During SuperConference, I gave a talk on the “Six Bullets You Should Never Leave Home Without”…
I could certainly add to this list, however if I were buying, building or starting a business today, these are the essential things I wouldn’t want to leave home without.
While I don’t have room to cover all six here, I do want to talk about one idea – because it’s a colossal mental mistake most business owners make.
In fact, it’s an ongoing fight I have with my clients—no matter the size of the company or the spending power.
What I’ve found is that when it comes to attracting a lead, a customer or a patient, they ask…
“What is the cheapest thing we can do to get customers?”
Be forewarned, if you think this way, you too are in need of a mind shift and MUST train yourself to think differently. If you don’t, you will deprive yourself of the opportunity to outspend every direct marketer in your market space thus limiting yourself in what you can do.
You see, by outspending your competitors, you can buy speed and growth and you can create discouragement to your competitors.
Here’s an example of what I mean…
A client in the martial arts arena called me a while back. A big competitor was trying to enter his market and he asked me what he should do.
My advice was to run billboards. My client said, “Billboards? I thought we tested those and they didn’t work in my market.”
My reply, “They don’t. But your competitor doesn’t know that. They’ll come to town, see your billboards everywhere, and then they’ll start running billboards too. You can stop after a couple of months and they will use up marketing money on a media that doesn’t work, causing discouragement.”
The marketer with the willingness to invest in acquiring customers—and even lose money on the first sale—with an effective strategy for maximizing customer value has an enormous competitive advantage. Including being able to use many media others cannot use.
Instead of asking “What is the cheapest thing I can do?”– The right question to ask is…
“How can I structure my business so I can do it more expensively than everyone else?”
“What can I do to outspend everyone else?”
Another advantage of outspending—you can give more value to a customer, which attracts more valuable customers, which gives you more money to spend per customer.
For example, you can offer better bonuses or send a shock and awe package.
The smartest marketers structure their business so they can outspend their competitors. Show up like no one else—spend the most you possibly can to get a new customer and you’ll attract more valuable customers which means you’ll minimize the number of units you need to sell to reach a million dollars.
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