How To Cut Your Business Risk By 80%-90% or MORE!
by Ron Hudson, Marketing Strategist & Advisor
Everything you do in business, not to mention life, is a process that lends itself to a quantifiable end, therefore you should always be looking at the results each process is producing for your business. For example, a print ad could be bringing in 10 new customers a month, a sales pitch could be converting 5 out of 10 potential clients, and a direct mail piece could be pulling in a 2% response. Therefore, if anyone of those activities can do that then it make sense that a better ad could bring in 100 or 1,000 new customers, doesn’t it? And, an improved sales pitch could convert 8 out of 10, couldn’t it? And, a new direct mail piece could have a 5% response, correct? So, your job is to always be seeking to improve and develop more effective marketing approaches by testing. Testing is especially helpful in reducing risk during the developmental stages of your marketing campaign. I say that because thousands of dollars can be saved if you do a small test before rolling out a full-scale advertising campaign. Additionally, you can discover which advertisement will produce the most inquiries, visits, or orders. Eventually you’ll have a fine tune set of marketing method’s that may lend themselves to possible licensing agreements. I say that because when a business owner or professional develops a technique that produces predictable and consistent results they have the opportunity to sell that technique to others outside their marketplace. Professional’s are notorious for sharing their proven techniques via paid speaking engagements at national conventions. Although, testing is meant to help you develop marketing methods that provide you with predictable and consistent results, it is highly probable that you can create a new profit center by licensing those methods. But, obviously as a business owner or professional your first priority should be to reduce your risk with testing. © Ron Hudson All rights reserved Contact the author of this article: Ron Hudson
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