Feature
BY T. Wilkins
Making Money in 2014
8
It's 2014 and you know what that means? Time to determine how to bring in more revenue for your business. Every month we'll give you tips for promoting yourself and your business; along with ways to advertise without breaking the bank and tried and true tips for marketing to your target audience. Some tips might seem like no-brainers, but trust me...they work.
1. Send out 2-500 Direct mail pieces
With Small Business week quickly approaching it’s a great reminder to begin generating new accounts. One way to do that is by getting written information into the hands of your target audience. (Make sure that your list of prospects is current -see tip 2). The direct mail approach is still one of the best ways to reach new prospects. You can create something as simple as a flyer or as complex as a corporate identity piece. Once again I suggest going to www.vistaprint.com for your materials. They offer everything from postcards to business cards to web site creations, all for a nominal cost. By sending out 2-500 pieces you'll usually get about a 1% return by not calling afterwards but a higher percentage by following up (with a phone call) on each and every one you send.
2. Warm/Cold Calling
Follow up on those dm pieces that you've sent with a phone call. It’s amazing how many people send out direct mail but never follow up with a phone call to make sure the info has been received. To me sending literature is only as effective as the energy and willingness it takes to follow up on it. You always want to make sure of three things when following up. 1. Make sure the prospect has actually received the piece. 2. Make sure the prospect has read the piece. 3. Make sure you ask what the prospect thought of the info and services. It makes no sense to address envelopes, buy stamps and send pieces if you're not going to determine that the prospect has even read your information. And while you're at it, go through your database to mine for prospects you haven't contacted in a while. Be sure to always verify contact info before sending literature.
3. Look for new markets
Most small businesses have several key markets that are consistently solicited (My firm’s market is typically-but not exclusively janitorial, mortgage firms, graphic design, and insurance). However lately, I’ve been working with quite a few financial institutions. Looking at a new market allows you to not only think outside of the box but opens the door to new prospects and larger, more profitable opportunities.
4. Make contact with at least 3 new prospects via networking events
The theory here is to make an effort to establish regular rapport with three of the best prospects from a networking event. While you may only close one of them, the other two could lead to some great referrals. And if all three become accounts; then all the better.
5. E-mail 2-500 prospects per week.
There are lots of thoughts and controversy surrounding the topic of e-mail and spam. But the bottom line is that it is still one of the fastest, easiest and most cost effective way to reach new and current prospects if done correctly. The trick is to send them out without fail every week and develop a fresh batch of e-mail contacts every week as well. Check local business directories, chamber websites, Linked In, and company websites for listings of e-mails.
6. Create and mail/e-mail a newsletter to promote your business/services or industry news
I like using a newsletter to get info out to prospective customers.