As a business owner, you need to have goals and develop plans and strategies on how to attain them. Many business owners fail to realize that not attaining their goals is a severe cost to their business. Despite the fact that they might be making profits, business owners should take into account the “Cost of Inaction” of their business.
This (Cost Of Inaction) is a hidden cost a business incurs for not taking specific action to reach its desired or targeted income goals. To better understand the concept of the cost of inaction, let assume a chiropractor who’s monthly income goal is £20,000 but actually makes £10,000. That leaves the business owner with a £10,000 deficit. This is actually a hidden cost, even though the chiropractor might be making some profits.
Business owners, particularly local business owners, seldom spend time focusing on the day to day affairs regarding running their business but fail or better still ignore to focus and invest on the one single reason that separates booming businesses to stagnant or failing businesses, and that is advertising.
Advertising when done in the effectively, that is advertising in the right platforms, to the right people at the right time and price, using the right strategy will multiply your business’ ROI. This, of course, will be possible if the products/services provided are of great quality and satisfying to the prospective clients that will attract even more referrals and boost your brand.
Local businesses willing to take their business to the next level should and must all be advertising on Facebook. Why? Facebook is hands down the best advertising platform for advertising because of the possibility to target just the right client. Knowing what your ideal customer avatar is makes running ads on Facebook very simple and easy.
Quick Example: Let’s assume the case of a dentist in Crewe – UK who’s ideal customer is a male, aged 35, has a yearly income of £25,000, is married, uses an IOS or iPhone and lives in the postcode CW3 3TT. This dentist can easily run ads that targeting just people with these specific characteristics. With the right offer in front of this ideal client, your ROI is bound to obviously multiply.
Just running ads is not enough to get your clients to your doorsteps, but using a smart strategy that provides great value in the front end and attracts attention. This is often in the form of a “crazy discount” to a particular service or even offering a particular paid service for FREE. (A dentist may offer a free teeth whitening and consultation, a chiropractor – a free or low-cost adjustment, a plastic surgeon might offer a specific service for free or at a great discount.)
The idea is to get people to the door and then later upsell them with regular or more expensive offers to cover the loss in the front-end offer. Note that, the initial offer should usually range from up to a max of £30 depending on the service. Offers that are more expensive could be discounted to cost £30 or less. This strategy also builds rapport between the prospect and the business owner. People love free and discounts, so why not take that to your advantage.
There is a popular business quote which says ” whoever spends the most amount of money to acquire a customer wins” and this is exactly what the smart strategy is all about. Whoever offers great value for free at a great discount in the front-end of this strategic funnel, will definitely get to keep a client paying the business for a long time.
To conclude, local businesses who really desire to succeed should focus or higher the services of advertising experts, and be ready to lose some money in the front end and rip the benefits of these losses in the backend with upsells.