Are you wasting money on bad strategy?

Lately it’s become painfully relevant for me to write this post in hopes that it may prevent you from wasting money on bad strategy.

I’m seeing this trend all over the place as women and men are struggling to follow their great ideas to a BIG PAYDAY!  If that’s you, then this article will help you think through your marketing plan so you reach your goals.

Are you using the correct plan to reach your goals?

When you want to promote your idea, you’ve got to understand that just because you see someone cash in on a good marketing plan doesn’t mean it’s for you. 

For instance, many people get so tantalized with making money that they just jump into spending, thinking it’s a good idea before they make sure they are all set up to service their clients.

Your #1 focus should always be to create a product or service that your IDEAL client is already asking for.

Last weekend I spoke to yet another ambitious CEO about her clothing line.  She has a great idea, but it’s still not tested.  

Please know if you want to use the Internet to make money, you definitely want to build a database of your ideal client. Don’t waste time setting up a really great website that doesn’t make you money.  Many companies will produce videos, graphics, and do PR for you, but if you don’t have a good way to collect your clients’ names and e-mail addresses, you are STILL trading your time for money.  

In other words, you want to leverage your time and stretch your money so you have a GREAT return on your investment.

Last week I wrote about Facebook marketing

Please know this, if you aren’t making money every single month from a base of existing customers, you shouldn’t be spending money on building friends on Facebook.  Only 6% of your friends ever see your posts.  

Know this, though.   Facebook is a strategy you DO eventually want to put into your business model, but not until you have other strategies in place like a good client attraction procedure and a strong follow-up sequence.  Most business is not done on the front end.  Your follow-up is most important. 70% of your wealth happens on the back end simply because people need to see a promotion 5 to 7 times before they convert to being a buyer.  

Serve your clients/ customers, and STOP selling.

It can be easy for you to make money doing what you love if you lean in and listen to your clients.  

A really BIG MISTAKE is creating a product without asking your customers.

Here’s why.  When you start with your product, it’s all based around you, and unless you are going to fund yourself, that’s not the best way to approach getting rich.

You want to take your initial idea and start surveying your audience to see what they REALLY like about that idea and what they would want most from you when you create it.

Here’s an example.  Say you want to create a yoga clothing line. Great idea!

My favorite is Lulu Lemon.  I love this line and they are not cheap.  I say that because so many of you go from great idea to discounting the price so people will buy it.  That’s manipulation and normally doesn't work.

Lulu Lemon sells their yoga pants for $90 and they DON’T run big sales.  They are in high demand year round, and while other brick and mortar business are going out of business, they are thriving.  They use online stores as well as physical storefronts to do business.

What you can model from Lulu Lemon is that if you SERVE what clients want from your brand, you will be successful irrelevant of price.  

My clients want to make money and live a high quality of life.  They are usually women; however, some men hire us for VIP consultation days.

We know exactly what they want before we start shoveling our ideas down their throat. This helps our clients be empowered in their companies and not dependent on us.  It’s also sustainable and a very viral approach in growing your referral business.

In conclusion, know what your goals are and the goals of your clients pertaining to your product or service.  Make sure there is a market for your idea by fitting your idea into the minds of your clients.  Then never give up and follow through!

Much Love,

Shanda Sumpter

P.S.  Let me know what you “LIKED” about this article in the comment box below.