Why accept 3% when you could have 80%?
Not a trick question – in fact many small to medium sized businesses do accept the former!
And they know it, too!
And…. they accept it!
Consider this … a return of around 1-2% “hit-rate” on a leaflet drop around your local area is considered industry-standard. That’s not to say that, for some businesses, that size of return would not yield a profit – in fact it may well do – which is why so many small businesses do it.
Many people have, however, turned to the Internet. For many, The Holy Grail is to get onto the front page of Google – this appears to be the answer to everything. However, again, statistics show us that an acceptable “hit-rate” of between 1-2% (that figure again?) is deemed industry standard. But the feeling here is that if enough people see it then 1-2% of a high number is also a high(-ish) number – and again, for some, they may be right.
But, let me ask you this fundamental question. If you wanted a service, say plumbing work, electrical, roofing, cleaning, legal, financial, etc etc would you feel more comfortable to hire the services of a local business that has been RECOMMENDED by someone you know and respect?
Is this not more of a guarantee that you are spending your money wisely? Since people generally only recommend businesses to others when they feel confident enough to put their own reputation on the line – this in fact appears to be the safest and most effective option for marketing your business – by WORD-OF-MOUTH. And the statistics show us that businesses with an effective Word-of-mouth strategy have an 80% hit-rate when attracting new clients!
