Business Fact: In today’s economy the better marketer wins.
You can have the best restaurant in town with the best food and service but if no one knows about you, you will not succeed. McDonalds does not make the best hamburgers in town, they just out market their competition.
This is true for any type of business.
In today’s economy you have to offer a good quality product/service to compete. And you need to have very good marketing to succeed.
Ask yourself these questions:
How do your marketing skills compare to your competitors’ marketing skills?
Do you know who your direct and indirect competitors are?
Who is your ideal customer?
Do you know the best ways to find and connect with your ideal customer, online and offline?
Do you know what is the lifetime value of a customer?
What are you doing to market to your ideal customer?
Do you keep an active list of existing customers and prospects?
Did you know that your most valuable asset is your list. If you know how to market, your list is your most valuable asset.
What are you doing to market to your list?
Are there things you are currently doing that you can outsource so that you can spend more time marketing your business?
What percent of your time, money, energy, and effort goes in to marketing?
As the owner of a business, you should spend at least 25% of your time marketing your business. Ideally you should spend 50-80% of your time marketing your business.
If you are not spending 25-50% of your time marketing, then delegate as many of your non-marketing tasks as you can to others.
The single best investment of your time, money, energy, and effort is in marketing. No other business activity can generate the return that marketing can.
Make a commitment to seriously market your business.
Get a sheet of paper. Write down the following commitments:
- Every day do one or more things to market your business and grow your list.
- Once a week, learn and implement a new marketing strategy.
- Find out what your customers want. Create a product based on what they tell you. Sell the product to those who asked for it.
- If you are too busy and don’t have the time to do what you know you need to do, get some help.