There is always more than one factor involved with every outcome or result you could possibly think of.
However…there’s always ONE factor that plays the most predominant role.
As for the #1 Reason Why Small Businesses fail, here it is - “A Weak Offer”.
Now some of you marketing-savvy business owners might disagree. (Someone always does.)
You might say it is, “Not getting in front of your ideal customer”.
Good point. That is also critical…way up there on the scale of “Important”.
You might say it is “Not using enough marketing methods”...or it is “Not getting in front of enough ideal customers”.
Effectively, that’s the same thing…and yes, that’s also a good point. The more marketing methods you use, the better your results should be (as long as you use methods that reach your ideal client).
Here’s why neither of those two reasons ARE the #1 reason…
If you have a GREAT OFFER, yet you fail to reach your ideal customer…it still might get you a Positive Return On Investment - as long as it reaches people who legitimately be a customer…even if not ideal.
Why? Because if you have a GREAT OFFER, even moderately interested customers might decide to take it.
If you have a GREAT OFFER, yet you aren’t using enough relevant marketing methods… it still might get you a Positive Return On Investment - as long as the few people you are reaching are ideal customers.
Why? Because if you have a GREAT OFFER, you don’t necessarily need to get in front of a “lot” of people…you just need to get in front of “the right” people.
IF YOU HAVE A WEAK OFFER…and (1) you reach your ideal customer…and (2) you use enough marketing methods to get in front of “a lot” of ideal customers…in most cases you still won’t “break even” on your ad spend (marketing investment).
Why? Because you have a WEAK OFFER.
A WEAK OFFER, put in front of a lot of ideal customers, is still a “weak” offer.
It simply won’t elicit much response…even from ideal customers.
(Most businesses really don’t “get” this. They waste a lot of money putting weak offers in front of lots of un-ideal customers…and then blame the results on a bad economy, poor economic region, etc. While some of that might be true, it’s never the #1 reason.)
I’ve learned about the reality of weak offers from personal experience. I’ve also learned about it from other people’s experiences. (The people I study are very rich, successful marketers…not people pretending to be marketers.)
I can target ideal specific audiences really well using Facebook’s Ad platform.
But sometimes I’ve put what I thought were “great” offers in front of the right audience and still struggled to generate much response.
Yes, I can re-market to that same audience every day for a month if I want to…but if the offer isn’t GREAT, I’m still not going to get much of a response. I’ve proved that to myself!
It doesn’t matter if “you” think your offers are good. If the audience doesn’t respond, it’s normally a problem with the offer. (Assuming you are reaching the correct audience, of course.)
Yes…IT IS DIFFICULT to create a truly great offer – especially one that still allows you to make money on the first sale.
Businesses that are most successful at GREAT offers almost always present a second or third offer after they make the first sale. (But that’s a “Value Ladder” conversation for another time.)
So…I submit to you that YOUR OFFER is the most important part of your marketing.
But fix this ONE thing…and your Return On Marketing Investment goes up immediately.
Once you find an offer that works great, now you can quickly get some huge wins by adding in other (relevant) marketing media that you know will reach your ideal customers.
This little tip, when acted upon, will put more money in your bank account. (If it doesn’t, your offer is still weak! Or there simply isn’t much demand for your product or service.)
To bigger wins…more often,