Why do five out of six new businesses fail within the first few years?
After working with business owners for the past two years, and on my own businesses over the past 10 years, I can unequivocally say that I know.
Nearly every business owner I work with shares three common challenges that limit their growth; ineffective marketing, no sales process, and inadequately trained employees.
Small improvements in each of these areas will create exponential growth. You might be thinking….no way, too simple. You would be wrong.
I’ll keep this short and start with marketing.
Do you ever receive Valpac adds in the mail? How often do you rush in to rip the envelop open and begin calling every single advertiser?
Well, I do, because they are all potential clients. But I’ll bet you don’t.
I have NEVER seen a Valpac add that truly distinguishes a business from its competitors. Pretty pictures, free estimates, jargon, platitudes, and all the other drearily common tools.
Here’s how I evaluate such marketing and how you can evaluate your marketing right now.
I use a three-question test to assess a business’s marketing messages. My examples are actual marketing messages from real businesses. The first is what I call The Well I Hope So Test. “We fix it right, the first time!” If I were looking for a plumber and I saw that message I would say, “well I hope so!”
I call the second the Who Else Can Say That Test. “We provide a professional paint job that is guaranteed for 10 years.” Any other painter can and does say that.
Read, watch, or listen to any advertisement. I seriously doubt that you will find a single ad that another competitor can’t replicate.
Finally, there is the Scratch Out Write In Test. Take a piece of ad copy, scratch out the business name, and put another business’s name in its place. I can promise you that nine times out of ten it will work just as poorly for the second business. There is no originality in most of business marketing.
The first step in fixing this challenge is to speak to those who need your product or service. I mean clearly, loudly, and frequently speak to their heart’s desire. Would you like a simple example? OK. Here is one.
Say, you’re a day care provider and the parents are either single parents or dual working couples. Throughout the day they either miss their child or are concerned about how they are doing. One of our clients added a video camera system throughout their Center. Every parent could open their app and quickly find their child!
What would their mailer say? “Hey mom’s and dad’s. Do you wonder how your child is doing in Day Care? At Kids PhD University you can open our app and see them all day, every day. Come take a look and see why our parents never worry about their kids.”
Do you think their business grew?
The only problem they now have is that there is a growing waiting list.
It’s time for you to go grab your marketing and use these three questions to evaluate the effectiveness of your marketing. And by effective I mean actually make you money.
Create your Market Dominating Position (MDP) and Message. Watch the video below or visit MenOfAbundance.com/MDP to get access to the 2 part video series and downloadable workbooks.
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