In an engineering design process, this is usually the most creative part. It's fun to brainstorm new features that you could add into your product, system or service. And it's always a useful exercise to do because you might come up with ideas that are quick and easy to implement while adding value to your offering. Even so, there will always be features that would cost more to realise than they'd recover in increased revenue.
If it'll be prohibitively expensive to include every desired feature in your product, you need to prioritise.
Which features are essential because the product won't function without them? Which are highly desirable? And which can be added into future versions or premium editions of the product?
In marketing this is often where business owners find themselves overwhelmed.
Every business owner I've ever worked with can write a list as long as my arm of the marketing activities they could do if time and budget were unlimited. But how do you know which activities will pay off? How do you know in what order to do them all to get the best ROI?
An unprioritised wish-list is overwhelming and stressful.
Where to start?
I've already blogged about the mistake most business owners make thinking about the buying process as a funnel. This way of thinking leads to the logical answer: if you want to increase your sales, you need to tell more people about your product or service.
However, if you are spending money generating awareness but have customers leaking out further down the buying process then you are wasting money.
But if you have a lot of holes, and most businesses (mine included!) do, then where do you start?
You start at the bottom.
Turn your marketing upside down
Plus, if you start from the bottom with your loyal customers (even if you only have a few customers) making sure they’re the happiest customers alive, two things will happen:
- They’ll buy more from you.
- They’ll be happy to provide you with testimonials and case studies, and they’ll tell their friends, colleagues and associates about you, all of which will help you generate more business.
Taking the Watertight Marketing approach forces you to start at the bottom of the funnel and fix your leaks from the bottom upwards. Addressing your marketing weaknesses in this order builds incrementally so that when you start spending money on generating leads, it will be money well spent. You’ll also have a sound, robust marketing machine that pays back for your business.
If you'd like to follow this approach then I'd strongly recommend you get yourself a copy of the book, download the free workbooks and start working through the process.
You can even get a digital copy of the book for free here. I recommend you get a paper copy if you're serious about following this methodology because, if you're anything like me, you'll want to make notes in it.
If this sounds interesting, please drop me a line. I'd love to see if I can help.