The Most Common Mistake that Local Businesses Make

One of my mentors once told me something that completely changed the way I looked at mine and my clients’ businesses.

Once you are aware of it you won’t believe how it was right in front of your face the whole time. It will make you think twice about the current position of your business. Even if you are doing well. It serves as quite the ‘eye opener’ and ‘kick up the ass’.

Doesn’t matter how big or small your business is, this is universal. Luckily, once you are aware of this you can start to make a plan to fix it before it is too late.

Over the next few minutes, I will run through this important marketing lesson to make sure your business doesn’t fall for the same mistake.

The $150000 Business Mistake

All businesses rely on leads coming through the door. Whether you want your business to keep ticking over as it is or whether you are looking to grow. You need customers. They are the life blood of your business.

My mentor was an exceptional marketer. He ran a real estate agency where he was spending a whopping $1000/day on Google AdWords. Not only that but he was getting 5x returns on this investment.

Every $1 spent equalled $5 in returns. I will let you do the math for monthly return on ad spend (psst, check the sub-header).

This sounds great, of course. Except for the day when my mentors Google AdWords account got suspended.

Unfortunately, even at this level of ad spend getting responses from Google was not easy. 3-days passed with no new leads coming in the door.

The problem?

Google AdWords was the only source of leads. The business was dependent on a single source of leads.

This is the worst mistake you can make with your business.

Don’t Rely on the Number 1

The point of the story was not to feel sorry for him (he bounced back and is doing better than ever right, so don’t worry). The point was you cannot have 1 pillar holding up any area of your business.

On top of this, as a business owner these things are entirely in your control. It is your fault if you only have 1 of anything and if that 1 becomes a 0.

When a 1 becomes a 0, that is quite literally when shit hits the fan.

It doesn’t matter if this is 1 source of leads, or 1 key member of staff, or 1 big client.

If you have 1 of anything, you are essentially asking for it. All it takes is 1 minor thing to happen and your whole business will fall down.

It is almost a law of nature. The things that you think will NEVER happen eventually happen. It might not be in a week or a month, but it could be soon.

Don’t continue walking around with this looming over your head. Do something about it now.

Making Your Business Bulletproof

Ever since I was told this story I set out to make sure I had no 1’s in my business. I also made it my mission to ensure all my clients, and any future clients were not in such a position either.

A ‘1’ is a disaster waiting to happen. The universe preys on 1’s like a pack of vultures or hyenas. They are trap doors waiting to be stepped on.

The biggest issue I see is when people are completely and utterly convinced that ‘their 1’ is an exception to the rule. That ‘this is how we have done it for years and we are just fine’.

I will tell you now for free. It will not be fine. Life has a cruel way of reminding us that those things are not ‘just fine’.

In terms of marketing this means you cannot just rely on word of mouth. Word of mouth is not an infinite supply of leads. It might be ‘free’, but the cost of running some ads and implementing other forms of lead generation will save you a whole lot more in the long run.

So, maybe you are running some ads on Google or Meta or both. Great start.

Why not TikTok and LinkedIn too?

Have you considered some form of email marketing?

Maybe direct mail with flyers or newsletters?

You also have affiliate marketing.

Not to mention referral marketing.

The list goes on and on.

The first step is to make sure your 1 is AT LEAST a 2. From there you want to get as far away from the number 1 as possible. This way if 1 pillar falls you have multiple others holding up your business. Remember the first rule of business is to not die. So, let’s get some extra pillars built ASAP.

If you are looking for help to change your 1’s into 2’s, or to get even further away from the dreaded number 1. Then get in touch today.

We will carry out an in-depth analysis of your business with you and let you know what we would do in your situation to elude the number 1.

If you like what we have to say, then we can go into further detail of how we can do so together. If not, then feel free to take our ideas and run with them yourself.

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Catch you in the next one.