Last Updated on January 31, 2019
Is Your Business Counting Pennies While Dollar Bills Fly By?
During the last economic recession, a lot of small businesses just like yours had to slash budgets.
Marketing Agencies and consultants got dropped, so did many other service providers who were offering services designed to stimulate business growth. Maybe you’re one of those who got cut. Maybe you did the cutting.
But now that things are on even keel again, maybe it’s time to ask whether you made the right cuts. Here’s why…
Three “Not So Surprising Facts” About Business Growth
In spite of the recession, many businesses were formed and grown. Some which became extremely successful. Why do SOME businesses seem destined to grow while others are forced to do what they must to survive?
Here are three statistics which could answer that question…
1. Businesses that Excel at Lead Nurturing Do Better
According to a Gleanster Research study, companies that excel at lead nurturing not only make 50% MORE sales, they convert those sales at 33% LOWER COST. Did you know that more than HALF of your leads represent people who will NOT buy right away?
Those leads DO buy 6 to 12 months later. Who will they buy from? You or a competitor? This is something important to consider if you’re wondering where you should slash spending and where you should invest.
Money spent on marketing automation, especially lead nurturing, strategies could be one of the best investments you make into growing your small business.
2. Businesses that Excel at Customer Service Do Better
Too many of us try to treat customer service as damage control. Customer inquiries get routed through automated systems and online ticketing systems before the customers get to talk to a human being. Maybe this is “cutting cost,” but have you ever thought of the opportunities you might be missing?
Companies who use call recording technology to monitor customer service calls and to train their representatives report lower customer churn rate, 25% HIGHER upsell rates AND lower employee turnover rates. Maybe it’s time to rethink customer service as a part of your business growth strategy.
3. Businesses Who Measure their Results Do Better
This shouldn’t come as a surprise. Most of us KNOW that we’re not measuring enough. We invest thousands of dollars into marketing and only measure whether we get our money back. Sometimes, we measure our conversion rates and value per transaction rates, but what about the other key performance indicators?
Do you know the lifetime value of a customer and how much money you can afford to spend in order to acquire one? Direct marketing experts like Dan Kennedy and Bill Glazer tell us that the company who can afford to outspend you on customer acquisition is your biggest threat.
What REALLY Matters When it Comes to Growing Your Business?
Businesses are grown during good times and challenging times. It all depends on where the business leaders decide to invest their money and where they decide to slash costs. Before the next economic downturn comes, consider these three statistics and ask where you can invest your money RIGHT NOW to make YOUR business more resilient.
It’s been said that the time to repair the roof is when the sun is shining. If you heed this advice now, you’ll be glad you did when it starts raining again.
Last Updated on January 31, 2019