7 Ways To Generate Revenue, Even When The Economy Is Slow
Cook
The economic recovery may be slow, but here are seven simple tactics you can use to open up opportunities and draw business your way.
Start Spreading The News
This is the marketing version of tooting your own horn. When a new client comes on board, tell people. When new people are hired, tell people. When a customer project produces significant results, tell people. Social media makes this type of communication easy. E-newsletters, blogs, LinkedIn posts, Facebook posts, YouTube videos — the list goes on.
Spreading the news lets you stay in touch with and in front of customers, prospects, influencers, the media and anyone else in the company network.
Make Everyone A Salesperson
Why should the sales force be the only ones who have fun? Convert the entire organization into salespeople. It expands the corporate reach, keeps everyone close to the customer, and gives customers many more channels through which to stay connected. Taking this step may require some training, but the effort will probably be worth it in the short and long run.
Be A Recognizable Expert
Become a recognized "go-to" expert in your industry through speaking, writing, and again, social media. Find speaking engagements where customers and prospects are in the audience. Get published in outlets that reach your customer base. Use social media to broadcast articles and white papers.
Regarding the subject matter, the key is relevance and value to the audience. Most importantly, ensure that what you offer is not an overt sales pitch.
Be Generous And Pass It On
There's a lot of useful information out there. When an article or some information is interesting or relevant for one or more of your customers or prospects, forward it. Include a simple note, such as "Saw this today; thought about you, and felt it might be of interest."
Let Them Know You're There For Them
Provide prospects and customers self-help diagnostic tools related to the company's products and services. These could be calculation worksheets, diagnostic tools, assessment checklists, or simply "Top Ten" lists that are interesting and relevant. At the end of each tool, add a "call me" sentence encouraging the recipient to call if there are problems, questions or issues. Be there as a resource or source of information, and for assistance.
Reduce Anxiety
Buying decisions are emotional, not intellectual. Granted, intellectual analysis takes place to determine if something is worth buying. But the actual decision on whether to buy is an emotional one. The two highest points of anxiety are immediately before a decision and immediately after. Is this the right choice? Did I make the right choice?
Offer customers easy guarantees to reduce their anxiety. A no-questions-asked return policy, an easy exchange policy, and time-specific, full-replacement guarantees are three examples. The goal is to reduce anxiety and make it easier for customers to say yes.
Let History Be Your Guide
The 80/20 rule says that 80 percent of your business comes from 20 percent of your customers. Figure out your 20 percent: those customers who value what you offer and are motivated to buy from you. Build on this knowledge by identifying more of the same: prospects that fit the profile. This focused approach results in a higher probability of closing business, and more return on the sales effort.
No matter the state of the economy, the goal in driving business is to get the message out and keep repeating it to customers and prospects who are most likely to buy. Practice consistent marketing so you stay on the customer's radar screen. And don't look for quick fixes or silver bullets to drive business; there are none. If there were, everyone would be doing them. Just carve out the time to do consistent marketing: minimally once a week, preferably closer to once a day. If you do, you'll see results, even in a slow economy.
(Author Ken Cook is founder and managing director of Peer to Peer Advisors and developer of the Relationships First Business Development System. For details, visit www.peertopeeradvisors.com.)
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