Cost-effective activities you can implement to have a direct, positive impact on your business
The more you do to develop a marketing mindset (this column will just scratch the surface) the more you can distance yourself from your competition. You need to feed your mind and then take action, especially in these very challenging economic times.
Consider this:
In early April I was at an awards presentation by the college of business administration of a major university. They recognized outstanding undergraduate and graduate students, which in itself was inspiring: young men and women achieving fantastic grades in the classroom, making an impact in the community, and usually having great jobs already lined up after graduation. Some had already started their own business. Incredibly inspiring stuff.
The local businessman honored that evening had started a bank less than two years ago with $27.5 million in assets. That bank now has over $150 million in assets. Think about that: While the banking industry has been taking tremendous hits during the last couple years, this guy was growing a brand new bank….to five times its original size.
The message for your business: Do something. Take action. Now.
You have to maintain a positive attitude. It shows, and it helps convey your confidence in your ability to get things done, including your ability to solve your client’s problem. Don’t be down in front of former, current or potential clients. Be a professional. Show them that you are ready and able to help them.
Do something— anything — instead of sitting around and worrying.
Don’t fool yourself into the popular attitude that nothing is happening and that there is nothing you can do about it. Fortunes were made even during the Great Depression…by people who did something. They started a new business, seized and acted upon a creative idea, and, perhaps most importantly, offered products and services that people want. Take a step away from your business and analyze what it is your existing or potential customers want. Then give it to them. If it means going back to serving process, then do it, with a smile and better than anybody else. And remember, now more than any time in decades, price is critically important.
What specifically can you do?
Offer them a sale.
No, you won’t call it that. You will call it a preferred customer, new customer limited time discount. Times are tough. Make it easier for people to do business with you. Go ahead, be aggressive. Create a coupon for 25% off a new client’s first case with you. Then extend a (one time) 50% discount to your best clients. Send them a real coupon, signed by you. I’d recommend adding an expiration date to avoid someone hanging on to it for a long time and to help motivate someone to use your services now.
People who may have been on the fence about buying a car are now going into showrooms because they know that they can get unbelievable deals. People understand that deals now available will not always be available, that today’s special prices will not be the regular asking price when the economy improves. Besides, if you are not busy, what would you rather have: fifty percent of your usual fees or one hundred percent of nothing?
A discount is something you can extend to all your best clients… or clients-to-be.
In January 2009 I wrote and edited a newsletter for a non-profit client I had previously done volunteer work for. The association director told me to be sure to track my hours and submit a bill. When I did, I made a point of not charging my regular rate, as well as to point out that I had also donated several hours to the project, making sure she understood that the project could never have been completed for the limited number of hours for which I had billed. Billing at my regular hourly rate and for all the hours I worked would have netted a bigger paycheck for me, but the way I did it provided three positive results. 1) I still received collected a nice fee; 2) I voluntarily helped a non-profit cause I believe in; 3) Since I started the project they have asked me to write the newsletter for the rest of the year, which of course translates to additional paychecks throughout the year. The same benefits may await you for being creative and for taking a short-term loss for a long-term benefit.
Attract new clients with a special promotion, then continue to market to your newly obtained clients throughout the year. Keep in mind the long-term value of getting a new client in the door.
Bob Mackowiak has been helping private investigators market their services since 1988. He has spoken about marketing at private investigation conferences from Florida to Alaska, is the author of the classic manual, “How to Market Your Private Investigation Agency,” and helped hundreds of PIs with his COPI Brochure Development System. You can learn more about Bob and his services at www.LetBobHelp.Homestead.com.