Jim's Marketing Blog

Marketing ideas to help you grow your business

Category: Business Development (page 12 of 99)

How to be a millionaire. Yes, seriously!

I’d like to share what I believe to be the easiest way, for a small business owner to make a million (pounds, dollars, euros etc).

How to make a million

Mathematically, there are lots of ways to achieve your million. Here are 3, starting with the worst and finishing with what I believe is the best option for a small business owner, with limited resources.

  1. You can make £1 from a million people. Possible, but incredibly hard. You need an extremely large reach, to connect with the millions of people required, in order to find 1 million who will pay you £1.
  2. You can make £1000 from 1000 different people. Easier than the first option. It requires a far smaller reach.
  3. Alternatively, you can make £10,000 from just 100 clients or customers. The balance here is a lot easier for you to manage. If you provide a product or service that has massive value, it’s extremely achievable to attract just 100 clients. Equally, if you’re marketing to the correct type of people or businesses, they have zero problem investing £10,000 in something, which they value enough.

These are not exact numbers. The best option for you may be somewhere between number 2 and number 3. The key is to get you thinking about how to make your next, or first, million.

An achievable, realistic target

Whilst many people struggle to believe they can become a millionaire, everyone in business knows they can attract 100 high value clients or customers, if they use the correct strategy. This totally changes how you feel about becoming a millionaire. Now it’s an achievable, realistic goal.

So, what are you going to create, which 100 people or organisations will pay you £10,000 for? Spend some time thinking about that. Give it the time and effort it deserves.

It could change your life.

Tip: Here are some useful ideas, on how to create a great new product or service.

To improve a business, let go of the Failing Familiar!

A reader asked me a great question earlier. She wanted to know why she isn’t making the changes her business needs, even though she is, as she put it; slowly losing her business.

Here’s part of the advice I gave her. I want to share it with you, in case someone you know needs to hear it:

“Start by accepting just how urgent your situation is. A failing business is unsustainable. The time to act is now… today. What stops most people doing what’s required, is that it means making a big, scary commitment. It means stopping your current strategy, which put you in this situation. It means letting go of the failing familiar.”

The hardest part of turning a business around is making that initial commitment, to let go of the failing familiar. After that, your mindset shifts. You start looking for answers, rather than hoping things will somehow, just improve.

Whilst hope is absolutely essential, it isn’t a business strategy.

Tip: Here’s a heartbreaking email, which every small business owner needs to read.

6 Ideas to make clients fall in love with your business

Here are 6 ideas, to help you earn the attention and interest of your clients and prospective clients.

  1. People love to feel appreciated: What are you doing, to show them your appreciation?
  2. People love to save time: What are you doing, to help them get more done in less time?
  3. People love to talk: What are you doing, to give them a story worth sharing?
  4. People love to relax: What are you doing, to make their lives easier?
  5. People love to succeed: What are you doing, to help them achieve their goals or dreams?
  6. People love to learn: What are you doing, to educate them in a meaningful way?

Invest in your marketplace. Contribute. Don’t make the mistake of expecting them to care about you, until you have shown that YOU care about THEM, first.

Tip: This will help you get the balance right!

Here’s what to do, when clients say you’re too expensive!

Most small business owners still believe that their clients primarily care about fees or prices… and they are right!

However, this is only true because they fail to offer clients anything else worth caring about.

  • No, people will not pay you more than average, when your services are too similar to other similar priced services.
  • Yes, there are providers in every industry who earn 5X or 10X the typical fees. Why? Because they provide 5X or 10X the value.

Rather than complain that clients care too much about your fees, create something else for them to care about. It works. In fact, it can transform your business.

Tip: Here are some examples to help you sell on value and be in high demand.

It’s time for a powerful marketing tactic

Here’s an extremely powerful marketing tactic, which your competitors are overlooking. Get this right and you will give your business a very strong advantage.

It’s simply this: Meet your deadlines every time, no matter what it takes.

Why?

Because by consistently delivering your promises, on time, you set yourself apart from all or almost all your competitors. You tell us more about your professionalism, commitment and reliability, than a marketing message ever could.

It’s a wonderful way to build a great reputation.

It’s also a fantastic way to grow your business, because you give the marketplace a story, which they will want to share. That’s the key to attracting high quality, word of mouth referrals.

How to stop your business from becoming a dinosaur

If you want your business to become increasingly relevant over time, rather than fade away, here’s something you need to know.

Hipsters

Right now, there are lots of people walking around, wearing the Hipster look.

It’s fashionable. It’s in vogue. It’s very much of the moment. A trend, which has now gone mainstream.

Of course, the fashionistas have already dropped the look and moved onto the next new thing. Slowly, others will do the same. The Hipster trend then becomes something you look back on, just like every fashion before it.

Long term commercial success

When Groupon (remember that?) was the big thing, thousands of small businesses sprung up offering Groupon-like services. Then, when Groupon’s buzz died down, the trend those small businesses had invested in was gone.

Here’s the thing: Making long-term business decisions based on a current trend, is almost always a mistake.

Think long term. Focus on providing as much value to your marketplace as possible. What we know for sure is that value and quality are never out of style.

If you invest there, you can immunise your business from becoming yesterday’s news.

PS: Here’s some advice, with lots of examples, on how to build a successful business.

2 Ways to increase the lifetime value of your clients

Here are 2 ideas, to help you increase the lifetime value of your clients or customers.

To start, you need to understand what their current, average lifetime value is. It’s relatively simple.

For example: If your average client is worth £1000 a year to you in profits and they remain a customer for an average of 5 years, a client’s average lifetime value to you is £5000.

Once you figure out the average value of your clients, consider the following question:

How can you increase their lifetime value, by increasing what they spend with you and the length of time you retain their custom?

1. Increasing what they spend with you

Look for additional, extremely valuable services or products for your clients. Your clients have an existing trading relationship with you. You have earned their trust. They know you. They are also far more likely to buy an additional product or service from you, than from a stranger.

A great place to start is to think of the challenges your clients or customers face. Now, consider how you can help them with these problems, with additional services or products.  Yes, it will take time and a little creativity, but the rewards for getting this right are huge.

A wonderful, additional benefit of this approach, is that the more your clients or customers rely on you for a number of services, the less likely they are to switch to another provider. This leads on nicely to the next point.

2. Retaining their custom

Very few small business owners have a structured client or customer retention plan. Your clients are being targeted by your competitors all the time. A well designed client retention plan can help you keep your clients, regardless of what the other guys are doing.

Finding ways to retain, and improve the financial value of your clients or customers, is one of the smartest things a business owner can do.

It makes your business massively more robust, as your client base has no desire to switch from you to another provider. That allows you to plan ahead with greater confidence.

Bonus: By finding products for your customers, rather than customers for your products, you also tap into the fastest way to boost sales and profits.

How to build a extremely valuable list, without a newsletter

If you want to build a huge, extremely valuable list, this post is just for you.

I get emails every day from people, who thank me for my free marketing newsletter. Some of you will find that odd, as I don’t publish a newsletter.

So, why does this happen?

Simple: I give people the option to read this blog, via a free email subscription. As a result, thousands of people get an email with the content of my latest blog post. These emails look and read just like a newsletter.

I suggest you consider doing the same.

Here’s why!

There’s a reason Seth Godin, the world’s most read marketing expert, also uses this approach rather than a newsletter. It’s an extremely powerful way to build a great, super-connected community of readers.

For example:

  • The blog (online) version of your posts get shared on social networks. Yes, this is technically possible with newsletters, but shares of blog posts are far, far more popular. People can then see your work and subscribe to it, knowing exactly what to expect. Newsletters are often little more than thinly disguised sales pitches and people are savvy to this.
  • The blog version of your posts get crawled by search engines.
  • Your blog posts can be found using search engines, when people need the information you provide.
    • These Top Marketing Tips attract traffic from search engines all day. A subset of these readers subscribe to the email version of the blog. It’s a list-builder all by itself, which grows the list all day every day. Again, because it shows people exactly what to expect, a far higher percentage will subscribe, than if I offered a newsletter.

Which is the best route for you?

If your newsletter is mainly special offers and promotions, a dedicated newsletter, marketed via your blog is a better option.

Otherwise, I strongly suggest you consider the benefits of offering a high quality, email edition of your blog posts instead.

  • It costs the same as a newsletter costs to send.
  • It’s a quicker way to build your list, for all the reasons already mentioned.
  • You don’t have to invest time writing a newsletter.

BONUS: It may also motivate you to publish blog posts more often, which will help your reputation, your reach, your authority AND your reader list… to grow!

Older posts Newer posts