"Be as good at business as you are at your trade" - this is the advice from Miles Primrose, the owner of BusinessSight, Australia’s Trades and Building Business Mentor is highlighting his lessons and tips about his life as an entrepreneur.
In this interview, Miles added "I build businesses; I struggled with this content more than building my business over the last 17 years, like a lot of business I felt like I was on the end of a seesaw, well sitting on one end and running up to the other end, while business does have it ups and downs the way I has always gotten through is to have absolute clarity on the big picture, when you can see this and communicate it to others, you feel better about things and attract great people."
1. ExpoTor: Miles and his team specialized in very comprehensive business development workshops for trades and building business owners. Marketing the products and services a business is offering is not always easy.
Miles: BusinessSight is marking through:
a. A referral process through existing and past clients
b. A referral process through our business partners
c. Leads from SEO
d. Leads from Linked
e. Leads from YouTube
f. Leads from lead generation calls
2. ExpoTor: Those are some great ideas for the founders out there who are still at the beginning with their sales and marketing process. Also, the target segment needs to be clearly defined before continuing with the marketing strategy.
Miles: The target audience is:
a. Trades and Builders anywhere in Australia who have been in business for at least 2 years and have at least the equivalent of one full-time employee on board
b. Primary 23 to 32 years of age
c. Secondary 33 to 47 years of age
d. Tertiary 48 years plus
3. ExpoTor: It looks like SEO is still relevant also for the marketing strategy at BusinessSight.
Miles: The approached channels:
a. Radio, we have tried different FM radio stations and found them to be a bit hit and miss, most of these campaigns ended up as a break event
b. SEO, in the early years we did our own SEO and it was ok, nothing flash, we now outsourcing this, we are on our 2nd SEO person and have found this to be improving both online and through it, the ROI
c. Through Associations, we have tried Master Plumbers, Master Builders, HIA, Master Electricians, and Master Painters to list a few, The investment varied with them all, however, the return was low with all of them - ExpoTor: This is a very interesting remark about working with associations. We notice the same ROI in Europe, Germany and will write an article about our research results. We are still looking for feedback from business owners.
d. Construction Events: (see notes below)
4. ExpoTor: The topic that ExpoTor is mostly following, the effects of marketing through events.
a. Around 2010 we tried a stall at the NTX trade show in Melbourne and we tried this for 3 NTX shows in a row, (they ran every two years then) while it got us exposure, we only ever walked away with one sale from it over 6 years. - ExpoTor: We, at ExpoTor, noticed that those are KPIs that some of the exhibitors do not even measure or, indeed, they exhibit based on "our competitor is exhibiting, we have to do it as well", "everyone from our industry is there, we have to exhibit". Those are week arguments for small businesses, who should analyze better their strategy and where do they really get the real ROI from. We hope, Miles Primrose gave them some food for thought before taking such a decision.
b. FYI: our stand had proper pull up banners, the team were in uniform, we have proper marketing material
5. ExpoTor: How would you measure your event ROI?
a. We would look at time invested, before, at the event and after
b. We would look at resources used
c. We would look at the money invested
d. Then at the end what was the outcome with New Enquires, New Leads, and
e. Then finally we would ad all this up and see where we were with the bottom line both financially and has the brand and or database grown
6. ExpoTor: Most of the founders and small businesses, in general, are struggling sometimes. But which was your struggles and how did you get over them?
a. Looking back now, this was not having an external team to rely on and one that is of a high caliber
b. Finding every excuse under the son to not pick up the phone to get sales, I’m not sure how many times you can wash your can in one week or do all the shopping, I am totally fine with that now, however that was a massive point back then
c. Not having the defined structure that I have now, which as a result of that made me unproductive
d. Being too lose with contracts or badly written contracts
7. In such cases, the founders and entrepreneurs need a piece of advice from experienced persons. None of the theoretical persons can provide the value of a professional in your field. What is your expert advice, Miles?
1. Build a clear 3-year business financial model, people either don’t start with one or, if they do, it is too optimistic and only showing the first 12 months
2. Once you have done this work out where and how you are going to fund the first two years of the business and what’s your plan to pay the source back even if the source is yourself
3. Have a niche and work out what you need to do to dominate that niche
4. Be different, move out of the 95% plain vanilla
5. Don’t call yourself a name, such as a disrupter, or whatever the trend is, be the trend and watch others follow you
Content credit: Miles Primrose, the owner of BusinessSight, Australia’s Trades and Building Business Mentor
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