Jim's Marketing Blog

Marketing tips and ideas to help you grow your business

Embrace the low risk and maximum potential mindset

by

marketing blogs

It’s impossible to completely eliminate risk from your business. But you can have the best of both worlds, with low risk and maximum potential.

Let’s start by looking at risk and why you can’t (and shouldn’t) totally eliminate it from your business.

Think about it: Even if your results are fine right now, and you decide to just carry on with whatever you’re doing, you’re at enormous risk.

Really?

Yes, really!

You risk losing clients (or customers) to your agile competitors, who continuously seek to improve and target your client base with compelling offers. Sure, small and medium sized business are the most vulnerable, but even massive brands can be wiped out by the just carry on attitude. Remember; Blockbuster Video, Toys R Us, My Space, Palm Inc?

The question is, how do we get the best of both worlds; less risk and massively more potential?

I’m glad you asked.

Mastering the risk / potential balance

In seeking to eliminate risk, you also block yourself from every great opportunity. That’s because every genuine opportunity for your business comes with an element of risk.

So, no risk = no progress.

Therefore, rather than regard risk as something to avoid, consider the potential pluses as well as the potential minuses. Research the positives as well as the negatives.

And challenge your beliefs!

Challenging your beliefs is critically important, as one of the biggest barriers to your success are your inaccurate preconceptions. This is a perfect example. And I see equally damaging thinking with business owners all the time.

A well-balanced approach to risk and opportunity is behind every successful business. It reduces your exposure to risk, whilst simultaneously allowing you to fully benefit from the genuine opportunities your business must have, in order to grow.

With the right mindset for 2021, you’ll put yourself in the best possible position to benefit from the new opportunities next year will bring.

How to be in high demand and earn the highest fees

by

workaholic, love work

We know why the most successful businesses and freelancers are always in high demand. Its the same reason they command the highest fees.

They provide something of value, which is in short supply.

We also know why the average business isn’t in high demand. It’s because they provide something, which is in abundance.

Here’s the thing. It’s not enough to work hard, work smart and care about your clients. Most of your competitors already do that. To think otherwise is to underestimate your competition. And that’s a big mistake.

To be in high demand and earn the highest fees, you need to embrace the tricky stuff. The things that are in short supply, because they’re too challenging or uncomfortable for most business owners.

This includes a willingness to:

  • Set higher standards than your competitors.
  • Do work that’s meaningfully different.
  • Initiate.
  • Be there for people when they need help.
  • Encourage others.
  • Connect people.
  • Treat different customers differently.
  • Make promises and keep them.
  • Inspire your customers, your team and your marketplace.

Is this easy? No, of course not!

Here’s a better question: Is it worth it? Yes, absolutely!

You see my friend, the very fact it’s so challenging is why it’s so rare, in such high demand and so valuable.

How to be totally and utterly irreplaceable

by

How hard would it be for one of your clients or customers to replace you with an alternative provider?

I was thinking about this yesterday when a salesman came to my home. He asked if he could quote me a price to look after the trees and hedges, which surround all 4 sides of our house. I said that I wasn’t interested. He then said that if I told him what my current guys charge, he’d beat their price. I explained that I still wasn’t interested. I thanked him for his time and he left.

Just think about that for a second. Imagine being so valuable to your clients or customers that they send competitors away, uninterested in hearing about their lower price.

Being irreplaceable

If the salesman had been a little wiser, he’d have asked me what made my current provider irreplaceable. If he’d asked, here’s what I’d have told him.

The team who look after my hedges and trees have worked for us for years. They know exactly how we like things. They are extremely reliable and when we needed them in an emergency, they responded fast; removing a tree that had fallen down in a storm. They provide a great service, which they are very well paid for.

They’re happy and we’re happy.

They’ve made themselves irreplaceable by building trust. They’ve earned that trust by doing great work over the long haul and being extremely reliable. I have recommended them dozens of times over the years to friends, all of whom are equally delighted with them.

There are 2 pieces of gold dust in the previous paragraph:

  1. The best way to become irreplaceable is to earn trust. It was during our first year with the tree company that they came out to remove that tree, which was blocking a road on a dangerous corner. They were here in 40 minutes and charged us their normal rate, when they could have exploited the situation. Their attitude to service has remained every year since.
  2. When a provider earns our trust and does great work, it’s easy to recommend them to our friends.

Clearly, every business owner should strive to make their business irreplaceable. It improves customer retention, whilst also generating a regular flow of word-of-mouth referrals.

How do you become irreplaceable?

It’s not about one huge action. In the above example, my tree problem gave them an opportunity to shine, but it was followed by years of excellent customer service. It’s certainly not about being the lowest priced.

It’s about the daily interactions we have with our customers and our marketplace. It’s the compound effect of many positive experiences. We earn the position of being irreplaceable over the medium and long haul. Every interaction should be viewed as an opportunity to increase our value to our customers.

That’s how we earn (then re earn) the position of being irreplaceable. Yes, you need to re earn the position, because when you act like you’re permanently irreplaceable, you’ll soon be replaced by someone who out manoeuvres you.

Let’s look again at my opening question. Ask yourself, how hard would it be for one of your clients or customers to replace you? If you don’t like your answer, do something about it today… and every day, until they’d have to be crazy to switch to another provider.

5 Words that can lift your business above the competition

by

Think about it.

When you’ve delivered a project for a client, you want them to say to themselves, “this is much better than I expected“.

When you tell someone about the service you offer, then quote your fee, you want them to say to themselves, “this quote is much better than I expected“.

When someone experiences your customer service, you want them to say to themselves, “this service is much better than I expected“.

Much better than I expected

There’s REAL power in those 5 words. They’re a sure sign that you’re exceeding expectations. And the most successful business owners strive to exceed expectations, with every interaction.

Here’s why:

They know that by truly exceeding expectations, they’ll retain more clients. They know they’ll also receive highly valuable client referrals. And they know they’ll build an exceptional reputation, too.

The reason the majority of small businesses fail to achieve this, is that it presents the business owner with 2, tricky challenges. When you overcome them, you can benefit from all the advantages of exceeding the expectations of your clients and your marketplace. And that’s what I’m going to share with you today.

Let’s start by looking at those 2 challenges and how you can turn things around.

1. Almost every business owner thinks they’re already exceeding expectations

They know how hard they work. They know how passionately they care about their clients. They then confuse their hard work and passion with delivering a remarkably good service.

Working hard doesn’t mean you’re exceeding expectations. After all, you can work darn hard just delivering exactly what your client expects from you! That kind of hard work is merely meeting expectations. Not exceeding them.

How do you find out for sure, if you’re exceeding expectations?

Simple. Just look at the number of referrals your clients give you. This may sound harsh, especially if you’re not receiving regular referrals. But in every industry, people proactively recommend the products and services that really impress them. They want their friends to know. That’s how word of mouth works.

Some clients will stay with an “okay service provider” for years, just because it’s easier than switching to a better provider. The provider can wrongly assume this loyalty is a reflection of truly remarkable service. It isn’t.

When a business isn’t getting a regular stream of client referrals, it’s a sure sign that the business isn’t exceeding what their clients expect from them. And it’s a wake up call. A wake up call to put things right, to up their game, to go from average to remarkable.

At least it should be.

2. It’s harder to exceed expectations than to meet them

Even if a business owner accepts they’re not exceeding expectations, it can be a challenge to figure out what they need to do, to turn things around. Every marketplace is saturated with average providers. And this can make it tricky to get out of that mindset. To see what’s truly possible and blow the lid off the service you provide.

Fear not! Here’s something I share with my clients, to help them overcome this challenge. The best way to elevate your own expectations of what’s possible, is to look outside of your industry and beyond your competitors for guidance and inspiration.

For example.

  • Compare your customer service to Disney.
  • Compare your product’s build quality to Rolex.
  • Compare your design quality to Apple.
  • Compare your distribution to Amazon.

Then, look for better ways to deliver your services, based on what you learn from these (and other) examples of excellence. It takes a little effort. That’s for sure. However, it’s a proven way to radically improve your services. And I’ve seen it work hundreds of times.

What next?

In my experience, it’s the first of those challenges that’s always the toughest.

Even when some business owners know they get very few referrals, they’ll still fail to accept it’s down to them.

  • They’ll say their clients expect too much.
  • They’ll blame their clients for being ungrateful.
  • They’ll tell themselves their clients aren’t the kind who recommend others.

In short, they’ll refuse to acknowledge the problem.

The second challenge is a little less tricky.

It means embracing the edges. And that feels riskier than staying in their comfort zone. But as any entrepreneur (I mean real entrepreneur) will tell you, the riskiest thing you can do is cling to the overcrowded middle ground.

Make no mistake, consistently exceeding expectations takes real commitment. And that’s why so few of your competitors will do it.

It’s also why this wonderful opportunity is open to you. It’s an opportunity to attract the best clients, to attract endless referrals, to retain your clients for longer and build an outstanding business.

When you’ve run out of all possible options

by

… you haven’t!

There’s always an answer. A way forward. A way to turn things around.

marketing tips

  • Often, the answer you need is already within you, but you need to dig a little deeper in order to uncover it. Start by asking yourself a better version of the question you need answering; because better questions will always lead you to better answers. Try taking your challenge for a walk, something creative people have done for centuries, with great success, in order to find the answers they need.
  • Sometimes, another person already has the answer you need. So talk to people. Especially those with specific, expert experience in the relevant area you’re challenged with. Your answer could be literally, just one conversation away.
  • Other times, the answer you need is in a book, a blog post, an article or newsletter. Thousands, maybe millions of other people have already had, and resolved, the same core challenge as you. Many of them have shared how they did it. So do the reading.

The key thing here, is that once you’ve accepted that there is an answer, you’re now free to focus 100% on finding it. And knowing this makes all the difference.

Think.

Talk.

Read.

You’ll be amazed how quickly you’ll find exactly what you need, my friend.

Scaling your way to success

by

What’s the best way to scale your business for success? Here are my thoughts.

marketing tips

But first, a quick question for you: What do the following all have in common?

  • Kindness.
  • Honesty.
  • Caring.

The answer is that they’re attributes that are valued, extremely highly, by everyone. We are attracted to people who are kind, honest and caring. And given the opportunity, we prefer to do business with people (and brands), who are kind, honest and caring, too.

Now. Hold that thought.

Scaling your way to success

One of the BIG buzzwords right now, is ‘scaling’. Business owners are being told that it’s the cornerstone of commercial success. And that the best way to scale their business, is to automate pretty-much everything.

For example.

  • To let chatbots handle first-line customer service enquiries.
  • To automate their social media accounts.
  • To create impersonal, email / forum-based, drip-fed versions of their services.

In short: To cut back on the human touch as much as possible, whenever possible and wherever possible.

The huge limitation with that approach is clear. Automation software is…. well… software. And as such, is incapable of the human characteristics of kindness, honesty and caring.

The reason for the growth in automation-based scaling, is that it promises a lot and is extremely simple. It requires almost no effort. And it’s sold by the gurus pushing it, as a magic way to cut your overhead back to the bone; both in time and money.

Here’s the snag

As more business owners embrace automation-based scaling, prices and fees in their industries are being driven down and down. It’s a race to the bottom for those who’ve bought in.

Paradoxically, it’s also a race, which no one actually wants to win. This is why we hear these same business owners complaining about attracting fee-sensitive clients and how hard they find it to stand out and get noticed.

They’re discovering that it’s extremely difficult to build a successful business, with the most fee-sensitive clients, wafer thin profits and a customer base who will drop you in an instant, for a lower priced competitor.

Shrug!

Another way to scale… that actually works

While some business owners embrace the race to the bottom, where the winner is the cheapest provider, others have identified a far more profitable way to scale.

It’s a different race. A race to profitability and success. A race, where the winners attract the best clients, work on the best projects and earn the best fees.

You see, it turns out that kindness, honesty and caring, scale. In fact, they scale to infinity. People tell their friends about remarkable service. So, the word spreads. And they remain loyal to providers, who go the extra mile to look after their needs. So, they keep their clients for way, way longer too.

Yes, the cheapest clients in your marketplace will always shop for the bottom dollar provider.

But that’s fine.

Because every marketplace has a massively profitable niche, who eagerly pay a premium fee for a premium quality service. Why not scale your business for them, instead?