Once upon a time, in 1969, there was a young woman who had a dream of starting her own company. She had ideas, talent and work ethic to spare but what she didn't have was cash. After careful research she found that marketing would cost more than all the other aspects of her business combined. Out came the credit cards, family loans and savings. After a few months the woman realized that she had mortgaged her future to the hilt and she still couldn't make enough money to buy her way out of debt. Sadly, she closed up shop and went back to a job she hated at an uncaring corporation.
Fast-forward thirty years and meet a young man working at an insurance company who dreamed of starting his own small business as a financial planner. He had the education and experience but what he didn't have was cash. The year is 1999 and after a few weeks of research the young man realized that marketing and promotion were vital to the success of his business. However, the young man knew about a magical method of promotion that wasn't available to the young woman in 1969. What was the magical method he used to start his business part-time and build it into a full-time thriving practice after six months? The answer, of course, is the internet!
It's true that the internet seems like a capricious magician that selectively waves a magic wand over some small businesses. However, the reasons for this became glaringly clear to the young man after he completed his research. He discovered that success is garnered by avoiding scams such as "business opportunities" that seem too good to be true. In addition to hard work and patience he stayed away from spam, Free For All Links (FFAs), pyramid schemes, network marketing, sweepstakes and investment fraud.
The young man developed a marketing plan focusing on the internet and after six months he found the following free or nearly free strategies worked best:
Press Releases - Particularly helpful if the release is tied to an upcoming holiday or a recent event.
Creating Content - Offering articles and case studies is by far the most reliable way to find clients and brand yourself as an expert in your field.
Book Reviews - Some on-line books stores like Amazon.com allow you to post reviews of books you've read. These reviews will be tied to an "About Me" page that can include information about you and your business and your URL.
Forums - Joining forums that cover your area of expertise is a good move. Help people by answering questions about your topic and include your URL in your signature.
Testimonials - Wise marketers ask every existing client for testimonials to be used on their website and/or printed marketing material.
Newsletters - Keeping in touch with customers and prospects with an on-line e-zine is a good way to build a steady stream of loyal clients.
Telese minars - A small investment in a bridge line allows a group of people to sign up for a free or fee based seminar on your area of expertise.
Referrals - Proactively asking clients for referrals works better if they are offered a discount on products or services in return.
Solo E-zine Ads - Solo ads are an advertisement or article sent by itself to a list of newsletter readers. Many solo ads are competitively priced and offer a generous amount of room for your message.
The young man learned a lesson that we can all appreciate. There is no "get rich quick schemes" that work on or off-line. The only way to prosper hasn't changed over time... build client relationships with hard work and excellent customer service. Cultivate patience and find your own internet magic by following in the footsteps of the young man.
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Small Business Marketing Magic
How would you like to increase your business 1300% in less than a month while spending next to nothing? I spoke to one of my clients today to check in on a marketing strategy I gave to him - and he had multiplied his business 13X. Is he psyched? Of course, and now he has the problem of figuring out how to deal with expanding his business. We should all have such problems.
Wanna know how he did it?
My client owns a small martial arts school. He just started a kids program and enrollment is ok. I helped him set up a referral system. Less than a month later his kids program has increased 13X. On top of that, some of the parents that are bringing their kids have signed up for the adult classes. The net gain is actually above 1300%. He now has to add extra classes and expand his space to accomodate the business.
I can't think of too many small businesses that couldn't benefit from a referral system. I am working on another one with one of my clients who owns an auto garage. I am putting one in place for my own coaching pracice. I love referral systems because they are one of the least expensive ways to gain new customers.
What makes a referral system a system is that it's ... well ... systematic. It encompasses steps that you repeat - when x happens I do y. It's something you do as a rule, you set your referral system up as a policy. And it is easily trackable.
What makes a good referral sysytem?
Your customers know that you expect referrals. You don't want to pressure your customers to refer, but they should know that's how you're building your business. Some people don't give referrals simply because they don't think about it.
Reward for referrals. Give your customers thanks for referrals and you will increase the number of times they refer. This may be the only part of the system that costs anything. You may be able to reward clients in a way that costs nothing too. My martial arts instructor client runs a contest and whoever gives the most referrals in a month wins a prize.
Make it very easy for referrals to do business with you. Maybe referrals get a discount the first time they buy from you, or they get a free trial. Giving out referral coupons with the referrers name on them is a great way to track and reward referrals.
You must provide amazing service. People are not going to refer their friends if you aren't stellar at what you do. It's unfortunate how many businesses don't get that great service is so unbelievably important to their success.
Look for ways to build your own referral system. Be creative but avoid being pushy.
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