I just came across this quote:
“If we don’t make mistakes daily, we aren’t pushing the boundary and challenging the system enough.”
Antonio J. Lucio
That made me think of my business and the challenges I have….Does it make you think too?
Let’s see…making mistakes is what allows us to test our comfort zone, it’s what allows us to test our own limits. And when we are confronted to new situations, we have to learn to deal with them…and we grow wiser and smarter.
What are some of the challenges we face in network marketing and how can we push the boundaries to overcome those challenges?
Challenge #1 Lead Generation: When you’re struggling with lead generation, you’re losing the ability to attract future prospects or clients. A struggle with lead generation also means that you’re losing sales. This problem could be caused by ineffective measures used to reach and engage your target audience.
Shortcut: Reassess which methods you’re utilizing to reach your target audience. What are you doing to reach this audience? Do you blog? Do you get social? Do you advertise? Do you count on referrals? How are you reaching your audience? Using referrals to grow brand awareness is a cost-effective solution that is one of the most effective methods used to generate new leads. If you’re not focusing on referral marketing, maybe now it’s time to get started.
Challenge #2 Target Audience: You know that you need to reach your target audience, but just who is your target audience? If you feel as though you’re struggling with the ability to find out just who your target audience is, it’s time to find them.
Shortcut: Regardless of the size of your business, you need to understand the demographics of your target audience. Start with geography. If you’re a smaller business, you may focus on one or multiple key counties, towns, or cities. For larger businesses, you may find yourself thinking nationally or globally. Now that you know the location, you want to know the age, gender, financial background, likes, dislikes, etc. Consider conducting surveys, polls, and census data.
Challenge #3 Content Marketing: How is your content marketing plan? Are people engaging with your content? Is it reaching your target audience? Is it making a good first impression? If not, then it’s time to reassess the quality of your content.
Shortcut: Take a look at the quality of your content and where it’s being shared. There are a lot of ways to succeed at content marketing. A B2B company must take a different approach to content than a B2C company. Once your content has been carefully crafted and curated, is your messaging being communicated on the channels favored by your target audience?
Challenge #4 Social Media: Using social media to reach your target audience is more than just sharing great content. It’s also about making sure that you are using social media to share, not just sell. It’s making the time to sign in and actually connect with people. Sharing and engaging with others is key. “If you’re not connecting with your audience, then you’re failing in the social media department,” says Tom Lozano owner of Air Scrubber Plus.
Shortcut: It’s time to make time for social media. Once you’ve found your target audience and their favorite hangouts, it’s time to get engaged and to get engaged frequently. This doesn’t have to be every day, but it does need to be consistent. With 829 million daily active users on average in June 2014 on Facebook, you may not be logging on every day, but many customers are. So when you’re not signing in, those are missed opportunities to humanize your brand and reach the masses.
Challenge #5 Latest Marketing Trends: Times are changing and so is marketing, so it’s important to stay up-to-date on the latest marketing trends. But where are some of the best spots to do so?
Challenge #6 Increasing ROI: When you’re ROI is high, you’re generating leads and earning profits. When your ROI is low, this is a problem. If you struggle with increasing your ROI, it’s time for some action.
Shortcut: Maybe it’s time to consider getting more involved with your company’s analytics. Analytics gives you the power to focus on what’s working and to effectively eliminate what’s not working. According to statistics and data provided by McKinsey Marketing & Sales, effective use of big data metrics can lead to a 10% to 20% ROI increase. When looking at numbers, don’t get caught up in the amount of traffic to your site, but focus on the traffic that drives sales, new customers, and deeper customer relationships. Carefully analyze metrics that matter.
Once you’ve carefully analyzed and discovered which key aspect of your marketing plan is failing or needs an adjustment, it’s time to re-strategize. And when re-strategizing, consider that a change in approach is like recharging your marketing battery, providing the power and energy for your next business success.