Marketing

I have been told many times that the main concern business owners have cash flow. But the reality is when there are ample marketing processes in place, the cash flow is automatic.

One of my favorite methods of marketing is building Power Partner relationships. Power Partners are relationships with those of different industries who are working with the same clients for different purposes.

For an example, an computer specialist would find a commercial realtor, telecommunications specialist, printer, property manager, office furniture sales and office supply sales people are always going to be working with an ideal prospect for the computer specialist.

Marketing also includes activities such as attending chamber functions, leads groups, specialized organizations and anywhere groups of people gather.

The greatest thing about meeting people is they are usually eager to support one and another. All that is necessary is to have a business others need or want and to ask for their business.

The challenge is in keeping up with the numbers. When you understand what it takes for you to achieve the right numbers, as in how many people you need to talk with before you end up with a new client, you’ll see what you have to do make sure you have enough business  consistenrtly.

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Knowing Your Numbers

Every business has a number. The numbers are important. The reason they are important is the numbers will indicate how much work needs to be done.

I found when I was first starting my business development company I had to talk with 20 people to get one new client who paid me $500 for a year of service. So I had to talk with 200 people to earn $5,000 a month and 400 to earn $10,000 a month.

I would break it down to 100 dials a week, 20 dials a day which would take about 90 minutes. It isn’t so difficult to achieve your numbers when you know what it takes to achieve your desired outcome.

Then later after tracking my numbers for about three years I realized I if I would end up with numbers twice as good if I would call during specific hours and at specific events.

When I called during 9 to 11 am and 1 to 3 pm on Tuesday, Wednesday and Thursday I only had to call 80 dials a week to achieve the same results. The number of people who answered their phones was much greater.

When I called people I met at a Chamber of Commerce, the ratio was terrible. It was 1 out of every 40 people I met.

When I called people I met at industry specific event such as an association, the number was 1 in 5.

When a client referred a prospect the number was 1 in 3.

So I concentrated on referrals from clients and began my Power Coffee Meetings. (previous post)

What you can do by tracking your numbers is to effectively control your numbers.

 

 

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