It sucks your energy, your time and your money.
Plus, it is seriously exhausting…
You sit there wondering how they are always spending more, charging less and stealing the customers that you should be getting.
Frustrating is an understatement
If you are struggling to compete, and your competitors have you over a barrel, we call this being in a marketing headlock.
(They have you by the cajones.)
If you are your competition are always neck and neck with neither pulling ahead – we call this a marketing deadlock.
In this week’s episode I am going to discuss these situations in depth and show you WHY they occur so that you can bust out of them and get your competitors a marketing headlock of your own design.
So, if you are ready to pull ahead of the pack and don’t mind a few more crude similes – then listen up:
Let’s talk about your situation.
Here is what you and your competitors have in common (most likely):
- You are both spending money on marketing and most likely these people are arriving on your respective websites
- You are probably selling similar things and making the same amount of money per client
- Your sales teams are equally talented and are closing the same number of deals
You might think you are better at one of these things – but you might be deluding yourself 80/20 says that you are probably about equal.
And this leaves you in one of the two bad situations:
- #1. You are in a marketing deadlock and neither your or you competition can outspend each other or cut their prices to get more of the clients
- #2. You are in a marketing headlock with your competition always outspending you and getting the lion’s shares
So, how do you break out of this marketing rat-race and get ahead of your competitors?
How can you finally be the one outspending THEM and having them chase their tail trying to figure out HOW?
It is really quite simple (and often overlooked):
“The business with that converts the MOST website visitors into leads gets the lion’s share of customers.”
And it isn’t because you just have more leads – there is a key marketing tactic at play here.
A marketing tactic that YOU can take advantage of to get ahead.
Here it is:
- If you are your competitor are both spending $10 to drive a visitor to your website, and 1 in 10 buy, then you are paying $100 per customer.
- Let’s say that you are both making the same amount of money per sale and $100 is really the most you can both afford to spend
- The variables that get to this number are COST PER VISITOR, and CONVERSION from visitor to sale – which is what your website does for you
- Let’s say we double your website conversion rate from 1 in 10 to to 1 in 5 – your cost per lead is now $50
What does this mean for your business?
- #1. You will double the amount of leads you are getting for the same money and your profits and revenue will surge
- #2. You can instantly spend DOUBLE the amount your competitors are on marketing and without sacrificing profits – and absolutely smoking them on every front
In short, having a high converting website completely turns the table on the competition and let’s you get ahead.
So, how to do improve the conversion rates on your website?
There is another podcast about that so I won’t waste my breath here.
But I will say this:
- Incremental fixes and small adjustments can 2 to 3 times your marketing and leads
- Big changes to your offer, pricing, headlines can 5 to 10 times your marketing and leads
So, go hollywood and ask yourself “What would be a dream come true experience for my clients when they reach my website?”