Doing Business with a Servants Heart: The Importance of Marketing During the COVID-19 Pandemic
The COVID-19 pandemic has changed the way many businesses operate, and marketing is no exception. On the latest episode of Doing Business with a Servants Heart, host Steve Ramona and guest Michael Buzinski discussed the importance of marketing for businesses, especially small and medium-sized businesses, and the Rule of 26.
The Rule of 26 states that if you increase your traffic, conversion rate, and average revenue per client by 26%, you will have a leverage outcome of 100% more revenue coming from your website. Steve emphasizes that it is important to ensure that the leads a marketer provides are qualified leads that are likely to buy, regardless of what is offered.
Steve and Michael also discussed the complexities of marketing and the need to scale a business. Steve is a business owner and a servant leader, and his business is client-centric with employee-centric employees. He believes that information is nothing without action and that time is the ultimate currency. He encourages people to make themselves smarter with the information he provides and believes that taking action on what you've read with results makes you wise.
Michael Buzinski has taken marketing to the next level and is on the show to discuss his book, The Rule of 26. He suggests that people don't need to spend a lot of money on their website to get traffic. The key is to attract the right people, not just people, to the website. Poor traffic can hurt a website's conversion rate, search engine optimization, and cost money in the long run.
Michael Buzinski also suggests that people with more time than money should read his book, while those with more money than time should hire a marketer. He introduces the "honeycomb paradigm" which consists of six pillars: mindset, money, people, process, marketing, and sales. All six pillars must be properly aligned to scale a business from $250 to $750,000. Michael explains the difference between growth and scale, stating that growth is from zero to a million in service-based businesses, while scale is using levers to get more out of the effort.
Steve and Michael also discussed marketing strategies. Only 5% of the market is ready to buy at any given time. Steve suggests that Michael close one of five qualified leads. Michael explains that the other four leads could buy, but not in the right time. Marketing helps to nurture leads and remarket to them when they are in the 5% window. Simple math is at the core of marketing, but people are complex. Business is simple, but not easy. Doing the right things well is necessary to get ROI. Marketers are the hardest people to market. Social media marketing is often done the wrong way. Integrated marketing firms are difficult to market because there are so many of them.
Finally, Steve and Michael recommend the book "Profit First" by Mike Mcellowitz to help entrepreneurs and business owners start their business in a profitable way. This book teaches how to start a business profitably from day one and is a must-read for anyone looking to start their own business.
In conclusion, marketing is an essential part of any business, especially during the COVID-19 pandemic. The Rule of 26 provides a great framework for businesses to increase their revenue, and understanding the complexities of marketing is key to success. The "honeycomb paradigm" can help business owners scale their businesses, and the book "Profit First" is a great resource for entrepreneurs and business owners who are just getting started.
