Does your doctor make a decision about treating your without statistical information?
Visibility, like any logistical issue, has a cost/benefit ratio that can be applied to determine outcome. If you can't be found, it doesn't matter how great your unique selling proposition is. With a bit of data collection you can decide how much it costs you to get a lead or a customer in the door. With a bit more analysis you should be able to determine what that lead or customer is worth to you in sales or profit. After that, assuming the numbers don't change, the rest is just math.
If 1/2 of those who purchase once, go on to purchase another average $100 over the course of a year, my profit goes up by $50 (.5 X $100) to $83 ($50 + $33).
Do you keep those statistics? Or would you be able to estimate this information?
On the cost side you need to know what is driving people to make contact. Street visibility, promotions, word of mouth, traditional advertising, online paid advertising, online organics efforts. I could create a longer list, but these are the basics.
In order to get a proper feel for what my cost/benefit ratios are, you need to become effective at not only measuring the value of a new clients, but also asking them how they found you and keeping a record of that. If pay per click (PPC) is costing your $40 per lead, and mailings are costing you $20 per lead, it shouldn't matter that mailings are "old school." Keep doing mailings.
For retailers, the street visibility issue is often overlooked. There is a reason that smart retailers flaunt the landlord or city rules on signage. There is a reason that smart retailer are using flags, banners, balloons, painted vans, lighted signs, and sign spinners to generate traffic. The longer you are in a location, the more you become a part of the scenery. Have you had new customers say that they never knew you were there? You need to increase your curbside pop!
This is also true online. Your website needs to be updated, your other content needs to be changing and your search engine marketing must keep up with the times. If you are not #1 or number 2 or at least on the first page of Google Places (now called Google My Business), you are at a huge
|My client is #1 under this competitive keyword|
Take away. You need stats. Without stats your shooting your gun with your eyes shut and no computer guidance. Your likelihood of hitting the target under those circumstances? You already know the answer.
Action Steps for day 30:
- Find out how much a customer is worth to you
- Find out how many calls or walk-ins you need to get one customer
- Find out how many new clients are coming to you each day
- Find out how these new clients are finding you
- Find out how much each new client is costing you through each method you use to attract them
- Change or eliminate any method of marketing that isn't making you money