Issue link: https://read.dmtmag.com/i/733263
OCTOBER 2016 22 THE JOURNAL How To Turn Your Marketing Into Money BY SCOTT STROUD MARKETING CONSULTANT The late Peter Drucker taught us a fundamen- tal truth: "Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation pro- duce results; all the rest are costs. Marketing is the distinguishing, unique function of the busi- ness." Yes, it's your marketing – the act of attracting and converting new buyers – that drives the bulk of your revenue. Still, marketing that does not produce results, i.e. sales, is a waste of time and money – it becomes a cost. Generating leads is critical to your business, but converting them into sales is what generates rev- enue. The real money-makers, the place where we encourage you to focus adequate marketing dollars are: 1. Capture leads. We're not talking about just generating traffic. Sure, traffic is important. However, 95% or more of the potential buyers visiting your website never take action even to let you know who they are. They come, they look, and they leave without giving you a name or way to continue to keep in touch with them, build on their interest, and sell them. So, you must get creative to capture more of those leads. One strategy is to offer visitors to your website and social media sites an enticement, something that captures their attention – and "offer they can't refuse", such as a special report, white paper, or unique plan series. "6 Big Questions To Ask Before Buying A New Home", "Top 5 Home Plans for Retirement Living", "How To Choose The Right Home for A Fixed Income" – these are intriguing titles that buyers will trade their name and email address to get. Then, once they sign up for the report, deliver it immediately with mar- keting automation software – and continue to send them messages encouraging them to come into your sales center. Strategies that entice more of the people that see you to engage with you by surrendering their name and contact info can increase your lead cap- ture by 500% or more! 2. Nurture Interest. When you get a new lead, respond quickly… and often. Nurture their interest in your product or services through con- sistent communication, education and offering relevant and valuable content. For example, if there are five things that dif- ferentiate your offering from the competition, then outline those points in five separate emails. Send them on a schedule of ever 2-3 days, and plan a phone call or two after every third email. In this way your prospect will actually engage with your messaging 7-10 times within the first two weeks of their inquiry – the exact amount that has been proven to be most effective in getting buyers to take action. This strategy alone keeps you front-of-mind with buyers and increases onsite visits from your online prospects by 300% or more. Could you use three times more sales? 3. Reengagement. You likely have a num- ber of "dormant" leads in your database, perhaps going back years. You may have hundreds of leads just sitting there with no activity. They aren't worth spending time making what are now cold calls, but you don't want to just delete them. In- stead, resurrect them with a reactivation cam- paign. Begin sending them as series of emails with the message that they were once interested in your product, but you haven't heard from them in awhile. So, if they are still interested, they should take some action to let you know – click a link, complete a form, or best of all, come back in and see what's new. Or, if they've already purchased a home elsewhere and wish to be removed from your database, have them click a link that indi- cates choice so you can delete them. "Shaking the tree" by mining your existing database is highly effective. There are people there that have been waiting for months or years to be able to buy your home, and now just might be the perfect time to contact them. Others may have been thinking about it, and your 'nudge' is just what they need to get them off the fence. Reengaging with your inactive prospects has al- most no cost involved, and the payback can be huge. Use marketing automation software to send the emails and keep track of the responses. 4. Customer Appreciation. Customer Re- tention is one of the 7 Key Numbers that we teach business owners to watch as a means to maintain consistent cash flow. Why? Because keeping your past customers engaged with you is money in the bank. Keeping in regular commu- nication with your customers tells them that your interest is in them, not just their money. It builds better customer relations, enhances your reputa- tion as a service provider, and avoids problems in the long run. And, upsells, resells and referrals can strengthen your revenue stream and your bot- tom line with minimal cost to you. Thirty days after move-in, send your customers a brief survey asking them to rate their satisfaction with your service. If they give you a high rating, thank them in a meaningful way and ask if they would give you a brief statement as a testimonial, or if they have anyone in mind that is looking for a home that they would refer to you. Then, think of ways to continue to show your appreciation. Maybe you'll send them a card or gift on the an- niversary of their moving into their home (every- one sends holiday greetings, but you're the only one wishing them a happy move-in anniversary!) Be creative and thoughtful, and your customers will respond with referrals. If your sales from referrals are less than 40% of total sales, then this is what will increase them, with the added benefits of higher customer satis- faction and stronger reputation management. Generating leads is always important. Convert- ing them into sales is where the money is! Again, marketing automation software, such as Infusion- soft, can automate the process, follow up with in- credible efficiency, and turn your dead leads into moneymakers. To see how other retailers and communities are using marketing automation to increase their bottom line, give me a call at 606.416.2078, or email me at sstroud@cash- flowengineering.com. Scott Stroud has been involved in the factory-built housing industry since 1980. He is a founding partner of Cash Flow Engineering, LLC, an in- ternational training and education firm helping small business owners and entrepreneurs drive consistent, predictable and sustainable cash flow and build healthy businesses. He is also a Marketing Automation Spe- cialist and an Infusionsoft Certified Partner. Contact Scott at 606.416.2078, or by email at sstroud@cashflowengineering.com. T J