First, Happy New Year!!!
Our team hopes that 2023 will be the best year of your life. Living your, “Best Life,” and taking things to Higher Profits and Beyond in Business are wonderful benchmarks to reach for, but the most important thing we must do these days is to tackle the task of identifying, then getting rid of, and moving past the distractions sidetracking your team from keeping optimal focus and coming up short with your Goal-Getting Initiatives.
The path to travel to get back on track is simple: WE MUST MAXIMIZE the Pareto Principle.
The 80/20 rule – otherwise known as the Pareto Principle, states 20% of the technologies you’re using to grow revenue and operate more smoothly (the inputs) are generating 80% of the Impact and Results you are getting (the outputs)
So, if you’re not sure what Technologies are included in the 20% list – you’re going to learn them by reading this blog. At this point, just knowing you have the desire to learn more about this topic is good enough 🙂
Here Are The Top 7 Technologies You Must Have Working Seamlessly And Systematically In Your Business If You Want To Be Maximizing The 80/20 Rule!
1. You must have a Website that contains many of the ‘bells and whistles’ that will Showcase your Company in as High-Tech and High-Touch as possible through the eyes, ears, and hearts of those experiencing your business online. An easy litmus test to use is to ask yourself if you are getting a “warm and fuzzy,” feeling from your Website and if you would purchase from your company, based on how information is being displayed on your Website?!
Be honest with yourself now! LOL!
Here are the 20% of the Items that will Generate 80% of the Impact and Positive Outcomes for your company on the Web in 2023.
Having the Video is certainly a wonderful start… However, using a Video Host that provides Analytics so you can learn more about the Video’s Performance is a great idea.
If you use Video frequently, the most cost-effective service we have seen is $50 per month and is called Sprout Video.
We have hundreds of Videos hosted on the Web with our account, so if you have an interest in leveraging Video Analytics and have questions, we can chat.
One Strategy that removes any doubt about whether a Review is real or not is to use Screenshots of people paying you praise from the actual Review Site.
It is a great idea to set up a Video Testimonial Day at your company.
If you’re looking to Maximize the Impact of Reviews, you should have Business to Consumer (B2C) Reviews and Business to Business (B2B) Reviews.
This feature is used on most sites these days, but studying which Product Categories or Brands are getting the most Engagement, Inquiries, and Sales are key!
This should not be confused with having your Social Media Icons of choice displayed.
We’ve found it beneficial when projects that have been completed in that area, Testimonials from Clients in that area, and Images that people will recognize (landmarks, town buildings, etc.) are used to connect a viewer to your company’s affiliation with that area.
It’s also EXTREMELY BENEFICIAL to build Dedicated Landing Pages that have Images of that space, Pics of the People that customers will be dealing with, and anything that is Custom (for example, are there different hours if there is a counter and showroom in the same building?) that anybody interested in visiting your space would find helpful.
FYI, you can always “vet” those contacts who book appointments to see if they qualify after the fact.
One of the top Calendar Softwares used these days (that also has a free version) is called, “Calendly.”
The “Automation Economy,” is absolutely awesome, but having people to manage the processes and perform “Quality Control” will take things to a whole new level!
2. Your website must have “Heat Mapping” installed on it.
If you are aware of how the Audience Behavior area of Google Analytics works, you know you can look at how people are navigating a website and what content they are specifically engaging with.
You can know specifically what pages get viewed the most, where people are leaving the site the most, and much more.
However, as great as it is, Google Analytics only shows the “global level” of things.
In short, you cannot look at any 1, 2, 5, or 50 isolated viewers at a time like you can with Heat Mapping Software. Our company uses heat maps of individual users to assure the Design of a Website is optimally done so that as much profit as possible is coming through or on the site (YES, there is a difference).
3. You must be tracking every Phone call, form fill-out, live chat submission, appointment scheduled, Wishlist, sale via eCommerce, and person clicking for directions to find your physical location (if applicable) via a Google My Business Page in your Google Analytics account.
You would be BLOWN AWAY how many times we look over a company’s Google Analytics account and find that NOTHING is being tracked from their website.
A simple rule to live by here is IF SOMETHING ISN’T BEING TRACKED AND MEASURED, IT CANNOT BE IMPROVED OR SCALED!
Now, if you don’t have an active Paid Advertising Campaign or eCommerce enabled on your website, this IS NOT as detrimental to your bottom line.
However, if you care about making more insightful and disciplined decisions (which we hope you do), then tracking conversions in Google Analytics and goals in Google Ads is a must.
If you do have Paid Advertising driving back to your website, YOU MUST MAKE SURE everything is being diligently tracked. Otherwise, you’ll never be able to calculate an accurate cost-per-lead, which will forever keep you guessing as to whether your advertising campaign and all of the associated costs for that are profitable. If a firm is working with you to do your SEO, PPC, Social Media ads, or more and is not doing the first 3 items listed here, I would ask a 3rd party firm to “audit” their work immediately.
4. You must have all of the Metrics that Matter Most populating to A Business Intelligence Dashboard that lays everything out in simple terms.
20% of the Metrics that get Measured from the Internet are Responsible for Generating 80% of the Results and Revenue!
Here are a few of the Top Metrics that Matter to our clients that you also must be Measuring:
5. You must be using a Project Management Software that has a Client Interfacing element to it.
Every business goes about this, “must have” differently.
But at the end of the day, supply chain disruptions, lead time issues, being short-staffed, and more have made it imperative to have a digital paper trail with all you’re doing.
Some companies use their CRM, some use their ERP, and some use spreadsheets and email to track where each pending and open deal is at the moment.
Regardless of your company’s preference here, IT IS UNACCEPTABLE for a sales associate to say that their sales pipeline lives in their head or in a notebook.
As a Sales Manager or General Manager, how can you improve a teammate’s progress without being able to see their pipeline?
As an Owner, it’s as simple as, “If you cannot see and study it (your company’s sales pipeline), it doesn’t exist!” #NuffSaid
For the “client-facing side” of this must-have item, everything regarding an active project or pending transaction should be accessible in an easy-to-digest and easy-to-find format.
We have all experienced not being able to track an important piece of info down in an email or something getting misplaced or lost in an email thread. #TheWorst
So, if you’d like to leave that mishap or inefficiency behind, you’d better sign up for a Project Management Software or change your standard Operating Procedures immediately.
6. You must have a Google Ad Account to attract high probability B2B and B2C buyers + an email outreach and LinkedIn and/or Instagram Direct Messaging System for attracting trade accounts and specifiers.
If you are a wholesaler, distributor, B2B reseller, or a company that sells products or services through a back-end, B2B eCommerce platform or front-facing webstore, having a Google Ad account is vital because there are new accounts looking for what you bring to market, that did not know who you were previously. So, if you choose not to have a Google Ads account as a wholesaler, you don’t just miss the 1-time sales (which we know is what you REALLY want), you would also be missing out on the lifetime value of that account – which could be 10-25x higher than you would have ever expected, projected, or anticipated. There are LOTS OF ORDERS that get started via a webstore by one person that often get followed up with by another employee who executes the purchase via a phone call.
If you are a brick-and-mortar retailer of any kind, dealer, B2C reseller, or a company that sells products or services through a front-facing webstore, having a Google Ad account is vital because more consumers than you’ll ever realize prefer an in-store experience – especially at the beginning of their buying journey. How do we know, well, it’s because we personally drove almost 50,000 clicks from Google Ads to a brick-and-mortar business in the 4th quarter of 2022. Long story short, businesses like this get A TON of inquiries from consumers who many times go “through” the internet and then wind up buying via the in-store experience.
If you are a fabrication or installation business, having a Google Ad account is vital because you either make custom goods that have to be installed by your team or a local installation crew, or you are dropshipping products that are being installed by somebody else. There are specific elements that a website must have for a business that produces fabricated goods and Google Ads will allow your message to be seen in specific zip codes, regions, states, or nationally. We see fabrication businesses getting 5X more contact form fill-outs than other types of businesses, so having forms tracking to Google Analytics and Google Ads is even more important than usual.
If you are a manufacturer, having a Google Ad account is vital because you can study any market with precision targeting. Truthfully, there is NO BETTER way to look for downline distributors, sell directly through the web, or market direct and drive leads to your dealers through your distributor/dealer locator function.
You can also do all types of co-op programs as a manufacturer. Text ads, Retargeting Ads, Geo-Fencing, and more with Google Ads are all excellent ways to increase the value of your visibility and leverage your investment substantially.
If you are a trade or professional association or buying group, having a Google Ad account is vital because you can radically increase the value of your association or buying group for your members. By running ads on behalf of your members – perhaps using a co-op structure of some type, you will be out-positioning and out-marketing other entities looking at the same prospective members as you. You will also have an awesome research study to share with prospective members that can also be broken up into, “bite-size” pieces and used as eNewsletter, social media and media kit content.
Because of the trackability and automated capacities that email marketing provides, it is imperative to have an Outbound Marketing Program in place to develop more B2B relationships and grow the number of accounts your business serves.
Here is an infographic that shows exactly how ShowroomMarketing.com designs and implements the #1 B2B Business Development Program in our industry.
In short, the key to running an effective Outbound Marketing Program is to construct a database of several thousand ideal candidates and commit to developing a relationship with them over 90 days. From there, there will be 3 emails sent to them over the course of 3-4 weeks. During and after emailing, you should track what every recipient does when they receive the message.
They can only do a handful of things when they receive the message:
Regardless of what the recipient of the message does, you must Measure, Monitor, Adjust and Control all of the actions if you want an optimal outcome to occur with these contacts. Although there is some manual follow-up with this method of marketing, the return can pay off handsomely.
7. You must have a Software installed on your Website that Captures the Contact Info of the people who visited your Website, but didn’t call, fill out a form, or make a sale (for those with eCommerce active on their website).
Although this sounds too good to be true, getting contact information for the B2B and B2C visitors who browse your website is very real, and 100% possible. However, getting the contact info is one thing, but it’s what you’re going to do with their name, home/business address, and email address moving forward is most important and exciting