The ROI of Doing Nothing

Often, when a business-owner invests in marketing, they want to know when they will see a return on investment. It should be a question and a concern; it would be cavalier to dismiss otherwise.

However, when a business-owner finally realizes that marketing is key to new business development, some think that results rapidly occur. It doesn’t work that way.

Besides considering the cost of marketing, the time before profit is realized remains uncertain. In my experience of running a business and investing in marketing, a person skilled in sales considers budget, cost and equally as important, the confidence that the potential solution could be a cure to stagnation.

It’s hard to quantify the loss of income when nothing is being done to attract new business. It’s not unusual that, sometimes, we spend a lot of time rationalizing not investing a few dollar to make more dollars.

Did you ever go to a networking event, meet people, get business cards and never follow up? It happens! We spend money to attend the event, gas for the car and lose quality time with family and/or personal endeavors. The ROI of dong nothing equals nothing.

As a licensed insurance person, it would be tough to write insurance if I thought “that person doesn’t need insurance” especially when they have insurance because I know they own a car, a home, and a business. 

Do you like tea? If you do, you know that when you make tea, you don’t drink it immediately after pouring the hot water into the tea cup. You have to wait for the tea to steep so it maximizes the ingredients and flavor of the tea; otherwise it’s just hot water.

Marketing is like tea. it takes time. Besides needing money to invest in marketing, we need patience to develop a reputation. You know what costs money? A reduction in new business while overhead continues to increase.

Don’t be cheap, steep! Then, enjoy one sip at a time. 

https://youtube.com/playlist?list=PLv0Geehxw1S0r73lODPnzQgumWyj-0Tjh

Easy, Breezy, Pleasy

When you think of what is most important to prospects and clients, many would probably guess “price” and that’s not wrong. Price is typically high on the list.

PUN INTENDED!

Most prospects get right to it with questions such as:

  • What do you charge?
  • What are your rates?
  • How much will it cost?

However, did you know that one of the Top 5 Values to customers is EASE OF USE? According to Ian Golding’s article, “What do customers really want? The top five most important things revealed”, ease of use is actually #5; on a list of 5…which is actually LAST. 

Hold the phone, so what’s the big deal then?! 

The answer is to make it easy for a client to engage. And if we don’t, they will quickly turn to another option.

What does “easy” mean anyway?

It depends. Comfort for both the seller and the prospect warrants understanding the expectations of the potential client.

Let’s make this easy. What are some things you can do?

Over-Inform

Let’s start with a simple scenario gone awry. If a client is coming to your office, do you prepare them for every possible eventuality, such as:

  • Do you prepare them for where to park?
  • Is it metered parking?
  • Is there a landmark next door?

It seems to ridiculous doesn’t it? People have GPS for goodness sake! 

Here’s what I mean. I invited a woman to an event I hosted. I gave her the address thinking that would be sufficient. However, she couldn’t find the location and ended up frustrated driving around and gave up. I could have, and should have, indicated that it was next door to a well known hotel and conference center.

Over-Phone

If there are more than 3 emails about a simple question that isn’t being answered, pick up the phone. All too often, there’s too much opportunity to feed our brain’s need to multi-task because emailing seems easier. But, email can delay a simple task from being completed while we wait for an answer and get distracted with another task.

Over-Prepare

Do you prepare the client with an on-boarding process so they understand what they should expect from us for next steps?

When I used to write insurance for a new client, I would outline what they should expect after purchasing the insurance. It’s a comprehensive checklist summarized in these 3 basic topics. 

  • Documents procedure
  • Billing procedure
  • Communication procedure

Let’s go back to the concept of managing expectations. It seems like a lot of work, however, if you create a process with templates, it will be set you up for each client when they hire you.

These days, the pundits are pontificating about the customer experience and the customer journey.
And it’s no small feat to achieve customer satisfaction. 

If you have multiple product lines, you can’t be just “ONE AND DONE”. You have to train clients to keep you top of mind for any of their future inquiries. Do the tough steps first and the easy stuff follows.

https://youtube.com/playlist?list=PLv0Geehxw1S0r73lODPnzQgumWyj-0Tjh

Marketing: Woes and Wows

I was thinking about how to outline a proverbial “good news, bad news” message.

Marketing takes on different life forms when you’re deciding how to promote your business. A brief outline can be reviewed in my blog, “Reflections though the Drive-Thru Car Wash”.

I think you’ll be happy to know that I’ve consolidated BOTH the woes and wows as one issue. ONE? Yes, one! For now.

New business development is an under-stated and underrated activity and effort that’s critical to any business. Hoping and eagerly waiting for the phone to ring is not a strategy. You don’t need me to tell you that.

I think we all know that we secretly wish it were a strategy. 

Did you ever “HAVE TO” go to a family or community function because you made a decision and needed to follow through with it, but you dreaded it? WOE MOMENT.

BUT, after going, despite dreading it, you had a great time! It happens, doesn’t it? You bet it does.
You may have even been pleasantly surprised (and relieved). WOW MOMENT!

That’s how new business development works. 

Creating conversation out of thin air with complete strangers and coming across as a “salesperson” is daunting.
WOE MOMENT

So, you get uncomfortable, coordinate with colleagues, peers, associates, alliances, power through and attend that networking event because you know there will be possible connections and valuable introductions.
At the end of the event, you have a fruitful experience, much to your delight. WOW MOMENT.

One aspect of Karma is that if you venture out of our comfort zone, you will experience something valuable and useful.
If you stay within your comfort zone, you may not have bad karma, but you can’t complain about the status quo because that’s your choice.

Visit my video on prospecting. By the way, spoiler alert this is a WOW MOMENT; I don’t care what anyone says.

Procrastination: Friend or Foe

It took me almost 6 months to write this. Then, a month to edit…Don’t you love irony?

However, I think procrastination gets a bad rap considering the benefits it can have. Did she say “benefits”?

Yes, I did. Wait, how is procrastination a benefit?

Let’s not wait a moment longer. Let’s begin with definitions. First, there are a few definitions that could lead us to believe the negative aspects of procrastination.

Merriam-Webster has a definition that definitely made me feel guilty:

to put off intentionally and habitually; to put off intentionally the doing of something that should be done

But then, Oxford and Cambridge made me feel a little better. According to their definitions, a delay doesn’t mean “game over”.

the action of delaying or postponing something, and
– to delay doing something

Let’s start with an obvious example of the bold exercise of procrastinating, one with which I’m all too familiar.

As a business-owner, a website is something most of us consider in order to drive traffic and more business our way. But the size of the project can be overwhelming, and so, we delay. You know, a delay in a bad way that validates that procrastination has a negative connotation.

What could be the cost of delaying this website project? The cost of procrastination is the lost opportunity of not being found on the internet. I may be crazy, but I also think that the worst kind of statistic is the unquantifiable amount of how much business is lost by not being searchable and discoverable on the internet.

When you consider the potential cost of a lost opportunity, you return to the idea of getting it done. But it’s still an overwhelming idea and a potentially huge project. But there is a way to deal with the overwhelming part, AKA the thing that leads us to work against our own best interest.

You don’t habitually put off this project according to the first definition listed above. Instead, choose the more positive second definition. Delaying the project doesn’t mean it’ll never get done. And, in the delay of the overall goal of finishing the project, search for the solution you need to get the project done.

What’s one reason that makes this project overwhelming? The idea that you have to do it alone! All those tasks, all that responsibility, it’s a whirlwind of anxiety that builds up a wall of resistance, as described in the first definition.

You don’t have to do it alone. You have control over the delay, you have the power over postponement.

What are the some of the solutions we have control over? We could hire a website expert to assist with some of the mechanical tasks. A professional has the skills necessary to take your vision and to organize and prioritize the project. All of a sudden, that thing you’ve been avoiding is moving along.

With the help of an expert, you can then execute on key tasks such as robust call-to-action tactics, search engine optimization (SEO) strategies, a comprehensive products/services summary, credible blog posts, as an example.

This task list demonstrates expertise and credibility that will attract your target market. Feels like control, feels like something is getting it done.

What happens if you can’t afford to hire someone? It’s a catch 22, isn’t it? We have to build our business to make money to reinvest back into our business, but we have to implement marketing strategies to build our business to make the money to reinvest.

We could get too busy, too busy making excuses. And those excuses bring us back to the negative, inappropriate definition of procrastination. Oh no, we were doing so well!

Excuses don’t affect anyone but ourselves, but let’s be careful about complaining. No one likes a complainer when it’s something within our control of accomplishment.

Now, what have you been waiting for. Let’s get excited how procrastination can work in your favor. It’s not a coincidence that it’s easier and shorter to explain.

One of my mantras has always been “Procrastination is a time management strategy.” What do I mean?

Let’s imagine we have to prepare for a very important meeting or project, it’s a week away. We know what we have to do; we know the date and time of the meeting. Time is of the essence. If you were to leave it until the last day, then yes, we’re guilty of procrastination. Or are we?

Procrastination doesn’t take into account that one must plan, prepare and prioritize to complete a task. The key word is PRIORITIZE. Just because you’re putting off something, doesn’t mean you’re procrastinating.

Maybe you’re pondering…?

One thing I’ve found about my approach is that when I attack a task, sometimes I need a break to let the creative juices flow, to present another perspective. This gives time to create and edit along the way. It’s called PROGRESS. Have you ever gotten the advice to “sleep on it” when you’re unsure about how to deal with an issue?

This is no different, except we can call that Positive Procrastination!

Rushing to finish is stressful, not to mention overwhelming. And, we already know where that can lead. But, if you start in phases, it gives you time to review and edit and triple check your work. Starting doesn’t always mean finishing.

Starting means planning on how to have the best finished product.

Procrastinate away as long as you know how to manage your time and the deadline.

Reflections through the Drive-Thru Car Wash

SPRING is finally here, sort of! This past week marked my regularly-scheduled, yet overdue, visit to the car wash to rinse the winter grit and grime from my car, especially since the four recent and overwhelming Nor’easters delayed a much needed bath.

I drove to the drive-thru car wash, although a more thorough cleaning was necessary; this was a decent option in he meantime given how my visit was grossly overdue.

I put the car in neutral and onto the rails we went. i had a few minutes of quiet time to myself as we floated into the tunnel. This is where I decided that marketing could be a bit like a drive-thru car wash due to the different stations and variety of wash methods Sally and I were about to go through.

On average, a typical car wash facility has multiple stations:

• Pre-soak
• Mitter curtain
• Rinse arch
• Foam applicator
• Scrubbers
• High-pressure washer
• Undercarriage wash applicator
• Rinse arch
• Wax applicator
• Mitter curtain
• Scrubbers
• Rinse arch
• Dryer

As you can see, a couple of the stations repeat themselves. This isn’t surprising is it? This is no different for marketing.

There are various marketing activities that help with your efforts to achieve fruitful business development results depending on your budget, time and tools. Yes, it can be overwhelming, but you know there is light at the end of the “tunnel”. Let’s take a look at my quick journey through the wash tunnel and how it relates to marketing.

Car Wash:
First, a couple of guys doused Sally’s exterior with a power wash blast to prepare for the pre-soak phase. While the bay and various machines were about to swallow Sally whole, there were still humans tending to Sally’s curves and contours to ensure stubborn debris would be managed.

Marketing:
This is similar to initially hiring a marketing consultant who prepares you and your business with a “down and dirty” approach to produce a polished marketing strategy that suits the goals of your business.

Car Wash:
Then, you enter the mitter curtain. These sud-soaked fettuccine strips jounced the front hood and windshield with a head-on lather. The lengthy sponges slowly made it’s way to the top of the car and proceeded it’s rhythmic cleansing towards the back of the car.

Marketing:
This reminded me of the strategy soaked discussions a business-owner would entertain with an overall review of the myriad of marketing techniques and tactics available.

What are these myriad of marketing efforts?
• Referrals
• Existing clients – cross-selling, up-selling, account rounding
• Cold calling – yup, everyone hates it, but it’s on the list because it works.
• Strategic alliances – who compliments your business that needs your services for their clients?
• In-person Networking
• Social media
• Email Marketing
• Content marketing (webinars, podcasts, press releases)
• Internet marketing (Search engine Optimization – SEO)
• Community service (Volunteering, Boards of Directors)
• Direct mail
• Advertising

Back to the Car Wash:
Next, the scrubbers. These tall, rotating brushes glossed over the sides of Sally to remove loose debris and film from the power washing.

Marketing:
This is where you scrub what activities you think work best for you and for your business. You also want consider what activities you should handle and what could you delegate to another member of the team.

Car Wash:
The rinse arch followed. The spraying showers washed away the soapy suds.

Marketing:
It’s a time to “come clean” with focusing on what works and more importantly what doesn’t. This is your moment of reflection to understand what marketing activities you could be doing and perhaps have fun while doing it.
Finally, I enjoyed the high-powered heating vents that finished the cleaning process by blow drying Sally to remove blotches from soapy residue and streaks from spraying water.

This is the time to celebrate. Who doesn’t enjoy the refreshing feel of success when recommendations have been considered from a trusted marketing consultant. While this car wash journey was a mere five minutes of my time, it’s a start and a little bit of motivation to remember how she shines in the sun.

Cleaning any vehicle is a process and requires maintenance. So does marketing.

Start the process, embrace the progress. You know you need to do it, and you know a positive outcome is likely.

Your business is an adventure. Enjoy the ride…even if it’s for a five minutes of quiet through the car wash.