use your service or buy your product more often, or to take advantage of additional products and services you offer. It is estimated that it costs an average of 500% more to gain a new client than to keep an existing one.
2. Increase Number of Clients. The second way to increase sales is to get more clients, customers or patients. Most small businesses say that 85% of their business comes from repeat and referral business. Yet, they don’t have a system in place to maintain and increase repeat and referral business.
Most small businesses say they build their business through “word of mouth”, but they don’t have a referral system in place. There are many ways to get more clients, but the best way is through referrals and in my book I show how to put your word of mouth marketing into a phenomenal system.
3. Increase Price. This is a powerful way to increase sales, but probably the last one that small business owners think of, because after all, “with the economy being what it is…”
By positioning yourself and your company differently – by creating a different experience, you’ll be able to continually raise your price. If you increase your price by 20% and lose 20% of sales volume, you’ll still make more money. As a small business, this is an important concept. You are probably working to long for too little. You can work less and make more.
The beauty is that you probably won’t lose any sales volume. If you do, it’ll be the unprofitable ones you don’t want. And if you do this right, you’ll quickly replace them with clients that are willing to pay a higher price because you’ve developed a compelling experience they want.