Page 33 - Australasian Paint & Panel Magazine Jan-Feb 2019

new and, in some cases, more profitable divisions of your business to promote. It’s easy to get caught up in the battle for market share. Research indicates that it is six times more expensive and harder to get a new customer than it is to get an existing one to buy from you again.
Each and every customer is already buying other services
People buy from companies
they know, like and trust.
This is your opportunity to market
other products and services to your existing customer base.”
N CUT COMPOUND
and products to maintain or enhance their motor vehicle. If you’ve done a great job of looking after them when repairing their car, you’ll build trust and rapport.
People buy from companies they know, like and trust. This is your opportunity to market other products and services to your existing customer base, effectively increasing your ‘wal- let share’ by maximising the lifetime value of each customer.
CREATE A MARKETING PLAN
It’s one thing to be great at what you do, but if nobody knows about you and the amazing services that you offer, then it is unlikely you’ll have customers queuing up.
Once you have decided on the products and services you’ll sell in order to reach your financial goals, a marketing plan will need to be developed. This plan needs to clearly outline each strategy, the resources required, and the return expected.
KNOW YOUR NUMBERS
No matter what size your business, there is no excuse for not understanding the key drivers and holding regular management meetings. Even if these meetings are with yourself, it’s important to monitor and track KPI’s within your business on a regular basis.
At the very least you should keep track of sales, cost of sales, expenses, number of leads, conversion rates and margins. Take the time to create a ‘dashboard’ with the key perfor- mance indicators for your business. Just like the dashboard on a car, there are certain gauges you need to keep your eyes on.
A FRESH START
The start of the year is a great opportunity to reflect on your past performance and tweak as necessary. No matter how success- ful, or, unsuccessful 2018 was, you cannot change the past, but you can start to change your future.
Ben Fewtrell is the author of the Business Exceleration Blueprint, is a sought-after advisor, speaker, podcast host and traininer. He has mentored and coached hundreds of business owners in dozens of industries, including collision repair. Visit Maxmyprofit.com.au
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