The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
The reason you need to market your company
Most business owners dream of one day handing the keys over to another dreamer that decides that buying your business is the best investment they can make. Or perhaps you just simply want to grow your company to the best it can be.
Sadly, the majority of business owners will never see their company grow to its true potential. This is not for a lack of trying, but for a lack of knowledge. Business owners need to start working smarter on marketing their company and not harder.
Here are four reasons why effective marketing will make your company more valuable:
Less dependent on you: An effective marketing strategy builds the type of repeatable momentum that can be documented and taught, like a system. This is the first very important step in making your company an asset. If a potential buyer can see how they too can operate this marketing strategy system, even after you – the owner – is long gone, the company immediately becomes more valuable. To start out, create and document your marketing system that you implement. Remember, if the business has to depend on you to convert sales, then how can it run without you?
Experience creates referrals: A business that values marketing over sales, understands the most powerful form of lead generation comes in the form of an existing happy customer. When customers have a great experience –one worth telling friends, family and business associates about-, the value of your business improves. Focus your marketing strategy on referrals and ensure that your customers are happy and willing to refer you. Remember, referrals create a buzz around the company and that buzz is something that money cannot buy.
Expect to pay a premium: Implementing a marketing strategy that allows you to carve out a clear point of differentiation and a new segment in the market, will allow you to charge a premium for your products and services. When the market begins to view your product as the obvious and possibly only choice for their needs, they will understand that in order to get the product or service, they will have to pay a premium.
Therefore, do not stay in the price war game, but rather focus on being different from your competitors. Differentiation will help you create value for your company.
Multiple conversion streams: The most effective marketing strategies not only focus on the company’s core market and differentiation factors, but also ways to build multiple streams of recurring income. If you need to go out and find new sales on a monthly basis, you will always be tied down and struggle to give show value for customers.
However, if you are able to create multiple recurring income streams, you will be able to build a stronger foundation for differentiation and as a result, allow your marketing strategy to help build on a foundation – rather than the foundation of sales. This is the most effective way to grow your customer base and the size of your company.
The key to creating a profitable business -and one that someone will one day want to buy- is to create value with your marketing strategy. Ensure that you use these tips to help you create value for customers and thus, help you maximise your revenue returns.
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About the Author
I am Greg Jones, a marketing consultant and avid sportsman. My latest job was to help improve the marketing strategy of a local petrol station. I recently finished a job on petrol station signage with pylons, banners and flags. After the first three months, the sales have improved by over 17% and the customer base has now grown by 5%.