Define your prospects and specialty area
- Define the target market
- Define the biggest problems that your client is having
The first step that you should implement is to decide who your prospects are. This comes back to your original marketing plan and financial modeling. Those with established businesses will have a good understanding of who their prospects are, those that are starting a business should think long and hard at the outset of who they are trying to attract.
Try not to attract people that you can’t convert to a profitable assignment. Think about your end goal, your billing rates and the number of clients you need.
Then you need to get inside the mind of your prospect. Work out every step of their day to day routine, keeping in mind your product or service that your offering might be “the solution” to their problem.
Develop your lead generation material
The shift starts with the arts
Roy described how music and art is the first indication that ´times they are a changing´. Typically music precedes this social shift before the whole idea goes mainstream. If you think about it, looking at music and the arts is a reasonable indicator of what people think. I´m not talking about the reaction to one hit wonders, but the general trends. Why does everyone suddenly get the same kind of groove, coast to coast, continent to continent?
I remember reading a CaveChat (bulletin board) thread from 5000BC 2 a few months back where one post compared Eminem to Elvis. I thought it was a strange comparison at the time because it was not explained in the context Roy described. I now understand that it wasn’t that these icons were comparable as artists; it was that they are comparable in the shift they reflected in …
Now let’s look at other organizations you, your business and, of course, your community can benefit from by your involvement, but not in that order.
Service Clubs: There are three major service clubs that come to mind, and I’m sure you are familiar with them to some degree already: Rotary International, Kiwanis International and Lions International.
However, don’t just run off and join the largest club in your area just because it’s the one that gets the most media coverage. As a matter of fact, you shouldn’t be joining a service club at all for the sole purposes of promoting your business. You should be joining because it is the right thing to do. The benefits, and there will be benefits, will come indirectly.
Each of the above mentioned organizations have a main charity or area of interest as a national or worldwide project. Lions International for example is recognized …
Know what you need.
Marketing’s main job is to feed the sales force with nice, warm leads. Step one towards better marketing is to understand how much and what kind of food they need.
Using this information, you can determine how many new inquiries your marketing must generate in order for the sales team to meet their goals. For example, let’s say your annual new business revenue goal is $10M; your average deal size is $100,000; your sales people generally close 50% of the qualified opportunities presented to them; and 5% of your inquiries become qualified opportunities. A quick run around the calculator tells us that your marketing efforts need to generate 4000 leads for the sales team.
With this information in hand, marketing planning becomes much more focused. Every activity in the plan should in some way contribute to generating inquiries and developing leads. If you can’t trace a …
Another aspect of marketing is knowing how to continually reach and increase your market in the most cost effective manner possible. One way to increase reach and do so cost effectively is to find other businesses who share a similar market. These can be complimentary businesses and even competitors. What better way to get your foot in the door of a new market than with the endorsement that comes from a joint venture?
Solo marketing efforts are no longer as effective as they were in the past. True strength lies in utilizing the power of joint ventures. It is probably one of the most compelling marketing strategies you can implement. With so many people competing in any given industry, an appropriate joint venture can stretch your marketing dollars and increase your market reach. And do so in a way that people want to do business with you. That is the …
Sponsorship can open cost-effective doors to target markets, and media that you or they may not be able to access on their own. It also creates an incredible opportunity for your business to boost an awareness of social issues that match your values and goals as an organization.
This leads to a valuable and exciting exercise for your company. Make a list of the values of your organization, as well as a list of the things that your organization does better than anyone else. Studying these two lists will lead you to the best organization with which you partner.
Refer to these lists when you approach or are approached by an organization which may fit your values criteria. This partnership needs to be based on an honest and clear commonality of goals and values. It is much bigger than just writing a cheque. Ask questions, lots of questions. Go and …
This is why a lot of successful companies nowadays just love using the loyalty marketing concept as a key strategy for them to be able to keep afloat in today’s highly competitive market. The loyalty marketing strategy is actually just based on a really simple premise which is to develop a stronger relationship with each and every one of the company’s best customers, make sure that they are always happy and satisfied with the company’s products and services because they are the ones who will most likely stick with you for the longest time. Once you have already built a solid relationship with your best clients you will now be ensured of more profitable years ahead for the company.
Highly dependent on whichever type of market place situation is the type of loyalty marketing objective that you should infuse.
For your company’s loyalty marketing objectives, here is a good start:…
Management does not know specifically what it costs to recruit a new customer. Plus, there are no accurate statistics on the average customer lifetime value.
Without this knowledge, it is impossible to make sound decisions. You cannot determine how much to invest in marketing. If you spend more to gain a customer than their lifetime value, ultimately you will go broke. In the absence of this information, many businesses can and often do fail. To make matters worse, few of the casualties understand why they failed.
Solution: Before you invest large sums on marketing, determine the average lifetime value of a customer. An excellent book that I highly recommend on this topic is The Loyalty Factor by Frederick Reicheld.
Management makes no attempt to build a customer database. This is especially so with most retailers, restaurateurs and department store owners. However, I’ve seen this in many other businesses.
Solution: A …