Brew-Ha-Ha

Fly-fishing is an art that takes smart strategy, skillful techniques, and the right fly for the conditions and fish you’re after. But it’s the finesse in laying the line and reeling it back in – the tactics used to execute your strategy – that get the fish to bite.

It’s a lot like getting new business. Just like fly-fishing, there is no single formula that works every time. Each cast is unique. There are days when you do everything right, but come home empty-handed. So there’s an art to having the right combination of tactics – and always a bit of luck at being in the right place at the right time.

Still, if you don’t prepare yourself for a successful fishing trip, your chances of any return on your casting efforts are greatly reduced. You still need to have the right tackle, the right bait, the right technique, and you need to know the habits of the fish you’re after. Execution of the tactics is everything, and that’s where I’m going to walk away from this fishing metaphor.

If you’re like most small business owners, you probably put most or all of your marketing and advertising efforts into attracting fresh customers. That certainly makes sense, at first, because it’s all new business until a customer comes back for more. But once you have a customer, it’s time to consider the balance in your marketing strategy of three key tactics: attraction, conversion and retention.

The tactics entrepreneurs most commonly use to attract a brand new customer are often the most expensive, yielding the lowest return on investment of both time and money. These tactics include cold calling, networking, and all the traditional advertising media. Executed well, they are still highly effective and necessary for brand-building and creating awareness.

Back in the late seventies, “the threes of advertising” was a research-supported theory that stated it took an average of three impressions in your media mix to get someone’s attention. Today, as we are bombarded with more messages from even more channels, it’s taking an average of seven to ten impressions to achieve awareness. And that doesn’t even close a deal.

Small business owners usually don’t have deep enough pockets for pure brand-building, except maybe community event sponsorships, the church newsletter or the high school football program. Even local newspaper advertising is relatively expensive because of the frequency required to be effective. So small businesses often add a conversion tactic to turn prospects who are now aware of your company into actual customers. That could be a special trial offer or a timely solution to a specific problem.

Retention tactics help you keep those customers. Because of the drive for new business, retention is frequently neglected in small business, though the easiest tactics to implement. This is how you keep you in touch with customers, increase repeat business and add to your sales leads with referrals. Included are newsletters, personal phone calls, thank you notes and special invitations.

Adjusting the balance of your mix of attraction, conversion and retention tactics will help you keep a steady stream of new business in any economic climate.