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I stood there speechless. The room was filled with business owners and community development officers who were also stunned by what he revealed. It was one of those moments. The kind that brings a lot of stuff together in your head and makes you see the bigger picture in a simple way.
Simplicity brings clarity. I believe this is why many of the answers we seek tend to evade us. We often over-think and make things much more complex than need be. Too much complexity ‘muddies the water’ and deprives us from seeing things as they truly are. Eliminating complexity and embracing simplicity in everything your business does is THE toughest unspoken challenge you really face as a business owner.
Marketing your business can be simple. Do you believe this or are you willing to keep buying into the b.s. of complexity?
Marketing your business simply requires you to attract and retain your Ideal Brand Customers (IBCs) and surrender your Less Than Ideal customers (LTIs).
It truly is as easy as that. Here’s good news: 20-30% of your existing customers are already your IBCs!
Therefore, 70-80% of the customers you now have are LTIs. These LTIs are the profit vampires who have been consuming your staff’s time, efforts, energy and sucking the profitability out of your business.
And here’s the rub: you’ve been spending the profit from your IBCs on advertising to attract even more LTIs! Ouch!
The absolute best advice I can give you is to stop advertising until you’ve identified your existing IBCs. Do your detective work and create an initial profile of your IBC. Then do the MOST IMPORTANT thing you can do to figure out how to effectively attract more of them: start communicating with them.
I am very grateful to the thriving retailer who kindly shared his ‘struggle to success’ story with my audience on that awesome June day. He stopped advertising as recommended in his Thrive Retail Success Plan and started communicating with his IBCs over 12 months ago. This approach increased his store traffic by 43%, average transaction value by 25% and overall sales by 83%. Wonderful!
Stop advertising. Start communicating. It’s that simple.
Are you ready to take your business to the next level?
Cheers to Your Success!
Bill Jackman
We spend too much money on getting new customers while we neglect the most important pooeple in our business, the ones who spend omoey over and over in our business. Why are we not spending money on them to say thank you for being a great client