Business Portal

Strategic Planning for Small Business Marketing

Jan 6, 2011 Business Strategy, Small Business

A coaching client I worked recently to illustrate an important point about marketing. It will work for a mortgage company that the lesson is about the opportunity cost of having a single source of sales opportunities. Let me tell the story.

First, before arriving at this principle. It turns out he works like crazy and made everyone in his office in a marketing program of individual petition.

This is a list broker who bought a list, and four people in telemarketing are back, holders of mortgage cold call to see if they want to refinance.

It turns out that the drums are here all day to produce only a very small number, mainly, the cables are very cold. Its exchange rate for drivers coming from telemarketing is a hundred. And remember, your conversion rate in cold calling is probably one or two or three hundred.

So you are sorting through a thousand potential customers for a single mortgage, and is basically what everyone has just barely enough to survive.

Here’s the trap they are stuck in: Everybody is shaken this system just to cope. You can not stop it even the slightest bit to do some strategic planning – because they work as hard as you can keep your head above water.

And that brings up the notion of opportunity cost. When you do an activity in your business and your time and energy are occupied, there are other things that can not do.

What if they take up the opportunity to right this is not the best? What if you simply changed their marketing tactics to generate more potential for quality and has three times more sales without having to work so hard? Oh, it hurt when you work a system that is barely surviving.

So here is one of the things that I propose not only as an overview of your company:

If they are not marketed in a manner at least three important and very different to their clients, take some time – a few hours this week – and book some time to think of other ways you can put it is not you are currently using. With at least three sources of advantage is essential to get the type of leads you need to make sales you want – without having to fight all the time.

As you can see the different types of marketing awareness of different levels of performance, will be able to set priorities. You will be able to focus more on the head with the highest conversion rate. And always keep three generators do.

This way, you know that you have at least three different alternatives that can devote their time and energy. And you can prioritize them, and measure all, right?

You should measure everything you do in your marketing. Only by measuring their success can decide how to prioritize and how to adapt.

Therefore, a brief history of real life, the opportunity cost of the crash to have a single (marginal) source of lead generation.

The office of my client will be stuck in the miserable existence to survive until you take the time to try new sources of lead. And almost everything you try to be more productive.

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Tags: company, marketing, opportunity cost