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How do you get most of your new business?
A guy by the name of Joe Jaffe literally wrote the book on marketing today. The book, called “Flip the Funnel”, shows us how marketing today has changed. Referrals are the best way to get new business, and, as our study shows thus far, most of us get our business that way too.
Overall assessment results from our marketplace show that fewer businesses are putting their advertising budget into print advertising. Print advertising is considered “passive” which means, in the case of a newspaper, for example, that a potential client would have to purchase the paper (small chance) and then happen to notice your ad (smaller chance). What would you be hoping for?
Direct Mailings: With the advent of the “do not mail” list, you are risking sending to someone who has “opted out”. If you are a small business, can you afford the risk? This method of contacing people also has a very low dollar:results ratio. For every dollar spent, you are likely to see less than a 1% return on your advertising investment.
Cold Calling from a List: Because I work in a home office, I hang up on 6 or more calls per day, even though we are on a “do not call” list. Granted, most are mechanized calls, but a person on the other end of the line would not likely make me happier. As with the direct mailings, you also risk calling someone on the “do not call” list who would take a stand.
In Person Networking: This is one of the best ways to make connections with people. Are they all potential customers? Maybe not, but look at the bigger picture: each person you meet knows other people. They need to see you again and again to get to know you better.
Do you have customers you need to keep in touch with?
With only a simple “yes or no” choice, this one was easy. Studies show that keeping in touch with current clients, donors, customers, members or supporters is the best way to grow your business. By keeping in touch on a regular basis with easy-to-access correspondence, like an e-newsletter, you share your knowledge and stay “top of mind”.
Do you need more business?
Believe it or not, there are a few folks I know who are inundated and don’t really need more business. Wouldn’t you like to be in their shoes? Until then, however, we have to find ways to subtly connect with people.
Who are your customers?
Studies today show that email marketing may or may not be right for all businesses. If your customers are consumers, email marketing is certainly the best way to educate and inform. If you live in the right part of the country (and are old enough), you might remember Sy Syms, who coined the phrase “an educated consumer is our best customer”. It certainly rings true today!
If you have a specific niche, it may depend. If you are dealing with a vertical market, email marketing will likely be a good, if not excellent, fit for you. If you, on the other hand, have a very narrow line of products that can only be sold to a very small audience, you may have to look harder at ways to use that to your advantage.
Do you have a website that you are in control of?
Why does this matter? Keeping website information up-to-date and fresh is important. Usually the first thing a potential client might do nowadays is look online at your webpage before calling you. If you have to call someone who might be too busy to do updates for you, that can be frustrating.
Even if someone else performs updates for you, you should be in control and know the elements of the website, passwords, and other details of access. One other thing: if you have a blog, it will be come a great resource for visitors, and give you a place to “house” information that you can share via your email marketing campaigns.
Do you understand social media and are you able to apply it to your business?
Most of the people I meet, who attend seminars or webinars “get” the concept of social media and want to use it to help their business grow. Here’s the problem: It takes time, at least a little bit. If you can’t do it for yourself, and if your budget allows, perhaps you should consider having someone do it for you. Try to look hard at your work week and see if you can find a time to work on this important area of your marketing strategy.
Many of the comments to this question mention the fact that “time is the enemy”. Creating a routine for yourself that includes automated tools like Hootsuite will help.
How much do you spend on marketing per month?
A general guideline is to spend 10% of your gross income on marketing your business. As an example, if you earn a mere $1,000 per month, we’re talking $100. You can actually do a lot with $100, if you think about it and plan carefully. If you are grossing $60,000 annually from your business, that is, believe it or not, $500!
I work with a lot of small businesses that are so very small, I call them “micro-businesses”. It is a true fact that marketing your business begins to suffer if you have a lot of other expenses that must come first. Yet, marketing is the most important element in giving your business the exposure it needs in order to grow.
Which category were you in? When you take into consideration the “10% rule”, which one should you be in?[/vc_column_text][/vc_column][vc_column width=”1/4″][vc_widget_sidebar sidebar_id=”avada-blog-sidebar”][/vc_column][/vc_row]