Running a business can be a complicated and scary process. Business owners are constantly worried about dropping the ball and making mistakes. That's why the use of a simple model can help simplify our business and marketing efforts.
What is marketing?
First – to clarify – marketing is everything. It is the unique experience that you provide to your prospects and clients. It covers everything from an ad they might see to great customer service after they complete the purchase. It's every interaction someone has with your business.
The 3 circle marketing system
Everything you do in marketing – and almost your business – can be placed into 3 circles. They are:
1. Lead generation
2. Lead conversion
3. Client fulfilment
Every person that is interacting with your business can be placed in one of these circles. The problem is most business owners focus 80% of their efforts on client fulfilment and very little time on the rest.
It's important to realise if you're not generating new leads and converting them to clients... you won't have a business for much longer. A good guide is splitting your time evenly between these 3 circles to grow your business as effectively as possible.
1. Lead generation
Sure, this might involve running ads in the newspaper or other media but don't forget getting referrals from current clients, attracting visitors to your website, or even selling to existing clients. First, work out your target market... then decide where they are and how you can reach them. Finally, measure your results.
You need to work out what methods are efficient at attracting leads and keep using them. And this doesn't necessarily mean choosing the best and only using that. Work out how much you can afford to buy a lead and then use all the methods that you can afford.
2. Lead conversion
Once you have a lead you need to follow up with them. Most business' only try one time to convert a lead and then throw it away. Some people might take months to buy... others might take 3 contacts... or 7... or 27.
If you want your business to grow you need to stop taking only the low hanging fruit and one-hit sales. The business that takes more time and effort to convert leads will grow in leaps and bounds while others stagnate...especially during a recession.
3. Client fulfilment
Chances are you're already doing a great job if you are attracting repeat business. But ask yourself how you can start to systematise this aspect of your work. Most business' have one big constraint... the owner!
If you want your business to grow so you can earn more money and work less... you need to discover how to remove yourself from the system. What other work can employees take on? What is truly specialised and needs your attention?
Focus on the 3 circles
By dividing your marketing this way you should be able to focus your energy a lot more effectively. Business is hard – there's no denying that – but the more time you spend on creating a strong foundation... the bigger and faster your business will grow.
Your comments about lead conversion occassionally taking months is very true. I received a phone call just today about someone who said that he here’s me all the time on the radio and just now needs my service. I cancelled my weekly Sunday radio show over 5 months ago.
I know he wasn’t a lead that I had in my hand, but I obviously made a lasting impression.
Branding, getting your message out there is much like working leads. You have to make lasting impressions over and over again in order to convert your lead into a sale.
I talk about this and other Recession Marketing techniques in my free ebook.
Tony Darrick Baker
Thanks for the story and comments Tony.
You’ve made me think about the definition of branding from a different point of view. While I often rant against the approach of brand vs sales-focused marketing it can get confusing when we look at blogs or in your case, radio shows.
I believe the distinction is in our focus. While my blog helps my brand, it has a clear call to action regarding my free ebook. The branding is just a bonus of offering good information.
Again, the ebook helps my brand as well by being quality information (rather than a lot of the fluff people call ebooks nowadays) and establishes my position as an expert in my field. But it has a reason… to collect email addresses so I can build a relationship with visitors.
The point is branding without a purpose might just be wasting your time and money. But by having a purpose that also builds your brand you’ll grow your business faster.
Thanks for making me think,
Craig