Opinions expressed by Entrepreneur contributors are their very own.
The holidays might be hectic, however one factor that all the time helps is a listing. Even Santa Claus wants one — and I’ve heard he checks his twice!
I’ve a vacation routine I comply with yearly to assist me replicate on how my enterprise carried out over the previous 12 months 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 — 3 times higher than the earlier decade’s common of 5% development.
This guidelines will assist information you within the strategy of analyzing your outcomes and making ready for the 12 months forward.
Associated: 4 Marketing Triggers You Need to Set Up Now to Supercharge Your New Year
Overview advertising and marketing metrics and concentrate on top-line (aka new gross sales) development
On the finish of the 12 months, take time to compile all your outcomes knowledge — leads, gross sales, and the place each are coming from.
For me, I take a look at what’s driving top-line growth (i.e., orders from new prospects). Plenty of coaches and consultants concentrate on bottom-line development, however top-line is the place I discover essentially the most helpful info on the subject of advertising and marketing.
What’s driving gross sales? What brings in the perfect ROI? As soon as you already know that, you possibly can construct in efficiencies down the road to enhance profitability/backside line, however getting that prime line to develop is all the time my primary precedence.
For instance, final 12 months, we observed that new orders have been down. My lovely VP of Gross sales, Ashlie, who has been with me for over 20 years, made a superb statement and suggestion. She requested, “How about we enhance the postcards?”
Um, HELLO — I wanted to observe what I preach!! We seemed into it, and one way or the other, our outgoing postcard promotion had been lower 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 buyers is lastly up. That enhance is over $1 million in top-line development 12 months so far. As I write this, we nonetheless have 4 weeks left within the 12 months.
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 large! A “come to Jesus” second — if we enhance our postcard mailings, we enhance our prime line with out fail. It is somewhat bit embarrassing as a result of that is my mantra, and I missed it.
What works for my enterprise will not be 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 already know 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 developments to make changes
It is not simply the present 12 months’s outcomes you wish to scrutinize. Examine the final 5 years to determine developments. If you do not have knowledge that goes that far again, attempt to collect any info doable to acquire a much bigger image of what might have modified or stayed the identical over a span of time.
How have your marketing strategies advanced? I can let you know that at my enterprise, PostcardMania, unsolicited mail advertising and marketing continues to ship large outcomes. We mail a whole lot of 1000’s of postcards each week promoting our companies like clockwork.
However we have additionally examined different advertising and marketing methods over time. For instance, nearly all of our social media adverts have been static photographs. Then, final 12 months, we determined to launch a collection of brief video adverts about our purchasers’ profitable advertising and marketing campaigns, and we witnessed an enormous distinction. Because of this, 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 photographs.
What’s your most important advertising and marketing pattern? It is going to be completely different for each enterprise, however the essential takeaway is that the more you market, the extra your small business will develop. That is a tried-and-true pattern that can all the time keep the identical.
Associated: What I Learned From Spending $5.9 Million on Marketing Last Year
Analyze your gross sales funnel to find alternatives for enchancment
Even when you’ve got been counting on the identical sales funnel for years to ship prospects, it is nonetheless useful to research 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 remaining choices. 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 know-how 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 stable schedule of reminder adverts, emails and telephone calls to re-engage prospects who have not transformed but. For those who can automate these techniques to be responsive utilizing your CRM, that is much more ideally suited. This may lower down on the workload in your finish and create a extra personalised expertise for prospects. Win-win!
Bear in mind to work smarter, not essentially tougher.
Observe your rivals and evaluate for extra insights
By now, you need to have an thought of who your fundamental rivals are. A well-thought-out advertising and marketing technique contains an analysis of the competition and their advertising and marketing as effectively.
What did your competitor supply this 12 months? Was it higher than the reductions or free objects you marketed? Who did their adverts enchantment to with regard to viewers? For those who aren’t certain, be sure that to go to their web sites and join their newsletters or advertising and marketing promotions. I additionally recommend making a Google alert for every competitor that can ship any new mentions throughout the online proper to your inbox. Take all of this info into consideration and element any gives or messages which will have carried out higher than yours. Then, rally along with your workforce to provide you with even higher methods subsequent 12 months to get forward of the competitors.
Simply needless to say your small business ought to preserve its distinctive mission and identity regardless of any modifications in promoting and promotions.
Ask your prospects for suggestions by means of surveys and opinions
I am unable to preach this sufficient, however the one approach you’ll get extra positive reviews is by asking! The tip of the 12 months is the right time to ship out an electronic mail or textual content message to prospects and ask them to price your merchandise, companies and customer support.
By giving prospects a possibility to supply suggestions, you not solely enhance your credibility on-line, however you additionally acquire extra details about what your prospects love and do not like as a lot.
My employees usually takes time to ask comfortable purchasers for opinions. If somebody’s had a great expertise, they’re very more likely to depart a assessment when requested!
As soon as we put a course of in place to do that, our five-star opinions skyrocketed. I am B2B, and I observed my rivals — even publicly traded rivals which can be 10x our dimension — have far, far fewer good opinions than we do.
Create a complete plan for the brand new 12 months
You do not have to attend till the brand new 12 months to make modifications. As quickly as you digest your small business’s outcomes knowledge, you possibly can start a brand new advertising and marketing technique. The perfect time to make purchases is earlier than the tip of the 12 months so that you could reinvest in any other case taxable earnings again into your small business and scale back your tax burden. Some purchases would possibly even be eligible for tax credits!
In case you are a B2B enterprise like we’re, go forward and mail a letter to your prospects and prospects and provides them the good thought to pre-buy your services or products earlier than the tip of the 12 months. 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 earnings. We do that yearly, and December is usually our largest month of the 12 months!
Associated: 3 Secrets to Finishing the Year Strong — Make These Smart Moves to Boost Your Revenue in the Final Quarter
Have fun your successes and acknowledge those that contributed
The 12 months should not finish earlier than you acknowledge all your wins! Even when this 12 months wasn’t your finest, you possibly can nonetheless celebrate any accomplishment. Embrace these victories in end-of-year occasions, or create an organization electronic mail e-newsletter filled with constructive highlights. Be sure that to offer credit score to anybody who contributed to the expansion of your small business. It’s going to increase firm morale and encourage the entire workforce to do even higher within the coming 12 months.