How efficient is your business at making money? Are you really making the most of every opportunity to engage your clients and prospects and sell more? Chances are you are leaving money on the table. Here are 10 common mistakes businesses make every day that result in cash being left on the table.
10 Mistakes That Cost Your Business Money
- Not addressing customers’ problems: The best marketing will always solve a problem for your potential customer. If you are not perceived to be focusing on solving problems, do you really have a viable business? Don’t make your customers do all the hard work when looking for a solution — they’ll walk straight past you. Show them you have the answer and they, along with many others, will come knocking.
- Impersonal service: It doesn’t matter how big your business is, your customers want the personal touch. This means your marketing and every other point of contact has to be laser-focused and personal. This means no more poorly targeted or unsegmented email campaigns. You must regularly update customer records in your CRM system and maintain contact in a professional and courteous manner. People like to do business with people they like — so make friends with your customers.
- Slow reactions: When emails go unanswered, requests via social media are ignored, and the telephone rings off the hook, business relationships turn sour pretty quickly. Every point of contact is important. If you offer your client a means of communication, you better make sure you react in a timely fashion when it is used.
- Lazy copy: Website, email, and social media copy needs to be engaging and provide your customers with all the information they need to make an informed buying decision. For example: If you ship overseas, you should include your overseas shipping prices and delivery schedules. If you don’t ship overseas, it’s also a good idea to let people know that so you don’t waste their or your time. Remember, the more you tell (in terms of product or service detail), the more you can expect to sell — so don’t be lazy.
- Lack of ego: Don’t hide your ego under a bushel. If you are good at something, tell the world about it. Your competitors won’t be so backward at coming forward — so never be afraid to stick your head above the parapet and share your expertise.
- Zero automation: Technology is your friend, so put it to good use. Email marketing and marketing automation technology can be put to work 24 hours a day, ensuring you hit the right people with the right message at the right time, and dramatically improving your chances of making a sale. It’s hard to believe that I still meet people who think a spreadsheet and Microsoft Outlook are email marketing tools.
- Poor conversion strategy: This goes beyond lazy copy (see mistake #4). The fact is, if you have a bad website or make your clients jump through too many hoops to make a purchase, it doesn’t matter how good your marketing is, you will lose them before they check out.
- No testing: You might think your business is doing well enough already — but only testing will prove this. A tiny tweak in your marketing campaigns could deliver a significant increase in revenues. It’s always best to discover this sooner rather than later.
- Sticking to the plan: Yes, planning is important. But plans should not be so rigid that you are unable to take advantage of new, unforeseen opportunities when and as they occur. Always leave a little wiggle room in a plan, and don’t be afraid to walk away from it if it doesn’t work out.
- Unwillingness to change: The most dangerous thing you can say in business is “we’ve always done it this way.” In this digitally disruptive age, you always need to keep half an eye on the future and be ready to adapt to change.
Is your business leaving cash on the table? How could you become more efficient? Share your comments and ideas below:
This post first appeared on the iContact Email Marketing Blog.