Photo credit: Bruce Mars

There’s a better way to market your business. I’m going to share it with you today. Read this short message to the end, because it is not what you think it’s going to be.

Agreed?

Let’s go!

For your marketing to succeed, you need to focus like a laser on your major business growth goal or goals. For this exercise, your business goals should be expressed in numbers.

For example: To increase your sales in 2024 by 200%.

That goal becomes your focus. Because as you’re about to find out, that focus is what leads you to making the right marketing decisions. It guides you toward engaging in the correct marketing activities.

But first, there’s a problem you need to overcome.

When I speak with, and receive emails from small business owners, the vast majority are focused on improving a part, or parts, of their marketing. Things like.

• Better email open rates.
• Improved SEO.
• Linkedin training.
• More subscribers.
• A better sales funnel.
• More effective ads.
• A bigger list.
• More client enquiries.
• A bigger social network.

In this example, the correct marketing activities are not on that list. That’s because small business owners have never heard of them or are unaware how they work. So, they focus on what they have heard of and work hard. By focusing on the wrong thing, they take the wrong action.

Here’s what they need to focus on.

• A 200% increase in sales by the end of 2024.

Armed with that measurable goal and timescale, they are free to consider and select the best options. (I list a handful in a moment). As you’ll see, there are lots of massively better alternatives.

Here’s just one example I often use with clients, to achieve far better outcomes, and faster.

Endorsed relationships

You can smash an annual financial goal using what I call endorsed relationships. An endorsed relationship is where you form a relationship with a suitable business owner or company, and they endorse (or recommend) you, your products or services to their customers.

Because their customers trust them, their recommendation can lead to spectacularly high conversion rates. And it happens fast. Of course, in return, you do the same for them. Your ‘marketing’ task is simply to identify and connect with a handful of potential endorsed relationship partners.

Depending on the annual financial goal you have for your business, it’s possible to achieve it with just a few, good, endorsed relationships. Sure, you need to know the correct way to do this, but when you get it right, it’s exceptionally powerful. It also frees you up from being bogged down with marketing. I know, right!

Freedom to grow your business

If you focus on smashing your specific goals, you’re free to benefit from lots of other wonderful opportunities like endorsed relationships. Here’s a handful.

• Compound marketing.
• Joint ventures.
• Prospect bridges.
• Becoming a zero competition provider. (I absolutely love this one)
• Introducer networks.
• … and the other, similarly great ways to transform your business results.

So don’t simply look for ways to improve what isn’t working.

Focus instead on your outcome — your defined, numeric business goals for 2024. Because there are vastly more powerful tactics available to you, which have nothing to do with typical marketing. You’ll then be free to think, plan and grow the business you always wanted. With none of the marketing limitations that have held you back.

I think you’re going to find this really useful. Today, I explain why you really should offer a new service or product to your existing customers. PLUS, I give you some proven advice on how to get started.

If you don’t already know, here’s why you should think seriously about developing a new service.

The quickest, most profitable way to generate additional income for your business, is to sell new services to your existing customers. It’s a lot faster and more profitable, than finding new customers for your existing services.

Faster and more profitable — why?

Because your customers already know you. They already trust you. They have an existing trading relationship with you. And marketing to existing customers costs a fraction as much, making it more profitable, too.

Whenever I share this idea with a new client, they immediately see the potential. After all, these cookies were already smart enough to hire me. They then follow it up with a great question.

“How do we get started creating this new service, Jim”?

Obviously, when I work with one of my clients on this, I work with them to develop exactly what they want and need. However, I thought I’d share some general pointers that you may find useful, if you’d like to have a do-it-yourself shot at it.

Go premium

A useful place to start, is to take a look at one of your existing products or services, and think of ways to add valuable, premium features to it. Something that significantly increases its value to your customers. In every economy, there is a very eager marketplace of people who actively seek out premium products and services. It’s why we have luxury restaurants, clothing brands, hotels, watches, cars, etc.

There’s an additional benefit from going premium. In my experience, those who purchase premium products and services are often far, far easier to work with than any other group.

Express yourself

Alternatively, you could look for opportunities to create an express version of one of your current services, for those who value speed and will happily pay for a new, faster service.

Express services always work best, when you offer a guaranteed deadline. It’s not enough to say you’ll do (whatever) faster. You need to tell them that it will be done/ready by 9am, or in 24-hours, etc.

An all new offering

If you want to introduce an all new product or service, a useful place to start is to look for things that will compliment what you already provide. For example, if customers already use (x) they’ll have a potential need for (y).

Accountants discovered this decades ago. They figured out that their clients would value new, complimentary services from them. So they started offering profit improvement planning, document storage and the development of HR policies for their client’s businesses, etc.

Do some research and if it stacks up, dive in and give it a shot.

Sustainable

You might also want to consider the huge market for environmentally friendly products. Sustainability has become a major factor in purchasing decisions. In some cases, sustainability is a requirement before companies can purchase from a provider.

Developing a product that’s kind to the environment, or finding a more sustainable way to provide your products, makes sense on multiple levels.

Give it a try

I hope those examples offer some food for thought.

Important: Creating a new product or service is especially useful, if you find yourself with a cashflow problem. As you know, it takes time to market your existing services to prospects who don’t know you, then go through the various processes/meetings/testimonials/follow-up, etc. However, the speed with which the type of ideas above can be put into place, offered to clients, sold and invoiced is rapid.

I hope you’re inspired to examine the huge potential here. Because as I see over and over again with clients, when you get it right, the results can be absolutely transformational.

Photo by Alex Padurariu