More Clients More Profits

If you’re going to many networking events but aren’t getting the return on your investment of time and money, then you may be missing one critical ingredient.

Dr. Ivan Misner, founder of BNI (Business Network International) and contributor to my More Clients More Profits Workbook, coined the phrase VCP (Visibility + Credibility = Profitability). His point is that, to be profitable, one must be much more than simply visible. One must also be credible.

Think about it. We’ve all seen the person at networking events who goes around glad-handing everyone. Perhaps he passes out cards. Perhaps he says hello, talks a little bit about himself, and then moves on. Sure, he’s getting plenty of visibility, but is he building credibility? I doubt it.

The answer is to not only have sufficient visibility, but also build credibility with those you get in front of. You might do this by asking those you meet how you can help them. Perhaps you can ask to meet for coffee on another day so you can get to know each other. It could be as simple as following through on your new by sending a “nice to meet you” card, note, or e-mail.

One of the most powerful ways to begin to establish credibility is to focus your networking conversations on the other people. They immediately recognize that you are not a taker, but a giver. Of course, the usual facets of business that build credibility still hold true, i.e. providing exceptional customer experiences, good products, strong value, etc.

So if you’re out there networking (AND YOU NEED TO BE), be sure you are also taking the time and effort to build your credibility. You will love the return you get on your investment.

According to the University Hospital in New Jersey, The Golden Hour is defined as the time period of one hour in which the lives of a majority of critically injured trauma patients can be saved if definitive surgical intervention is provided. The Golden Hour that I will be referring to is not as critical, although it may breath life into your business.

The idea of the Golden Hour that I’m writing about is to put one hour aside each week. That’s right, one solid hour. An hour when you are not going to answer your phone. An hour when you are not going to look at your e-mail. No texting, no browsing. I know, I know, after the shock of not having contact with the outside world for a full 60 minutes, you’ll think you’ll need the medical Golden Hour in order to survive. Guess what, you’ll be fine.

The thought is that once you block out this time, use it to accomplish objectives. One is to market your business. Another is to help others market their businesses. Use this time to send out those note cards you’ve been meaning to send. Review your list of clients who you haven’t talked to lately, and create a plan of action that will reopen communications. Determine how you can get referrals for your referral partners. Once you get going, you’ll be surprised how much comes to mind when you don’t let distractions interrupt you.

You can block out the same time each week for the next 52 weeks. (That’s the way I do it.) Or your can block out a different time each week, depending on your schedule. The time you block out isn’t the important thing. The important thing is that you actually do it.

What do you mean this all sounds great but you can’t find an hour to do this? If that’s true, then you can’t possibly take on another client. And if the latter is true, and you’re not making the kind of profit you want, then there is much to be done on your business.

So block out that time and block out the distractions. Use your Golden Hour to build the profitable business you want to have.

For something that takes so little time, testimonials provide a tremendous amount of marketing power. Is this one of the marketing tactics you have been using? If not, you may be missing out.

We all know how effective referrals are. Well, testimonials are a close cousin to referrals. So close, in fact, many people view them as being just as advantageous, if not more so. You see, referrals come about when the opportunity arises. Of course, we can set our minds to making referrals come about for others, and often they do. But we are not in complete control. With testimonials, however, we have total control. We can write a testimonial for others at our choosing.

The reason we can write testimonials when we want to is because we are not limited to any specific topic. Any is fine. Of course, the more the topics resonate with their receivers’ prospects, the more powerful they are. You can write about the work they have provided you or someone you referred them to. You can write about something they have done in the community. You can write about how you admire their professionalism or their desire to help others. The ideas are almost endless.

There are benefits for you, too. The people who receive testimonials are appreciative and want to return the gesture. Don’t be surprised if you start receiving referrals from them. Then there’s the exposure. Most people include the testimonials they get in their marketing materials and on their web sites. They also often frame the most special ones and hang them in their offices for others to see. As a result, your name and company are exposed to people who may otherwise not have heard of you. You never know where this may lead.

Make time every month to sit down and look through your list of contacts, business associates, clients, and others. Determine for whom you can write testimonials. After a while, this will be second nature for you and others will greatly appreciate your consistent efforts and the recognition they receive.

So often we hear and read about our web sites being silent salespeople, always at the ready to tell visitors about our companies. Well, web sites aren’t our only silent salespeople. In fact, there is one that has been around for decades. It’s inexpensive and can be responsible for many people visiting your web site and/or doing business with you.

This came to mind last night at a mastermind group I facilitate. One of the members mentioned that his silent salesperson had initiated a transaction two days earlier. I chuckled to myself because I realized that I had my silent salesperson sitting there with me as he was telling the story.

The funny thing about this “employee” is that it is widely implemented in some industries and barely used in others. Some people use it sparingly, while others — like me — use it as much as possible.

So who is this silent salesperson — this employee who works so diligently in your favor? It’s your logo. Well, not just your logo. It’s your logo on your shirts, your attache case, your laptop cover. etc.

In the case of shirts, for years service companies have been having their shirts embroidered with their logos. In fact, many service people never leave the house on a weekday without wearing such a shirt. Come to think of it, I believe the person at mastermind wears a shirt with his logo on it seven days a week. It may be a button-down oxford, a polo, or a t-shirt, but his logo is prominently displayed.

As for me, I have about 20 shirts with my logo on them. Quite often, the shirt I wear under a suit has my logo on it. During the times I have the jacket off, my logo silently demands attention and has prompted more than a few people to ask about my business.

Do you wear shirts with your logo on it? If not, is it appropriate to do so? If it is and you don’t have any, how soon are you going to get some? What about hats, laptops, bags, anything that you can wear or carry that proudly promotes your business? You’ll be amazed at the success this marketing tactic has to offer you.

As a business advisor and marketing coach, I admire confidence. I appreciate a well-devised plan. I enjoy listening to businesspeople as they explain how they are going to build their businesses. So it shouldn’t come as a surprise that I cringe when I hear people say, “I have no idea where my next sale is coming from.”

Several things go through my mind when I hear these words: passivity, lack of a plan, and lack of willingness to make things happen, to name a few. Beyond that, it’s a poor state of mind. As business owners, we must be confident in our abilities and in our plans. We need to be self-assured that good things are going to happen. No, not just because we want them to happen, but because we have developed a course of action, designed to produce the results we want and need.

When a business owner wonders where business is going to come from, I see that as an indication that he does not understand who his profitable target audience is, does not know what messages he wants to deliver to them, and has no idea how he would deliver the messages if he actually had them. This means there is no marketing plan, and without a marketing plan, there is little chance that a business will be healthy in the long run.

Who is your profitable target audience? What is the message that you are going to deliver that it actually wants to hear? How are you going to deliver that message? Once you have answered these questions accurately, you can adjust the rest of your marketing efforts to meet the opportunities and economic atmosphere that you, your prospects, and your clients are facing. At that point, you will know exactly where your next sale is coming from.

I was giving a presentation about small business marketing last week, and it was very interactive. The audience members asked questions and gave opinions, which is the way I like it. At one point, when we were discussing customer service, one person talked about how she gives each of her customers the same excellent service — how she treats the person who spends $50 the same as the person who spends $5,000. This is very common among proud business owners and, on the surface, is very commendable. However, I think there may be another way to look at this — a way that can get you more referrals to the right clients.

I believe that, to initiate the greatest word-of-mouth marketing, we need to give clients and customers a greater experience than they expect. It is these experiences that they tell others about.

Let’s say a client purchases a $50 product or service from you, and the service just blows them out of the water. Now let’s say someone comes in and spends $5,000 and you give them the same service. Although they may be pleased, it is not going to have the same effect on the second client because someone spending $5,000 has greater expectations than someone spending $50. So the result is you have someone who spends significantly less being more pleased than someone spending a great deal more.

Another point many business owners are proud of is that they treat their clients and customers the way they (the business owners) would like to be treated — the Golden Rule. Is this the best thing to do? I don’t think so. I believe that, for greatest results, we should treat others how THEY want to be treated.

We could dig real deep into this philosophy, but I don’t think we have to do that to make the point. Take, for example, the different buying habits of men and women. The majority of men often want to “get in and get out,” while the majority of women are more apt to “shop.” To treat both of these groups the way you would want to be treated would be to lessen your effectiveness by at least 50%.

Some people are more pensive in their purchases, opting for less interaction, while others crave the interaction, asking questions and seeking advice, options, and opinions. Again, to treat these people the same or to assume that either wants to be treated the way you would like to be treated is not recommended.

The one caveat here is when treating others as you want to be treated refers to respect and courtesy. Every prospect, every client should be consistently treated with the utmost respect.

By the way, if you want to know how your clients want to be treated, simply ask them. You may, in fact, see a similarity in the responses of your most profitable clients. If so, address this, and you will be amazed how much business it garners for you.

This morning I was heading out of town for the day and wanted to have some extra cash in my pocket. So, when I left my office, I grabbed a check that a business associate had made out directly to me as a reimbursement. Since I was driving by the bank he uses, I figured I would stop in and cash it. And that’s when I learned something I didn’t know.

I was the first person in the bank this morning, and there were four smiling tellers, all saying they could help me. I approached one of them and handed her the check and my license. She then asked, “Do you have an account with us?”

“No,” I answered.

“Do you have a credit card with us?” she inquired.

“No,” again.

“Do you do business with us in any way?” the young lady wanted to know.

“Nothing at all,” I replied.

“Then we are going to have to charge you $6.00,” she informed me.

So there you have it. For the privilege of cashing the check, I had to pay $6.00 — a check drawn on that bank … a check made out directly to me. She politely told me that it is customary to do so.

Customary it may be,but I never knew. I would normally deposit the check in my bank and simply withdraw cash. But today I learned something, and I think it’s kind of absurd. Charge my business associate, if you want. But why penalize me?

So why am I writing this little rant? It’s because, as a marketing coach, I want you to think about the perception people have when they come into contact with your company, your employees, your web site, your marketing collateral, your policies — anything to do with your business. Do they reinforce the image and brand that you are trying to promote? Do they undermine you? You need to know the answers.

To get the answers, ask your clients. Be specific, and they’ll tell you. If the answers are not specific enough, follow up with more questions. You can also hire a mystery shopper to interact with the various aspects of your company. You’ll get a complete report. Be sure to read it.

To be most profitable, you need to not only be efficient, but you also need to be effective. If you are causing people to scratch their heads in wonderment, or even worse have them leave with a bad impression, then you are going to lose clients and prospects. Let’s face it; there’s no reason to fill up the bucket with new clients if others drip out the hole in the bottom.

Oh yes, one more thing. As I was counting the money at the teller’s window, she said, “Well, now that you have been here, maybe you’ll think about opening an account.”

Not going to happen!

The other night my wife and I were watching “Holmes on Homes,” a home improvement show on HGTV. If you’ve never seen the show, it features Mike Holmes, a contractor in Canada. Mike reconstructs homes where dubious contractors have recently done less than adequate work. After going into the home and assessing the situation, he and his crew demolish the subpar work and rebuild as it should have been in the first place … if not even better.

While watching the show, it occurred to me that these homeowners had been burned — many to the sum of $50,000 or more. Yet they let this guy come into theirs homes and suggest major reconstruction. This often includes such things as tearing down walls and ceilings or rewiring a portion of the house, even though these weren’t involved in the first construction.

What gives them the confidence to trust this guy even though they have little faith (if any) in contractors? It is his reputations. Sure this is bolstered by the fact that he is the star of a television show. But then again, that’s one of the most powerful tools he has in building his reputation.

Here are my questions for you. Do you have a strong reputation in your field? If not, why not? How can you make it stronger? If so, how can you continue to build on it?

If you do not have a strong reputation in your clients’ circles, then you are not going to readily get paid what you are really worth. Consequently you must continuously build your reputation. Follow through on your promises. Volunteer your time. Do things your competition is not doing. Do whatever it takes to not only get your name out there, but to also have it associated with a sterling reputation. As a result, you’ll also build a bigger bottom line.

The simple answer is that you can’t. The more complex answer is you can, but it takes thought and effort.

The title of this article comes from a popular World War I song that wondered how parents would keep their farm boys on the farm after they boys had seen the likes of Paris. And as much as the parents might not have been able to keep their boys at home after they returned from the war, you can’t keep your clients from wanting and looking for better service or a more exciting experience.

It used to be that clients would settle for average service. They believed that average was good enough — that by definition, that was the kind of service most people offered. But like the doughboys of World War I, those days are long gone. Too many people have seen above average, and they want it.

As a marketing coach, the thing that I want you to understand is every one of your prospects and clients has either been to places like Disney World or heard about their uncommon service. They have been to restaurants (even neighborhood restaurants) that wow their clientele. They have taken their cars to repair shops that make them feel like they own the most expensive car in the neighborhood when in fact it is nine years old and well past its prime. Consequently, this what they are expecting when deciding to pay for services.

Are you offering your clients above average service? Are you providing the wow experience? How are you going to get them and keep them now that they’ve seen Paris … uh, Disney World?

Teach.

Teaching is a tremendous strategy when it comes to marketing. And I’m not talking about just “getting your name out there.” (How I hate that term.) I’m talking about teaching to increase sales. I’m talking about teaching to build a profitable business. I’m talking about teaching to put money in the bank.

Whether you hold seminars and workshops or teleseminars and webinars, teaching gives you the kind of exposure that results in sales. By teaching, you establish yourself as a recognized expert. As such, you receive more word-of-mouth marketing, become the obvious choice for those who have attended your events, and actually sell yourself and your services without ever selling.

Let’s face it; you are an expert in your field. You know your subject better than most and certainly better than those who will attend your events. Many of these people, after witnessing you display your expertise, will want more from you and will be willing to pay for it. And here’s the other thing. When people consider your to be an expert, they are often willing to pay more than they otherwise would. Now that’s a wonderful (and profitable) residual effect.

First, determine where you can teach. It doesn’t have to be in a formal setting like a classroom. You can hold seminars and workshops at the local chamber of commerce or the library. You can hold larger events at hotels and other facilities. It all depends on how big you want to make it. But make no mistake. Your event doesn’t have to be big at all. Starting out with just a few attendees is fine. You’ll get the opportunity to try out your material and you’ll still have the opportunity to showcase your expertise. The key is to teach consistently. That’s when you’ll enjoy the greatest benefits.

So my advice for you is to start teaching as soon as possible. You’ll wonder why you hadn’t done it sooner.