According to Professor Robert Cialdini and his book, “Influence – The Psychology of Persuasion”, there are six tools of influence. In this video I discuss the first one, called “Reciprocation” and how you can use this in your sales and marketing efforts.
I want to share some really important points with you today. This is only for businesses who are serious about taking action and working with me to develop a High Growth Marketing Programme. I have recently accessed some Business Growth Funding to help you to work with me and to get your training and mentoring 50/50 funded (you only pay for 50% of the cost).
If this is of interest, then get in touch and we will arrange for you to come to our offices for a Marketing Review Meeting. I have only a few dates available before I travel to run a series of workshops in Singapore on 19th November, so call now to book on 01256 345 556.
Why you need to use Multiple Streams of Income. I am often proudly told …
“We don’t do any marketing, we just rely on referrals.” On one hand that is great, but on the other it is costing businesses thousands, or even millions, in lost income and profit.
Let me explain …
The great things about referral leads is they they prove you are doing a good job (or you would not get referrals). They are also great because they are generally free (unless you incentivise people for giving you referrals).
However, here is the problem …
Relying on the good will of others in the hope that they will help you to grow your business is never a great idea. Having a system which creates multiple streams of income is far more effective.
What is worse about the “one income stream” approach …
What is worse is that if you don’t do any marketing and simply rely on referrals, then you miss out on what I call the multiple stream of income effect. Here is what I mean. If you are not winning business from your website, then you are leaking money. If you are not using email marketing, then you are certainly leaving a pot of gold on the table that you are not claiming as yours. If you are not using LinkedIn properly and professionally, then there is another pot of gold that you are missing out on; and if you are not using the many other digital marketing methods, then again you are losing out.
What is the solution?
The key is to create “Multiple Streams of Income”. In other words to use multiple ways of winning business. Can I ask you a question? Can you think of any big successful business that does not use Multiple Marketing Streams (apart from a few pyramid schemes)? The key is always action, but the truth is that you need to take “Prudent Action”. In other words, don’t throw loads of money, time and effort at this, but rather spend time testing and measuring your results.
Remember this …
Don’t listen to people like me telling you this will work or that will work and that you should spend thousands on a new website, or on PPC Advertising. Instead, invest in a small amount in “testing” your sales and marketing in order to get to know your real marketing numbers.
A key thought …
Once you know that for every marketing £1 that you spend, you get £10 back, you have an infinite marketing budget!
A short video can be a great way to explain your business online. Video Marketing can help increase your Website conversion rates and reduce your cost of acquisition. They can encourage referrals, improve your Search Engine Optimisation and if you get it right, they can go viral.
Video is easy for your prospects to understand and show cases your brand’s personality. Video Marketing can be just what someone needs to understand how your service or product could help them.
Here is a video we produced for Crunchers Accountants.
Crunchers position themselves as Alternative Accountants because they are different to traditional accountants. They work to keep costs low and look to do more for clients than accounts and tax returns.
Trust me I know because they are my accountants – not only do they take care of the accounts we’re working on business planning and budgets – all in the Cloud.
A video like this can take a few weeks to produce because you need a strong concept, script and story board.We can offer a fixed price or a rental agreement, if you want to avoid an upfront cost. This can enable you to test different concepts.
Feel free to call or email me if you’d like to discuss using videos – and give Bob a call at Crunchers if you’d like to explore a fresh approach to accounting.
One of the biggest mistakes made by most business is leaving referrals to chance.In other words, not having a referral marketing system and instead relying on the fact that you ‘do a good job’ to encourage people to refer you to others.And some people will do just that out of the goodness of their own heart.Others however, will think you always look busy and probably don’t need any more business.Whilst others may just not take the time to think about who to refer you to, because they are so busy.
My point is that “if you fail to plan, then you plan to fail”.Or, more accurately, you never MAXimise your referral possibilities.So you must plan.
Let’s have a look at the numbers!Suppose you have 100 clients and your plan is to ask each of them once per year for a referral.Let’s say that as a result you get 100 referrals (note – some clients will not give you any referrals, whilst others will give you 5 or 6).
Then let’s say that because of the quality of referrals in terms of leads you convert 50% of these into sales.What has just happened?You have just grown your business by 50%, with no marketing risk whatsoever.
So how can you MAXimise this?Well let’s get a little adventurous and say that we are going to ask for referrals twice per year, or even four times per year.I am sure you get the picture.
Then when you have thought about your current clients the next question to think about is who else will give you referrals?
This list could include:
Prospects you did not sell to
Sports club members
Your suppliers (especially those who benefit if you sell more)
Your bank manager
Your PR or press contacts
Your marketing advisors, designers
Companies selling similar non competitive products into a similar market as yours
The list goes on and on.
So, what are you going to do about Referral Marketing?
How many times are you going to ask for a referral?What are you going to say?Who is the best person to ask?How are you going to train them?What is success?In other words, what would a good target of success be for this Referral Marketing plan?Could you set a target to win 10 referrals per month and to close 50% of those?
If you need help with referral Marketing, simply call The Prudent Marketing Company on 01256 345 556.
“I thoroughly enjoyed the Marketing Training Basingstoke workshop. It was packed full of relevant, up-to-date content, covering a variety of marketing techniques that all delegates on the course could use and optimise within their organisations. The workshop was well-structured with Steve continuously asking for our opinion, sparking countless discussions. I found it very engaging and interactive. The environment was very relaxed, and I felt comfortable asking questions (however silly they were)! Finally, Steve provided great resources to take away from the session. I am looking forward to the next one!”
Maisie Cole – K3 Consultancy and Training Services
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