Opinions expressed by Entrepreneur contributors are their very own.
The holidays could be hectic, however one factor that at all times helps is a listing. Even Santa Claus wants one — and I’ve heard he checks his twice!
I’ve a vacation routine I observe yearly to assist me mirror on how my enterprise carried out over the previous yr and the way it can enhance within the subsequent. These essential duties have helped me develop my enterprise, PostcardMania, from nothing to over $100 million in annual income. The perfect half is that our income development is accelerating, which is a giant accomplishment for a 26-year-old enterprise. Since 2020, our annual income averages 15% development — thrice higher than the earlier decade’s common of 5% development.
This guidelines will assist information you within the technique of analyzing your outcomes and getting ready for the yr forward.
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Evaluate advertising metrics and concentrate on top-line (aka new gross sales) development
On the finish of the yr, take time to compile your entire outcomes knowledge — leads, gross sales, and the place each are coming from.
For me, I take a look at what’s driving top-line development (i.e., orders from new clients). Lots of coaches and consultants concentrate on bottom-line development, however top-line is the place I discover probably the most helpful info relating to advertising.
What’s driving gross sales? What brings in one of the best ROI? As soon as you realize that, you possibly can construct in efficiencies down the road to enhance profitability/backside line, however getting that prime line to develop is at all times my primary precedence.
For instance, final yr, we observed that new orders have been down. My stunning VP of Gross sales, Ashlie, who has been with me for over 20 years, made a wonderful commentary and suggestion. She requested, “How about we enhance the postcards?”
Um, HELLO — I wanted to follow what I preach!! We appeared into it, and by some means, our outgoing postcard promotion had been minimize from 205,000 weekly to 195,000. So, we elevated our postcard outflow once more (it is now at over 260,000), and new orders and income from first-time patrons is lastly up. That enhance is over $1 million in top-line development yr up to now. As I write this, we nonetheless have 4 weeks left within the yr.
On prime of that: We already know that half of these new purchasers will order greater than as soon as — and plenty of will order for years and years to come back.
To me, this was big! A “come to Jesus” second — if we enhance our postcard mailings, we enhance our prime line with out fail. It is just a little bit embarrassing as a result of that is my mantra, and I missed it.
What works for my enterprise is probably not what works for yours, however it’s a must to put the work in to search out that top-line development driver. As soon as you realize it, develop it like nobody’s enterprise and construct in efficiencies as you go. That has been the important thing to rising MY enterprise.
Search for year-over-year traits to make changes
It isn’t simply the present yr’s outcomes you need to scrutinize. Examine the final 5 years to establish traits. If you do not have knowledge that goes that far again, attempt to collect any info potential to acquire a much bigger image of what might have modified or stayed the identical over a span of time.
How have your advertising methods advanced? I can let you know that at my enterprise, PostcardMania, junk mail advertising continues to ship huge outcomes. We mail tons of of hundreds of postcards each week promoting our companies like clockwork.
However we have additionally examined different advertising methods over time. For instance, the vast majority of our social media adverts have been static photographs. Then, final yr, we determined to launch a collection of quick video adverts about our purchasers’ profitable advertising campaigns, and we witnessed an enormous distinction. Consequently, our social media leads doubled, rising by 105%! Since then, we have transitioned most of our adverts on Fb and Instagram to video as an alternative of images.
What’s your most important advertising pattern? It is going to be completely different for each enterprise, however the essential takeaway is that the extra you market, the extra what you are promoting will develop. That is a tried-and-true pattern that may at all times keep the identical.
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Analyze your gross sales funnel to find alternatives for enchancment
Even you probably have been counting on the identical gross sales funnel for years to ship clients, it is nonetheless useful to investigate its efficiency to see if there’s room for enchancment.
The place do you usually witness prospects shedding curiosity? Discover the weaker spots within the communication channels and brainstorm methods to attract them again in.
Usually, an purchaser will go to your web site earlier than making any ultimate selections. It is a key level the place prospects will usually fall out of your funnel — however you are able to do one thing about it. At PostcardMania, we use expertise to match a web site customer’s IP tackle with their bodily tackle, then mail them a retargeted postcard inside 24-48 hours following their web site go to. The mailer sitting inside their home helps carry them again for a purchase order.
I additionally advocate making a strong schedule of reminder adverts, emails and cellphone calls to re-engage prospects who have not transformed but. If you happen to can automate these ways to be responsive utilizing your CRM, that is much more very best. This can minimize down on the workload in your finish and create a extra customized expertise for prospects. Win-win!
Bear in mind to work smarter, not essentially tougher.
Monitor your opponents and examine for extra insights
By now, you must have an thought of who your foremost opponents are. A well-thought-out advertising technique consists of an evaluation of the competitors and their advertising as properly.
What did your competitor supply this yr? Was it higher than the reductions or free objects you marketed? Who did their adverts enchantment to with reference to viewers? If you happen to aren’t positive, make sure that to go to their web sites and join their newsletters or advertising promotions. I additionally recommend making a Google alert for every competitor that may ship any new mentions throughout the net proper to your inbox. Take all of this info into consideration and element any affords or messages that will have carried out higher than yours. Then, rally together with your workforce to provide you with even higher methods subsequent yr to get forward of the competitors.
Simply remember that what you are promoting ought to keep its distinctive mission and id regardless of any adjustments in promoting and promotions.
Ask your clients for suggestions by surveys and evaluations
I am unable to preach this sufficient, however the one means you will get extra optimistic evaluations is by asking! The tip of the yr is the proper time to ship out an e mail or textual content message to clients and ask them to fee your merchandise, companies and customer support.
By giving clients a chance to offer suggestions, you not solely enhance your credibility on-line, however you additionally achieve extra details about what your clients love and do not like as a lot.
My employees repeatedly takes time to ask blissful purchasers for evaluations. If somebody’s had a great expertise, they’re very prone to go away a evaluation when requested!
As soon as we put a course of in place to do that, our five-star evaluations skyrocketed. I am B2B, and I observed my opponents — even publicly traded opponents which might be 10x our dimension — have far, far fewer good evaluations than we do.
Create a complete plan for the brand new yr
You do not have to attend till the brand new yr to make adjustments. As quickly as you digest what you are promoting’s outcomes knowledge, you possibly can start a brand new advertising technique. The perfect time to make purchases is earlier than the tip of the yr with the intention to reinvest in any other case taxable income again into what you are promoting and cut back your tax burden. Some purchases would possibly even be eligible for tax credit!
In case you are a B2B enterprise like we’re, go forward and mail a letter to your prospects and clients and provides them the nice thought to pre-buy your services or products earlier than the tip of the yr. A few of them inevitably will, and you may see a lift in December when individuals are often too preoccupied with the vacations to spend that taxable revenue. We do that yearly, and December is commonly our greatest month of the yr!
Rejoice your successes and acknowledge those that contributed
The yr should not finish earlier than you acknowledge your entire wins! Even when this yr wasn’t your finest, you possibly can nonetheless have a good time any accomplishment. Embrace these victories in end-of-year occasions, or create an organization e mail e-newsletter stuffed with optimistic highlights. Be sure that to present credit score to anybody who contributed to the expansion of what you are promoting. It should increase firm morale and encourage the entire workforce to do even higher within the coming yr.