Learn the top 3 must-have strategies that are currently working to grow Marine businesses fast!
Dear reader,
What you’re about to uncover are the 3 fastest ways to grow your business, without adding more time, energy, effort or resources.
These 3 ways are currently working for marine businesses and they’re working VERY well to help these businesses grow fast, add more customers, reduce marketing headaches, generate more profits and multiply the value of the business.
So if you’re interested in learning how to achieve these results, then read on!
Firstly, I want to set the scene and highlight some fundamentals that are important to maximise what you’re about to learn.
This report is not a criticism of anything you’re currently doing. We only know what we know, what we see, what we’re taught and what we experience. But I recognise that with change comes growth and I’m providing this report to help you grow.
Second, marketing is the driver of business growth.
I’m not just talking about advertising, I’m talking about all aspects of marketing. This includes your products or services, the relationships with the people in your target market, their wants, their needs, their challenges, how you communicate with them, what offers you present to them etc. It’s all marketing and better marketing = better business growth.
The truth is, most people don’t know what to do when they become stuck with their marketing and they don’t really know what to do when they want to grow their business.
Because of that, most businesses will accept only a portion of what is actually possible and what is actually achievable.
But, by tweaking their ways of working and how they approach marketing, the difference in results and profits can be enormous.
And it starts with removing ineffective activity (the things that aren’t work well enough). This must be done before you can integrate new strategies into your day-to-day, because I’m sure you’re already putting a lot of hard work into your business.
Once you’ve cleared out the waste, then you can work on these 3 strategies that are currently working VERY well for marine businesses.
#1. Referrals and word-of-mouth.
We know when a potential customer is referred to our business, they are more likely to buy from us because an existing customer has put in a good word for us and endorsed us. When they endorse us, they are imparting a level of trust that they have in us, on this potential customer. The potential customer becomes more confident in buying from us and dealing with us, so they are more likely to do so. Generally, this potential customer that has been referred to us will buy faster, spend more, be more profitable, be less stressful to deal with, be more loyal, buy more often and be more likely to refer other people to us.
So, referrals are gold!
However, here’s the thing.
Most businesses leave referrals to chance and they let them happen naturally.
Why is this a problem? Well if you do this, you’re not maximising your opportunity for referrals, because we know that most happy customers will never refer any business to us.
This is despite the fact that most of our customers will know and associate with other people who could also benefit from what we sell.
The solution? A referral system that motivates and encourages your customers to promote you to their family, friends and associates.
The result? A multiplied increase in the number of newly referred customers you get every month.
But what does a referral system look like?
Teach your customers that you actually want referrals. When they know you want referrals, they’re going to refer more people to you.
Teach your customers who the types of people are that they should refer to you e.g. provide a simple one or two sentence profile of who that person is that you want referred to you. It’s usually a similar type of person to the customer you’re talking to!
Teach your customers the benefits of referring people to you
Teach your customers how to make a referral e.g. an email introduction.
There are dozens of referral systems that you could implement and use in your business, but the key is to be consistent.
Once established, a referral system should require only small amounts of effort to make it work.
The results can be transformational to your business and you don’t need to spend a single dollar to get your customers to refer you, provided you’re delivering a great product or service and provided you’re following the referral system consistently.
The question to ask yourself is if referrals and word-of-mouth provide such high-value customers, then doesn’t it make sense to take a deliberate approach to generating more of them?
#2. Risk-reversal
When a customer buys from a business, they are typically handing over their money before they experience the result from what it is they’re buying.
For example, when someone buys a boat, they will typically hand over the money before it’s delivered.
When someone buys fishing tackle, they will typically pay for it before catching a fish with it.
When someone goes on a fishing charter, they will spend the money or commit to spending the money and they will commit the time, before they actually get out on the water and catch anything.
This means the majority of the risk involved in a purchase is usually taken on by the consumer, rather than the business.
This is one major reason why it takes time for consumers to make decisions. This is why they’ll shop around. This is why they do their research first.
You’re a consumer too and you’ll do the same as well.
When it comes to our own businesses, if we can reduce the risk and alleviate some of it from our customers, then we make it easier for them to trust us and buy from us!
This means more sales and more profits.
So how do we reduce the risk and take risk away from our customers?
Money back guarantees are the most common form. But I advise my clients to take it a step further.
If you sell fishing gear, give away a bonus as part of every purchase. And if they are not happy with their purchase, they can return the fishing gear and they still get to keep the bonus.
I can hear it now, “But what about if heaps of people return the fishing gear? Won’t that cost us money because we’re letting them keep the bonus?”
Good question!
However, it’s proven that if your product or service is fit for consumption and does what you say it does, then the increase in sales you get by lowering the risk should far outweigh any cost of returns.
Second, the bonus doesn’t have to cost you any money. Using the example of a fishing lure, if you sold that lure for $30 and gave away a bonus how-to video that’s exclusively available to purchasers of that $30 lure, then you will simply need to create that video once (or have the manufacturer of the lure create the video) and you can provide it as a bonus many times over, without additional cost each time you provide that video as a bonus.
That bonus how-to video will entice more customers to buy from you (because what you’re offering has become more valuable), AND it will also help the customer get the most out of the lure, so they can catch more fish. The result of that? They’ll come back and buy that lure and other products from you, over and over again.
It’s a win/win.
Drop the risk, win the customer.
#3 Paid advertising
Ok we all know about paying for advertising, but I promise this twist on paid advertising is the way to get an advantage over your competitors.
Before running ads and committing a budget to them, try this first.
Calculate what an average customer is worth to your business, over the typical lifespan of their relationship with your business. Lifespan meaning, over how many years does the average customer come back to purchase from your business.
I’ll walk you through the calculations below, but the dollar amount is known as a customer’s lifetime value.
For the sake of this example, we’ll say that the duration of a customer’s relationship with your business is 3 years.
If an average customer buys from you 4 times per year, spends on average $200 each time they buy from you and they stay with you for 3 years, then the calculation for customer lifetime value is:
4 (times they purchase per year) x $200 (spent on average each time they buy) x 3 (years).
4 x $200 x 3 = $2400
But instead of working with this calculation, most businesses will look at the first purchase a customer makes (costing $200) and try to figure out an advertising budget from there.
And if they spent $200 on advertising, for each new $200 customer – they might cancel the Ad!
However, if you calculate and recognise the lifetime value of each new customer to your business, it makes sense to invest more in paid advertising because you can be confident that you’ll see the profits over a period of time.
If it cost you $200 in advertising fees to attract a new customer that you knew would spend on average $2400 with your business (over the next 3 years), then would it make sense to run these Ads?
You pay $200 and get $2400 back.
Yes, definitely!
So there are the 3 strategies that are working very well for marine businesses in 2022.
What you probably realise from reading this report is that these 3 methods of business growth sound pretty simple - Referrals, Risk-Reversal and Paid Advertising. That’s because when they’re integrated, customised and tailored for your specific business, they actually are pretty simple.
They’re simple to follow, simple to action and they don’t really have many moving parts.
And because they don’t require a lot of time, energy, effort or money to make happen – they’re easily achievable regardless of the size of the business.
The most important thing is setting them up correctly. That involves customising them for your business and integrating them into your day-to-day activities.
Would you like me to help you with that?
I’m happy to help design a custom business growth plan, identify the referral systems suitable for your business, determine what risk-reversal methods will be most attractive to your market and discover the most effective types of ads to run. This way you’ll be able to attract many more customers and grow your business faster than ever before, without adding more time, energy, effort or resources. There’s no cost associated with this and there are no obligations.
I offer this complimentary service because I run a business that specialises in helping owners and operators of marine businesses, to grow their business fast without adding more time, energy, effort or resources. So if you find value in the complimentary session, you might want to work with me on an ongoing basis so I can keep delivering great results for you.
With that said, please understand that this complimentary service is not a sales pitch in disguise. I promise I won’t hassle you or pressure you in any way. In fact, if you feel like I’ve wasted any of your time, just let me know and I’ll place an order from your business to the value of $300. That’s my risk-free guarantee to you.
But, before we go any further, I need to let you know that I can’t help everybody. I can only be of benefit to businesses that are currently operating, currently making sales, have capacity to grow and have an owner/operator that is comfortable with change and really wants to grow the business.
Here’s what to do next, if you want to schedule in a complimentary business growth planning session, simply click the ‘Apply Now’ button below. When you click, you’ll see a form with a few questions about your business and what you’re looking to achieve. Once I have that information, I’ll do some work for you and we’ll setup some time to go over it together.
Finally, please note that these sessions are limited to what I can fit into my schedule. So if you’re interested, I recommend filling out the form now so you can secure your spot and I look forward to chatting with you soon.
Yours sincerely,
Nathan Tripolone
Director | Realtime Results