Opinions expressed by Entrepreneur contributors are their very own.
The holidays may be hectic, however one factor that at all times helps is an inventory. Even Santa Claus wants one — and I’ve heard he checks his twice!
I’ve a vacation routine I observe yearly to assist me replicate on how my enterprise carried out over the previous 12 months and the way it can enhance within the subsequent. These essential duties have helped me develop my enterprise, PostcardMania, from nothing to over $100 million in annual income. The very best half is that our income development is accelerating, which is an enormous accomplishment for a 26-year-old enterprise. Since 2020, our annual income averages 15% development — thrice higher than the earlier decade’s common of 5% development.
This guidelines will assist information you within the means of analyzing your outcomes and getting ready for the 12 months forward.
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Assessment advertising and marketing metrics and give attention to top-line (aka new gross sales) development
On the finish of the 12 months, take time to compile your whole outcomes knowledge — leads, gross sales, and the place each are coming from.
For me, I have a look at what’s driving top-line growth (i.e., orders from new clients). Loads of coaches and consultants give attention to bottom-line development, however top-line is the place I discover probably the most helpful info in the case of advertising and marketing.
What’s driving gross sales? What brings in the very best ROI? As soon as you understand that, you possibly can construct in efficiencies down the road to enhance profitability/backside line, however getting that prime line to develop is at all times my primary precedence.
For instance, final 12 months, we observed that new orders had been down. My stunning VP of Gross sales, Ashlie, who has been with me for over 20 years, made a superb statement and suggestion. She requested, “How about we enhance the postcards?”
Um, HELLO — I wanted to apply what I preach!! We appeared into it, and one way or the other, our outgoing postcard promotion had been lower from 205,000 weekly to 195,000. So, we elevated our postcard outflow once more (it is now at over 260,000), and new orders and income from first-time buyers is lastly up. That enhance is over $1 million in top-line development 12 months to this point. As I write this, we nonetheless have 4 weeks left within the 12 months.
On prime of that: We already know that half of these new shoppers will order greater than as soon as — and lots of will order for years and years to return.
To me, this was enormous! A “come to Jesus” second — if we enhance our postcard mailings, we enhance our prime line with out fail. It is just a little bit embarrassing as a result of that is my mantra, and I missed it.
What works for my enterprise will not be what works for yours, however you must put the work in to seek out that top-line development driver. As soon as you understand it, develop it like nobody’s enterprise and construct in efficiencies as you go. That has been the important thing to rising MY enterprise.
Search for year-over-year traits to make changes
It isn’t simply the present 12 months’s outcomes you need to scrutinize. Examine the final 5 years to establish traits. If you do not have knowledge that goes that far again, attempt to collect any info attainable to acquire a much bigger image of what might have modified or stayed the identical over a span of time.
How have your marketing strategies developed? I can let you know that at my enterprise, PostcardMania, junk mail advertising and marketing continues to ship large outcomes. We mail lots of of hundreds of postcards each week promoting our companies like clockwork.
However we have additionally examined different advertising and marketing methods over time. For instance, nearly all of our social media adverts had been static photographs. Then, final 12 months, we determined to launch a sequence of brief video adverts about our shoppers’ profitable advertising and marketing campaigns, and we witnessed an enormous distinction. In consequence, our social media leads doubled, growing by 105%! Since then, we have transitioned most of our adverts on Fb and Instagram to video as an alternative of pictures.
What’s your most vital advertising and marketing development? It is going to be totally different for each enterprise, however the essential takeaway is that the more you market, the extra your enterprise will develop. That is a tried-and-true development that can at all times keep the identical.
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Analyze your gross sales funnel to find alternatives for enchancment
Even if in case you have been counting on the identical sales funnel for years to ship clients, it is nonetheless useful to research its efficiency to see if there’s room for enchancment.
The place do you usually witness prospects shedding curiosity? Discover the weaker spots within the communication channels and brainstorm methods to attract them again in.
Usually, an purchaser will go to your web site earlier than making any last selections. This can be a key level the place prospects will usually fall out of your funnel — however you are able to do one thing about it. At PostcardMania, we use know-how to match an internet site customer’s IP handle with their bodily handle, then mail them a retargeted postcard inside 24-48 hours following their web site go to. The mailer sitting inside their home helps deliver them again for a purchase order.
I additionally suggest making a strong schedule of reminder adverts, emails and cellphone calls to re-engage prospects who have not transformed but. In the event you can automate these ways to be responsive utilizing your CRM, that is much more very best. This may lower down on the workload in your finish and create a extra personalised expertise for prospects. Win-win!
Bear in mind to work smarter, not essentially more durable.
Observe your rivals and evaluate for extra insights
By now, you must have an concept of who your principal rivals are. A well-thought-out advertising and marketing technique contains an analysis of the competition and their advertising and marketing as properly.
What did your competitor provide this 12 months? Was it higher than the reductions or free objects you marketed? Who did their adverts attraction to with regard to viewers? In the event you aren’t positive, be certain to go to their web sites and join their newsletters or advertising and marketing promotions. I additionally recommend making a Google alert for every competitor that can ship any new mentions throughout the online proper to your inbox. Take all of this info under consideration and element any provides or messages which will have carried out higher than yours. Then, rally along with your workforce to give you even higher methods subsequent 12 months to get forward of the competitors.
Simply take into account that your enterprise ought to keep its distinctive mission and identity regardless of any modifications in promoting and promotions.
Ask your clients for suggestions by means of surveys and opinions
I am unable to preach this sufficient, however the one approach you’re going to get extra positive reviews is by asking! The top of the 12 months is the proper time to ship out an e-mail or textual content message to clients and ask them to price your merchandise, companies and customer support.
By giving clients a chance to supply suggestions, you not solely enhance your credibility on-line, however you additionally acquire extra details about what your clients love and do not like as a lot.
My employees commonly takes time to ask glad shoppers for opinions. If somebody’s had a very good expertise, they’re very prone to depart a overview when requested!
As soon as we put a course of in place to do that, our five-star opinions skyrocketed. I am B2B, and I observed my rivals — even publicly traded rivals which might be 10x our measurement — have far, far fewer good opinions than we do.
Create a complete plan for the brand new 12 months
You do not have to attend till the brand new 12 months to make modifications. As quickly as you digest your enterprise’s outcomes knowledge, you possibly can start a brand new advertising and marketing technique. The very best time to make purchases is earlier than the tip of the 12 months so to reinvest in any other case taxable earnings again into your enterprise and cut back your tax burden. Some purchases would possibly even be eligible for tax credits!
In case you are a B2B enterprise like we’re, go forward and mail a letter to your prospects and clients and provides them the good concept to pre-buy your services or products earlier than the tip of the 12 months. A few of them inevitably will, and you will see a lift in December when persons are often too preoccupied with the vacations to spend that taxable earnings. We do that yearly, and December is commonly our greatest month of the 12 months!
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Rejoice your successes and acknowledge those that contributed
The 12 months should not finish earlier than you acknowledge your whole wins! Even when this 12 months wasn’t your finest, you possibly can nonetheless celebrate any accomplishment. Embody these victories in end-of-year occasions, or create an organization e-mail e-newsletter stuffed with constructive highlights. Ensure to offer credit score to anybody who contributed to the expansion of your enterprise. It is going to enhance firm morale and encourage the entire workforce to do even higher within the coming 12 months.
