Is Your Marketing Mindset Sabotaging Your Business?

Is Your Marketing Mindset Sabotaging Your Business?

How you market (or don’t market) your business has a lot to do with what you think, feel and know about marketing!

If you are making your decisions based on wrong or incomplete information you could be throwing away thousands of dollars and quite possibly your business…

Have you ever said "As soon as my business makes X amount of money I'll spend some of it on advertising?"
If you answered YES you are not alone. I made the same mistake back in the mid eighties and it cost me my first business. Unfortunately many business owners have made the same mistake. Here is a perfect example.

A few months ago on the same day I met with two prospective consulting clients. Both businesses were similar in size and in the same industry. I gave both of them about the same information on how I can help them grow their business.

One of them signed up as a consulting client and the other did not. Which is fine, because not every business out there is the right fit for my consulting services. But this is not about me... it's about the biggest obstacle most small business owners face on their road to THEIR Business Success!

As I headed back from the second meeting I was struck by the difference in their Marketing Mindsets. The first business owner asked me how much money his INVESTMENT in my services was going to make him.
The second business owner asked me how much money my services was going to COST him and then he said "I love what I've heard and I want your help. I'll call you as soon as I have the money..."

The second business owner's approach accounts for about 90% of small business owners and it's why their businesses don't grow. Marketing your business is not a COST of doing business. Your rent, electric bill, office supplies, etc., are a part of the cost of being in business.

The sole purpose of marketing is to make you money. Money spent on marketing is an investment and you should be focusing on how much money you'll be making as a result of that marketing campaign.

Unfortunately most small business owners will never acquire the right mindset and achieve the level of success they are looking for.
Here are the statistics on small business growth according to
Chet Holmes: Marketing Consultant to GLOBAL 1000 companies:
• 95% of all companies will never reach $1 million in Annual Sales
• Of those, 95% will never reach $5 million
• Of those, 98% will never reach $10 million
• Only one in 25 companies even last 10 years

Your Marketing Mindset is by far the biggest obstacle you will face when growing your business.

Let me ask you this: what would happen if you decided to throw a party for 500 people?
You rented the perfect hall and chose the perfect decorations. You hired the best caterer and worked very hard to choose just the right menu. You also hired the best band or DJ you could find. You are all set for the party of the year. Right? Everyone in town will be taking about your party for years to come…

Oh, but wait, you didn’t send out any invitations! How many people do you think will show up for your party? Chances are you will be partying with a small group of your closest friends and family.

Here is the reality:
*If they don't know they won't come!*
*If you don’t tell them they won’t know!*

Having a great product or service doesn’t mean your business will be successful. You need to tell people what you are selling and why your product or service is the very thing they need to buy.

While it is true that if you don't invest in marketing your business, your business will not grow... This does not mean you should just throw your money around.

You should know exactly:
1. Who you are marketing to?
2. How much it will cost to get each new customer?
3. Where you should spend your marketing dollars?

If you are wondering what happened with the two business owners.
The one who retained my services that day and has already doubled his profits. The other is still waiting to make money so he can invest in marketing his business. What is your marketing mindset?

“Marketing is all about understanding your customer.
When you know what your customer wants — you are
in the unique position to develop a marketing message
that addresses their wants and needs and easily walks
them through your sales process...” - Ann DeVere

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