Episode 540 – How to Create an Infinite Marketing Budget to CRUSH Your Competition
It’s Not ALL About the Money:
I’ve spent more than 20 years buying, building and selling businesses and the last FIVE years helping owners of service companies get unstuck, grow faster and get the time and money freedom they THOUGHT they would get when they started their cleaning business journey. I have always wanted to make more money and grow. I always wondered how ultra successful people kept wanting to grow even when they had more money than they could ever spend.
After getting to the point in my own life “more money” doesn’t mean “better lifestyle” I thought I would stop trying to grow so much. The reality is as entrepreneurs, we think it’s for the money, but once we get the money, we are still driven! It’s actually about the growth, they journey, the contribution and the impact! I used to try to “buy my way” to growth by giving other people (marketers) money to grow my business but I didn’t have control! If they weren’t good, charged too much or lost interest, I realized my business was held hostage by THEIR interest, pricing structure and willingness to help.
The Hidden Cap to Growth:
I would hold nothing back from my business- anything it needed I gave it when it came to time or money. My business was like a spoiled child. The problem is, I couldn’t really tell what it NEEDED, so I just TESTED a bunch of stuff. This included trying things that “brought value” to my business, but didn’t add value/ revenue or profit the way I had hoped. It wasn’t that those things didn’t work, it’s that I didn’t know how to translate business assets into money. If you don’t know what your business actually NEEDS and/ or how to give it those things in such a way that they translate to value, you are always going to have a cap on your growth.
A Shift in My Marketing Approach:
Allow me to share the framework of what this marketing approach looks like:
- Identify your perfect prospect.
- Change your definition of a lead from someone that calls or emails in to someone that “raises their hand”.
- Get people to raise their hand by
- NOT trying to get them to give YOU time or money
- GIVING value- free service, USEFUL insider information, status, appreciation, free upgrades, solving multiple problems, making them laugh, etc.
- Build a LIST of engaged people who want what you have AND know like and trust you.
- Focus time and money on the people that have already raised their hand instead of throwing money at the known universe.
The Old Funnel Looked like:
- $100 on Facebook ads = 50 clicks to your website
- CTA = “call now for a free estimate”
- 0-3 calls and even those are…
- NOT your target or even acceptable prospect
- Already looking for you and bought in spite of your poor call to action
The New Funnel looks like:
- $100 on Facebook ads = 50 clicks to a landing page starting your funnel
- CTA = Click here for a video/ ebook/ podcast/ discount/ ANYTHING that can give them value right now
- 15 people take that action
- Next page NOW offers free estimate or NEXT step
- 3 TARGETED people schedule an appt
- You make ONE sale
If a customer is worth $250, you just got paid to market your company, get a NEW customer (who you can sell over and over) AND 15 new leads.
Once you make this math work- rinse and repeat! Not only can you raise your FB ad spend, you can find more “Facebooks” to send traffic to- all those OTHER lead sources that “didn’t work” will now WORK!
You have a funnel that pays you to get clients and your marketing budget is INFINITE!
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