All too often business owners don’t know where they’re going or how to get there. They don’t even know they’re dragging the iron anchor of limiting factors down any ol’ endless road. Limiting factors keep your business from reaching its maximum potential, but limiting factors are usually hard for an owner to see, usually they’re hidden in the owner’s blind spot.
Here are 3 questions the Wizard of Ads Group asks every client we work with, as we look over their shoulder and into their blind spot of limiting factors:
1. What are you trying to make happen?
2. What is keeping you from where you want to go?
3. How do we fix it?
Now, these are 3 simple questions but often hard for the owner to answer, after all blind spots are hard places to see. I think Mike Webb said it best when he said “It’s hard to read the label when you’re inside the bottle”.
Here are a few possible limiting factors:
• Bad Reputation – Your reputation is keeping people from doing business with you. Good advertising can’t fix a bad business, a bad business idea or a bad business owner.
Solution: Find someone who will look you in the eyes and tell you the truth. Then get good customer reviews.
• Limited Market Potential – The trade area you chose to do business in does not have enough people to meet your financial goals and you’re hitting your head on the glass ceiling or the market already has monster competitors.
Solution: Open a location in another trade area.
• Staff – Your sales staff isn’t closing the deal.
Solution: Train, measure and have the courage to let underperforming sales staff go.
• Wrong Message – You have the right product or service but you’re blending into the background of bad advertising.
Solution: Find someone who can craft you a message worth listening too
• Media – You have a great message but you’re not leveraging media effectively enough to become a household name.
Solution: Find a media buyer that will get the maximum reach and frequency to the same audience over and over again.
• Are You Selling What People Buy – Are you under an illusion that just because you have passion for your product or service that others do too?
Solution: Sell what people buy and have the wisdom to know the difference.
Time and being too close to the business to see it objectively is usually where blind spots occur. Customers see what time has conditioned business owners to ignore. Business owners tend to think the customer cares about what they care about.
This is when they run towards advertising. Advertising can only accelerate what was going to happen anyway, so why not find out what’s happening?
Wizard of Ads Group