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Grow Your Business – Focus On Addressable Opportunities

  • 26 Jun, 2014
  • Jon Tucker
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There are so many ways to grow your business, but what should you focus on? In this episode of The Compete Marketing Group Show, we discuss what to focus on when marketing if you want to grow your business quickly and effectively.

* Note that this blog post is derived from the transcript of the audio discussion. Please excuse any typos or odd wording.

The process that we went through recently with a client below is going to help you decide what to focus on in marketing your business

Quantify Where You’re Starting From

The first thing that you need to do is identify where you are now. It’s important to understand where you’re starting from before you figure out how you’re going to get to the specific goals that you want to reach.

Look at your numbers – The first thing to do is look at your data.

  • Try to get an understanding of what data you have and use that data to make decisions.
  • For example, look at your website traffic, look at the number of customers that you have, look at the number of customers that haven’t purchased recently,
  • Look at your data to start and be able to use that data to make decisions on how to move forward.

Focus only on numbers you can impact – The overall sales of the business is nice to know but that’s not something that you can directly address within a short time period with specific next actions.

  • Instead of focusing on a broad number such as total revenue,
  • Focus on something such as website traffic that directly comes to your blog or
  • Website traffic that directly comes from an all night advertising campaign or maybe even
  • The amount of revenue generated from a specific advertising channel that you’re running.

The key to understanding here is to focus on addressable numbers only.

Set a benchmark number – Once you have a benchmark number for each of these data points that you’re reviewing,  you can start to focus on how you’re going to improve that number to reach your goals

Leverage Assets That Can Add Value To Your Business

The second part of this process is identifying what you can use to actually reach your goals.

A lot of times in a business you’re going to have some specific assets that you can use and use better than you’re using right now to actually move forward and reach your goals.

Here’s some examples.

Website Traffic – If you already have website traffic coming to your site even if it’s small and you’re not fully maximizing that, then that’s an asset that you already have right in front of you that if you focus on improving and getting more results from, then you can reach your goals using that asset.

Customer List- Look at the total number of customers that you have in your business. Also, consider the number of recent customers within the last three to six months depending on the type of business you’re in. Finally, look at customers that you had that haven’t purchased recently.

Look at all the information you have available about your customers and see if you’re maximizing that fully. In most cases you’re not going to be maximizing this, so that’s another asset that you can leverage.

Partnerships and Relationships –  If you have relationships in the industry that you could do cooperative marketing efforts with, such as posting content to each others websites or doing a joint online event like a online workshop, then that’s something that you want to look at.

Create a 90-Day Action Plan

Once you know where you’re at now and you know what you have that you can leverage to grow, you want to set up a 90-day plan.

  • Put a 90-day plan in place to improve your benchmark numbers.
  • Set specific goals within a 90-day window that you can do to improve the benchmark numbers and reach your goal.

You want to do it within small increments of 90 days because that’s long enough to get results, but also short enough that you can easily see what needs to be done within that 90 days.

  • Your goal in that 90 days should not be to double the revenue of your business.
  • Instead what it should be is to double the conversion rate, the amount of leads and customers you get from a very specific marketing channel, or possibly set up your email marketing system to actually be usable to get more customers.

But the main thing that you want to do at this particular step is to setup a 90-day plan and work that plan over 90 days.

At the end of that 90 days:

  • Evaluate the results of what you did,
  • Evaluate what assets you now have and what your numbers now are, and
  • Then plan the next 90 days.

Do things in short 90-day windows to help you move forward effectively.

Summary and Next Actions

To use this in your business:

  • Figure out where you’re at right now using your data so you can benchmark your numbers.
  • Then figure out what assets you have now that you can leverage to actually meet your goals.
  • Work in 90-day windows with very specific goals and ree-valuate and re-plan after those 90 days.

If you need help setting these goals in your business, we can definitely help you. Feel free to contact us to set up a road map consultation so that we can better understand your business and help you decide how to move forward.

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