|Fri, June 13, 2014 at 11:08 AM|Send Blog · Share on Facebook · Bookmark on Delicious
Often times we get so caught up in driving traffic to our business that we forget to dig deep within our current database. Business owners have a tendency to focus primarily on the day-to-day task of "getting things done" that we leave money on the table because of the lack of simplicity. You've often hear me speak on "3 Simple Strategies to Attract Client" but I'll never omit the power of tapping into your current database. So I want to highlight one sure method that you can use to build your database. And it's referral marketing.
Referral marketing can be implemented whether or not you have a paying client database that you currently have (like a list of current clients that you currently service) or if you've done pro bono work. Let's say you've helped your girlfriends out or if you've helped your brother out. Any type of services that you have actually provided that falls underneath your product line, whether it was paid or unpaid, you can get a testimony for that and you could also ask for referrals from those particular individuals.
What I did was I came up with five sure ways to make client attraction a walk in the park. Referral marketing is simply a part of building your database. Your business database is consisted of prospective clients, referral partners who will filter in and send you clients and influential leaders. You're going to have what you consider to be 'center of influence'. These are individuals that you work with and you all may also service the exact same client and you can work together or maybe collaborate together.
So there are several different avenues in which you can generate and have clients being fed into your pipeline. So one of the most important things that I want you to understand is that when it comes to referral marketing, you have to create a habit. You have to make it a habit to ask every customer for friends, family, brother, cousin Jo-Jo, anybody that has someone who you feel would benefit from your product and services.
Top recommendations to make Referral Marketing work for you:
1. I'll highly recommend creating a section on your proposal or your invoice where it actually states, "Do you know three to five individuals that you feel will benefit from the services or products that I provide?" That way, it's a no-brainer. It's a part of your process. And once you fill out names, information and the actual order and you're getting that customer to sign.
2. it can be a small block - I mean, 125 x 125, really small - where you say, "Hey, just jot down three to five names that you think would appreciate the services that I provide." That's 5 additional prospects that you didn't even have to work hard for.
This is a simplified method to add value to your current clients but also help them add value to their network of friends and clients. Stop overcomplicating building your business and look for simple business strategies to boost your business
|Fri, June 13, 2014 at 11:07 AM|Send Blog · Share on Facebook · Bookmark on Delicious
Today a great question came across the American Express platform and it made me think of YOU first. Small business owners have to look at cost on a daily basis because funds are limited in the beginning.
Ameer asked a great question about eliminating cost and restructuring his organization. Not only is this an ongoing issue for large corporations it seems to hinder small businesses on an ongoing basis. So when I saw this question I felt the desire to break it down into steps where Operational Managers and CEOs could grasp and implement.
When looking at an organization and restructuring, your line items become a critical part of this process. When I speak of line items, each organization should complete profit & loss statements, cash flow statements including income statements of a monthly/quarterly and yearly basis. These reports are the analytical foundation to how your business is going financially. If you are currently operating a business and don't know where you stand financially WELL STOP RIGHT NOW! That's like riding a bicycle with blind folders on or driving a car on a road where you can't see 3 inches in front of you. So let's fix this problem now.
There should be a strategic approach to this process of understanding your financials and making adjustments when spending becomes a problem. Naturally you should develop cost efficient methods to replace high valued line items. We have become so reliant on technology to automate our business that annual and monthly subscriptions can become an intricate part of your cash flow statements. Be mindful every time you register for the newest automated program to operate your business efficiently. Be sure that you have enough customers/revenue to keep you in the black, my friend.
4 Easy Steps To
Research other options that could save your company money on the bottom line. What that means is identify the top 3 items that are costing you a fortune in your business. When you have employees most times the cost is labor, however when you don't have employees the cost can differentiate based on industries.
So to sum it up:
1. Identify high cost line items - Where are you spending most of your money? But WAIT, what's the return on investment for that line item. Think about it, it could be a sales employee whose labor rate is out of control but they generate a 4x's their salary in revenue for your company. Are you really going to eliminate their job because you pay them well. Hell, they do a fantastic job so move on to the next item please. Be smart about your restructuring.
2. Identify cost efficient replacements - Think about the internet/cable services in your business or the merchant fees that you're paying. Think about the website monthly maintenance fee that you're paying and so on. These are the operational cost that have become overbearing in small businesses that can often times be unnecessary.
3. Research effectiveness of other options - Here is the fun part because now it's time to hit the streets to find alternative methods to what's working in your company. With so much technology and the evolution of the internet, I can guarantee you that there is a free app or cost efficient program that you can use in a large corporation/small business and save hundreds if not thousands of dollars. Don't think because you're a Fortune 500 company that you don't have to use apps that small businesses use on a daily basis. You better think about the bottom line. Anywhere you save money is more money in a bonus check. Am I right?
4. Test/Implement and repeat the cycle. Once you've identified a replacement tool then it's time to test the program to see if it's compatible to your company/industry. Run the test for 3-6 months for accuracy and eliminate the kinks. If the pilot seems to work out like golden then move on to implementation phase and roll out the new program to the company. Don't forget that this will incorporate training on the new systems and you have to take in account any additional labor hours. AGAIN, be mindful of the revenue generated on the time-saving and cost efficient process.
You've just been blessed by Business Strategist and Operation Management Special DeKesha C. Williams