Archive for the ‘Referrals’ Category

Tracking Marketing ROI Part 3-Other Forms of Marketing

Friday, July 2nd, 2010

This is my 200th post! Let’s celebrate with a guest post from Susan Prince, otherwise known as @CadenceMarket. A couple of weeks ago I did two posts on tracking ROI from social media and other networking. Susan has done a follow up post for us on tracking the ROI from other forms of marketing. Take it from here, Susan!

Continuing the idea of tracking your marketing efforts, you should now be in the habit of asking how and where people learned about your business.

Sometimes this can be tricky as people may not always remember exactly where they heard about you. Good marketing always has some form of brand awareness which is geared towards building familiarity with your business. And while it’s nice that people remember you from your advertising, sponsorship or PR activities, it is also important to have some portion of your marketing budget dedicated to activities that can be more easily tracked. Not only that, but it’s very gratifying to see your marketing dollars produce actual sales. It reaffirms the idea that marketing does work!

Depending on your objectives, there are a variety of tactics you can employ that generate trackable results. For example, if you’re interested in building your email list, you may offer a free white paper or some other valuable information on your website that requires an email address. Of course most people are interested in increasing their sales – so tactics that drive customers to their store or website are particularly valuable.

So what types of tactics can you employ that generate trackable results?

Postcards
Coupons
Email offers
Internet ads
Advertising with a specific call to action

All of these tactics require that customer to either physically present something, mention a specific code or visit a unique url to receive the promotion.

The beauty of these types of promotions is that they can have an immediate impact on business. Personally, I love postcards. They are relatively inexpensive and really stand out in this day and age where most people’s email inboxes are overloaded with promotions. By mailing out a postcard with a specific promotion (i.e., bring in this card to receive a 20% discount off your order), you will know exactly who responded to the mailing because they need to bring the card in to redeem the discount.

And while it is difficult to generate a huge response from email, it’s infinitely trackable. You can see exactly who opened your email, who clicked on the links, who forwarded it to their friends and who decided they don’t want to hear from you anymore.

Internet ads also don’t typically generate lots of response, but like email promotions, they are relatively inexpensive and again easy to track.

Regardless of which method you decide to employ, you can count on high degree of satisfaction by seeing exactly what’s working and what’s not.

Thank you, Susan. All those forms of marketing are not areas in which I work with clients. So if you are interested in learning more, stop by Susan’s website for more information

Networking Into The Right Prospect Pool

Friday, June 18th, 2010

Yesterday I wrote about the various pools prospects can fall into. Today I want to discuss how effective networking can get you introduced to the roughly 60% of people who need you but aren’t actively shopping for the solution you provide.

The short answers are clear triggers and strategic partners.

Triggers

What are things that your ideal clients do or say that other people could pick up on? We often experience pain points well in advance of deciding to take action. What are those signs? Let me illustrate with a couple of examples.

Before someone makes the decision to buy a house, they might say things like:

Rents have gotten so high
We’re tripping over each other in the house
Where are we going to put the new baby?

A business owner in need of some organizational help might say things like:

I can’t find my desk!
Where did I put those proposals and quotes?
Email has taken over my life

When people say these things, they are experiencing pain, but they are probably still at the point of suffering without looking for a solution. If you can train your network to listen or look for these signs, they can refer you at just the right point.

Strategic Partners

These are people in complementary but non-competing businesses. They are marketing to and servicing exactly the same clients as you. If they are good, they are probably already having conversations with their clients about pain points. For example, as a coach, I sometimes uncover a need for counseling. Some of my clients weren’t in the market for a therapist, but I was able to point them in the right direction. I was able to match the person to the right therapist, and none of them got “three estimates.”

Sometimes your strategic partners get it right away and don’t need coaching. But sometimes, they need help. That’s where you can sit down for a productive one to one meeting where you discuss questions they could ask to uncover referrals for you. Of course, I always recommend those be two-way conversations where you also ask how to find referrals for them

These two methods will increase the chance that you will get referrals from the 60% pool. If the referral is handled properly by all parties, these prospects will never need to move into the 30% (actively shopping) pool.

Networking and Social Media ROI Part 1

Friday, June 11th, 2010

Everyone wants to know that their marketing ideas are working. I get asked all the time, “How can you show Return on Investment (ROI) on social media and networking?”

The answer is that you have to work tracking systems into your efforts. I’m always surprised at how many businesses fail to ask their prospects, “How did you hear about us?” If you don’t ask the question and put a system in place to track it, you’ll never know which efforts are working and which aren’t.

This basic question is critical to tracking your efforts. You can ask it in a number of ways.

Do you have a list of standard questions you ask prospects? If so, add that one to the list.

Do you use on-line surveys in your business? If so, add that question to the survey.

Do you use social media? You can create posts that are designed to track ROI. On Twitter, you can send out a tweet that says “mention this tweet and get something special.” On Facebook, you can tell people to “say you saw us on Facebook and get something special.” The “something special” doesn’t have to be a huge discount. Showing a tweet doesn’t take much effort, but we’ll do it even if the gain is relatively small. A discount is a discount. Experiment and find the one(s) that work best.

Anyone else have ideas to share? Please talk about them in the comments. On Monday, I’m going to write about what to do with the information once you have it.

We’re #1! (Or Not)

Friday, May 21st, 2010

Claiming your product or company is “#1 doesn’t really work as part of your networking message.

Why? Two reasons.

1. We probably don’t care. Really. In most cases, we are referring you, the person, not you, the company, or you, the product. Does your product or service do what you say it does? If the answer is yes, that’s all we care about.

2. #1 according to whom? As soon as someone says they are “the best,” that’s the next question I ask. You’ve heard the quote “There are three kinds of lies: lies, damned lies, and statistics.” I’m not saying that everyone who says they are number 1 is automatically lying. But I hear so many competing companies in the same industry all say they are number 1. Can’t be done.

So don’t even take us down that road. Tell us you are damned good at what you do. Back it up with great client stories. We’ll believe you.

Leave the “number 1″ claims to your competitors. It’s making them look bad anyway.

Don’t Treat Your Customers Like Idiots

Thursday, May 20th, 2010

I both love and hate it when my competitors act stupidly. I love it for the obvious reason. Them acting foolishly makes me look better. Sort of.

But when our niche is networking, and a competitor violates a basic principle, that just brings us all down.

What the heck am I talking about? A competitor of mine is currently offering a “sale” on Twitter. There are two problems with the sale.

1. The product is an ebook, but the product page doesn’t mention that, and the picture makes it look like a paper book. Don’t play games with me. If something is an ebook, tell me. If it’s paper, tell me that. I’m assuming she’s being deceptive because she doesn’t perceive value in ebooks. I could be totally wrong in my assumption, but considering the price she’s selling it for (extremely high), that’s the message I’m receiving. And in communication, the message heard is far more important than the message intended.

2. But the bigger problem is the “sale” part. The sale is a bundle including the afore-mentioned ebook and a couple of audio downloads for a package price. Sounds cool, eh? Not really. I calculated the price if I bought the three items separately. They actually cost less to buy separately than if I buy at the “sale” bundled price.

Some sale, huh?

Either she is math-deficient or she thinks her customers are. Either way, she’s not representing herself or our niche very well.

The moral of this story? Consider your message carefully. Assume your customers are bright and treat them with respect. Networking is about relationships. Do you maintain relationships with people who act like you’re an idiot?

I didn’t think so.

There’s No “I” in Elevator Speech

Friday, May 7th, 2010

I’ve probably been way too cute for my own good with that title. But did it get your attention?

Two days ago, I talked about the dangers of using “you” in an elevator speech. Today I want to talk about when and how to use “I” vs. “we” in your speech.

I get this question frequently. Someone wants to make their company sound bigger than a one-man operation so they want to use “we” in their speech. Something like this:

“At 1 to 1 Discovery we offer networking coaching services to our small business clients.”

I’ve been accused of being a multiple personality before, but even that doesn’t give me the right to say “we” offer services. 1 to 1 Discovery is a one-woman operation, and it’s going to stay that way for a long time. So if I use “we,” I’m being deceptive, which makes it much harder to get over the “know, like and trust hurdle.

I was teaching a class earlier this week, and someone asked me about “I” vs. “we.” She markets a product. I asked her if she was the person who made the product. She said she was but that currently her mother helped out. And in the future, she plans to outsource the production. I told her it was okay for her to say “we make” in reference to her products. Is it stretching the truth a bit? Yes, but it’s not outright deception. In her case, it’s the business way of dressing for the job she wants, not the one she has.

What about when you ask for a referral? Do you say “please refer someone to me” or “please refer someone to us?”

It depends. Most of the time I recommend using “me” in that instance. It doesn’t matter how big your company is. Most people are referring you. You are the one they have built the relationship with. Honor that relationship by asking people to refer you.

But what if you are in, say, an administrative role in the company? You may be out networking on behalf of the organization, but you aren’t going to be the point person for new clients. Then go ahead and say “please refer us.” You may be the person handing out the card. A referral might call or email you directly, but then you’ll be handing the referral off to the right person in your company. Asking to refer “us” sets that expectation.

I hope these two posts have been helpful to sort through pronouns in your elevator speech.

And you thought the hard part was standing up in front of a group of people for 30 seconds?

Elevator Speeches: Proper Pronoun Usage

Wednesday, May 5th, 2010

Pronouns are tricky things, and when and how to use them in elevator speeches is important. No, I’m not giving you a grammar lesson, but instead discussing how pronoun usage affects how people react to your speech.

I’ll be splitting this one over two days. Today, I’ll tackle “you.” Tomorrow I’ll discuss when you use “I” vs. “we.”

It’s very tempting to use “you” in an elevator speech. You are talking to a group of people, and you probably want to attract some of them as potential customers. But we resent being sold to uninvited and using “you” in a speech can come across that way.

Let me show you why. Take the following example:

“Hi, I’m Juli and I offer business services. I’m looking to work with people just like you, so if what I say interests you, please come talk to me later.”

Before you say that’s unrealistic, understand that I have heard speeches using that exact formula. It’s not wrong, exactly, and if there’s a good story there, someone might respond by asking “tell me more.” But it does sound like the speaker is trying to sell the group, which may leave some feeling uncomfortable. It also subtly discourages the audience from thinking of referrals for the speaker. The use of “you” sends us down the following thought process:

Do I need this product or service?
If yes, I might ask to learn more
If no, I’m done.

There’s nothing there that makes me think about finding a referral for the speaker. Let’s say this speech was given to a room of 20 people. That’s 20 potential clients. But the rule of thumb is that everyone knows at least 250-300 people on a first name basis. Why not structure your speech so it has the potential of attracting 5,000-6,000 potential clients?

Second example:

“Hi, I’m Juli, and I offer coaching services. I’m looking to work with small business owners who need to use social media more effectively. Who do you know who owns a restaurant or small retail business looking for more walk-in traffic? Please refer them to me.”

See the difference? The only place I used “you” was in the “who do you know” question. If someone in the audience fits my category, he or she can self-select to speak to me. But I’ve made it clear that I’m looking to work through the people in the room to get to their referrals.

This structure opens myself up to many more potential clients than using the “you” structure.

Make sense? Have you been using “you” statements in your elevator speech? Thinking you might change that?

Tune in tomorrow for when to use “I” or “we” in an elevator speech.

Be Easy to Refer

Tuesday, May 4th, 2010

I’ll admit it. Last year was rough. Coaching in face to face networking wasn’t something people wanted to spend money on. I picked up a few new clients, but nothing like what I had wanted.

And my number of referrals was very low. So I spent my spare time researching social media, and now I coach people in that form of networking as well.

Guess what? My number of referrals and clients has shot up. While I am still picking up a few face to face networking clients through my own efforts, most of my referrals right now are coming from people talking about my social media coaching.

Why is that? Honestly, I have a much better track record with networking coaching. Social media is still fairly new for me, and while I can point to some successes, it’s still early days.

The people who are referring me know me, like me and trust me, which is very important. But that’s not all of it. They knew me last year and didn’t refer me. What’s different this year?

Social media. It’s a buzz word. People don’t understand it, but the media keeps telling us we need to master it.

I have successfully linked my name with social media with my network. So when someone says “I don’t understand social media” or “I think I need to market myself through social media, but I don’t know how,” people think of me and say, “Then you need to talk to Juli.”

Which makes me very happy!

Right now people aren’t saying (as often), I need to network more effectively. Networking isn’t a word that comes up in casual conversation. Twitter is. Facebook is. And my network knows those words mean me.

I had the “know, like and trust” covered. What I was lacking was the “easy to refer” part. Now that I have all four elements in place, referrals are coming in.

So look at your network. If they don’t know, like and trust you, that’s a big problem. If those pieces are in place, and you still aren’t getting referrals, then look at the easy piece. Is there something missing? Some easy trigger that you need to give them so they think of you?

If you’re not sure what’s missing, don’t hesitate to ask. Buy coffee for the people who know you best and ask them why you aren’t easy to refer. Let them help you find the answer. There may be several different answers, which is all to the good. Two or three triggers out there are better than one.

Which leads me to ask you. Social media is obviously a good trigger for me. You read my blog and know what I do. What other triggers should I be seeding to my network? Thanks!

LinkedIn and One on One Meetings

Friday, April 23rd, 2010

I had a fantastic meeting this morning with someone who just might be a better networker than I am. And a joy that was to experience!

He taught me a use of LinkedIn that should have been obvious, but I just hadn’t thought of yet.

We had the usual “get to know each other” conversation and then got to the “how can we help each other” part. That’s when he pulled out a sheet of paper with several names on it. All of them are connected to me on LinkedIn, and we went through the list. There are three people I can definitely introduce him to.

Then we talked strategy. Interestingly, he doesn’t use the “Forward a Connection Request” feature of LinkedIn. He says it takes too long. Instead, he has a pre-written email he sends me. I just cut and paste it into my own email introduction, and he takes it from there. I will, of course, take it one level further and contact the people in advance and warm them up. But I can use the text from his email as a starting point for my conversation.

He says sometimes it works and sometimes it doesn’t. But networking and sales are a numbers game. If you know who you need to meet and you ask for enough introductions, some of them will come through.

Here’s what was interesting. Both of our methods worked. He brought the list. I told him the category of people I need to meet. He has two names in mind for me, and I have three for him. So we both have introductions to work on for each other.

But I can go look at his LinkedIn profile and see if I can pull up a few more names for him to work on for me. So I’m happy. My way generated a few names, and I have the potential for more.

I think both methods have value. Everyone I know isn’t connected to me on LinkedIn. So I need to know his criteria so I can mine my entire contact list for him. And he doesn’t know my LinkedIn connections as well as I do. I think there is a fourth on my list that he overlooked.

He now knows my criteria, which might shakes loose another name or two. So combining a list of names and specific triggers is more effective than either alone.

Try it the next time you meet with someone who is on LinkedIn. It’s certainly a very good way to be extremely specific, and I think you’ll walk out of the meeting with more introduction possibilities than if you hadn’t.

How to Ask for a Referral And Actually Get One!

Friday, April 16th, 2010

I’ve done several posts this week on elevator speeches and the psychology behind them. I want to wrap up this series with specifically how to ask for a referral and get what you want.

If you’ve been following my suggested elevator speech structure, by now you’ve told a story about how you helped a client, and you’ve triggered an emotional response in your audience that should leave them inclined to help you.

Now you need to follow that emotional reaction with a specific request for a referral that gets our brains working.

You can do this one of two ways.

1. You can ask for an introduction to a specific person

I mean that exactly the way it sounds. Ask for a specific person, by name, company and title. “I’d really like an introduction to John Smith, CEO of Virginia Colony Corp.” This will get your everyone’s brains in gear while they try to think if they know John.

You’d be surprised how often this works. I’ve seen people raise their hands in meetings and say “I know him.”

And what if they don’t know him? That’s okay. Our brains will make connections. Maybe I don’t know John Smith or anyone else at Virginia Colony Corp. But I might know Cecil Calvert at Maryland Colony Corp. If I do, then I have to ask you if Cecil would be a good referral for you.

Either way, you’ve been successful at getting me to say “tell me more,” which is your ultimate goal in an elevator speech.

What if you don’t know of a particular person to ask for? Not a problem. You can…

2. Ask “Who do you know who?”

This method works if you are looking for a class of people. Examples:

“Who do you know who is paying too much for car insurance?”

“Who do you know who is unhappy with their web traffic from search engines?”

“Who do you know needs to network and doesn’t know how?”

“Who do you know who is a Keller Williams realtor?”

“Who do you know who” is powerful because it can’t be answered with “yes” or “no,” so we can’t default to no action.

I watched this in action with one of my clients at a networking event. After every conversation, he would ask for a referral. Sometimes he said, “Do you know someone who?” and sometimes he would ask “Who do you know who?” He’d been working the event the right way, so people were motivated to try to help him. Everyone he asked thought about it. But when he asked “who do you know who,” they thought longer. Noticeably longer.

Either method will work. If you’ve engaged our emotions with a solid story and then follow it up with a good referral request, you are working comfortably in our buy cycle, and with our inclinations and psychology. You won’t get a referral every time. But you’ll get one often enough to keep you in business. And a lot more often than your competitors, who probably don’t use these strategies.

Anyone want to try to put it all together? Go ahead and post your elevator speech in the comments. I’ll give you constructive (and supportive) feedback.

And maybe another reader will have a referral for you.