Marketing for Small Business – how to increase revenue?
In this interview, I’m talking to Shane Price from Streambiz. Known as the one percenter, Shane Price has a unique ability to see the small changes in your business that will result in massive boosts in revenue and profit.
SCOTT: Welcome to the Small Business Heroes show, where we talk about everything to help your small business grow and prosper. I’m your host, Scott Trevethan, and today I’m talking to Shane Price. Known as the one percenter, Shane Price has a unique ability to see the small changes in your business that will result in massive boosts in revenue and profit.
As an ex-high level rugby player, business strategist, finance and marketing professional, Shane is an expert at capitalizing on small wins that add up to a grand result. Building on personal experience in his sporting and professional career, Shane perfectly understands how the smallest improvements can mean the difference between winning and losing.
As CEO of Streambiz, Shane has been delivering tangible results to customers since he founded the company in early 2008. His strategic and passionate approach to solving his clients’ problems has seen him able to drastically improve business performance. Shane loves nothing more than seeing his clients’ businesses become more successful and the pressure being lifted from staff and management as a result of his work.
Shane Price, welcome to the Small Business Heroes show.
SHANE: Thank you, Scott. Great to be here.
SCOTT: I’ve just told everyone a little bit about who you are. Why don’t you tell us a little bit more about what you do?
SHANE: Yeah, we help clients double and triple their revenue in profit. That’s really what we do, in a nutshell.
SCOTT: Okay, we don’t waste time. [laughs]
SHANE: [laughs] Absolutely, right? We’re a marketing agency. I’m an ex-national sales manager, sales trainer, and basically naturally flowed into marketing. I started to learn that marketing was just selling in advance, and we literally help clients double their businesses nowadays through our marketing strategies and the tools and techniques that we implement. So yeah, it’s good fun.
SCOTT: Absolutely. It sounds awesome, too. Is your whole world on the web? Is it all about web and lead generation and lead magnets?
SHANE: You would think so, right? But what we look for is return on investment, and the key thing for us – and you being in the accounting world, you understand that it’s about generating a profit at the end of the day. So we look, if we’ve got X amount of dollars to invest for a client in their marketing, we need to get the biggest return that we can for the business.
And the more we can generate a profit – if we can double conversion rates of an ad of any description, whether it be digital, traditional, or social, we can literally double the return that you’re getting for the same amount of traffic or people turning up to your website. We’ve got key contractors that have helped companies go from $2 million to $60 million with billboards and radio. So does the traditional stuff work? Yeah, it does. If you’ve got the right message and you’ve got the right niche for it, right product for it.
But digital is a great place to start. It’s trackable, it’s measurable, and you can get big results for a much, much smaller budget. Like you said, for small business heroes, for the companies out there where cash flow might be tight or they’re looking for places to get gains, and they want to scale but they’re not quite sure how, digital is a great place to start.
SCOTT: Fantastic. What sort of clients does Streambiz work with, and how do you go about working with them?
SHANE: Absolutely. We’ve got everything from actually startups through to multinationals. The bigger clients go on our Virtual CMO packages. We basically become their marketing manager. Instead of paying full retail, $120,000+, for one marketing manager, you actually get a full marketing department for $55K per year. For a little over four and a half grand a month, you’ve got a marketing department that’s going to run everything for you.
What it does is it enhances that return on investment. If I only had enough money to hire a normal marketing manager, well, if I split that in half, I’ve now got someone who has the expertise and knows how to generate a return on investment, and I’ve also got budget, or more budget, to put towards getting that return. So instantly we’re ahead of the standard process of hiring a single person.
We’ve got 88 contractors from all around the world, and they are the best in their niche at what they do. So for big companies, your larger small businesses through to medium and corporates, particularly SMEs. They’ll hire us on the Virtual CMO package.
The corporates will hire us to do something unique, something that – they’ve got their own marketing departments, but they might have one skill set that they’re missing. It might be conversion rate optimization, could be something else. We literally help them with their strategy and the contractors that they’re working with to get the strategy right and maximize their returns. We’ve done work with Nando’s, LJ Hooker, all sorts of different companies.
Nando’s, we doubled their conversion rate. They have a catering division. It’s basically order online, pickup in-store. We doubled the conversion rate, so doubled the volume of sales coming through on a daily basis, and we increased the average order size by $50. So it literally tripled their business overnight.
So corporates, we can do a lot of cool things. Obviously they’ve got the budget to really do the major plays. For small-medium size enterprises, we have the Virtual CMO package. And for your small businesses and your startups, we literally look at what you’ve got available and go, “Okay, based on what you’ve got available, here’s what we believe is the best path. Here’s where you start.” It might be a brand-new website, a website that actually converts rather than just a brochure site.
SCOTT: What’s the difference between a website and a brochure site?
SHANE: A brochure site, if you take your brochure and put your content on the web, has no call to action, has no opt-in or lead generation. It’s not delivering something of value, like what you’re doing here with your podcast. Your traditional brochure sites are really just saying, “Hey, here’s who we are. Here’s what we do.”
SCOTT: “I have a website.” [laughs]
SHANE: “I have a website,” yeah. “Maybe no one can find it.” [laughs] Right? And that’s literally one of the challenges a lot of companies face. They’re not on Page 1 of Google. If someone asked Apple Siri or Google Now about a business near them, they’re probably not going to be found. They’re probably not running paid advertising.
The traditional things that we hear are “I don’t advertise. I get all of my business word-of-mouth.” Whilst that’s great, that’s just one marketing channel. And I can almost guarantee that if you tell me you get all your business word-of-mouth, unless you’re Facebook, I can imagine you’ve got pretty lumpy cash flow.
And you’d see it yourself, right? Whereas if you’ve got five marketing channels that are working for you, chances are you’ve got really stable cash flow. You know how to rinse and repeat and generate more and more business, and you’re generating capital that allows you to reinvest to grow the business even faster. And that’s where you go from word-of-mouth to active marketing and really taking off.
SCOTT: Do you think – there’s the digital marketing versus the more traditional forms of marketing, whether that’s print or radio or TV; is one more suited to services and another product? Or vice versa, or doesn’t matter?
SHANE: Not necessarily, no. I think it’s more to do with how much you make per sale. If you’re selling houses and you’re real estate or a builder or something like that, print and TV, radio can work for you. You make a sizable margin for every property that you sell. If you’re a small business and you’ve just got a product that you’re making a couple of dollars on every time, then something like e-commerce is going to be the best place to be. It’s horses for courses.
The beautiful thing with digital is, like we said, it’s trackable and measurable. So if we can test the imagery, the headline, the call to action in the digital space – and we’ve done this with clients even in the building industry, where we can take what we learn from digital, get the best [inaudible 00:09:13], and we apply that to a print ad – that print ad all of a sudden starts performing.
We had a client who was generating very little inquiry off of print ad. There was about $7,000-odd a week, I think, at the time. That ad goes from doing nothing to generate quite a healthy amount of business, just because we got the message right. We know what images people were clicking on the website; we put that in the print ad. Simple, simple things that can make a massive difference.
So I think digital’s a great place to start because it’s trackable, it’s measurable. You want to get it right there first. Particularly if you’re going to run print, test some ads online. If you’re going to run TV, why not run a bunch of YouTube tests? Find out which ad converts. Then put that on the mainstream media. You know you’re going to get your return on investment. If you know your numbers off the ad, you’ll have a better idea of your return. You can do a lot more with the money that you have available for marketing.
SCOTT: Your virtual marketing manager product or service, does that take people’s advertising spin and basically utilize it in the most effective way, measurable way to get real-time results?
SHANE: Absolutely, yeah. We implement a number of things. Straight up – you can see the TV beside me here that’s turned off – that runs all our dashboards. We give our clients visibility on their business, so they can see the number of visitors coming in; if they’re running paid ads, they can see how much they’re paying, how many inquiries are coming off that. They can see their growth on social media. We literally give you real-time visibility on your business.
To me, knowing your numbers is critical. You’re in that space; you’ve got to know your numbers if you’re a business owner, right?
SCOTT: Absolutely. Certainly if you want to improve on anything that you don’t know where you are right now.
SHANE: Absolutely, absolutely. You’ve got to know what’s working, know what’s not working, and basically get everything working as well as it possibly can. So we’ll take the available marketing budget and we’ll sit down with a business owner and go, “Okay, here’s what we believe is the best strategy for you. Here’s what we’ll do.” Once we’ve got agreeance on that, we start allocating the capital accordingly.
I’m a big fan of Warren Buffett, the multibillionaire investor. One of the things he says, his core skill is asset allocation. He takes money from underperforming assets and moves it into better-performing assets and generates more return. That’s what I look at my job being, as a marketing strategist and business growth expert. So that’s what we’re doing.
SCOTT: That’s beautiful. Shane, thank you so much for your time today and for helping expand on something that’s very complicated for a small business owner. There’s so many different moving parts, and it’s clear that we all need help and assistance. So if people want to contact you and Streambiz, what’s the best way to go about doing that?
SHANE: Thank you, Scott, for having me on. Streambiz.com.au is our website. 1-300-887-639 is the phone number. If you’ve got something that you’d like to have us have a look at, we can give it a free review. We do website reviews, we do marketing reviews. We can literally sit down and go, “Okay, here’s where you are; here’s where you need to be.” And you understand the power of that: if you can help your clients grow with what you’re doing here, and we help our clients grow, it’s win-win for everyone.
SCOTT: Oh, absolutely. I’ll make sure I put those details just below this when we release this video out. Shane Price, thank you so much for your time today. Streambiz. My name’s Scott Trevethan; I’m from Scott Partners. This is the Small Business Heroes show. If you’d like any more details about what we’re doing here, you can go to our Facebook page, which is Small Business Heroes. It’s a group. You can go to our website, which is ScottPartners.com.au, or you can like our Facebook page, which is just Scott Partners.
I’m Scott Trevethan. We’ve been talking with Shane Price, and I’ll see you all later.