At The Game Changers, we teach marketing to our coaching clients as part of our Opulence business coaching program. After all, having a solid marketing strategy is an important part of running any business.
So naturally, we run marketing campaigns for The Game Changers as well, so we can continue to connect with small business owners that need help scaling their business and tripling their revenue (without working themselves into the ground in the process).
In fact, we’ve earned 3 ‘Two Comma Club’ awards from ClickFunnels, the industry leading digital marketing platform. Each award is for a separate sales funnel in our business that has earned over $1 million dollars within 12 months.
These numbers don’t happen by chance.
They’re the result of particular strategies that we follow. But the thing is, there are lots of business owners out there that aren’t implementing some fundamental success elements into their marketing strategy.
As a result, they waste thousands of dollars on campaigns that don’t convert. Not to mention hundreds of hours of hard work down the drain!
Which brings me to an important question: Is your marketing strategy actually doing more harm than good?
Let’s look at some key elements that could signal a problem.
The Benefits Of A Clear Marketing Strategy
Canadian educator and management theorist Lawrence J Peter once said: “If you don’t know where you’re going, you’ll end up somewhere else.”
Many businesses put money into campaigns without clearly understanding what they need to get as a return. A clear marketing plan tells you exactly what you can spend to acquire a customer.
Knowing that number gives you a clear ‘point break’ that indicates your campaign is succeeding… or if it’s just chewing up your hard earned cash.
The easiest way to work out your ‘break even’ number is:
Sales value of your product / service
Cost to deliver that product / service
What you’ve got left is your gross margin.
Minus your operational expenses and you’re left with your net profit. If your campaign is giving you an ROI that reflects net profit, you’re in the green.
A quick real-life example of this is with a new Opulence client we recently started working with.
They were running some Facebook ads and had spent $50 to get one lead. But they had no idea if that $50 was well spent or not.
Now, if their product was $2 that would obviously be a very bad return. Because there’s no net profit left after your expenses have come out of any potential sale. But their service was $250, with a net profit of $180.
So realistically, they can afford to spend up to $70 to get a customer and still be breaking even. Obviously, you always want a profit, but sacrificing front-end profits for back-end upsell revenue can be a powerful sales strategy to follow… but that’s another topic for another day.
Un-achievable marketing goals or plans
A very common path I see many business owners take is stretching themselves too thin across multiple marketing channels. They think ‘I’ve got to be on Instagram, running Facebook ads, in a BNI network event, cold calling 50 leads a day…’ it’s too much and results in an unachievable strategy.
Sure, every marketing channel I just mentioned can all help your business. But when there’s only so many hours in the day, and limited resources to work with, it simply doesn’t make sense to scatter your approach.
Instead, at The Game Changers we recommend on focusing on “The Rule of 5 Ones”:
ONE offer to ONE niche, through ONE channel, with ONE traffic source for ONE year.
That way, instead of giving 5% focus to 10 strategies, you’ll give 100% focus to ONE marketing strategy. Meaning you’ll progress faster and nail profitability in one strategy that will fuel your business with much-needed cash.
Then, when that first strategy is working nicely, it’s time to expand to your next… and next, and next.
Having a narrow focus online
There’s a methodology that works really well in social that basically goes like this:
If someone consumes 7 hours of your content, and you have 11 touchpoints with them, and they can see you on 4 different platforms, they become a client before they’ve even spoken to you personally.
So the more you can spread your influence across various social channels, the better visibility you get, and the more trust you build.
Now, this piece of advice may seem counterintuitive given what I’ve just told you. But it can work in conjunction with the Rule of 5 One framework nicely if you look for ways to leverage what you’ve already got (instead of rolling out new initiatives).
For example, Gary Vaynerchuck has a killer strategy that basically takes ONE piece of content and leverages it across multiple online social channels. His team take one video from a presentation he’s recently given, or form an internal meeting, or any other source, and will create:
- Blog posts for his website
- Quote-with-image posts for Instagram
- 5 minute ‘warm up’ videos for paid Facebook advertising
- Mini videos for his YouTube channel
- Short engagement posts to drive conversation in his Facebook group
No need to reinvent the wheel, just a systemised process for leveraging several pieces of marketing material from ONE piece of core content.
Are You Ready to Develop A Strong Marketing Strategy?
If you’re looking for help with your marketing strategy, or want to nailing your first successful campaign, The Game Changers can help. For almost a decade now, we’ve been helping mid-size businesses get consistent cash-flow and better business growth through smarter marketing.