Jim's Marketing Blog

Marketing tips and ideas to help you grow your business

Your economy is specific. The economy is general

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your economy, the you economy

The economy is general. It’s determined by outside factors.

Your economy is specific. It’s determined by you.

Your economy is what matters. That’s because it is always your actions that determine your results.

We saw this everywhere during the pandemic lockdowns, with businesses in the same industry, in the same towns, serving the same marketplace; one would flourish and the other would fail.

Same restrictions.

Same opportunities.

But massively different outcomes.

Your economy and amazing opportunities

Every business owner today, who’s doing the right things for the current landscape will thrive. I know because I work with these business owners every day. We’re working on their economy. We’re focused on the things they can control. It turns out that’s 100% of what actually matters, for the success of their business.

And remind yourself that every time we see economic uncertainty, the number of new opportunities multiply. Look for the new needs and new wants of your marketplace. Their needs and wants are begging for you to provide solutions. Bring them your new ideas, new products, new services and new packages, etc.

The opportunities are all around you, so start developing your economy now.

Forget networking events!

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Forget networking events

A caller once asked me on a live radio show, for tips on how to work the room at a networking event. I can still remember the shock in their voice, when I gave them my answer. However, the listeners found it really useful, so I thought I’d share it with you.

Here it is. Drum-roll please…

Forget it!

I explained that I wouldn’t spend much time, learning how to get the most from networking events.

No. I wouldn’t spend any time whatsoever on it… none, zero, nada.

Instead, I suggested they focus on ‘why’. Specifically, why they needed to go to networking events. Why their clients, website, social networks, newsletter, customers and contacts weren’t providing all the leads their business needs.

Whenever a business isn’t attracting enough sales or new clients, it’s always because they’re neglecting something. So, rather than pestering strangers at networking events, I offered a few alternative strategies.

Attract interest rather than pestering strangers

Here are some of the things I do for my clients, which work extremely well.

  • I bake marketing into my client’s products or services. This means making their products or service so remarkable, that they almost market themselves. Just think about that for a moment.
  • I create a story about their business, which is so remarkable their marketplace want to share it.
  • Most importantly of all, I put an FTA structure in place for my clients. It’s extremely effective. Here’s what an FTA structure looks like.

So, be kind to yourself. And choose marketing that actually works for you. Marketing that allows you to focus on what you do best.

On reflection

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Someone emailed me with a question, which I’d love to share with you.

She wanted some free advice, on how to “deal with the losers” who ask her for free advice.

The lesson here? It pays to look in the mirror before we’re critical of others. With a little reflection, we may learn something about ourselves… or avoid looking silly.

Scientists agree: First impressions are crucial to sales success

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first impressions, initial impressions, more sales, get clients

First impressions count. And they count far more than most people know.

Alex is a web designer.

Think for a few moments about the mental picture you’ve just built of Alex.

With only a name and job title, you’ll have almost instantly started to think about how they look.

Perhaps, you’ll have pictured them dressed a certain way.

You may have decided they’re arty. Or maybe a bit of a geek.

Here’s the thing. Your first impression of Alex wasn’t based on who she really is.

It can’t possibly be!

Your impression was based on what your perception of a web designer is.

How to create high value, first impressions

Using Alex as an example, try thinking for a moment about the initial impression a prospective client or customer gets, when you describe yourself by your job title, industry or profession.

Remember to include the fact that some people, perhaps many, will have had a bad experience with one of your counterparts, before encountering you. This is an important factor to take into consideration.

If we want prospects to form a powerful first impression of us, based on the huge value we bring, we need to start by focusing on that value.

initial impressions, first impressions,

Here’s an example of what I’m referring to.

When Alex describes or introduces herself, she starts with something very like the following:

“I help companies attract high quality clients and sales, with websites that deliver consistently outstanding results”.

Alex is a former client of mine. So I know that her description works extremely well. You only have to consider how your impression of her radically changed, when you read it!

But that’s not all.

Something else happens

When you intentionally guide a prospect’s first impression, you also switch their perception of your service or product, from a cost to an investment.

  • Yes, on an intellectual level, most business owners know that there’s a difference between a cost and an investment.
  • But on an emotional level, many still regard the procurement of a new service or product as a cost. And sales are made based on emotions or feelings, way more than on logic.

By encouraging them to focus on the value you bring, it’s easy for them to firmly position you as an investment. This dramatically increases the likelihood of them hiring you or buying from you.

What about the science part?

Remember at the start where I mentioned how scientists have proven this?

Well, they have.

Well, they have. Back in 2014, scientific research confirmed that first impressions are so powerful even facts won’t change them. In other words, once they have formed their initial impression of you, positive or negative, that’s how they will regard you and value you… even when facts show them that their impression is wrong.

Let’s recap first impressions

  1. You set the foundation, upon which prospective clients or customers will form their first impression of you.
  2. If you start off by referring to yourself by your job title, industry or profession, you’ll create potentially damaging preconceptions.
  3. By intentionally starting off your conversations, presentations and marketing messages with the value you bring, you position yourself far more attractively to prospects.
  4. You also switch the perception of your services or products, from costs to investments.
  5. This all combines to dramatically improve your results.

In short, people will form their first impression of you, regardless. It’s your job to make certain that your marketing and sales presentations / demos form the right impression. An impression that builds trust and value. An impression that makes buying from you or hiring you the obvious choice.

How to avoid an ongoing cash flow crisis

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cash flow crisis, avoid cash-flow problem

A reader emailed me this morning, about his latest cash flow crisis. He asked me for some advice on how to overcome it. I promised I’d answer here, as it’s a very common problem for a lot of business owners right now.

My reader put his problem like this: “I need to sign-up 5 new customers by the end of December, to avoid another cash flow crisis”.

Here’s my advice, which is relevant to almost any business owner with an on-going cash flow problem.

The wrong focus blocks cash flow

In my reader’s case, if he does focus on getting those 5 new customers, there’s a reasonable chance he will make it happen. Or come pretty close to making it happen. I don’t have any details about his business. But I do know that in business, we tend to get what we focus on – good or bad.

So, whilst there’s a good chance that he will be motivated to get those 5 new customers, if he does get them, he will have also just planted the seeds of his next crisis! That’s because those 5 new customers will simply buy him some time until he’s in the same position again.

Here’s a far better way forward. It’s based around 2 adjustments that can radically improve your financial situation… and your life!

1. Fund your business correctly

Cash flow can be resolved relatively easily. But only after you understand that on-going cash flow problems are rooted in the way you feel, think and act regarding money. When you overcome this block, the cash starts to flow like never before.

Your accountant will be able to explain how successful business owners fund their businesses correctly. If you don’t have an accountant, ask your financial adviser or business banking manager. It’s extremely straightforward.

2. Set exciting, compelling sales targets

Always, always set motivating targets that correspond with a thriving business. The kind of epic targets that will lead you to a massively better quality of life. Never set targets that merely help you to scrape by.

Here’s why the right type of targets are critically important for you and your business.

  • Targets that inspire you to thrive are exceptionally motivating. They also cause you to make decisions based on what you want. They bring energy, ideas and confidence. Confidence that encourages others to buy from you, hire you and believe in you. These combine to dramatically improve your results. And fast!
  • Targets that are about surviving your latest cash flow crisis are motivated by fear. And even if you hit the target, you’re still in a precarious situation. You just scraped over the line. And you’re left waiting for the next cash flow crisis, because your underlying problem remains. So, you end up with anxiety and stress, regardless of whether you hit the target or miss the target. That’s a self-defeating loop, which makes it impossible to build a successful business.

In short, a poorly funded business, focused on trying to stay afloat, is guided by fearful, short-term thinking. It has an extremely limited horizon.

The answer is to resource your business correctly. And set exciting targets that motivate you to build a financially powerful company.

Going narrow and deep

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going narrow and deep, marketing, social media

If you find it hard, time-consuming or confusing, to be present on lots of different social media platforms, relax. You don’t need to! Today I’m going to show you a far better alternative. It’s based on the approach I use. I call it going narrow and deep. So, here’s how it works, and how you can benefit mightily from it.

This blog is in its 14th year. And I’ve been publishing a newsletter since the 1990’s! When I mention this to people they often ask how I have managed to update my blog and publish a newsletter, very regularly, for so long.

I really don’t do much

Sadly, I don’t have some kind of productivity super power. It’s a lot less impressive than that.

You see, my ‘secret’ is all about how little I do.

  • I don’t have a Linkedin account.
  • I don’t have a Youtube channel.
  • I don’t have a podcast.
  • I don’t have a Facebook Page
  • I don’t have a Facebook Group.
  • I don’t have a TikTok account
  • I don’t write books.
  • I don’t give many interviews.
  • I don’t have a business account on Instagram or Snapchat, either.

Lots of business owners do most of the things on that list. And I bet they produce at least as much information across those platforms as I produce for my blog / newsletter.

The difference is in what we choose to do with the content we produce.

They go wide. I go narrow

Let me flesh that out a little.

Having been involved in social media marketing since its inception, I’ve seen how easy it is to lose your account, and audience, on any platform you don’t own. And if a platform ceases to be popular, you can also lose your audience, or most of it, when they move to the next new, shiny thing.

Plus, it’s extremely hard to create a significant marketing impact, or foster deep engagement across multiple platforms. So, you end up with a wide spread of shallow encounters. That’s why I chose to go narrow and deep.

  • I own my blog.
  • I choose where it’s hosted.
  • And I can use any commercial email provider to mail my newsletter to subscribers.

The benefits of building your own platform are many and varied.

The best-known benefit of going narrow and deep

Maybe the best-known benefit is that you’re building your very own publishing business, which grows in value literally every day.

For example. Jim’s Marketing Blog has thousands of pages of marketing and business development information and a 14 year pedigree. It has built trust and a deep connection with thousands of people worldwide who read it regularly.

So today.

If I wanted to.

  • I could form partnerships with online training providers, promoting their courses here, for a commission on each place sold.
  • I could create a dedicated store here, providing products that appeal to my reader demographic.
  • I could cash-in. The last offer I received for Jim’s Marketing Blog was huge.

There are multiple revenue generating opportunities open to me, because I built everything here. Combined, they would easily create a significant enough income to become a stand-alone business. Imagine if I’d spread my ideas and work across social media platforms / social networks. None of the opportunities I just mentioned would exist.

So, consider the commercial value of creating your own platform. Your own publishing business. And I mean, seriously consider it. Because it could be worth a fortune to you.

The least-known benefit of going narrow and deep

I think the most overlooked benefit, is the incredible focus, clarity and freedom it gives you.

With the multi-platform approach, different types of ‘content’ work better on one platform and less well on another. All of a sudden, you need to add lots of tasks to your daily workload. So, you’re no longer ‘just’ running your business. You need to find time to be a photographer, broadcaster, video producer, audio creator, short-form writer and networker. Plus, there’s the time required to monitor all those different places every day for replies or responses.

You also need to be careful how often you publish. Most platforms will make your content less visible to your audience, if you publish what they deem to be too often. Facebook, Linkedin and Instagram are notorious for this. Blogs do the opposite, because fresh content is rewarded by search engines. It’s a sign that your blog is being supplied with new and updated material. A sign that your blog is worth recommending to those searching for up-to-date information.

With your own platform, you publish when you have something useful or interesting to share. That’s it. It’s extremely liberating.

In short, I probably don’t produce content more often than you or anyone else involved in marketing their business. I certainly spend a lot less time creating it.

I just put it in the same place and let it build steadily over time. Eventually, all those little molehills become a mountain.

Training your customers to spend less and leave you?

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special offer marketing, special offers, discount offers

If you run special offers at predictable times throughout the year, you need to be aware of the full cost.

It’s always more than the 20% or whatever your discount is.

That’s because there are two types of loss when you discount a price or fee. Not one. And the second loss, which most business owners are totally unaware of, can lose you and your business an absolute fortune.

The first loss you probably know

By discounting at predictable times, you train your customers or clients to wait. So that’s what they do. They hold off making the purchase they would have made at full retail, for the special offer they know you’ll run. In these cases, you only lose 20% on every purchase that customer makes of that predictably-discounted product.

You already knew that.

The second loss is much bigger

This doesn’t happen as often, but you take a huge loss every time it happens.

While waiting for your next special offer time to come around, some who would have purchased at full retail, won’t purchase from you now. Or ever again!

Here’s the scenario.

Rather than wait until your next special offer, they get tired of waiting and decide to buy elsewhere.

Why not buy from you at full retail?

Because you trained them not to. You’ve trained them that they’d be losing out if they buy from you now. That’s an extremely painful purchase for them to make, knowing they’re losing money. And many of them won’t make it.

So, they buy from one of your competitors instead.

That deal from your competitor may not be as good as your special offer, but your former customer can have it now. AND without all that pain. Assuming your competitor looks after them, they stand a great chance of retaining your former customer indefinitely.

The kicker?

Very few businesses that have this problem even know it’s happening to them. The overall cost to their business is the lifetime value of every customer they lose this way. And the business owner just assumes the customer left for some random reason.

There is a space in marketing for special offers or discounts. Major companies do it well, smaller businesses almost always make a mess of it and unknowingly lose a fortune right across the board; short-term, medium-term and long-term.

A couple of things to consider

Ideally, don’t discount anything. The only exception here, is if you’re looking to sell time-sensitive inventory that’s going out of date, or inventory items that are depreciating in value.

If you want to increase the number of sales you make or the number of new clients you attract, don’t lower the price or fee. Instead, increase the value of whatever you’re providing. Then increase the effectiveness of your marketing, until it’s utterly irresistible.

A value-packed product or service, with irresistible marketing will sell outstandingly well all year long. No special offers required.

Your sales figures. Going up!

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elevator pitch

Did you know that you can increase your sales in multiple ways, by using a great elevator pitch? Well, you can. It will work for you online and face-to-face. It will open doors for you and help you get noticed. It will help you be remembered by prospective clients or customers, too.

Here’s how you and your business can benefit mightily from this powerful, often misunderstood marketing tool.

It’s not actually a pitch

There are lots of variations, but a common definition of an elevator pitch will go something like this.

A sales pitch that can be delivered in a short period of time [the time it takes to ride an elevator].

That is incorrect. It’s a narrow, literal interpretation of what an elevator pitch is. You are never going to sell anything of value to a stranger in 20-30 seconds. What you absolutely can do, is give a compelling introduction to someone, which will motivate them to want to know more.

In other words, an elevator pitch is a pre-pitch. It’s a short, well-crafted message that inspires the person(s) listening to become interested. Interested enough to give you more time, where you can actually pitch your service or products.

Why you need an elevator pitch

Here are the core business benefits of having a short, well-crafted sales message.

You’ll create a great first impression, fast

When you connect with a prospective client for the first time, you need to be able to make a positive impact quickly. This is true whether it’s face-to-face or online. A motivating elevator pitch will allow you to do exactly that. People are busy and your pitch will ensure they hear what they need to know, with clarity and without delay.

Preparation

It takes time to develop a great elevator pitch. By the time you have it down, you’ll know it by heart. And because it’s a short message, it’s also an easy message to remember. That means it will stick. It also means that whenever you’re in a situation, where someone asks you about your business, you’ll have the perfect answer to hand.

And that’s not all. The feeling of being prepared and knowing you have a powerful message to share, boosts your confidence. And that confidence is then transmitted to whoever is listening, which makes your message vastly more compelling.

How to write your elevator pitch

I strongly recommend you don’t write one from scratch by yourself. Instead, find a free one from a credible source online and refine it, so that it’s directly relevant to you, your services or products. There are hundreds of free examples and templates for you to choose from via your search engine of choice.

Why refine an expertly written elevator pitch, rather than write your own? The toughest form of written marketing is what’s known as writing short. Even professional copywriters struggle with writing short. That’s because you have very few words and every one of them needs to count. You’re trying to motivate, educate and leave a powerful first impression, within those tight confines.

If at all possible, find an industry-specific example to refine. That’s because a different approach is required for every industry. Here’s what I mean. The pitch used by a family law firm will need to be different from that of an oven-cleaning franchise. The pitch used by that oven-cleaning franchise will need to be different from that of a private school.

It’s reasonably easy to create an effective elevator pitch and the benefits massively outweigh the time it will take you. Start with a good quality example or template to work from and you’ll be good to go in no time.

Seek context before you move on

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You heard what the customer or client said, the words they used. That doesn’t mean you also know what message they were trying to convey.

In our normal conversations, this is no big deal most of the time. But in an important conversation, it can create major problems.

Imagine someone tells you their business grew by 15% last year. They might want your congratulations. Equally, they might want your commiserations. Without clarity regarding the context, your reaction and response could be way off.

Always get the context before you respond.

How to break the cycle that’s holding you back

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You have a business problem. However, you’re not ready to talk about it with an expert.

You now have two problems.

Those two problems soon combine to create additional problems. These additional problems do the same.

The cycle begins.

Break that cycle

Advice and support from an experienced expert equips you to eliminate the problem, fast. This also protects you from the follow-on problems.

  • It breaks the negative cycle.
  • A new, positive cycle is created.
  • Everything improves.

Whatever your business problem is, erase it. Ask an expert for the solution and free yourself to move forward with clarity, enthusiasm and confidence.

The story you’re telling yourself that’s blocking you from getting expert advice, needs to be called out for what it is. It is not working FOR you. It is working against you. Causing you to waste time, lose momentum and miss out on opportunities.

Jim Rohn used to tell us that failure is so common because it’s so subtle. Another day on the wrong cycle doesn’t seem to matter much. But that day soon becomes a week, a week becomes a month, a month becomes a year, and a year becomes yet another year… or it doesn’t.

You can absolutely decide right now to break that cycle and thrive. But, as with solving every major issue in life, it starts with you taking that first step.