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Five Places to Invest Your Marketing Budget in 2018

Posted by Mike Montano on Feb 17, 2018 10:00:00 AM

Five Places to Invest Your Marketing Budget in 2018

 

Wondering where you should be investing your marketing budget in 2018? Don’t waste money on strategies that no longer work. Instead, check out these five strategies for making the most of your marketing dollars this year.

 

  1. Targeted Facebook Ads

Imagine your amazing ad showing up in front of your captivated customer just as they’re about to dive into their 500h cute cat video of the day. And all of a sudden, they remember, “Oh yes, I did need to get my plumbing serviced, didn’t I? I’ll give them a call.”

Facebook Targeted Ads are inexpensive and effective in getting you noticed by potential customers.

With Facebook Ads, you can design custom audiences to target your ad to different kinds of people more likely to need your service. You can also set location targeting, which lets you market to people within a certain radius. Or, you can even retarget ads at customers who visited your website but never converted.

Overall, through the power of Facebook targeted ads, you are able to reach more potential customers who need your service, while bypassing those that don’t.

This is a marketers dream.

 

  1. Email

By now, you know how powerful it is for local service businesses to keep in contact with their customers. Consistent communication helps to build brand loyalty, customer retention, and helps businesses stay top-of-mind throughout the year.

This is why email marketing is the most effective way to communicate to your customers throughout the year while delivering the most return on marketing investment.

One well-written email and a single click of a button can reach all of your customers at once. This is fantastic because you can contact customers without spending too much money.

Stretch out your typing fingers and start sending newsletters, service reminders, holiday greetings, and company updates throughout the year, so your customers will remember your company name when they need a service.

 

  1. Video

People like to watch videos; a lot of videos. More than 500 hours of video are watched on YouTube every day. According to a new study by SearchMetrics, YouTube now commands SEO visibility rankings.

Many local service companies are beginning to introduce video content as a way to get more customers to pay attention to their message.

Here’s why you should, too.

According to Diode Digital, 50% of customers will watch a video if it’s available on your site. Also, websites with videos are 50 times more likely to appear on the first page of search engine results (Forrester Research).

How-to’s, testimonials, or even just an introduction to your team will help you get noticed online and leads to increased calls to your business.

 

  1. Managing Your Online Reputation

By now, you already know your online reputation is your most valuable marketing asset. Having a stellar reputation is essential to a growing business.

That’s because 97% of consumers read reviews before making a purchase decision. And 85% of those consumers trust a review as much as a personal recommendation.

But did you know that many local businesses are now using reviews as a way to get more sales?

You can send an online review portfolio of your team member to your customer before an appointment. This helps to establish your team member as a trusted advisor and makes it easier for them to close deals.

When the time comes for your team to recommend a particular piece of equipment or service, your customer will know they’re credible and trustworthy based on the great reviews they have earned.

Reviews mean revenue. In fact, according to one study by Moz, 67% of consumers are influenced by online reviews. Unfortunately, one negative review could cost you nearly a quarter of all potential customers who began researching your brand.

What does this mean for you? A stellar reputation is crucial to bringing in new business.

 

  1. Take Care of Your People

Your people represent your brand, your values, and your business to your customers every day. When they provide remarkable service, it results in happy customers leaving glowing online reviews that attract new customers and help grow your business.

When they don’t provide great service, however, you get unhappy customers who leave bad reviews, resulting in a bad reputation and countless dollars of lost revenue.

So what leads to subpar employee performance? According to a study by Globoforce, the answer could lie in how employees are being recognized at work.

78% of workers would be more motivated to perform better at their job if they were recognized and appreciated for their efforts. Which is alarming, considering that same study says that 45% of employees have received no recognition in the past six months.

Inspire your team to be remarkable by recognizing and rewarding them when a great job is done. Cheer them on at company lunches, post shout-outs on your company Facebook page for their friends and family to see, or even give them a simple, “Thank you for all your hard work.

Extra efforts like these cost very little, but go very far in motivating your team. Motivated employees provide better service to your customers, which results in better online reviews, and more revenue for your business.

What’s even better? Your happy employees can help you with recruitment and retainment of more great people. Employees who feel recognized at work are two times more likely to recommend their workplace to others. They’re also half as likely to leave a company for a competitor.

Investing in getting and keeping great people who positively represent your company’s brand and values with every customer interaction is essential for a great online reputation.

It’s the best investment you can make this year.

 

Service Roundtable is dedicated to growing your bottom line and helping your business maximize its full potential. These group of contractors work together to assist you with marketing, sales, business, and so much more. Twice a month, seminars around the United States and Canada are held to network and further assist your business. Visit Service Roundtable.com to see if there are Success Days in your area and do not forget to register for International Roundtable in New Orleans on April 4 - 6!

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Topics: Business Growth, Marketing, Branding, business culture, Building a Business, Business Leadership, Management, Leadership, Plumbing, hvac, learning, knowledge, team building, creative marketing

Is Your Business Truly Profitable?

Posted by Lynn Wise on Feb 10, 2018 10:00:00 AM

Businesses exist for many reasons—to provide goods or services, to fill a need, to address consumer pain points—but ultimately, they exist to make money. As such, it’s alarming how many smaller companies actually aren’t generating as much as they should. They may make revenues, but they don’t necessarily save any of that money in the bank as pure profit. The effect on the business owner is a constant feeling of treading water; never going under, but also never feeling like the business is growing.

Believe it or not, a lot of this has to do with the business owner’s mindset—and a change in perspective can unlock surprising profits in your company. It’s a model called Profit First, outlined by author Mike Michalowicz in his Profit First bestseller. The book and its insights have revolutionized countless businesses. In this post, we’ll show you how they can revolutionize yours.

 

The Problem with Your Accounting

There’s a decent chance that your company uses the GAAP accounting model, even if you don’t necessarily know it by that name. This has long been the conventional accounting framework; in fact, that acronym stands for Generally Accepted Accounting Principles.

What it boils down to is this: SALES – EXPENSES = PROFITS. Your revenues, minus your expenses, equal your profits. It sounds right. Mathematically, it checks out. But in fact, it’s nonsense. The way you know it’s nonsense is that so many of the companies that use this accounting formula have no profits to prove it.

 The Profit First model inverts this formula just a bit. In Profit First, the math looks like this: SALES – PROFITS = EXPENSES. That may sound like a minor variation, but actually, it makes a world of difference. This particularly makes a difference in the business owner’s behavior.

 

Understanding Parkinson’s Law

But why does this inverted formula change business owner behavior so drastically? For an answer, we look to Parkinson’s Law, an observation attributed to author C. Northcote Parkinson. He famously stated that our demand for resources rises to meet the supply. That means if a project is allotted two weeks to complete, it will take the full two weeks. If it’s allocated five weeks, it will take five weeks. You get the idea.

Profit First uses this law to your advantage. Here’s how: Rather than paying your expenses first, you start by putting aside some money as pure profit—literal money in the bank. What you’re left with, you use for expenses. Remember Parkinson’s Law: The demand for your resources (in this case, money) adjusts to the supply. When you set aside profit first, you simply learn to do more with less money; in other words, your expenses are minimized.

 

Just Look at Your Bank Account

If you’re unsure about any of this, let’s come at it from a different angle: bank account balancing.

Frankly, most business owners don’t have the time to read all the different accounting statements that are available to them. This includes balance sheets, cash flow statements, and the list goes on. As such, they resort to bank account balancing. This simply means looking at your bank account and making financial decisions based on what you see there.

Business owners who use Profit First have a big advantage. The difference is that, with a Profit First mindset, you take a portion of your deposits and immediately allocate them to profits. As such, when you look at your bank account balance, you see what’s available for spending after those profits have been claimed, and you adjust your spending accordingly.

 

Using Your Habits to Your Advantage 

One of the great assets of the Profit First model is that it doesn’t really require you to change your habits, rather it allows you to use them more advantageously. After all, simply forcing yourself to become more financially disciplined is a hard thing to do. However, being proactive in setting aside profits each month, then letting your natural spending habits kick in from there, is very doable.

You, too, can learn to use Profit First by setting up some savings accounts, forcing yourself not to “borrow” from your own profits, and ultimately turning your cash-eating monster into a money-making machine. Start thinking in terms of profit first and put cash profits in your business today!

 

Meta description: Many businesses make profit an afterthought—but the Profit First accounting system can help any company become more profitable.

 

Social media posts: 

The #ProfitFirst system can revolutionize any company’s approach to #cashflow—but where should you begin?

Does your company devour cash, without generating profits in return? If so, #ProfitFirst is for you.

 

Service Roundtable is dedicated to growing your bottom line and helping your business maximize its full potential. These group of contractors work together to assist you with marketing, sales, business, and so much more. Twice a month, seminars around the United States and Canada are held to network and further assist your business. Visit Service Roundtable.com to see if there are Success Days in your area and do not forget to register for International Roundtable in New Orleans on April 4 - 6!

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Topics: Business Growth, Marketing, Branding, business culture, Building a Business, Business Leadership, Management, Leadership, Plumbing, hvac, learning, knowledge, team building, creative marketing

Defining Moments

Posted by Dave Rothacker on Feb 3, 2018 10:00:00 AM

“Hi, my name is Don Page and this is my first day at work here.”

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Topics: Business Growth, Marketing, Branding, business culture, Building a Business, Business Leadership, Management, Leadership, Plumbing, hvac, learning, knowledge, team building, creative marketing

Yes, Your Next Hire Should Be a Woman

Posted by Vicki LaPlant on Jan 27, 2018 10:00:00 AM

FemalePlumber.jpg

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Topics: Business Growth, Marketing, business culture, Management, Plumbing, hvac, learning, knowledge, communication, Sales, hard work, success building, business, business planning, strategic planning, business strategy, tactical planning, women

Have You Been Infected by FOMO?

Posted by Vicki LaPlant on Jan 20, 2018 10:00:00 AM

 Have You Been Infected by FOMO?

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Topics: Business Growth, Marketing, business culture, Management, Plumbing, hvac, learning, knowledge, communication, Sales, family business, hard work, team building, success building, business, business planning, strategic planning, business strategy, work environment, tactical planning

Marketing with Imagination

Posted by Dave Rothacker on Jan 6, 2018 10:00:00 AM

Marketing with Imagination

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Topics: Business Growth, Marketing, Branding, business culture, Building a Business, Business Leadership, Management, Leadership, Plumbing, hvac, learning, knowledge, team building, creative marketing

Four Wishes for You in 2018

Posted by Vicki LaPlant on Dec 30, 2017 10:00:00 AM

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Topics: Business Growth, Marketing, business culture, Management, Plumbing, hvac, learning, knowledge, communication, Sales, hard work, success building, business, business planning, strategic planning, business strategy, tactical planning

Planning, Planning, Who Needs Planning?

Posted by Vicki LaPlant on Dec 23, 2017 10:00:00 PM

 

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Topics: Business Growth, Marketing, business culture, Management, Plumbing, hvac, learning, knowledge, communication, Sales, hard work, success building, business, business planning, strategic planning, business strategy, tactical planning

The Power of Moments

Posted by Dave Rothacker on Dec 16, 2017 10:00:00 AM

 

The Power of Moments

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Topics: Business Growth, Marketing, business culture, Building a Business, Business Leadership, Management, Leadership, Plumbing, hvac, learning, knowledge, family business, team building

Necessity is the Mother of _____

Posted by John LaPlant on Dec 9, 2017 11:00:00 AM

 

Necessity is the Mother of _____

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Topics: Business Growth, Marketing, business culture, Building a Business, Business Leadership, Management, Plumbing, hvac, learning, knowledge, communication, expert, Sales, business planning, business strategy, work environment

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