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Finding ways to grow your business is challenging, especially for new entrepreneurs. The best thing you can do is emulate successful people in your industry.
That’s exactly what Caleb O’Dowd recommends.O’Dowd is the founder of Multi-Channel Marketing. Over the last 19 years, he has generated over $160,000,000 in sales for the companies he owned and operated, earning him the title as one of the leading direct response marketing advertisers in the US.
In his early 20s, O’Dowd moved from Ireland to Miami, Florida, to learn from Gary Halbert, one of the most outstanding direct-response marketers in the US and the highest-paid copywriter in history. Over the next decade, O’Dowd became one of the leading direct marketers in the states. He is known for creating some of the most profitable webinars in history, with a recent webinar earning $20M in sales.
His success relies heavily on learning what successful people are doing and then doing it better.
Here are O’Dowd’s five expert tips to grow your business quickly, whether selling services or products.
1. Become a relentless student of your competitors.
Study winning competitors. This creates the blueprint for massive growth and long-term success. The truth is that 18% of small businesses fail during the first year. Of those that make it, only 50% will be around after five years and 35% after ten years.
If you don’t know why your competitors are winning clients, you won’t know how to beat them.
O’Dowd recommends asking:
- What are they doing to succeed? Visit your competitors or hire secret shoppers. Learn exactly what they’re doing to succeed. Study the entire customer journey. What systems do they have in place that earn them business? Where are they nailing it? And where can you improve on what they’re doing?
- How are they getting sales? Uncover the sales channels used, whether that’s online sales, in-person sales, or a combination. Multi-channel marketing uses indirect and direct communication channels, including websites, direct mail, email, social media, and brick-and-mortar storefronts. Customers who interact with businesses across multiple channels spend three to four times more than customers who interact with a single channel, like a brick-and-mortar store or website.
- Where are they getting their customers from? Customer acquisition costs five times more than retaining an existing customer. Streamlining this process can boost your bottom line … and deliver a stream of quality customers.
- What are they saying or doing to convince those people to buy from them instead of their competitors? Study your competitors messaging. What is their unique selling proposition (USP)? Your USP sets you apart from your competitors — think of it as your calling card to turn prospects into paying customers.
2. Do what the best are doing… just do it better.
Do what the best businesses in your industry are doing to succeed, only better. Doing this will ensure you will either be the best in your industry or, at the very least, among the best. O’Dowd recommends identifying the best businesses in your industry. Then, identify their strengths and weaknesses. Only when you know where they excel and where they fall short can you develop your competitive advantage.
You want to answer the question: Why should I do business with you instead of your competitor?
3. Focus heavily on repeat business.
O’Dowd describes marketing as a game of two halves. The first half is customer acquisition, i.e., generating first-time customers or clients. The second half is monetization, i.e., generating repeat business from existing customers or clients.
The profit margin on first-time customers is low compared to repeat business from an existing customer. A 5% customer retention rate can increase profits by 25-95% — the acquisition cost has already been paid. The more repeat business your marketing efforts generate, the higher your overall profit. So, to boost your bottom line, focus heavily on repeat business.
4. Build with an exit in mind.
Most new business owners don’t build their businesses with an exit strategy in mind — they’re building their businesses to succeed with them at the helm. But what would happen if you built your business to make it attractive to investors? Build a sellable company. According to O’Dowd, a marketable company has these components:
- It’s highly profitable. Investors want a business that generates significant income for the owner … without the owner actively participating.
- Systems are in place that consistently generate new customers. Investors don’t want to reinvent the wheel with each new customer. They want a repeatable, cost-effective customer acquisition plan.
- The business has efficient, competent, and trustworthy staff. First and foremost, investors don’t want to buy a job. They want a team of people who run daily operations smoothly so they can enjoy their free time. Investors want a business that can be operated — and grown — exclusively by the management team.
- The business must have a strong competitive advantage in the marketplace. Most investors are not looking for businesses where they need to start from scratch. They want a business that is already successful and profitable.
If you build a business like this, you will find it’s a pleasure to own, or it’s worth a king’s ransom if you choose to sell.
5. Give your business a higher purpose.
Find meaning in what you do. Purpose-driven businesses give back to the communities where they operate. A recent Deloitte study found that 64% of Gen Zs will pay more for sustainable offerings. Gen Zs seek socially responsible companies. O’Dowd recommends making what you do matter … in a powerful and emotional way, “Stand for something more than just serving customers and paying the bills.”
O’Dowd emphasizes crafting a sellable business with a higher purpose that redefines success beyond profits. This expert advice for business growth unveils a strategic path to success … and outpacing your competitors.