Trending
One of the things that is essential for business owners when driving value growth and preparing for an exit with favorable options is decentralizing.
Typically, I have seen this expressed with a goal of having the owner become decentralized from the business. This is a necessary and good thing that can take a few years to achieve and is vital to preparing for (a) best in class performance right now and (b) better multiples and options at your exit.
However, what I haven’t seen discussed enough is applying the concept to your businesses #marketing. For example, one of my favorite organizations is amazing at email marketing. The are absolutely rocking the results from their email marketing and it isn’t slowing down yet.
Seriously, I think that most of us could learn a lot from their skill level and continuous improvement.
However, that is the vast majority of their marketing and even when you are flat out driving amazing results…if you are dependent upon one thing…you are a fragile as a business. Things can change and email marketing is one of those things that could easily be disrupted by several outside forces: technology, regulation and bad actors.
I had the chance to speak to one of their amazing staff at a dinner recently and brought up the concept to see how it landed. I wasn’t surprised to get agreement and then we began a conversation about how to address it and when.
I never recommend radical change unless their is an ‘emergency room’ involved for the business. If you are on the train tracks headed off a cliff that is about the only time I recommend jumping off. Instead, it is important to understand what is working, what might work and (most importantly) how can we begin to add in another stream of new business from another channel?
Of course, if you know anything about me, in most cases I recommend looking at how your organization gets #referrals. This is because referral are often the most overlooked and easiest to implement ways of improving your marketing ‘portfolio’. You don’t have to stop doing, for example, email marketing if you want to add in referrals to the mix for any size organization.
I find, unfortunately, that reflection and strategy are only valued after something goes wrong most of the time. Then, you are in the most disadvantaged position possible: desperately needing business and having less time.
Next steps for the business owner:
- Examine your marketing system from your own perspective first? How resilient is it and how many viable channels to acquire new business do you have? Remember, if you only have one highway…it sucks when its under construction.
- Meet with your internal and external marketing experts (separately) and have a frank and forward focused conversation about your thoughts from the exercise above. Be prepared to be creative and flexible.
- Meet with another business owner you respect to see what they might offer as advice
- Start small. Building momentum without traumatic spending is always the best way to go.
Let me know your thoughts on this one and remember I always have time to help.
Related: Why Social Media Is Critical for Referral Success for Financial Advisors