I made you a promise and here it is. In this article I want expand on some of the ideas I raised in my article 6 Major Differences Between Successful and Unsuccessful Business Owners.
Rather than just talking in theory, however, I want to share some actual numbers from one of my clients who has authorized me to do so. It will show how applying a different mindset can lead to some impressive ‘real-world’ successes.
First, some background: This client is a provider of medical and related services. I provide social media, blogging, internet marketing services, and other business consulting to her. I started working with her in January of 2013. At that time, she was averaging about 9 new clients per month (which is actually pretty good in her field). By January of 2014, however, she was up to more than 40 new clients per month.
In July of 2014, she has now hired two additional doctors and has three full time assistants working in her office. AND…as I mentioned in my previous article about seeing the bigger picture; she is already looking ahead to 2015-2016 to build her new office space that will allow for 8 full-time doctors to join her, plus provide me with office space if I wish. Not to shabby.
OK, now that I’ve given a little background, let me elaborate on some of the traits I mentioned in the prior post and how she embodies them.
See How She Focuses on the Bigger Vision for Her Business:
One of the points I made in the prior post is that successful business owners are thinking long term. So, it’s no surprise that when I told her that social media marketing was NOT a “quick fix” but instead a “must” for the long term, she didn’t blink.
To illustrate, let’s look at some numbers. I started working with her in Jan ’13. At that time, she was averaging about 9 new patients per month. For the first 5 months I worked with her, we were able to bump that up to about 13 new patients per month.
Jan ’13 – 9
Feb ’13 – 13
Mar ’13 – 14
Apr ’13 – 12
That’s great, and that’s certainly an improvement, but here’s the point I wanted to make. This kind of marketing is kind of like getting an 18-wheel semi truck going. At first, it’s a slow build and it takes a while to get going. But, once it’s got momentum, it’s nearly impossible to stop. She understood there was a “bigger picture” involved.
May ’13 – 27
Jun ’13 – 20
July ’13 – 23
Aug ’13 – 28
Sep ’13 – 32
Oct ’13 – 29
Nov ’13 – 26
Dec ’13 – 28
Jan ’14 – 40
That’s not too shabby! 9 new clients last January. 40 new clients this January.
What if she would have thought like a lot of others?
What if she would have bailed in March when the increases weren’t yet as impressive?
Look at How She Constantly Improves, Experiments and Implements New Marketing Ideas That Pay Off:
Another topic I talked about in the previous post is being willing to try new things and challenge your “comfort zone”. So many business owners will paralyze themselves and their company’s growth by insisting everything be analyzed and then re-analyzed and then checked and then double-checked…so instead of fixating on dotting every ‘i’ and crossing every ‘t’, focus on the bigger vision more than being a perfectionist. Now, I’m not saying you should be sloppy…don’t misunderstand…but what she understands better than most is that you have to “go”, take action quickly and understand that you can still be highly successful WITHOUT being a perfectionist.
***Hint: write this down: Instead of paralyzing her progress with perfection she takes action, focuses on experimenting with new ideas and runs with it.
Now let’s talk about a experiment that was a HUGE success.
Educational video marketing: One of our very first approaches was to film short educational NO COST videos that educated her audience about her areas of expertise. (There was no selling of any kind in this video, we simply provided valuable information.) I coached her on how to structure the video as well as how to speak to her audience in ‘their’ language and when I introduced this idea to her she jumped in immediately. She didn’t let her fear of being in front of the camera stop her, she didn’t stall and get wrapped up in busy work that didn’t matter, she TOOK IMMEDIATE ACTION. That is such a huge point to understand here as well because take a look at what happens…
So, when a potential patient is searching for a doctor in her area, guess what? Her videos pop up, they watch them, then they were able to connect and engage with her right away. They could see that she was highly knowledgeable and they made an appointment. One of her videos has reached over 15,000 views in a little over a year. That is HUGE for a local business.
The truth is most doctors are not providing this type of information to local areas and she stands out in a big way.
Now not everything we’ve tried was a home run. For example, we worked on a policy to discourage no-shows. It bombed! But, we learned from that experience tweaked our approach and were still able to reduce the number of no-shows to her office. Every aspect of her business is constantly being improved upon and she understands a very important concept and that is how important it is to work ON your business instead of always IN it. You will never grow if you are always working IN your business or jumping from project to project never completing anything.
What Were Her Marketing Costs and Return on Investment:
So many business owners are concerned with cost. And, again, don’t get me wrong, controlling your expenses is extremely important. But, being concerned with return on investment is so much more important.
Now if you are asking yourself…what is this going to cost me when you embark on a new strategy to grow…you are probably planning to fail and lose money. However, if you are asking yourself what potential return will I see for my business with new marketing tactics…you are planning to succeed. Do you see the subtle but very big difference in which question you ask yourself here? Many people don’t realize this but much of our lives or the outcome of our lives is driven by the questions we ask ourselves. Ask better questions and you will get better answers.
That is what my client and I did together, we asked great questions that produce amazing results. My client spends about $2000 per month in marketing, that is $24,000 per year. Now let’s look at her return.
Her results: that $24,000 brought in an ADDITIONAL $414,000 in NEW business. WOW!!!
Marketing Spend: $24,000
New Business: $414,000
Return On Investment: Yep
***Another hint to take down: you have to implement tracking systems in your business in order to see what is working and what is not.
When my client and I first started working together she wasn’t tracking much at all, however after I showed her the importance of tracking she immediately started tracking important aspects of her business. This tracking has led to all sorts of additional benefits she didn’t even realize she would receive. So, start tracking your numbers.
Look at How She Understands That Providing Great Value Leads To HIGH Rates of Retention, More Referrals, and Much Higher Growth:
There’s so much more that goes into being successful than just “marketing tactics”. You need to be able to blow people away with your product or service. This naturally breeds repeat and referral business. And, once again, this is another key to her success.
When we first starting working together she had already implemented some really amazing value adds for her clients that NO other folks were implementing in her niche. So, she was already ahead, but then we brainstormed on what more she can add and WOW, what a difference that has made.
Let me make that even more clear by sharing some more numbers.
After reviewing her numbers, we found that she has a very high retention rate (85%+).
First of all that is amazing and that number demonstrates she is doing an amazing job. Now, why is that so important? Because it means each new patient isn’t worth just what they pay on their first visit ($250). Instead, on average, every new client is worth $1600 per year.
*** Hint: this is a number you want to know.
Now that we understand that number we are able to evaluate and estimate where her growth is headed.
Let’s just use 2013 numbers for this example (even though we know she’s well ahead of that pace this year). She brought in $414,000 in NEW business. That equates to $352,000 in REPEAT business, plus another $414,000 in NEW business.
Retention Rate: 85%
Average Lifetime Value Per Client: $1600
2013 NEW Business: $414,000
2014 NEW Business (assuming no new growth, which there already is):$414,000
2014 REPEAT Business (conservative): $352,000
2014 TOTAL Business (again, assuming no new growth, which there already is): $766,000
Do you see the power of creating raving fans? And, after our last meeting she is on pace to reach $1,000,000 in revenue by the end of 2014.
These numbers are real, but more importantly, they’re meant as an illustration and a guide for you. I see this pattern all the time with the clients I work with. Some have the right mindset (like my client above) and they typically just EXPLODE. Others might only have a couple of these factors going for them. They certainly grow and improve, but it’s nothing like what can happen when you get everything in alignment with your mindset as well as your marketing.
You have the power to change. It’s just like what Glinda said in the Wizard of Oz to Dorothy, “You’ve always had the power my dear, you just had to learn it for yourself.”
You have the power to take better charge of your life and business, you have the power to implement many of the ideas proposed here, you have the power to hire better help (even if only part-time at first), you have the power to take your business and life in a new direction if you overcome your fears, change your mindset and learn better skills.
Cheers, Love & Success,
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Amanda BrazelOwner/Expert Social Media Manager for Small Business. Read More.
Amanda Brazel | Digital Media Marketing Done For You