Perhaps one of the greatest Suicide Strategies is not using multiple marketing strategies across the 3 Business Multipliers.
Many business owners use one maybe two different strategies, and in most cases this is in relation to lead generation. As we said earlier, very few business owners focus on sales conversion and customer maximization. Therefore they are committing two sins…
- only using one or two strategies for lead generation
- not using any strategies across sales conversion and customer maximization
You see one of the great lessons we’ve learned over the years is you have to have multiple marketing strategies working right across the 3 Business Multipliers. Here’s why this is so important…
- If one or two of your strategies all of a sudden stop working, yes it’s painful, but it doesn’t stop the growth and development of your business.
For example a few years ago in the USA a law was passed that prevented the use of unsolicited faxing. There were many companies who used fax advertising as their sole lead generation strategy. The result? Many of them were wiped out literally overnight because they didn’t have other strategies backing their primary source up.
- Using multiple strategies adds stability to your business.
- By using multiple strategies right across the 3 Business Multipliers, you’re maximizing your sales and profits in every part of the sales and marketing system.
- Each marketing strategy should be viewed as an income stream (you shouldn’t be doing it if it doesn’t make you money, either short term or long term), therefore when you add another marketing strategy to your business, you’re creating another income stream. That’s when you create a business with multiple income streams.
- You make your business immune to other outside forces beyond your control, such as new competitors entering the market and the state of the economy!
- People are creatures of habit. They’ll happily respond to certain marketing strategies (i.e. magazine ads) and not to others (i.e. sales letters) – even if the message is exactly the same. Therefore the more strategies you use, the greater the effectiveness – because you are offering multiple ways of responding or buying!
For example, Dell the computer giant initially built their business through direct mail. However, when the internet arrived they were quick to add online buying to their strategies. But they still have customers who will only order via mail or telephone, and will never order online. And conversely they have customers who will only order online. If Dell for some reason stopped one of these channels what do you think would happen to their sales and profits?
Think about this for a moment. I’m almost certain you have a preferred method of responding/buying. Well it’s the same for your prospects and customers. You really are limiting yourself if all you do is offer one or two different ways of buying or responding.
Believe me if all you do right now is launch half a dozens strategies in each Business Multiplier, you will see an almost unbelievable difference in your sales and profits.
One of our favorite saying is this…
‘The worst number in business is 1’
This transcends across many business facets – 1 supplier, 1 payment method, 1 marketing strategy! If that ‘1’ thing stops working, for whatever reason – you are putting your business under considerable pressure. And you just can’t afford to do that.
That’s why it really is critical for you to have multiple strategies working across the 3 Business Multipliers.