Business Boosters To Crush This Economy – Part III
I was invited to a meeting put on by marketing genius Bill Glazer. He has 25,000 customers that pay him every month ranging from $40 – $1000 (he also has some high end clients too). Do the math – he knows what the heck he’s doing. Bill shared 7 Business Boosters That ANY Business Can Do To Survive And Thrive In This Recession. I covered #1-3 in a previous post and here is #4-7…
Booster #4 How To Find An Army of People Eager to Sell Your Stuff For You!! (this is very cool!)
Ok, who wouldn't want to have an army of people eager to sell your stuff for you? Just the thought of that has got to bring a smile to your face. Visions of grandeur. Of finally being on easy street. A situation everyone craves.
But how do you do that?
You Create a Referral Culture.
But how do you do that you ask?!!! Here are some bullets to help you:
- feature customers who refer you in your newsletters
- posts people who gave the referral on your social media sites
- thank customers who refer – my goodness is this ever horribly missed by many! I referred a client to a friend who is very skilled in his profession. He closed the deal and you know what I got – nothing! A simple "thank you" or email would have been plenty for me to refer more business. I got nothing. How many more referrals do you think I want to send him? Contrast that to a client of mine who gives any combination of thank you cards, gift certificates to upscale restaurants or a simple Starbucks gift card for a simple warm introduction.
- referral contest
- build a referral program into your business – build it into your sales presentation or in your brick and mortar store – where you give them a choice of gifts for giving you referrals on the spot
- create a referral rewards program
- take your best referrals on a night out or to a special exclusive event
To create an effective referral program, it is vital that you do three things:
- Be very clear who are your ideal customers or clients
- Be intentional to attract them using pull marketing
- Create the ultimate customer experience for them
Do these and your odds of getting referrals will skyrocket!
Booster #5 – How to Tap Into The "Hidden Goldmine" in Your Business
Most miss this. Every business has one. It is the 3rd easiest way to get business (selling more to existing customers and getting referrals are #1 & 2 easiest). It is easier to get more business from here than it is to get new clients. It is approximately 7x more expensive to get a new client than to farm this one.
Create a Lost Customer Reactivation Campaign
Many businesses do this. But how they go about doing this is all wrong. They send some cheesy, flat, dull, boring 4×6 postcard saying "it's time for you to come back and see us". zzzzzzzzzzzzzzzzzzzzzzz – that's the sound of your lost customer's sleeping while reading it.
There are much more fun and creative ways to get people to come back in. One is to send a boomerang in the mail with a letter and offer to have them come back. You throw a boomerang and it comes back, get it? Sends the message to your lost customer that they are supposed to come back. Make sure your letter is not dull and boring though. And give them a compelling reason and an irresistible offer to come back in to see you.
But how do you know when to send this? …. every business has a cycle, determine when they should come back in and send it around that time.
Booster #6 – How to Build Relationships to Get People to Keep Coming Back to You
You must stay in touch with your customers and prospects. If you are married, when you were dating your wife did you only talk to them when you wanted something? No! You built a relationship with them on a regular basis. Same thing with marketing to your prospects and customers. If you want more business, you must build a relationship. This is called Relationship Marketing.
How do you do this?
Send them a newsletter.
2 ways to do it, is to send an electronic newsletter or ezine, the other is to send a print newsletter. Every business is different and some fit better than others. Here's one thing about print newsletters – they outperform electronic newsletters. To send a 4-page print newsletter it costs a buck a name. This includes all costs including postage. And it needs to be done monthly. Look at what your customer value is and figure out if it is worth investing a buck a month or $12 bucks a year on them.
Regarding the content, most people do this all wrong. They send a newsletter that is just boring facts about their business or a glorified sales pitch. While you want to include both, you put in a lot of other stuff in there – include some of your personality, add humour, articles about other non-business related things that are of interest to your market. And yes, recognize people who referred you business and give them a great offer monthly.
Booster #7 – Add More Media!
The worst number in any business is the number 1… if you only have one client you do not have much security, if you only use one source of media you are screwed if anything happens to it. I have read stories and met people that had one major account that was giving fat commission checks until the account was bought out by another business and the product shipped overseas, a distributor that lost it's sole shipping channel, a major client that decided to discontinue a product, an advertiser that was spending 1,000,000/yr on adwords and had their account shutdown overnight, someone had some work done on their website and had all SEO & SEM traffic turned off because a simple piece of code was missed, a company that was selling to Big Box stores that gave a mandate to reduce prices and squashed all profit margin, a printed magazine that decided to delay mailing by months until it was more profitable for the magazine.
Get the point?!!
If you are only using one source of media you are setting yourself up to be screwed.
As an engineer, you just know I am big into formulas. Here is one worth memorizing
Diversity = Stability
In this economy you must be smarter and more diverse. More businesses are beginning to advertise more. Remember this story… "2 guys were walking in the woods. One had running shoes strung around his neck. His buddy asked what they were for. He said they were in case they met a bear. His buddy laughed and told him he was never going to outrun the bear. He chuckled and said "don't have to outrun the bear, just have to outrun you!"
Most businesses are lazy and copy what everyone else is doing. You are different. You are on my list and are here reading this. You are smarter. You are being exposed to great stuff that will let you outrun your competition every time.
Now go figure out what to implement and go do it eh!
P.S. Want to gain more of an "unfair advantage" over your competition? … go get the ebook "12 Biggest Marketing Mistakes Most Businesses Make And How to Avoid Each One"… it's your's free. Put your name and email address in the box just to the right of this post and I will have it rushed to you. Go do it now!