Click here to download HubSpot’s Free “Customer Service Metrics Calculator”:
The bad news is, your odds of going broke are high. Business owners and entrepreneurs who are smart, disciplined, experienced, and prudent go bust on a daily basis. Thousands will be out of business this year.
And not just this year, every year, because no matter how smart and disciplined you are, you might be making one of these fatal errors in how you run your business.
The good news is, if you know about these traps, you can avoid them and mitigate risk. You don’t even have to be that good, because these traps are hard to see, but EASY to avoid if you know where to look.
So, let me show you how it’s done.
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The company failed businesses fail Business failed businesses are failing [Music] Bad news is Business owners who are smart Disciplined experienced and prudent go Broke on a daily basis Thousands will be out of business this Year and not just this year every year Because no matter how smart or Disciplined you are you might be making One of these fatal errors in how you run Your business the good news is if you Know about these traps you can avoid Them mitigate the risk you don't even Have to be that good because these traps Are hard to see but easy to avoid if you Know where to look also a big thank you To HubSpot for sponsoring this video but More on that later For example this silent killer is Responsible for 82 percent of small Business bankruptcies every year you Can't see it from the outside and a lot Of small business owners and Entrepreneurs just turn a blind eye to It but if you pretend that this problem Is just going to go away on its own then You're basically agreeing to just let Your business fail what's this terrible Problem cash flow and it's not as simple As it sounds you can technically be Making a ton of money and still go out Of business from a lack of cash flow if
Your business's balance sheet is out of Whack like often happens if customers Aren't required to pay up front or are On much longer term payment plans taxes Are another gotcha that can come Seemingly out of nowhere and catch a lot Of new business owners or entrepreneurs Completely off guard but they can also Ruin many seasoned and Veteran business Owners businesses as well especially if They scale up quickly and don't account For all of the additional taxes that They're going to need to pay at year end I still remember the first time that I Ever got hit with a six-figure tax bill And was like whoa um so that's a lot of Money a lot of money that I probably Should have accounted for and I'm now Going to have to scramble to come up With to avoid going to prison for a tax Evasion but other things can happen too Good and bad so you want to always make Sure that you have a cash reserve on Hand so you're able to weather any storm That comes your way the bigger you are The more cash you're probably going to Want to have on hand in order to feel Comfortable Microsoft for example keeps Around 100 billion dollars cash on hand Amazon 70 billion and apple around 50 Billion me personally I like to have Around 12 months of expenses saved up Just in case anything happens although If you're just getting started and don't
Yet have a cash Reserve well three to Six months is probably a good place to Start and to shoot for the best way to Build up this fund and to keep your cash Flow positive is to keep your expenses Low especially in the beginning skip the Big office the fancy car and the Designer suits and instead Focus all of Your efforts on trying to get your Customers or clients the absolute best Results possible and remember Smiles are Free Next try to get paid up front as much as Possible for many Industries this is Already the norm but if yours is a work Now get paid later well try to find a Way to incentivize clients or customers To pay upfront whenever possible and Most importantly of all know your Numbers this means your basic operating Expenses your tax and accounting costs Your fulfillment and delivery costs and All of your numbers around marketing but More on that in just a minute as I've Got some pretty cool stuff to share with You final point on this one make a list Of something that I call Fast Cash Generators which are things that you can Sell easily in a pinch these are Typically things that aren't scalable And may not even be that much fun to Sell or to deliver but are typically Always in high demand and allow you to Make a lot of money very quickly if
You're a coach for example these could Be one off sessions or VIP days if You're an agency these could be In-person trainings or workshops if You're a bakery I don't know it could be A custom cake baking session for Somebody's birthday or some kind of Special holiday basically anything that You can think of that would sell out Quickly that is always in demand but That you don't necessarily love doing Next I thought I'd let you in on a Little secret a little secret that took Me a long time to learn but has changed My life in ways that I could have Previously only ever dreamed of a little Secret that I ignored for years and Wrote it off as too simple too boring And all because it had to do with math And I hated math at least that's what I Thought until the day I learned that Math was the key to unlocking Untold Levels of success welcome Prosperity Beyond my wildest dreams I appreciate it Sounds way too good to be true but stick With me and I'm going to spell this out For you in just a minute but in order to Do this there are a few numbers that you Need to know and have lined up so to Help you with that I want to introduce You to this video's sponsor HubSpot and Their free customer service metrics Calculator you know all those important Metrics and numbers that you're supposed
To be tracking and measuring but aren't Really sure how or how to organize and Arrange everything well hubspot's Customer service metrics calculator will Help you easily determine your Business's key metrics and kpis for Customer support service and success Inside the free Excel template you'll be Able to track things like custom our Satisfaction score csat and net promoter Score NPS which allow you to measure how Your customers actually feel about your Business both long and short term you Could also measure and track customer Retention rate which is how long Customers typically do business with you Revenue churn which is similar but Typically geared more towards Subscription services and my personal Favorite three CAC customer acquisition Cost clv customer lifetime value and the All-important CAC to clv ratio which Don't worry if you've never heard of This before I'm going to break it down For you in just a minute and I promise It's going to change the way you think About marketing forever so with that Said make sure to check out the link Down in the descriptions right after This video in order to download your Free metrics calculator and now let me Tell you about a number in marketing That I like to refer to as the magic Metric the magic metric is the point in
Your business and in your marketing Where you're able to put in one dollar Into content creation or advertising This one dollar would be your CAC or Customer acquisition cost and then have Your machine spit back out one dollar or More in sales and customers which would Be your clv or customer lifetime value And when that happens your CAC to CLP Ratio works out so that you're spending Less to acquire a new customer than You're making back over that customer's Lifetime which essentially just means That your marketing is now paying for Itself allowing you to generate nearly An unlimited supply of leads and Customers and sales forever in Perpetuity like a self-sustaining Business growing machine A thing of beauty Spend one dollar make one dollar or more Back do it again and again plus get all Of the extra goodies that go along with It like extra clicks and traffic and Brand awareness and engagement all for No extra cost the key then to making This work is to reverse engineer the Entire customer Journey taking someone Who has no idea who you are and guiding Through the entire process to becoming a Lifelong and loyal customer who loves You loves what you do and is happy to Tell everyone they know about just how Great you are and you you are pretty
Great now for simplicity's sake I'm Gonna break down this entire customer Journey into four parts starting with Part number one awareness one of my Favorite sayings in all of marketing is That nobody can buy from you if they Don't know that you exist this is what Makes part one awareness just so Incredibly important we could also call Awareness traffic as essentially what We're trying to do here is get in front Of potential people that could buy from You and become customers next is Engagement this is where you take all of The awareness and all of the traffic That you've been generating and work to Convert them into clicks and website Visits possibly even leads now Engagement comes in many forms including Visiting a sales page or opting into an Email newsletter or engaging with a Long-form piece of content essentially Anything else that signals some kind of Intent that this person would be Interested in doing business with you It's this next stage though that things Really start to happen and that's Conversion conversion just like Engagement comes in many forms but the Thing that we're really focused on here Is making some kind of a purchase money Changing Hands not a promise or empty Words that someone's gonna come back Later or we'll think about it or is
Going to buy at some point in the future But the actual physical or digital Exchange of currency for goods or Services this is because talk is cheap And this may come as a bit of a surprise But people don't always do what they say They're gonna do oh So a paying customer even a customer That just pays a single dollar can often Be worth a hundred times more than a Lead or even a dedicated Super Fan that Doesn't actually buy anything this is Also an incredibly important point Because the last thing that you want to Do is build your business around people Who say they're going to buy but don't Actually buy if you're constantly Catering and tailoring your message and Your content to Penny Pinchers or Tire Kickers or people who just ask a lot of Questions and never buy anything well You're gonna go broke pretty quick Advice or suggestions or opinions from People who are not buyers is basically Useless in fact it's it's even worse Than useless it's dangerous as again it Can lead you down the wrong path serving People that are probably not going to Buy okay rant over moving on to Retention it's here in phase four Retention that Empires are built because This is where you turn customers into Lifelong loyal brand evangelists who Love you and love everything you do if a
Paying customer is worth a hundred times More than just a lead or someone who Says they're gonna buy but never Actually does then a loyal customer is Worth at least double that possibly even Five times more than your average Customer this is why it's important to Continue the relationship after a sale Is made in order to Foster more Engagement more communication more Referrals okay now let's put this all Together in a marketing funnel and I'm Going to use the slide from the digital Marketing Academy to help guide us Through it let's say that we're selling Something for one thousand dollars and We have a one thousand dollar marketing Budget so our goal here at the very Least is to break even in order to hit That magic metric where we spend a Dollar and we make back a dollar or more Now in this example these are fictional Numbers but this is a pretty accurate Marketing funnel if everything is dialed In so let's start on the left and work Our way through it first we start with Traffic let's say that we're able to Acquire traffic at the cost of two Dollars per click this could be done Through just regular content marketing Or through advertising where it's a Little easier to track exactly what You're spending and what you're getting Back in return now with this traffic
We're going to send them to a landing Page in order to offer them some kind of A freebie or a guide or a blueprint or a Cheat sheet something of value in Exchange for their name and email Address we'll say that the page does a Half decent job and converts at 20 Percent which means that twenty percent Of the people that visit this page are Going to give us their name and email so We can follow up later from there we're Going to put them through some kind of a Nurture sequence using either email Marketing or SMS marketing essentially Some way to follow up and engage with Them later we'll say that only five Percent of the people take us up on that Initial sale but of course at a thousand Dollar price point well we've now made Five thousand dollars but the real Beauty of having a fully fleshed out Marketing funnel and customer journey is That many more sales are going to come Further down the line essentially in This case we're going to make an Additional three percent sales netting Us another three thousand dollars for an Eight to one row as or return on ad Spend now obviously this is a very good Example a very good funnel that's Delivering us an eight to one return Where we put in a dollar and get eight Back out but this does show the Importance of essentially mapping out
Every single step Next let's talk about competition when Most people think about competition they Only think about their direct Competitors this would be Coke versus Pepsi Apple versus Microsoft McDonald's Versus Burger King Nike versus Reebok But this is a mistake and it leads to Ignoring all of the other businesses out There who would be more than happy to Sweep in and steal market share away From you I was sitting around the other Day and decided that I wanted to take The family out for some Shave Ice just In case you're not familiar shave ice is Basically a better version of a snow Cone anyway the family agrees because Who says no to shave ice and so we load Up into the car and head out to our Favorite Shave Ice spot but on the way There something funny starts to happen The kids start listing out other Shave Ice spots that they also might want to Try and then totally out of left field One of the kids in the back says that They want to go for ice cream instead Which opens up a whole new conversation About a whole bunch of other places that We could now potentially consider then To top it all off one more kid says that Why don't we just go get slushies which Let's be honest is just basically melted Shave ice but just like that we've now Introduce dozens if not hundreds of
Other competitors to our original Shave Ice spot and that's the problem most People think of competitors as someone That offers the exact same product or Service to a very similar type of Customer but competition goes much much Deeper competition is also Replacements And Alternatives and substitutes and Essentially anything else that someone Can use in order to accomplish the end Goals that they set out to this is why You constantly need to stay up to date To what your customers believe their Main pain point is so you can always Ensure that your message matches that up And you're presenting your business as The ideal solution to whatever problem They have 42 of businesses fail because There's no longer a perceived Market Need for what that business has to offer Of course the best way to make sure that Your business succeeds and is incredibly Profitable not just now but well into The future is by designing a really Effective marketing strategy that's why I've put together some of my absolute Best marketing strategies tips and Tricks in this video right here so make Sure to check that out now and I'll see You in there in just a second [Music]
How To Become A Successful Pro At Internet Marketing
Are you no longer getting the results you want from internet marketing? Are the methods that have worked for you before starting to fail? If so, it sounds like it’s time for a change. In this article, you’ll find a number of things you can do to spice up your internet marketing methods.
A great tip for internet marketing would be to create a blog. By creating a blog, people will be able to search for you and you can also network with other people that own blogs. Owning a blog can be very lucrative and profitable if managed the right way.
Offering limited-time promotions can give you impressive results in Internet marketing, just as it can through more traditional channels. One feature of special offers that makes them particularly attractive is that they drum up business from both loyal customers and new business. When you offer a special bargain everyone sits up and takes notice.
Share your website with close friends and family to help get the word out on your company. The people that love you the most and trust you the most are the best to spread a positive word, as they will promote the brand as credible and trustworthy. Your loved ones will help increase your bottom line in a great way.
To consider which forms of social media might best help you market your small business, remember that, just like with marketing offline, internet marketing will be the most effective if you carefully plan your marketing campaign. Who is your target audience? Will a newsletter or emails best suit your goals, or are other forms of social media perhaps better suited?
If what you’re doing isn’t working, then don’t give up! Just try something new. Now that you’ve read this article, you should have lots of ideas on where to go next with internet marketing. No matter what changes you make to your old methods, you should see some solid results.