Is there a "hole" in your business?

Is it costing you $1000's in lost opportunities, lost clients and wasted time, money and energy spent on advertising and marketing?

Today's Renegade Marketing Letter deals with the "hole" in most businesses and a Renegade tip regarding the 80/20 rules and how they apply to most, businesses.

"How can I get more customers?"
"Where should I advertise to get more business?"
"I'm losing great customers to the competition!"
"I just can't seem to close the sale?"
"I can't lower my prices any more!"

These are some of the most common comments and questions I get from the business people that I work with. Most of the time it's pretty simple to figure out what the problems are and believe it or not, there are usually pretty simple solutions. We will continue to address these challenges in this newsletter.

Most businesses won't or don't take the time or the energy to plug the biggest "hole" in their business.

I'm going to get right to the point.

90% or more of the businesses that we patronize have a weak if not non-existent system for attracting clients, keeping clients and generating referrals.

Here a quick sampling of some of my own experiences (I'm sure you can add your own):
1.) Kate spots some spiders around the foundation of our house. We call the local pest control company - two blocks from our house. We tell them we want the spiders gone and a quote for the rest of the yard and our trees.

One week later I pull into our driveway. There's a guy spraying the foundation (took about 15 minutes). I ask about the quote and the answer is "not my job, but I'll remind the boss". It's over a year later and no quote. They lost all of my future business and more importantly any referral business they might have enjoyed.

2.) We have a local floor coverings business that spends a "ton" on advertising. We hired them and spent a quick $5,000.00 or so within the week. That was about two years ago and we have never heard from them again - Not a thank-you, not a request for a referral, not even a "are you satisfied" call. They continue to spend thousands of dollars trying to get "new" customers.

3.) We hired a local landscape company to "clean-up" the yard. They came, they cleaned and they left. They actually did a great job but I have never heard from them again - and I have lots of projects and even more referrals. Yet, they are advertising for new customers all the time and spending a "boat load" of money doing it.

For what it's worth, none of these examples are particularly unique. Think about the people and companies you do business with.

How many times do you hear from them after the sale?

How many requests for a referral have you been asked for this year?

How many follow-up thank-you notes have you received or sent?

How many times have you been offered a new product or service from an existing vendor - the list goes on and on.

All of those companies have a "hole" in their businesses that potential customers, existing customers and MONEY is falling through.

They spend a huge amount of time and MONEY trying to attract new business and very little time or MONEY making sure that their customers and MONEY don't fall into the "hole".

How does your business measure up? If someone doesn't buy on the first contact do you have a follow-up program or better yet follow-up SYSTEM?

Here's a secret concept that can change your business now if you grasp it.

"Your customer is not necessarily ready to buy just because you are ready to sell".

They will buy on their own schedule and you better be there when they are ready.

Most businesses want to plug the "hole". They really do want to set up a system for attracting customers, keeping customers and generating referrals and additional sales. They just never quite get around to it or they keep on "getting ready" to implement something.

If you have a plan and system in place - Congratulations! If not, start tomorrow.

Send a thank-you note to everyone you have done business with in the last two years. You will be amazed at what that single, simple gesture will do to your bottom line.

Send a follow-up note to anyone that has inquired about your product or service in the last year (most businesses don't even keep track) and offer them a special incentive if they respond in two weeks or less. Just doing that can generate great results for your business.

Be sure to read the note below and don't miss the Renegade Tip immediately following it!

Special note: If you are "sick and tired of being sick and tired" of trying every advertising and marketing "solution" out there (or have just given up on all of it) you should consider joining us in June. I mentioned in yesterday's Renegade Marketing Letter that we are finishing up the details on a one day intensive Marketing and Sales workshop in Charlotte County, Florida slated for June 23rd - it won't be for the "faint of heart" or any business content with just "getting by" in the "new economy".

If you are serious about taking control (real control) of your sales and marketing plans, strategies and systems be sure to check out the details this Thursday - you will receive a special email with all the information but the space will be limited (likely to just 30 or so people) so take a couple minutes to see if it will be a good fit for you and your business - more later.

Renegade Tip: Three 80/20 Rules You Need To Know

Don't forget the 80/20 rules. In most businesses 80% of the revenue comes from 20% of the customers. Are you taking great care of that 20% or spending all your time and money on the 80%?

If you take a hard look you may also see that 80% of your profits come from 20% of your products and services. Are you doing all that you can to market and sell that product or service that is highly profitable or are you spending most of your time working on the low margin, high maintenance products and services?

Sometimes just a small change in "focus" will create huge differences in your bottom line.

When it comes to your marketing the 80/20 rule also applies. Is 80% of your business coming from 20% of your marketing and advertising? Are you still doing the old "stuff" that isn't measurable (the 80%) or are you working hard to invest your time, energy and money in the 20% that does?