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Some business owners are so passionate about their products or their service that they’ve developed does virtual CFO, That they literally think it is so good that it will be able to sell itself. Therefore, they don’t bother coming up with a marketing strategy, and when they open the doors to their business, they don’t sell as many products that they think they well, and they are at risk of going out of business. In fact, not finding customers is the number one reason why entrepreneurs in Canada go out of business. 42% of all failed entrepreneurs say this was the reason why they failed. This goes to show that entrepreneurs need to have a plan, no matter how amazing their product is.
When they are creating a marketing plan, they should include their target market. The reason why, because many entrepreneurs often think that by sending their marketing to as many customers as possible, will be the best way to increase revenues in their business. This is not true, and business owners will have a better response if they send advertising more often to the same smaller batch of customers. An example of this says virtual CFO, is if a business owner can send out 5000 Flyers, they are far better off to send 1000 customers Flyers five times. Instead of sending five thousand customers a flyer once.
The reason why business owners need to send advertising to the same customers over and over is that customers needs to hear from a business an average of 4.3 times before they purchase from that business. They need to be familiar with the company and its branding before they make a purchasing decision. This is even when a customer is ready to make that purchasing decision. Therefore, they needed to get their message out to customers consistently enough, that when they are ready to make a purchasing decision, they have seen and entrepreneurs abs four or five times, so that they can end up purchasing from that business says virtual CFO.
However, many entrepreneurs May struggle with who their target market should be. One of the most important things that they should keep in mind, is geographical location. This means, that an entrepreneur should start with the specifics surrounding areas to their business or to their home. The reason why, is because many consumers purchase on convenient location. And when they drive past the business, seeing the business signs also counts as one of the ways that’s a customer gets familiar with an entrepreneur’s brand. Virtual CFO says by starting their, business owners will also not have to travel far in order to meet with customers and this is especially important if they do the delivery, or if they are contractors.
When this method Works, business owners will be able to increase their revenue, and in turn increase their advertising budget. What will happen from there, is that a business owner can slowly start to expand their target markets, and reach even more customers with the same consistency that allowed them to grow in the first place.
Business owners need to understand who their target market is 6 virtual CFO. So that they can include this in the marketing section of their business plan. And if business owners are planning on not having a business plan, they may want to rethink that plan. The reason why, is because the software company, Palo Alto research in order to find out if business plans help entrepreneurs succeed or not. What they discovered, was that business owners that had any kind of business plan whatsoever we’re 50% more likely to grow the revenue in their business than entrepreneurs who had no plan at all. Therefore, business owners need to have any kind of business plan in order to increase the likelihood of succeeding.
The reason why this is important to know, is because entrepreneurs face at 50% failure rate in Canada when they open up the doors to their business. By simply creating a business plan, business owners will significantly diminish those odds of failing. Then, when they create an effective marketing plan that includes their target market, virtual CFO says they will be even more likely to succeed. The reason why, is because industry Canada did a survey and discovered that the number one reason why entrepreneurs failed, was because they weren’t able to find customers. This is why a business plan, particularly one that has a marketing aspect to it will help entrepreneurs succeed.
However, many entrepreneurs don’t know who their target market should be, and think that their entire city is a good place to start. Virtual CFO says chances are, this is actually far too large for a business owner, especially one that starting out. They need to understand that their ideal unlikely customers probably aren’t willing to drive clear across the City in order to purchase from them, so they can actually start with a smaller area first. Not only is it going to help them Target a specific area. But it’s also going to be far more cost-effective, which is an extremely important consideration when business owners are starting out and have next to nothing as a budget.
By focussing on a smaller area, business owners can increase the effectiveness of their marketing budget, because it’s going to be more effective. Therefore, business owners will be able to increase their revenue, and as they do that, increase their target market area. Whether they are doing mail-outs, Flyers, door knockers, or even going door-to-door introducing themselves to all of their ideal unlikely buyers. Or whether they are doing an online marketing campaign such as with Google Adwords. Virtual CFO says business owners need to get in front of their clients as many times as they possibly can, so that when they are ready to make a purchasing decision, they will have familiarity with the business and be much more willing to purchase products from them. The sooner business owner can do this in their business, the sooner they’re going to be able to grow the revenue of their business and succeed. As Peter Drucker, the author of 39 business books has said, nothing happens in business until somebody sells something.
