Are you a woman in business seeking some simple strategies to increase your business sales? Then maybe it is time to revisit the 3Rs Performance Model.
No I am not speaking about the 3Rs from your early childhood education of reading, 'riting or 'rithmetic, but the 3Rs for business: Relationships, Referrals and Revenue.
Business exists to make revenue - the third R. This R is the direct result of business referrals (second R) given that 80% of all new business comes from referrals. Businesses secure referrals from relationships (first R).
To increase business sales demands that you track all of your relationships that have been generated through your marketing activities. From those marketing activities you realize sales that lead to productivity or profitability.
For example, if you know that you attend one business networking event (marketing activity), you will secure 5 leads of which you build 3 relationships. Those 3 relationships lead to 2 sales that deliver 20% gross profits.
Another way to measure business results is through how many calls you make that deliver X percentage of appointments. Those appointments give you X% of presentation appointments from which you receive X sales. In real numbers, the progression might look like this:
100 calls = 50 first appointments = 25 presentation appointments = 10 sales.
If you want to increase business sales, then you need to make 200 calls to double the current sales results. However increasing sales is only one part of the equation. An increase in sales may result in a decrease in profitability because you may be generating more costs to deliver more sales.
By returning to your strategic plan, you can map a course so that when you take action to increase activity, your costs will stay within the acceptable parameters. And if you really have taken the time to plan your strategy, you may even be able to reduce some costs and increase profitability.
Tuesday, November 27, 2007
Successful Women In Business Know What Marketing Strategies Work to Increase Sales
How will you get your message out to prospects as well as current clients so that you have Top of Mind Awareness (TOMA) is a big concern for any woman in business. Given that most women in business have limited marketing budgets, each dollar must deliver as much bang for the buck and truly hit the target.
First, the most effective marketing strategy is Word of Mouth (WOM). This strategy creates a buzz because people are sharing their positive experience with other individuals. And who is someone more likely to trust, a friend or a Madison Avenue type?
Contrary to many women in business, another effective marketing strategy is direct mail. If you have a targeted list based upon your strategic plan, you may realize anywhere from a 25% to 75% response rate to your direct mail campaign. There are different types of direct mail from the oversize color postcards to a series of articles that have value for the recipient.
One of the most overlooked marketing strategies is to simply just ask for a referral. Research suggests that 80% of all new business comes from referral. Many business owners fail to ask existing clients or disqualified prospects for a referral. Again, people listen to those that they trust rather than complete strangers.
Other effective marketing strategies include:
* Blending the Internet through auto responders
* Personal phone calls
* Lumpy mail (mail that has something in it)
* Internet article writing
* Writing a book
* Speaking at national, state and regional events
Given that people need to be touched over 30 times for them to have TOMA regarding your business, your marketing plan should have several marketing strategies and then tactics (actions) to execute those strategies.
Remember, if you have an effective marketing strategy, then continue to execute that strategy. Do not stop doing something that is working. This is a mistake made by many women in business because they listen to someone else or try something new.
Effective marketing strategies should delivery a high number of leads and turn those leads into actual converted sales. You, as the woman business owner or woman executive, must take the time to determine what marketing strategies are delivering the most conversions and at the lowest cost. By taking this action, will eliminate this issue to allow you to focus on those other issues keeping you from your goal to increase sales.
First, the most effective marketing strategy is Word of Mouth (WOM). This strategy creates a buzz because people are sharing their positive experience with other individuals. And who is someone more likely to trust, a friend or a Madison Avenue type?
Contrary to many women in business, another effective marketing strategy is direct mail. If you have a targeted list based upon your strategic plan, you may realize anywhere from a 25% to 75% response rate to your direct mail campaign. There are different types of direct mail from the oversize color postcards to a series of articles that have value for the recipient.
One of the most overlooked marketing strategies is to simply just ask for a referral. Research suggests that 80% of all new business comes from referral. Many business owners fail to ask existing clients or disqualified prospects for a referral. Again, people listen to those that they trust rather than complete strangers.
Other effective marketing strategies include:
* Blending the Internet through auto responders
* Personal phone calls
* Lumpy mail (mail that has something in it)
* Internet article writing
* Writing a book
* Speaking at national, state and regional events
Given that people need to be touched over 30 times for them to have TOMA regarding your business, your marketing plan should have several marketing strategies and then tactics (actions) to execute those strategies.
Remember, if you have an effective marketing strategy, then continue to execute that strategy. Do not stop doing something that is working. This is a mistake made by many women in business because they listen to someone else or try something new.
Effective marketing strategies should delivery a high number of leads and turn those leads into actual converted sales. You, as the woman business owner or woman executive, must take the time to determine what marketing strategies are delivering the most conversions and at the lowest cost. By taking this action, will eliminate this issue to allow you to focus on those other issues keeping you from your goal to increase sales.
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