3 Commonly Overlooked Marketing Issues You Can Easily Fix

When it comes to marketing, the focus is usually on customer acquisition. All the ads you see from various consultants and agencies place a focus on attracting new customers. Cool Tik Tok dance videos, digital ads, sales funnels, and SEO are all about gaining new sales.

But marketing has many more functions than that and it's not the only way to increase revenue and profits. So let's talk about 3 commonly overlooked functions of marketing and how you can fix them with little or no cost to the business yet will generate more sales and profits.

In many cases, those results can be immediate.

Listen to this entire podcast episode by clicking here

1. Customer Retention

I hardly ever see a business put this in their marketing plan. It's great to attract new customers but it's probably more important to keep them. I had one client lose as many customers as they gained. So their sales naturally stayed flat. Their problem wasn't customer acquisition. It was keeping more than they lost.

Focusing on retention alone helped the business grow.

Here are some interesting customer retention stats:

• Repeat customers spend 33-67% more than the first time they make a purchase
• 80% of future revenue comes from 20% of existing customers
• Second time customers refer an average of 3 people
• The likelihood of converting an existing customer into a long-term one is 60-70%. The likelihood of converting a prospect into a customer is 5-20%

So what's your customer retention rate? If you increased your retention rate by a mere 10% or 20%, what would that do to your sales?

Get more [FREE] marketing tips by clicking on the 30 Day Marketing Makeover

2. Price

This is something I'm passionate about because it can make an immediate difference to your bottom line. The average net profit margin across all industries in the U.S. is 5.5% yet a healthy margin should be at 10-15%. A price increase could make a big difference because that extra margin all goes to the bottom line.

All of the clients I've had over the past 8 years have needed a price increase somewhere in their portfolio of products/services. Sometimes across the board and others on some of their select products/services.

At the very least you should be raising your prices every year to keep up with inflation. If you don't you're losing margin every year. But many businesses are afraid to raise their prices because they think they'll lose customers.

Fear not. If your product/service is providing value, your customers will stay with you.

In my experience a price increase of up to 15% actually attracts more customers.

Why? Because their is a perceived value. Think about it. We all make value judgements based on price. There is an assumption of higher value with a high priced item. A similar item priced on the low end causes the consumer to assume low quality.

So casting a wide net like many businesses do by offering a low price while promising high value tends to backfire. It's better if you just price your product based on its worth as opposed to trying to cast a wide net with a lower price point. It may seem counterintiuitive but it works.

Check out more [FREE] pricing tips by clicking here

3. Copywriting

This is definitely an overlooked aspect of marketing. The written word. Usually a business has someone within the company that is proficient in the English language to write their marketing copy. Whether it be on the website, flyers, eblasts, etc., if they can write, they're hired.

But getting an "A" in journalism doesn't always make for good marketing copy. There is an art to writing for marketing purposes just like their is a different one for writing a novel or a scientific article.

Hiring someone that knows how to write marketing copy is worth it's weight in sales.

Customers make buying decisions based on the written word not a Tik Tok video. You can have the coolest and most engaging video but if the consumer doesn't know what you're selling, how to subscribe, or how to buy, it doesn't matter.

ContentVerve saw a 90% increase in click-thru rate by using the first person phrasing "start my free 30 day trial" vs "start your free 30 day trial." Words matter.

Check out more [FREE] copywriting tips by clicking here

Take some time to address these 3 areas of marketing and watch your sales and profits rise. You can also listen to this entire episode by clicking here.

Here's to your success,

Robert Fukui

Biography:?Robert and his wife Kay Lee run a consulting business that assists entrepreneur couples create better balance in life and business. Check out their [FREE] guide "Balance Business and Marriage Better" by?clicking here.