Archive for Ten Ways to Market Your Business For Under $100
Ten Ways to Market Your Business For Under $100 – Part 3 – Networking
Posted by: | CommentsTable of contents for 10 Ways to Market Your Business for Under $100
- Ten Ways to Market Your Business For Under $100 – Part 4 – Effective Online Networking
- Ten Ways to Market Your Business For Under $100 – Part 2 – The Three Foot Rule
- Ten Ways to Market Your Business For Under $100 – Part 3 – Networking
- Ten Ways To Market Your Business For Under $100 – Part 5 – Gain Trust and Build Long Term Customers With a Newsletter
- Ten Ways To Market Your Business For Under $100 – Part 6 – Using A Free Report To Build Trust
- Ten Ways to Market Your Business for Under $100 – Part 7 – Can a Blog Help You Build Your Business?
- Ten Ways to Market Your Business For Under $100 – Part 8 – Increase Your Profile Through Public Speaking
- Ten Ways to Market Your Business For Under $100 – Part 9 – Get the World to Come to You By Sending Press Releases
- Ten Ways to Market Your Business For Under $100 – Part 10 – How Volunteering Can Help Your Business.
Yesterday I wrote about using the Three Foot Rule and Elevator Speech. Today I’ll be talking about taking the elevator speech out for a spin at a networking meeting.
Networking is a way of marketing your business through social networks – groups of like-minded business people, or people in the same industry.
Formal networking meetings abound. The Chamber of Commerce, Board of Trade or industry associations all hold regular networking meetings. Now some groups such as BNI will definitely put you over the $100 limit. However, most groups will let you attend a few meetings as a guest. This lets you see if the group is a fit before you invest in a membership.
The goal of successful networking is to get to know the other members – and have them get to know you – well enough that they feel confident in sending referrals your way AND you feel confident in sending referrals back.
How do you do this?
- Take your time and talk to a small number of people at each event rather than trying to win the award for most business cards collected. Better yet, plan to meet one-on-one on another day. This will give you both a chance to really get to know each other and your businesses.
- Be genuinely interested in the people you meet. Ask questions about their business – open ended questions. A great question is, “Who is your ideal customer and how will I know if someone fits the bill?”
- But don’t just ask the question and forget it. Write it down on the back of their card and keep your eyes open for that ideal client. When you spot one, pass along the referral.
- Make sure you can answer the question about your ideal client yourself. If you aren’t sure who you are targeting, how can others confidently send you a referral?
- Go in with a goal of helping others by giving referrals, making introductions and passing along information. If you’re not getting results from your networking, ask yourself how many others you’ve helped in the group.
- While it is helpful to make some personal connections while networking, don’t make the mistake of thinking this is a social event. The ultimate goal is to build your business – keep this goal in mind and act accordingly.
- Be a regular. Networking is a long term strategy. The more you are present, the better known you’ll become
- Sit with someone new. The goal is to meet new people so don’t fall into a habit of talking with the same people each meeting.
Score! What to do when you get the referral
When you get a referral, act quickly. Ideally you should follow up within 24 hours. If someone goes to the trouble of making a referral, show enough respect to act promptly.
If you wait, the referral may have gone elsewhere. And worse, the person making the referral may feel this wasn’t important to you and be less inclined to refer you in the future.
Once you’ve followed up, let the referring person know the result. A brief phone call, an email or better yet, a thank you card will make all the difference. It lets this person know you value their efforts on your behalf. And makes them more likely to refer you in the future.
Finally, if you do get business as a result of a referral – do your best work. It’s not just your reputation on the line. The referring party’s reputation is also at stake. If they get raves about your work, everybody wins.
And ultimately, that’s the true goal of networking.
Join me tomorrow where I’ll discuss on-line networking and how it can help you build your business.
Andrea J. Stenberg
Ten Ways to Market Your Business For Under $100 – Part 2 – The Three Foot Rule
Posted by: | CommentsTable of contents for 10 Ways to Market Your Business for Under $100
- Ten Ways to Market Your Business For Under $100 – Part 4 – Effective Online Networking
- Ten Ways to Market Your Business For Under $100 – Part 2 – The Three Foot Rule
- Ten Ways to Market Your Business For Under $100 – Part 3 – Networking
- Ten Ways To Market Your Business For Under $100 – Part 5 – Gain Trust and Build Long Term Customers With a Newsletter
- Ten Ways To Market Your Business For Under $100 – Part 6 – Using A Free Report To Build Trust
- Ten Ways to Market Your Business for Under $100 – Part 7 – Can a Blog Help You Build Your Business?
- Ten Ways to Market Your Business For Under $100 – Part 8 – Increase Your Profile Through Public Speaking
- Ten Ways to Market Your Business For Under $100 – Part 9 – Get the World to Come to You By Sending Press Releases
- Ten Ways to Market Your Business For Under $100 – Part 10 – How Volunteering Can Help Your Business.
The three foot rule is simple. You tell everyone who gets within three feet of you about your business, products or services. This doesn’t just apply to networking meetings and business functions. Try it at the gym, in line at the grocery store, picking up your kids from swimming lessons.
Why? Because when you’re out in the world, you never know when the person next to you may need your exact product or service right now.
You don’t need to be pushy or obnoxious. And don’t give a laundry list of your services. Just pick one small part of your business and work it into the conversation.
For example, when the clerk at the grocery check out asks how you’re doing, reply, “Great! I just helped a business client through a tax audit. Not only did they come through with flying colours, they’re getting back more money than expected.” Or, “I’m so excited. We just got in a new widget at our store. Not only does it slice and dice, but it makes coffee too. Our customers love it!”
Like with business cards, odds are the majority of people will smile politely and forget about you as soon as you leave. But it only takes one person to say, “Hey, I know someone who’s looking for that service. How can they get in touch with you?”
And best of all, using the three foot rule is free. So what have you got to lose?
Making the Most of the Elevator Speech
Closely related to the Three Foot Rule is the Elevator Speech. The purpose of the Elevator speech is to tell someone about your business in the time you might travel in an elevator together. Most people save the Elevator speech for formal networking events. However, you can use it any time someone asks what you do.
The problem with most elevator speeches is the speaker focuses on themselves – giving a laundry list of their products, services and processes. If you’ve just met, the person you’re talking to doesn’t care about what you do. You need to find a way to pique their interest by focusing on their needs and problems.
The best way to do this is to start your elevator speech with who your target market is and finish with what problem your target market has that you solve.
An accountant might say, “I work with rapidly expanding Information Technology firms that are paying too much in taxes.” This way the listener knows right off the bat if they, or someone they know, has a need for your services.
The elevator speech is not intended to be the definitive description of your business. After all, it is rare that after you deliver an elevator speech someone says, “Hey, that’s just what I need. Here’s a cheque.” The goal of the elevator speech should always be to start a conversation. That’s all. You’re not going to close the deal yet.
Let me say it again: the purpose of the elevator speech is to start a conversation. All you are trying to do is pique the listener’s interest and hopefully get them to ask a question. By asking a question, they are giving you permission to give more information.
So, how do you know if you have the right elevator speech? By testing. You won’t know for sure until you test it out. Over the next two weeks, commit to trying you new elevator speech on 50 people. If you’re getting glazed eyes, you need to rework it. If you are getting questions, you’re on the right track.
Get started on your elevator speech today. And come back tomorrow when I’ll talk about taking your business cards and elevator speech out for a spin at a networking event.
Andrea J. Stenberg
Ten Ways to Market Your Business For Under $100 – Part 1
Posted by: | CommentsMarketing is a numbers game. No matter how closely you target your ideal client, a large number of the people you hit with your marketing won’t buy right now. They don’t need your service or just don’t want it from you.
It’s nothing personal – just a fact of life when you’re in business. To build a thriving business, you need to work the numbers – aim for enough “no’s” and the yeses will take care of themselves.
W Whether you are an established entrepreneur or are just starting out, you can effectively market your business without breaking the bank. In fact, whether your marketing budget is $100 or $100,000, these low-cost marketing strategies need to be part of your overall marketing plan.
P Part I - The Lowly Business Card
The first thing everyone does when starting a business is get business cards. They print 500 or 1000, put a handful in their briefcase and the rest sit in the office gathering dust.
Business cards do you no good sitting in the box they came in! They’re cheap – don’t hoard them. Get rid of them as fast possible. Put them in your wallet, your purse, your gym bag, the glove compartment of your car. Don’t leave home without them.
Everyone you meet – exchange business cards. At a meeting, waiting for an elevator, in the grocery store. Don’t just force them on people willy nilly. But any time there’s an opportunity to tell someone what you do, pass along a business card as well.
And don’t just wait for in-person meetings. When you mail a letter, stick in a business card. Sending a thank you note? Include a card. Sending an invoice? You got it – send a business card.
Now what happens to these business cards you hand out? Usually one of two things: If the receiver is a pack rat, it will get tossed in a pile somewhere in their office, “just in case”. For neater types, business cards get tossed into the garbage at the earliest convenience.
Why give out business cards if they are doomed to oblivion? It comes down to return on investment. What if just one person out of 1000 keeps your card, calls you up and becomes a customer? How much is that worth to you – over the next year, over a lifetime?
Look at it this way; if your average customer spends $1,000 in a year and stays a customer for three years, the lifetime value of a customer is $3,000. That’s not a bad return on a $100 investment. And odds are, you will get more than one new customer out of a thousand business cards.
But that’s not the only reason to hand out business cards. When you give out a business card, you get one back in return. With one little exchange you have your prospect’s phone number, email, and address. Don’t make the mistake of throwing it out or turning it into a dust magnet on your desk. Use this information - wisely.
When you meet someone new jot notes on the back of their business card – important details about this person and your conversation. Don’t forget the date and place you met.
As soon as possible, send this person a brief note or email. “It was nice meeting you the other day.” Then comment about something you discussed. Or even better, send some useful information. If they mentioned a hobby, an article or website link about that hobby would be appropriate. Try news about their industry. It doesn’t really matter exactly what you send. The goal is to remind them who you are and to make a connection – a personal connection.
Whatever you do, don’t send your brochure – unless they asked for it. The purpose at this stage is to start the relationship. Remember, people prefer to do business with people they know, like and trust. You just met – you’re practically strangers.
There’s a saying: “They don’t care how much you know until they know how much you care.” By following up a meeting with a note and some useful information you are showing that you care – you’re not just in it for the sale. You are trying to make a real connection.
And don’t worry. When the time is right, you will have the opportunity to talk about your business. And when you do, you won’t be making a sales pitch to a suspicious stranger – you’ll be talking to a friend.
Come back tomorrow for Part 2 of Ten Ways to Market Your Business For Under $100 when I’ll introduce you to the Three Foot Rule. I’ll also talk about putting together an elevator speech, which is really a more formal way to implement the Three Foot Rule.
Andrea J. Stenberg
