I have a very quick, yet powerful marketing tip for you today. It seems simplistic, yet it’s something that the majority of small business owners fail to do. And it’s essential for their success.
Decide what you want from your business, in all the key areas, not just financial areas. Then, turn that want into a target, by putting a number on it.
You can’t hit a target that doesn’t exist
Almost every business owner has a numeric target for profits, revenues etc. However, they tend not to have specific number based targets for the areas of their business, which are essential for achieving those financial targets.
For example, there are things you’ll need to do in order to attract 4,000 new customers over the next 12 months, which are irrelevant if you need to attract 40. The number is what gives you your target. And your target will then rule in and rule out, certain strategies. It will also let you accurately measure whether you’re on track or not.
I speak with business owners regularly, who are wasting time and money on advertising, social media, promotions, sponsoring events… which have absolutely nothing to do with the actual goals or needs of their business.
I see this most often with accountants, freelancers, trainers, lawyers, consultants, designers, coaches, etc. They almost always go wide and shallow, rather than narrow and deep.
They try and reach as many people as possible (wide), with automated social media, advertising, promotions and such (shallow). They’re being vaguely relevant to a wide number of people, rather than directly relevant to a smaller number of targeted prospective clients. And vaguely relevant marketing is 100% ineffective. It totally fails to capture attention and is too weak to motivate anyone to do anything.
Here are just a few areas where you need number-based targets, in order to make the right marketing and business development decisions.
- How will you know when you are attracting enough high quality sales leads? Put a number on it.
- How will you know when you are getting enough word of mouth referrals? Put a number on it.
- How will you know when your business is retaining enough existing clients? Put a number on it.
- How will you know when your profitability is high enough? Put a number on it.
- How will you know when you have enough subscribers? Put a number on it.
- How will you know when you have enough visitors to your website? Put a number on it.
- How will you know when your professional network is large enough? Put a number on it.
Let those numbers, which are specific to what you want from your business, guide you. It will give you clarity like never before. You’ll be able to make better decisions and focus on the right activities, to achieve your main goals.