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Every business wants to increase profitability, but knowing where to start and how to get there can be a challenge. One good way to look at growing your business and increasing profitability is by identifying and maximizing your “trophy service.”
What’s My “Trophy Service”?
If you could do one service all day long, what would it be? Take a look at each product or service line that you offer, and walk through the economics of each. Consider factors like revenue per sale, gross margin, profitability, and capacity. You may already have a general idea of what this service is for your company, but it’s always a good exercise to walk through the financials of each business segment.
For example—let’s pretend that you’re the owner of a local plumbing company. After doing a deep dive into the financials of each service you provide, you determine that water heater replacement yields the highest profitability when looking at things like average revenue and gross margin. You would be 100% happy if you could do water heater replacements all day long!
Got it figured out? Now, start to think of this service as your company’s “trophy service,” a.k.a. the bread-and-butter of your business. Understanding your business’ trophy service is a crucial starting point for establishing company goals and determining how best to achieve those goals.
Establish Your Goal
Now that you’ve identified your trophy service, you’ve paved the way for the next fundamental step: establishing your company’s goal for that service. What do you want to achieve? Think about a concrete, measurable objective that’s within your company’s capacity–not just “I want to increase revenue” or “I want to grow all areas of my business by 100 percent.”
Setting realistic, achievable goals can be a difficult feat. But data is your friend—don’t be afraid to use it! Do a deep dive into all financial aspects of your trophy service—consider things like lead-to-sale conversion rate, previous year revenue, and average gross margin. Using existing data is the best way to accurately determine a realistic goal for your trophy service.
Prioritize Your Marketing Efforts
You’ve set a goal for your trophy service—now what? The next step is determining and prioritizing the most effective marketing strategies to use in order to reach your goal.
There are numerous digital marketing strategies out there that involve varying levels of time and resources and provide different types of results. The plethora of options can be overwhelming at times. Unfortunately, no business has the time or the money available to test and implement every great marketing idea. So which marketing strategies should you focus on?
You have to prioritize—another reason that identifying your trophy service is so important. Once you’ve identified your trophy service, you have established a fundamental starting point for your marketing efforts. If you’re new to the whole realm of online marketing or have a limited budget, we recommend focusing on one main strategy: improving your online visibility.
Increase Your Online Real Estate
The web is a real estate game. To win, you must maximize your online real estate. This involves optimizing your website and any other online strategies so that you are easily found by users and search engines alike.
When people search on Google, they find two types of results: organic results and pay-per-click (PPC) ads. Organic results typically appear in the middle of the search results page underneath the PPC ads that are located at the top and side of the page.
For nearly every business investing in online marketing, ongoing search engine optimization (SEO) is their number one strategy with respect to return on investment (ROI). SEO involves optimizing your website’s structure and content in order to increase your rankings on the organic search results page. SEO is a complex, ongoing process that involves diligence and patience, but is the single most important component of your overall online marketing strategy. If you have a limited budget and are only able to focus on one component of modern online marketing, it should be SEO.
Another online marketing effort we recommend testing is pay-per-click advertising (PPC). One of the greatest benefits of PPC advertising is that it is incredibly controllable. You decide your maximum daily budget and only pay when someone actually clicks on your ad. PPC can be managed to a very specific ROI goal and can be a highly profitable online marketing tactic if managed effectively and tracked consistently.
SEO and PPC provide opportunities for you to maximize your online real estate, attract more qualified visitors, increase your visit-to-lead conversion rate, and ultimately generate more sales. Keep your trophy service at the center of all your initial efforts in order to meet your specific goal.
Remember This Process
Keep this process in mind the next time you’re looking for ways to increase your company’s profitability:
- Identify your trophy service.
- Set a specific goal related to your trophy service.
- Focus your marketing efforts in ways that maximize exposure to your trophy service.
About The Author: Amanda is a Senior Account Manager at Blue Corona who has a passion for online marketing. When she’s not sharing that passion with anyone who will listen, she can be found relaxing on her porch with a cup of coffee and a Sudoku book.
View more blogs by Amanda O'Dell