Systems and Measures

By | Business Building | No Comments

Systems and Measures

At the end of the year it’s inevitable that someone will approach you and ask, “How did your business end up for the year?”  Your answer, flippant and narrow for the conversation, is usually a simple, “Great.  We ended on a high note.”  or “There’s always room for improvement”. But, do you really know?  

Before you can talk about or understand what ‘success’ is for your company you need to define how you measure success.  Profit and loss are an easy way to look at it but there is a time in your business when you need to go deeper.  

  • How many leads did you get per month?
  • What is your conversion rate on those leads?
  • What was the cost per lead?
  • What is the longevity of a customer?

Once you decide what defines success you need to put systems in place that help you collect the data needed so you can measure. Data is your friend.  The more you have and understand the intricacies of it, the more you will be able to adapt and make changes for greater growth going forward.

Compiling and collecting data is a great tool.  But you need to be able to read the data and use it to strategize a plan. For example, let’s say your efforts are bringing in 50 leads per month and you are spending $1000 to get those leads. But of those 50 leads only 5 are becoming customers. Your cost per lead may be $20 but your cost per conversion is $200. Then of those 5 new customers none of them purchased again.

This information says the leads you are getting aren’t the right people. Either your target audience or your messaging may not be connecting.  The fact that the new customers didn’t become repeat customers says that your nurturing process needs developed.

The next question you will ask is ‘how’? You may find that having someone to consult with on your data and help you develop a strategy is the life line you need for your business. Getting a new perspective or another set of eyes to help you see the growth you want in your business is a necessity that should not be denied.

Having a goal without a plan – is just a dream.  And dreams don’t pay the bills.

Publicity: Nightmare or Cash Cow?

By | Business Motivation | No Comments

Richard Brandson said “Publicity is absolutely critical.  A good PR story is infinitely more effective than a front page ad.”  

The concept of leading the story and gaining exposure by use of emotional connection is not new, but it’s definitely not being used to the fullest.

The front page ad reference is recognized as a paid space, limited to copy and image.  With a public relations story – there are no limits and it doesn’t put people on the defensive as being ‘sold to’ but rather engaging them in an account of events relating to a story. Public relation stories can piggyback off of current events or popular news cycles. By riding the coattails of someone else’s exposure you can put yourself or your business in a popular view.

Using PR to get recognition is often underused in the marketing world. This can be an untapped organic traffic source for your business. When you are creating a story and sharing it you are developing an emotional connection with your customers. This is building trust. Trust is the foundation for current and future customers.

Once you have a foundation of trust and an emotional connection, your customers can tie emotions and memories to you and your business. This is a pathway to repeat business because the customer has created a tie to you in their mind.  This gives you friend status. Friends like doing business with friends.

This emotional connection is magical when designed and crafted correctly. Good business practices combined with solid public relations strategy creates a perfect recipe for success.

Why is it important to have a purpose in your business?

By | Business Motivation | No Comments

Many people will talk about defining their ‘why’. They look for and dissect the reason behind the things they want to accomplish. Have you ever thought about why that is important? Why are your reasons for doing something an element that helps you in looking at your business now and also assessing your business down the road?

It all comes back to motivation.

As a young child the end of summer was always marked by the County Fair; riding ferris wheels and roller coasters, eating cotton candy and corn dogs. But before I could step through the entry gates I had to raise money to go. In my world that meant picking cherries. Lots and lots of cherries. Each five gallon bucket would get me closer to my goal. And those cherries, which stained my fingers and my clothes, were the means to an end. I kept my eye on the prize and picked my heart out. If ever I got discouraged or lacked the inspiration to hit the trees, I thought of the view from the top of the ferris wheel or my next personal best at the milk can toss.

When it comes to your business you have to know your ‘why’ because it is what drives you. It is the one thing that will keep you coming back every day, opening the door early and even staying late if needed. It is the one thing that motivates you because it is YOUR reason. Not your spouse’s reason or your children’s, it is yours. It’s personal. And months or years down the road when you are slow to get out of bed, complaining about aches and pains, or maybe just flat out questioning your reasoning. The answer is there – in your purpose.

One thing to note – it has to be your reason.

Just like a smoker will only quit smoking for themselves or a person will only lose weight if it’s for their needs, you will only keep going if it’s YOUR purpose. Because when it gets really hard, (and you know it will) when you are tired, when you’ve hit the wall and can’t find one solid reason to continue, your partners reason for continuing the business isn’t going to cut it. Someone else’s dream for your business isn’t going to light your fire. It’s only when you think of helping your son reach his goal of attending Stanford or your daughters vision to go to Julliard; when you drive by the lake house where you envision you and your spouse in the front porch swing enjoying retirement.

That is what keeps you moving.

That is what keeps you rising each morning.

Your purpose – your reason – your why.