The No. 1 Way to Grow Your Business
The No. 1 Way to Grow Your Business
First, you can advertise. Competition for customers in our society is fierce. Your competitors are trying to win over the same clients or customers that you are. Even in a good economy, advertising doesn't guarantee success over your competitors. The people you're trying to reach, by some estimates, are bombarded by nearly 2,000 advertising messages per day. This constant inundation means your prospects potentially have many alternative sources of supply for the products or services you provide.
The second way to increase your business is through a public relations campaign. This can be very expensive and time-consuming for a small business. Therefore, if your company is too small to hire a PR firm, you need to create your own personalized PR program.
The third way to increase your business is through word of mouth. Word of mouth has long been recognized as the most cost-effective form of marketing a business can use. Tom Peters, author of Thriving on Chaos, regards word of mouth as one of the major ways a business can bring in new clients or customers. Peters asserts that one has to be "just as organized, thoughtful and systematic about 'word-of-mouth' advertising" as with other forms of advertising and marketing. Yet, "you never see a 'word-of-mouth communications' section in marketing plans," he says. I, too, believe that if you don't have a well-structured plan, you're not likely to have impressive results. Many business professionals make the mistake of thinking that developing good word of mouth is about providing "good customer service."
There's one other marketing strategy that a lot of people use as an alternative to advertising and PR, and that is, yes, that's right, the "C word"--cold-calling! Cold-calling--just mentioning it makes me shiver. Given the other options, who in his right mind would want to spend the rest of his professional life cold-calling?
Well, there it is, your marketing reality check. Given only these four strategies for increasing your business, I'd have to recommend advertising. However, most businesses have a limited budget to spend on advertising. PR is best used in conjunction with other marketing efforts. And I don't know about you, but many years ago I promised myself I would never do a cold call ever again for as long as I live! That leaves only one other way you can effectively build your business: by word of mouth.
A Cost-Effective Form of Advertising
Word of mouth is a form of advertising and, like media advertising, requires careful planning to achieve a worthwhile return for your time and energy. As you begin to use and benefit by word-of-mouth advertising, you'll see that it's a very cost-effective medium. If you haven't developed a structured word-of-mouth marketing program to generate referrals, then you can't enjoy its benefits.
While many entrepreneurs recognize the value of referrals to their respective organizations, they're not clear on how to consistently generate a large number of referrals. Worse, they don't realize there's a segment of the population looking for their product or service right now.
People Want Referrals
People don't want to go to the telephone book to pick a lawyer. People don't want to pick a real-estate agent from the Yellow Pages--or an accountant, or a chiropractor, or an insurance agent, or a dentist, or a mechanic. People want referrals! Historically, the only problem has been linking the people who need services or products with the people who provide them. A structured word-of-mouth campaign begins by acknowledging that there's a segment of the public that wants you and your service as badly as you want their business.
People from all walks of life want referrals--not just the business community, but the general public as well. Few people want to choose a dentist, for example, from a printed advertisement. People want to have more personal information before making such selections because whenever you choose a professional exclusively from an advertisement and have no other source of information, you may be taking a big risk as to the quality of service you will receive. With referrals, the risk is greatly reduced. Someone else has done business with that person and is recommending that professional to you with confidence.
Referrals Are Good Business
Compare a lead that you receive from an advertisement with a similar lead (that is, referral) that you get from someone you know. The referred lead is easier to close and costs less to obtain. Often, the referral provides a higher-quality client or customer with less chance of misunderstanding or disappointment. When I ask audiences why referral business is better than the business they get from ads, they say the referred business:
• is easier to close,
• has far fewer objections,
• has a stronger sense of loyalty,
• remains a client longer, and most important of all,
• has a higher sense of trust.
Relying on the advice of a mutual friend or acquaintance, the referral starts with a higher level of trust for you and your product or service. Getting dozens of people to send such referrals your way every day is what building successful word-of-mouth business is all about.
________________________________________
Dr. Ivan Misner is the Founder and Chairman of BNI, the world's largest business networking organization, which has more than 4,600 chapters in 37 countries. Dr. Misner is also the author of several books, including the New York Times bestseller TRUTH OR DELUSION? (www.truthordelusion.com), and he is the Senior Partner for the Referral Institute (www.referralinstitute.com), a referral training company with operations around the world.
The No 1 Way to Grow Your Business - To learn more about this author, visit Ivan R. Misner's Website.
Like this article? Share it with your friends
Reality-check time. How many ways are there for you to increase your business? Dozens? Hundreds? Maybe thousands? Guess again. Try four. That's right, there are only four main strategies you can incorporate to increase your business. Don't believe me? Then read on.
First, you can advertise. Competition for customers in our society is fierce. Your competitors are trying to win over the same clients or customers that you are. Even in a good economy, advertising doesn't guarantee success over your competitors. The people you're trying to reach, by some estimates, are bombarded by nearly 2,000 advertising messages per day. This constant inundation means your prospects potentially have many alternative sources of supply for the products or services you provide.
The second way to increase your business is through a public relations campaign. This can be very expensive and time-consuming for a small business. Therefore, if your company is too small to hire a PR firm, you need to create your own personalized PR program.
The third way to increase your business is through word of mouth. Word of mouth has long been recognized as the most cost-effective form of marketing a business can use. Tom Peters, author of Thriving on Chaos, regards word of mouth as one of the major ways a business can bring in new clients or customers. Peters asserts that one has to be "just as organized, thoughtful and systematic about 'word-of-mouth' advertising" as with other forms of advertising and marketing. Yet, "you never see a 'word-of-mouth communications' section in marketing plans," he says. I, too, believe that if you don't have a well-structured plan, you're not likely to have impressive results. Many business professionals make the mistake of thinking that developing good word of mouth is about providing "good customer service."
There's one other marketing strategy that a lot of people use as an alternative to advertising and PR, and that is, yes, that's right, the "C word"--cold-calling! Cold-calling--just mentioning it makes me shiver. Given the other options, who in his right mind would want to spend the rest of his professional life cold-calling?
Well, there it is, your marketing reality check. Given only these four strategies for increasing your business, I'd have to recommend advertising. However, most businesses have a limited budget to spend on advertising. PR is best used in conjunction with other marketing efforts. And I don't know about you, but many years ago I promised myself I would never do a cold call ever again for as long as I live! That leaves only one other way you can effectively build your business: by word of mouth.
A Cost-Effective Form of Advertising
Word of mouth is a form of advertising and, like media advertising, requires careful planning to achieve a worthwhile return for your time and energy. As you begin to use and benefit by word-of-mouth advertising, you'll see that it's a very cost-effective medium. If you haven't developed a structured word-of-mouth marketing program to generate referrals, then you can't enjoy its benefits.
While many entrepreneurs recognize the value of referrals to their respective organizations, they're not clear on how to consistently generate a large number of referrals. Worse, they don't realize there's a segment of the population looking for their product or service right now.
People Want Referrals
People don't want to go to the telephone book to pick a lawyer. People don't want to pick a real-estate agent from the Yellow Pages--or an accountant, or a chiropractor, or an insurance agent, or a dentist, or a mechanic. People want referrals! Historically, the only problem has been linking the people who need services or products with the people who provide them. A structured word-of-mouth campaign begins by acknowledging that there's a segment of the public that wants you and your service as badly as you want their business.
People from all walks of life want referrals--not just the business community, but the general public as well. Few people want to choose a dentist, for example, from a printed advertisement. People want to have more personal information before making such selections because whenever you choose a professional exclusively from an advertisement and have no other source of information, you may be taking a big risk as to the quality of service you will receive. With referrals, the risk is greatly reduced. Someone else has done business with that person and is recommending that professional to you with confidence.
Referrals Are Good Business
Compare a lead that you receive from an advertisement with a similar lead (that is, referral) that you get from someone you know. The referred lead is easier to close and costs less to obtain. Often, the referral provides a higher-quality client or customer with less chance of misunderstanding or disappointment. When I ask audiences why referral business is better than the business they get from ads, they say the referred business:
• is easier to close,
• has far fewer objections,
• has a stronger sense of loyalty,
• remains a client longer, and most important of all,
• has a higher sense of trust.
Relying on the advice of a mutual friend or acquaintance, the referral starts with a higher level of trust for you and your product or service. Getting dozens of people to send such referrals your way every day is what building successful word-of-mouth business is all about.
________________________________________
Dr. Ivan Misner is the Founder and Chairman of BNI, the world's largest business networking organization, which has more than 4,600 chapters in 37 countries. Dr. Misner is also the author of several books, including the New York Times bestseller TRUTH OR DELUSION? (www.truthordelusion.com), and he is the Senior Partner for the Referral Institute (www.referralinstitute.com), a referral training company with operations around the world.
The No 1 Way to Grow Your Business - To learn more about this author, visit Ivan R. Misner's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Ivan's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
|
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Woman business success 7 Strategies to Take Action Business Success By Design Tips For Less Stress Lifestyle and Leadership |
|
 | ||
 |
Top 50 HR Blogs 2009
Top 50 HR Blogs 2009 | |
 |
The Top 10 Guy Kawasaki Posts
Best Posts for Entrepreneurs | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||