"The Business Boomer"
Business Tips For Great Success
The Most Fatal Business Mistake....
All week I have been talking to business owners and about one in three or four of them have told me how quiet things are and the usual ‘’no-one has got any money’’ nonsense.
When I asked each one of those business people that were struggling what they were doing on the advertising front they each said they were holding back from doing much advertising because things were so quiet. Go figure!
Then I spoke to a fellow who ran a General Motors car yard and he restored my faith in that there are people with marketing sense out there still, when he told me things had just started getting a bit quiet so he had just upped his advertising, and he also just hired someone (at 60 grand a year) to go out and visit their past car buyers to see what servicing they needed (and of course that is a great way to get referrals as well). There was no fear or worry in his voice, just a confident conviction that things would be fine and better than ever!
He went on about how he would not let his team of salesmen just sit around waiting for prospects to call in but he would ensure they were constantly on the phone prospecting if they weren’t out in the yard with a prospect.
You have to be proactive these days as there is so much competition around in the online world we live in. I am looking at getting an electric bicycle and I googled “electric bikes’’ in the name of the city where I live (Adelaide), and there were about 4 or 5 electric bike shops in other cities that came before the first Adelaide bike shop on the google page under “electric bikes Adelaide’’.
Once upon a time, not too long ago, your only recourse usually to buy something was to look into the local Yellow Pages and start ringing businesses who have the product you wanted, or get in your car and go visit them. As you know it is a different ball game and a far more competitive one these days because products can be bought from anywhere in the world and delivered to you in no time.
So my message to you is - you have to constantly promote and it is a business ‘’sin’’ to hold back on advertising when things are a bit quiet. You will shrink every time you do that and it could take months and months to catch up with the lost business and income because of the cutting back of that advertising. Not to mention your customers might go to your competitors who are advertising more aggressively.
Some business owners say they don’t have the money to advertise in the first place. They simply have their priorities wrong and that is a business “sin’’ as well (to not put aside enough dough to a decent, consistent and effective yearly marketing plan). Businesses who operate like that are not long for the world (80% of all businesses go broke in the first 5 years of their existence and lack of marketing is the number one reason!).
If they don’t have any money to advertise they need to find ways to promote such as getting on the phone and ringing past customers or prospects. When the business and income come in then they need to discipline themselves and start tucking some money away for a viable amount of regular advertising.
Lastly, when you are in fear about how the economy is going your actions will be fearful actions (or non actions). Fear freezes one or makes one retreat and in business that is fatal. The old saying ‘’the only thing you have to fear is fear itself’’ rings true. By taking positive action fear will dissipate as you will become too busy with customers to worry about your future because by taking positive action you are creating for yourself a positive future!
All The Best,