This article originally appeared on Forbes.com.
The No. 1 “job” of your marketing is to generate more leads and, therefore, more customers and clients for your business. But there is a whole lot more to the story.
Some business owners think, “Since I have plenty of customers already, I don’t need to worry about my marketing.” This mindset causes them to miss out on many opportunities to make their business better, more stable, more profitable and more fun to own.
In this article, I am going to cover four ways that your marketing can improve your business.
1. Attract better clients.
Smart, targeted marketing combined with a strategic branding strategy can make your business irresistibly attractive to your ideal clients and customers while keeping others away. Done right, your marketing can actually serve as a gatekeeper for your business by keeping the wrong customers out.
We’ve all dealt with nightmare customers and clients — people who don’t pay their bills on time, don’t respect your team and don’t appreciate the value your business creates. When you take the time to identify your ideal clients and customers, create a brand identity that resonates with them, and target your marketing in the right places, you can consistently attract clients you enjoy serving.
2. Charge premium rates.
It’s easier to grow your revenue by raising your prices than by winning new customers and clients. Effective marketing can help you to charge higher price points and still win the business. You do this primarily through building a premium brand.
Think about Rolex versus a generic competitor. Rolex can charge thousands of dollars for a watch because of the premium brand it has built. As a smaller business, one great way to create your own premium brand is by establishing thought leadership. Create educational, informative content, like blogs, videos or even a podcast, and share your content through social media and email. Over time, this can help to establish you and your business as leaders in your field — and allow you to command premium prices.
3. Generate predictable cash flow.
When you put marketing systems in place, you can eliminate much of the volatility that your business experiences. For example, if you build systems to generate referrals — such as referral rewards, competitions and regular communication with your referral network — you don’t have to rely on luck and happenstance to drive new clients. Systematizing your marketing is the key to creating consistent cash flow and breaking out of the “boom and bust” cycle that keeps so many entrepreneurs up at night.
4. Make life easier for your sales team.
Effective marketing can make your sales cycle shorter and less frustrating. When you attract prospective clients and customers who are already convinced of the value that your business provides, the sales process becomes much easier.
For example, if by the time a prospect shows up for a sales consultation they’ve already watched a bunch of high-quality videos about you and your business, received a series of educational emails, read glowing reviews on your Facebook page and listened to your podcast, it’s probably going to be much easier for your sales team to close.
I’ve personally had many coaching clients hire me after spending months passively consuming my video and audio content. Several have told me, “I’ve seen so many of your videos that I feel like I already know you.” It’s much, much easier for your sales team to close the deal when your marketing primes the pump.
Marketing is about so much more than just creating a high volume of leads. Smart marketing can attract better clients for your business, allow you to charge premium rates, generate consistent cash flow and make life so much easier for your sales team.
Are you tapping into the full power of marketing for your business?
Danny Decker
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