Success for a small business owner is measured by how little they need to spend to acquire a customer. If every new customer is secured by referral, then the cost of acquisition is zero; if every new customer comes through the website, then the cost of acquisition is the original investment plus on-going cost of maintaining a website; if a new customer comes in from a combination of every marketing method, then the cost of acquiring that one customer is the total of the costs invested in all of those promotional efforts.
Every business needs to take a good hard look at where they are going to spend their marketing budget. Clearly a web site has to be at the top of the list, however several successful entrepreneurs on this program don't have a website, but instead rely on Facebook referrals.
As a rule of thumb, a business should have two-thirds of its customer base as repeat customers - meaning one-third need to be customers continually coming in the door. The client churn is inevitable in every business and small business owners need to be prepared for that churn.
Without a marketing specialist on your side, small business owners are shooting in the dark with a sling-shot instead of using a rifle with night vision goggles. Marketing options evolve at lightning speed these days. Today's guest, Terry Redmond, will help explain how to make sure your marketing dollars are being well spent!
FEATURED IN THIS EPISODE
Terry Redmond is experiencee in developing a variety of marketing strategies, lowering a firms cost while increasing revenues, building brands, driving relevant traffic to a physical location and/or a firm’s website, recruiting, hiring, operations management, as well as team development. His current marketing expertise is online marketing (web design, seo, paid advertising, and social media). He also has a high working knowledge with pharmaceutical, non-profit, print, radio, television, email, billboard, and grassroots marketing.
Palm Beach SCORE
Palm Beach SCORE is a non-profit who's mission is helping local small businesses, startups and entrepreneurs grow and thrive by offering mentoring, workshops, business consulting and counseling services, networking opportunities, events and partnerships within the Palm Beach / South Florida business corridor.
SCORE-ing Your Business' host Penny Pompei serves as Chapter Chair for our local Palm Beach SCORE Chapter #224, located in beautiful downtown West Palm Beach.