It doesn't matter how great your product is or how great you think it is.
If you don't know how to market your product/service, then you can't sell it.
Most entrepreneurs make the mistake of believing that they are in the same industry as the product or service that they sell.
A woman that owns a dry cleaner usually thinks she is in the dry cleaning business.
A woman that owns a restaurant usually believes she is in the restaurant business.
A man that repairs shoes may think he is in the shoe business.
Nothing could be further from the truth.
If you own a business, then you are in the marketing business.
It is your job to get people to buy your product.
It is your job to raise awareness of your product.
It is your job to bring in new customers and get those customers coming back to buy from you again.
This, my friend, makes you a marketer and puts you in the marketing business.
A business owner that continues to believe that they are in the business of dry cleaning, restaurants, shoe repair, or whatever product/service they sell will never achieve their maximum potential.
Your business will skyrocket when you truly believe that you are in the marketing business because then you will learn how to get more customers that spend more money with you and buy from you more often.
There are only three ways to increase revenues in any business.
Get more customers.
Get customers to spend more money per transaction.
Get customers to buy from you more frequently.
It doesn't matter what business you own, these are the only 3 ways to generate higher revenue.
All three of these can be accomplished when you understand good marketing and take it upon your shoulders to achieve them.
The interesting part is that a small increase in each of these areas can bring explosive growth to your company's revenue.
Let's give a very simplified example: Assume that your business has 1000 customers in a year that spend an average of $50 per transaction, and average 3 purchases per year.
These 1000 customers equate to $150,000 in revenue to your business.
1000 customers X $50 per transaction X 3 purchases per year = $150,000.
Now let's see what happens when all areas achieve a 10% increase.
1100 customers X $55 per transaction x 3.
3 purchases per year.
This 10% increase across the three areas of the equation would result in $199,650 in revenue to your business.
This is a $49,650 increase in your revenues! This overly simplified example doesn't account for the long term growth as these customers purchase from you year after year! This is exactly why it is vitally important to understand marketing and how to achieve incremental increases across these categories in your business.
This is how marketers think.
You need to think like a marketer because that is exactly what you are my friend.
When you understand this concept, then your daily activities can be geared at doing the things that increase your customer base, increase transaction sizes, and increase frequency of purchases.
These are the ONLY three ways to increase revenues.