*10* Financial Fatal Mistakes that 99% of Companies Make and How You Can Avoid Making Them
Posted 4th April 2015 at 11:13 AM by John Di Lemme
Tags business, marketing, motivation, sales, success
*10* Financial Fatal Mistakes that 99% of Companies Make and How You Can Avoid Making Them
Financial Mistake #1: Industry Specific - Businesses are making the huge mistake of worrying about what is going on in their industry, how to compete in their industry, and how to market to their industry. They are basically putting their businesses in a very small box that doesn't reach outside what they consider their industry. It's easy to turn this Financial Mistake into a Financial Miracle by becoming customer focused instead of industry specific. When you start focusing on your customers, the wants/needs of your customers, and marketing to your customers, you instantly extend outside of your industry to an entire new crowd customers that want to know about your product. You are no longer focused on your competitors. You are focused on building long-term relationships with your customers that will catapult your business.
Financial Mistake #2: New Customer Appreciation - This is one of my pet peeves! So many businesses focus on rewarding "new" customers. They give these huge discounts to people that have never made a purchase and will likely not do business with them after the first sale. Turn this mistake into a miracle by showing appreciation for your past customers instead of new customers. I consider "past" customers anyone that has ever invested in any product or service in your business. It doesn't matter if they purchased something 10 years ago or five minutes ago. It doesn't matter if they spent $5.00 or $5,000. They believed enough in you to invest in your business. These are the people that drive your business so take the time to show your appreciation for them.
Financial Mistake #3: Fancy Ad - Millions of business owners every year spend hundreds if not thousands of dollars on fancy ads to market their businesses. It gets even better...99% of the time, they buy the ad from someone that doesn't know anything thing about their business and has never built a business. Then they wonder why their marketing doesn't work. My top coaching students have no advertising budgets. That's right! Instead of wasting money on fancy ads, they market to past customers and qualified leads. These are people that are interested in their business. You are not going to find qualified leads on a cold call list, which is also a waste of time. Qualified leads are generated from raving referrals, face to face dealings, and delivering extreme customer service to potential customers. Start focusing on building relationships, and your business will grow. It's inevitable!
Financial Mistake #4: Ego - I've seen so many business owners that go out of business, because of their egos. They don't listen to their customers, and they treat them horribly. They think that just because they are the owner, they are superior. No matter how successful your business is right now, your ego will eventually take you out if you don't change. Turn this mistake into a miracle by dropping your ego, listening to your customers, and providing extreme customer service. Simply, be nice and show sincere concern. This goes a long way with your customers.
Financial Mistake #5: Horrible Customer Service - As a business owner, you should never tolerate any of your team members being rude or mistreating your customers in any way. Horrible customer service is a direct reflection of the business owner. You can turn this into a financial miracle by implementing zero tolerance in your business. If your team members or employees mistreat your customers, then fire them. There's no second chance. If they don't respect your customers, then they don't respect you or your business. Therefore, they no longer have a place on your team or in your business.
Financial Mistake #6: Price Focus - When businesses see a drop in sales, the first thing they do is drop their prices. This is the worst thing you could do! If you cheapen your products, then your customers won't value them. Your prices have very little to do with a decrease in your sales. Instead, focus on the value of your product or service exceeding your price. The value is not only the quality of your product. It's the ease of the sale, extreme customer service, and everything else that makes your customers confident in your business. Value exceeds price will trump cheap prices every time!
Financial Mistake #7: Feature Based - Have you ever inquired about a product or service and been overwhelmed by all the features? Companies tell you all of the fancy features and how the product is better than anything else on the marketing, but they are forgetting the most important thing to you as a customer. How will the product or service benefit you as a customer? Don't just tell your customers about your product or service. Share how it will benefit them and in some way change their lives.
Financial Mistake #8: Too Many Choices - Your customers get confused when you give them too many choices. It instantly makes them indecisive, and they begin to question if they need the product or service at all. Turn this financial mistake into a miracle by offering your customers a small selection of your products or services that meet their needs. I typically recommend no more than three choices. You can narrow the selection by listening to what they want and determining which of your products or services will meet their needs.
Financial Mistake #9: No Follow-Up - It really irritates me when I invest in a product or service, and I never hear from the business again. You can never earn the business of a customer if you don't follow-up with them. You can turn this around very easily by following up with your customers long-term. After you make the sale, send the customer a handwritten thank you card. Then follow-up a couple of weeks later with a phone call. Most importantly, add them to a customer list that you will send physical mailers to every fifteen days. This is building long-term customer relationships that will cement their loyalty with your business.
Financial Mistake #10: Stale Old Marketing - When you use the same old marketing over and over again, your customers stop looking at it. They develop an expectation that nothing has changed so it's not worth their time. Instead, share new and exciting marketing with your customers. Share how your products and services will meet their needs and why you are the best. Your marketing must show that you know the pulse of your industry and the heartbeat of your customers. That will definitely keep their attention!
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