I feel very strongly about this subject because without it your business will not survive. Most business owners ignore this fact and rest on the concept of:
“If I build it, they will come.”
I call this dangerous way of thinking about your business the “Field of Dreams” mentality. Please don’t adhere to this archaic way of guiding your business through this challenging economy that we find ourselves in.
You need to know how to find, attract, and convince new customers to come in to your business. Without a steady stream of new customers, your business will wither and die like an old oak tree that has been overshadowed and can’t reach sunlight or get water because all the other trees are taking it all for themselves.
Don’t let this happen to you.
So, what can you do about this?
There is a 3-step process to getting new customers and converting them into long-term paying customers for your business. When you are watching this video, remember that the order of the 3-step process is key. If you mix this up, you will be wasting ALL of your hard-earned marketing dollars with little to no success.
Finding new customers for your business should be viewed as filling a funnel that goes into a bucket. As the funnel is wide at the top and then gets skinnier and skinnier towards the bottom is how I want you to view getting new customers for your business. You need a big net to go out and get as many potential new customers into your funnel and then have a process in place to convert them into great long-term customers and clients that give you money month after month.
At the bottom of your funnel is your bucket, which is your existing base of customers that keep your business going. But the problem is, buckets have holes and are leaky (I will cover this in another episode of Mike’s Marketing Minutes), and that’s why you need to keep filling that funnel. Because your existing customers are slowly leaking out and you need new ones to replenish your bucket.
The question then becomes, what do you need to do to attract new customers to your business? This is not an easy task, and please don’t take this lightly. The way you find, attract, and convince your loyal customers to return to your business is very different from how you get new customers. We all know it’s 7 times more expensive to get a new customer than getting your existing customers back. But we ALL STILL HAVE TO DO IT! If not, your business will die a slow death.
In my video above, I mentioned the 3 M’s of Marketing. I learned this 16 years ago when I started writing my own direct response marketing copy.