EVERYONE is a prospect: Customer targeting is too broad
Marketing your services should resonate with a specific target audience and should move those prospects closer to making a purchase. If you have a well-defined target audience and specifically targeted communication, you will have a greater conversion rate. Your customers won’t feel like you are being pushy or “salesy”, since you are offering solutions tailored to them. They will feel that you truly understand their needs and become loyal clients.
Price war: Cutting your price to match (or beat your competition)
You’ll spend more time and money obtaining new clients to replace your client turnover. When you brand your business as a higher-quality option, you’ll have more loyal customers. Instead of cutting your price, find ways to increase the value of your service.
Overpaying, or underpaying staff
When you overpay staff independent of their performance, it may result in a lack of motivation. They lack accountability because their work results are not tied to their compensation. When you pay too little, you create an environment of resentment and they will feel less committed.
Having a variable pay scale tied to staff performance or tenure, will better motivate them to work smarter and be rewarded for such results. When compensation is done correctly, they will have aligned financial incentives to keep showing up and exceeding expectations.
Here’s what our past mistakes have taught us
- Marketing to a well-defined target audience will increase your conversion rate and marketing will be more efficient.
- Increase the perceived value of your service (and price) and you won’t feel threatened by competition Motivate staff with the right compensation model and enjoy higher staff retention and engagement.
- Marketing your business is a lot of fun and can be made easier when you learn from past mistakes. Revenue will become predictable and you’ll enjoy being a business owner.