Generate More Marketing Leads
Answer these seven questions in order to implement an effective 10x10 marketing plan.
By Darren Somo
Laboratory owners who want to increase their customer base first have to increase the number of leads that are being generated with marketing initiatives. The best approach is through the use of a “10x10” marketing plan.
This is a plan consisting of 10 unique marketing strategies, each of which is capable of generating 10% of the new leads needed to achieve revenue growth goals. For example, assume that the goal is to add 100 new customers to the business over the course of next year, and about 10% of leads are typically converted into new customers. In this example, you would need to launch 10 different marketing initiatives that are each capable of generating 100 leads to reach the goal of 100 new customers.
- 10 marketing strategies x 100 leads per strategy = 1,000 leads
- 1,000 leads x 10% conversion rate = 100 customers
Unfortunately, too many owners rely on just one or two marketing strategies to grow their business. Subsequently, they only generate 100 to 200 leads (continuing the above example), and therefore only gain 10 to 20 new customers. Then they wonder why they keep falling short of their sales goals each year.
So, how do you build an effective 10x10 marketing plan? Start by answering the following seven questions:
Who is My Target Market?
Be very specific. For example, what type of practice(s) are you targeting? Where are they located? What age group and gender are you targeting? Marketing is not about having a one-size-fits-all message. It is about breaking up your target segments into chunks and addressing each one of those chunks independently.
How Do I Reach that Market?
This will vary depending on the answers to the first question. For example, if you are targeting an older demographic, then print advertising and tradeshows may be the way to go. However, if you are targeting a younger demographic, a social media strategy will be more beneficial.
What is My Offer?
What can you bring to the table that compels a prospective business? What makes you unique? What problem can you solve for them? Are you better, faster, and cheaper? Remember, all that the customer cares about is, “What’s in it for me?”
What is My Call to Action?
Now that you have their attention with your offer, what do you want them to do about it? It is not good enough to simply highlight your value; you have to drive the prospect to take action. For example, “Call today to receive…” or “Register online to get…”
How Many “Touches” are Required?
The normal rule of thumb here is that it typically requires seven “touches” to make a sale. However, some will argue that it really requires 21 touches, because people only pay attention one third of the time. Now, this does not mean that all seven touches have to come from one form of marketing. It could be a combination of things (e-mail, advertisements, phone calls, surveys, webinars, etc).
About the Author
Darren Somo is a certified business coach with ActionCoach, a coaching franchise servicing the dental industry.