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Pasha Rana


Active contributor | offline
Member since 3 / 2014

Running An Online Business? Avoid these 7 Deadly Business Mistakes

Online Business mistakes takes years to overcome if you try to do it all yourself.. 

 

Tell me...

 

Are you making these 7 business mistakes? 

 

 7 of the most deadly mistakes small businesses make: 

 

 1) Treating marketing like an expense rather than the business you are in.

Marketing should be the driving force of your business because you are NOT in the business of being butcher, baker or candlestick maker…

 

you are in the business of marketing your business. When you look at your marketing as a line item expense instead of a necessary investment, you’re looking to fail. 

 

 Marketing your business well is your path to becoming the dominant business in your community or category. And when you become the dominant business, you’ll be more profitable, secure and have more freedom.

 

 2) Not knowing what it costs to gain a new customer and what the average lifetime customer value is.

If you don’t know what it costs to acquire a new customer, it’s impossible to set a marketing budget. And if you don’t know the lifetime customer value (LCV), then your budget for getting a new customer might be too high, which can cause failure. Before you invest large sums of money into marketing, determine how much it costs to acquire a new customer and what your average LCV is. 

 

It’s important to note that when you know the LCV, you can sometimes spend more to acquire a new customer because it’ll be worth it on the back end. For example, if you know your LCV is $5000 for a customer, spending $100 to acquire that customer is worth it. However, if the LCV for a customer is $100 then spending that same amount wouldn’t make sense . 

 

 3) No system in place for attracting your ideal customer and building a list.

Your biggest asset is your list. Yet many businesses, such as retailers and restaurants, make no attempts to build a list of ideal customers to market to. 

 

 If you want to survive, you must figure out how to attract your ideal customer and build a list so you can market to them again and again. 

 

 4) No follow-up marketing system.

Once you attract an ideal prospect, you must stay in touch with them until “They buy or die.” Businesses often have hundreds of people visiting their website or walking into their establishment and leave without buying and without the business collecting any information on how to follow up with them. 

 

 Businesses also fail to have a follow-up system in place for people who have purchased from them. In both cases, you are leaving thousands of dollars on the table. Follow up with prospects and you’ll get a percentage of them to buy. Follow up with your buyers and they will often buy from you again and again.

 

 

Read full article here

https://www.pasharana.com/blog/post/running-an-online-business-avoid-these-7-deadly-business-mistakes

 

 

Read full article here

https://www.pasharana.com/blog/post/running-an-online-business-avoid-these-7-deadly-business-mistakes

 

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Have any questions? Feel free to contact me via email (info@pasharana.com)

 

 

Press Release comments:

Good advice Pasha. Rules to live by if you are going to profit in this business.John Williams