| |
| |
|
Marketing Information |
|
|
|
Networking: The Cost of a Connection
"Networking is a waste of time," said JoAnne, owner of a busy print shop. "Besides, I advertise in the daily paper." "Wow, that must be expensive," I exclaimed. "Are you getting results from that investment?" "I sure hope so! My advertising budget is about $475 a month but I've never really tracked the results. I guess I should do that." "You should." I replied. "A small business can't afford to waste money on ineffective advertising. But back to your comment about networking: why do you think it's a waste of time?" "I don't know how to connect with people and make a lasting impression," she replied. "Maybe I should give something so people will remember me." "Not a bad idea. It's the best way to be remembered. Give potential clients something of value and it's easier to make that follow up call." "But how much value will make an impression?" she asked suspiciously. "Good question! But let me ask you this: How big of an impression do you want to make?" "Enough so I can follow up with a call and they'll remember who I am. Once I've made the connection, the rest of the process is easy. It's making that first connection that's difficult." "If you knew how many people came to your shop as a result of your advertisement, that would give you an idea of what you're now paying for a connection," I suggested. "What do you mean?" she asked, her interest rising. "Well, advertising can be effective if you understand how it works. Most business owners don't, but spend their hard earned dollars advertising anyway. It's a well-worn business tradition. But let's say your $475 a month advertising brings you ten new connections a month. You're basically paying $47.50 a connection or, we can call it a lead. How does that make you feel?" "$47.50 per lead? That's outrageous! Especially since they may not even become a customer." "Exactly. But if they do become a customer, $47.50 may not be out of line," I replied. "But it gives you an idea of how much you are paying to get a lead. If you could be more accurate on placing that $47.50, you would have more control over the growth of your business." "But how do I do that?" JoAnne asked glancing at her advertisement. "My point was to answer your question about how much 'value' should you give to make a connection. First you have to decide how much a connection is worth. People will assess your sincerity on how much value you put into the connection. It's like a handshake. A firm engaging grip says one thing; a wimpy shake says another." "So give me some examples of how to give something of value from a business that would have impact." "Discounts for first time buyers are nice," I said, "but everyone does the discount thing. Give something that stands out. A friend of mine gives a copy of his book, nicely packaged in a wooden case, to anyone he wants to do business with. Another business owner gives away CDs with a selection of Celtic music. Then there's the landscaper who brings rose bushes to every networking event he attends and gives them away for free. His cost? $12.95 per bush. He told me that his 'bush give-a-way' was the most effective strategy in growing his business. If you were to do that with your $475 advertising budget, you could give away 36 rose bushes a month. Do you think that would be more rewarding than placing an advertisement? "You see, every business has to generate new leads. Telemarketing, cold calling, advertising are all shots in the dark ? an expensive way to find the specific customer you're looking for. But in a networking situation, you have control over the audience. First of all, you're only going to attend those events that serve your business needs. Second, you're there in person-the power of one-on-one communication. And third, by offering something of value, you are initiating the relationship. It's a powerful way to build a business." "Wow! That puts networking into a whole new league," JoAnne replied. "Yes, networking works if you put something of value into it ... more than just a business card or a handshake. It's a powerful tool once you know how to use it." Luke Vorstermans owns and manages a successful publishing and communications company and is the Editor of Business Dynamics magazine and content contributor to IR Design.
MORE RESOURCES:
Marketing - Google News |
|
|
|
RELATED ARTICLES
Get FREE Web Tips From Your Competition I knew this one would get your attention. How can you, the savvy business entrepreneur, get FREE ANYTHING from your competition? The answer is simple: Google!Yes, there are many things that Google can solve. Networking the Media The media is a business's absolute best friend. It is THE source of information distribution to the masses. Have You Sold Your Internal Customers? You can make the sale. You know your core message. Good Marketing is Like a Bad Habit You know those bad habits we get. Like raiding the chocolate biscuits during late night TV shows. How to Promote Yourself Or Your Company Through Award Competitions There isn't a day that goes by that I don't receive some sort of announcement about an awards competition. We get so many, in fact, that I have created a special place on my website where you can learn about what opportunities are awaiting. Marketing Strategy - Spell Out Your Unique Value I attended a "Sales Focus" seminar a few years back in which the speaker asked this key question. "Why, based on all the competitive alternatives available to me, would I want to buy from you?" What a great question. Trapped in Your Comfort Zone? Break Out and Send Your Marketing Skyrocketing A marketer whose advice I generally respect recently published an article about how to find your comfort zone and stick to it in your business in order to create a more harmonious work environment.In theory, it makes sense. Using Demographic Data For Your Direct Mail Marketing Campaign Targeting high potential markets with a direct mail marketing campaign can be a very affordable and efficient way to get new customers for most companies and entrepreneurs but how can you find a way to reach those high potential markets? Using demographic data could be your solution.In the United States, demographic data is easy to get through the US Census Bureau website. Fundraising Letters Should Raise Donors, Not Donations, When Mailed to Strangers Are you willing to spend $1.25 to raise $1? To lose money to make money? You should be. Customer Lifetime Value - The Key To Maximizing Your Profits! The greatest asset to your business is your Customer, specifically, your Customer Lifetime Value.In my many years in Sales and Marketing, I've met many CEOs and business owners who don't have much clue as to what Customer Lifetime Value is, much less its importance and the impact it has on their bottomline. The 30 Incredible Ways To Sell Your Products Now and Sell More How to sell more and sell quickly online for your products and service? Here is the long list for your reference. 1. 30-Minute Marketing Marketing your small business takes tons of time, years of experience, and lots of money, right? WRONG! Anyone can learn effective marketing techniques that are simple, inexpensive, and best of all, quick! This summer, get in the habit of regularly marketing your biz! The following are some marketing techniques that you can accomplish in 30 minutes or less. Pick a few that appeal to your style. Natural Marketing for Full Business Success Is your mind muddy on marketing? Do you wake up each day and say, "I get to share myself and my great message with others" or do you say, " I have to market, or I will fail."Natural marketing refers to the action you take to get the word out about your service and product that rings true to your heart. How to Turn Your Marketing Into a Money-Making Machine - Setting The Stage For Successful Marketing Powerful Marketing has become elusive to many companies seeking strong sales results and overall growth. The sad truth is that Marketing comes across as a rather frustrating process. How Price Gouging Can Hurt Your Business "Price gouging" is an emotional, inflammatory term. Everyone is against it, but only buyers, angry over excessive profit-taking, proclaim it. Clever Headlines Usually Flop! Are You Being Too Clever For Your Own Good? Copywriters that try to be clever, humorous, abstract, or use double entendre with their headlines and ads will normally find that they flop and are thus a waste of both time and money. Many of the Super Bowl ads fall in this category. Getting More From Your Customer We are all customers of one product or another. How is it we always seem to buy or shop from the same place? What is it that these businesses do to keep us coming back and buying from them? A large portion of the selection process that a customer goes through is done through advertising - attracting and reminding customers through promotions. Business In 2010: A New Face of Marketing The term "internet marketing" was virtually non-existent a short 8 years ago, now it is a growing phenomenon that is raking millions every year. Because of this expanding industry, the internet landscape it changing. 4 Steps to Successful Offline Event Booths A great way to gain more local sales is to rent a booth at a fair or bizaar. These can be a fun way to spend the day, and if done correctly a profitable one at that. The Biggest Needle In The Haystack Hello everyone! Have you ever been curious about something, and wanted to learn about it? If you're like me, I am a pretty curious fellow, I really like to learn.Where is the best place to start finding the information you are looking for? My choice for information gathering is the Internet!Where do you start your search for information? I use search engines, my favorite is Google.
|
| home | site map |
| © 2006 |
