Client Magnets Official Blog

Posts Tagged ‘Market share’

Many people don’t use their business potential to the full. It is relatively easy to focus on your every-day business; the sales and marketing, the product or service; and forget that you can leverage your business to perform far more than simple day-to-day operations.

If you’re ready to turn your business into a serious money-making venture, it’s time to think about hosting a Big Pay Day live event. Hosting a live event and turning it into a Big Pay Day is a perfect way to boost your revenue, increase your income and turn your business acumen into big dollars!

How do you monetize your event, and how do you create the opportunity to service your clients better and increase your earning capacity? Let me share a few of my secrets with you …

1. Launch a new product or service. You can also use your event to launch a new product or service for your existing business. If you’re creating a new product line or have new services to offer your clients, launching them at your event is the perfect time to introduce the products and generate buzz.

2. Launch a high-end coaching program. Your Big Pay Day Event is the perfect time to launch a high-end coaching program. You’re hosting an event because you are an expert in your niche. You could be sharing your expertise about your business field, or sharing the keys to your personal success. Use your event to share your expertise, and then launch a high-end coaching program to help attendees achieve their own success. It’s a great way to monetize your knowledge.

3. Turn your event into a product. Don’t forget that you can turn your event itself into a product. Take video of your event and launch a series of DVDs, or take the written materials from event and turn it into a book. Be creative, and think of ways in which you can share your event in the form of a new product.

4. Build your reputation in the industry. Building your reputation in the industry gives you two benefits: you can boost your existing business, and you gain the leverage you need to launch new products and services. While building your reputation in the industry might not yield direct revenue, it can lead to the acquisition of new clients, as well as creating additional business with existing clients.

Decide How to Monetize YOUR Event
When you’re considering hosting an event, think about how you will monetize it. You can use any one of these strategies, or a combination of strategies, to yield revenue far beyond the registration fees you’re charging people to attend your event. Start with one of these strategies and build on it, depending on what you have to offer and the resources you can leverage while you’re planning the event. Think about your business plan and your business goals. Ensure your strategies are consistent with helping you achieve your goals and your BIG PAY DAY!

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Tweet

Do you dream about creating an amazingly successful business?

Do you have a plan mapped out inside your head?

Do you dream about creating an amazingly successful business?

Do you have a plan mapped out inside your head to get it started?

Or are you looking for miracles to make your dream a reality?

Whether your starting out with your business or planning for growth, both of these seemingly conflicting concepts
need to co-exist inside your head.

It is very important that you have realistic expectations.

If you don’t have a budget and you don’t have any spare time, can you really expect to make an extra £20,000 a  month from your business? While it is certainly possible to earn that much money, you’re going to have to invest a certain amount of your time, effort, and money to make it happen.

But before you do anything at all, you need to have a plan. What I would like you to do right now is to take a moment, grab a sheet of paper, and draw a long line on it.

At the first end of that line, write the words “me today.” This represents where you are now. At the other end of the line, write down the words “1 year” and “revenue target.”

Write down whatever that number is that you want to reach in one year’s time. It could be £100,000, £250,000, £500,000, or even a million plus. When you have this goal clearly expressed on paper, then you can work out the steps you need to take to get there.

The first step toward reaching your revenue target is to take stock of your current assets. Think about your time, resources, and money.

If you find that you don’t have an abundance of all those assets, don’t panic. Consider the marketing concept that addresses the balance of money and time and creativity. If you’re short in one area, expect that you will need to put in more effort in the others.

So if you’re short on money, for instance, you will probably need to spend a lot more time to get your business going. If you’re short on time, then you’ll probably think about outsourcing from day one in order to maximize the hours you can devote to reaching your goal.

If you’re short on both, then you need to put your creative juices to work.

Don’t let any of these scenarios deter you. Building your online business and earning the income you desire is a very realistic and very attractive prospect for you. An online business has a very low in startup cost. The overheads are low. And, the percentage of profit that you get to keep is high. Keep your expectations and your evaluation of your assets realistic.

At the same time, it is also important to remember this other concept –

Believe in miracles.

In fact, plan on them. This may appear to contradict keeping your expectations realistic, but really, it doesn’t. It is harder to quantify, but there’s definitely a magic in just getting started. Doors are going to open that you can’t even imagine right now.

Until you get started down that road toward your goal, you have no idea where it is going to lead you. Once you actually take physical steps on that path, the universe will take 10 steps toward you.

Balancing your realistic expectations with your belief that miracles await you will tip the scales in your favor and assure you a very successful year ahead! Go ahead, set your expectations high, plan for the future AND always remember miracles await you.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Tweet

The principle behind being a client magnet is that people want what you’ve got to offer, they realize that you’re an expert, and they want to get onto your mailing list.

But, how do you make that happen?

Simply put, you need to be seen as an expert in your field.

People will then go out and look for you. They will actively search you out and ask to be added to your list.

But first, you need to know how to establish yourself as an expert.

•    Choose your area of expertise carefully.
Maybe your passion is working with divorced women, but you decide to become a marketing coach for businesses, because that’s where the money is. Your passion isn’t with businesses, but they aren’t as financially challenged as divorced women.

You have to decide what you really want to be known as an expert at. Is it business marketing, or helping divorced women? You should follow your passion. Choose your area because of your passion; don’t choose your passion because there’s a niche for it. Your passion will reflect in your attitude. That is what will resonate with clients and make you attractive to them.

•    Choose a topic where you can add value.
There’s no point picking a group of people, or deciding on a niche, if you have no proven track record in that area.  You need credibility; proof that you’ve done what you are professing to be an expert at. How can you teach it if you haven’t experienced it?

You will have the most impact if you genuinely have some value to offer. People will see this when they read your tips or your articles. When they see that you can add some value to a topic, they will want more of what you have to offer. That’s how you attract a following.

•    Write articles.
Articles work very well, both as a way to showcase your knowledge in your area of expertise, and as a means of promoting your business. I have articles posted all over the web. When you create articles, offer them to other businesses that tie into the same clientele as yours. This will increase your exposure. The more people are familiar with your name, the more you will be viewed as the expert.

•    Teleseminars
Just by promoting a teleseminar, you indicate that you are an expert with valuable information that people need. There is also something about having a timeframe and deadline that increases the perceived value of teleseminars in people’s minds. The need to sign up for something you’re doing creates a sense of urgency in people, and they don’t want to miss it. Teleseminars are great for both establishing your expertise and building your list.

•    Social Media
MySpace, Facebook and Twitter are great ways to build a following. As your following increases, so does your image as the expert. And simultaneously, you will also put things in place that will drive more people to your website, and build your list.

By following these tips, you will establish yourself as an expert and make your business so attractive that clients will seek you out. The impact on your list and on your business will be continual growth and success.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Tweet

Meet Bernadette’s online business mentor Yanik Silver.

Instant Profit Boosters – one of the things Yanik is known for is squeezing out additional revenue and profits from absolutely zero additional marketing budget, visitors or customers.

Yanik will show you how to look at your website and business to identify immediate profit increases.

Don’t miss this call!

My Next MARKETING* MASTERMIND Call

Tuesday, 22nd June, 2010

8:00pm UK Time (3pm EASTERN, 12 noon PACIFIC)

TOPIC:  *Instant Profit Boosters*

This call is FREE for my hundreds of Marketing Mastermind and Stepping UP! members. They also get the CD and transcript of this call at no extra charge, plus a tonne of other member benefits – such as access to our online members forum.

Not a member?  Click here to join the Marketing Mastermind Group today so you can take advantage of this call and all the other member goodies each and every month.

I look forward to “meeting” you on our call.

Best Wishes,
Bernadette Doyle
www.clientmagnets.com

Tweet

Individuals look at products all day – on television, in newspapers, and in magazines – but unless you can find a way to make your product or your service appeal to the needs of those viewers, your efforts will score little more than halfhearted viewership.

I’m often approached by business owners wondering how they can make their businesses visible to as many people as possible. My immediate response is always, “Have you first thought about what your audience wants?”

You cannot convince prospects to want what you have to offer simply by being visible. You must quench a thirst. You must satisfy a need.

Here’s an example that I often use to illustrate this point:

A dog food conglomerate recently found itself, despite being a leader in the promotion category, losing market share. Puzzled by this turn of events, the company’s new chairman called a mandatory meeting of every salesperson, marketer, and researcher within the corporation. His face reddened, his fist pounded…someone needed to figure out where they were going wrong. Did more money need to be committed to promotion? Were they reaching the wrong audience with their marketing efforts?

The seasoned business men and women were unable to muster the courage that it took to voice the root of the problem. But one young tenderfoot intern had the audacity to announce, “Mr. Chairman, the dogs don’t like the food.”

The dog food company’s audience was hungry for a better tasting food, not a new promotion approach. No number of banner ads, coupon offers, or endearing commercials would resurrect what had been lost to taste. This mistake bore the sole responsibility for the market share loss. More PR, advertising, promoting, and marketing would prove to be bottomless money pits for the already declining dog food shares.

If you find yourself in a situation such as this, or if you simply want to avoid falling into a similar situation, consider the following:

Get to know your end user. Do the grunt work and the research that it takes to really get to know your consumer. When you know that person, you can better solve his or her problems.

Promotion is important, but try not to be sidetracked with becoming visibly dominant too early in the game. You must have the goods to back up all of the hype. You must be able to deliver on promises, or customers will not return.

Remind your consumer about their problem, and how you are going to solve it.

You can’t market the unmarketable. Ignoring substandard products or services that don’t solve a real, modern-day problem can never end well. It can be difficult, but often, business owners need to back up and reroute from their original product vision.

Find the value in what you’re offering. If the biggest selling point doesn’t appeal to your ideal customer, then nip and tuck that product or service until it satisfies a wish, a want, or even better yet, a necessity.

When you’re honest about your product, like the young dog food business intern, you tackle the root of a problem that has the potential to rear up and cause havoc in your business.

Promotion is tedious. It not only takes large amounts of your time, but it can seem like an Olympic-level sport. It’s expensive; and if it’s embarked upon too soon, it can seem fruitless, leaving business owners exhausted and disheartened.

I’ll always believe that your product is ultimately your biggest selling point…not brightly colored ads or once-in-a-lifetime deals. It can take a while to learn this. Even some of the most successful business owners had to learn the hard way.

I don’t want to see misplaced promotion negatively affect your bottom line or your energy level. Find a need. Quench a thirst. And do it all with your product – not empty claims. This is literally your first step to success.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Tweet

In your quest for a million dollars, would you rather get:

A) get $10 from 100,000 clients,

B) $100,000 from 10 clients, or

C) $1,000,000 from 1 client?

If you’ve chosen option C, one single transaction, congratulations for having great business sense. But for the sake of practicality, let’s use the first two choices for a model of quantity versus quality.

You know that no single person can provide a service that’s perfect for every potential customer. To further that sentiment, I’d like to suggest that no person can serve 100,000 customers as well as they can serve 10 customers.

It’s simple math that results in the same $1,000,000 answer for both options A and B, but you, the business owner, benefit most from choice B.

It’s no secret that valuable time is squandered when you have to exhaust yourself chasing a large number of clients. Wouldn’t it be magnificent to be able to sit, give your attention to a few clients, and make the same, or more, money?

Consider the chain of benefits: More focus on individual clients leads to better results for those few clients; those clients will offer better testimonials; and those satisfaction ratings will attract more high paying, high quality clients. This a circular effect of good business.

Of course, your next question is, “How?”

Scoring those lucrative client relationships starts where all good business does – in the early planning stages, even before lead generation.

Think big before you attract clients. You can’t skip this step, because if you do, you’ll end up attracting small-fry clients, and when you present them with the top-quality, top-priced program, you’ll fall flat.

Here’s an example to explain: you’re selling a top-notch software program targeted at high-end, complicated tax processing. If you market to general accountants, you might be netting prospects that do anything from A-B-C accounting services to intricate, full time gigs with top corporations. There’s no doubt that you’ll strike out with the majority of your audience. Accountants that make their living on Joe Smith’s bread-and-butter will have no interest in a high-end product like yours. Instead, back up and find a creative way to market to only those accountants serving the best-of-the-best, super-corporations. They will be willing to pay what you’re asking. They’ve been around for long enough to see the value in it, and are successful enough to be able to pay for it.

When asking for the big bucks, keep these things in mind:

• Before you bring people to your website, before you send out your newsletter, consider the caliber of your product or service, and match it to the caliber of client that would be most likely to spend the kind of money you’re asking for. Do the research required to find these people, rather than spending time generating dead-end leads.

• Consider your prospects’ mindsets. Do they have cheeseburger budgets and milkshake level businesses? Or do they have filet mignon budgets and crème-brulee-level companies? Which would you rather have? Know that fast food customers won’t have the money, or the taste, for expensive steaks.

• Don’t make quality an afterthought, or you’ll have attracted prospects in vain. Aim high, and your prospects won’t bat an eye at your price revelations.

Don’t assume that high paying clients are high maintenance. Often, they’re more understanding and less demanding. They have the experience that it takes to understand the ins and outs of the business world. They understand your challenges, and are more likely to allow you the freedom to run with your expertise.

Low-paying clients are often new to the business world, and may either indirectly (or directly) look to you for advice beyond the scope of your work, or spend too much time highlighting insignificant details.

Don’t be intimidated by the lucrative account. Be drawn to it. Recognize it for the gold mine that it is – and for the quality that it can create for your business.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Tweet

If you want to place a call to someone in particular, would you pick up the phone book and call every number until you reach the person you’re looking for?

Of course you wouldn’t. That would be a foolish waste of time.

But that, in essence, is exactly what you are doing if you try to recruit anyone and everyone as your clients.

There’s a huge learning curve you’ve got to adapt to when you go into business for yourself and try to do your own marketing and selling.     It’s a real shock to the system to discover that you don’t need – or want – to sell what you’re offering to the whole world.

The most important thing to remember about selling your product or services is that you don’t have to try to get every person you encounter to become your client.

You need to focus on finding the right type of client for your business. You need to find a way for the people who would be most interested in what you have to offer to come to you. To get more clients, focus your time and attention on those people who have, in effect, already raised their hands.

Focusing on clients who express their interest in your type of business will drastically cut down your selling time. You will be focused on people who are already interested and prequalified to buy, rather than wasting your efforts and energy on people who are never going to be interested or qualified in the first place.

Make sure this concept of reaching a group of people who’ve raise their hands really strikes a chord with you. Don’t let the numbers of potential clients influence you. Would you rather market your offering to 1,000 random potential clients or to 100 viable clients you know are interested in your type of service?

It’s very important that you make the distinction between the number of names that you have and the quality of the relationships that you have with those people. You can easily open up the phone book or the yellow pages, or buy a mailing list with thousands of names on it, but that doesn’t mean that those people are predisposed to buy. They haven’t done anything to indicate that they are interested.

As you build your list, look to create a responsive prospect list so you get those people who have done something that tells you they’re interested.

You will get much better results and spend less time marketing.

Tweet

The process of justifying your price has two components: giving your prospects a reason to pay your price, and overcoming their objections to your price. If your price is in the high end range, I recommend offering  payment plans -  break up the payment into monthly payments or another payment installment plan. This enables you to overcome client objections about price, and increase your conversion by capturing more of your prospects.

When you’re offering a high-end product, some of you prospects may have a mental barrier to your price point based on their income, their cash-on-hand, or a variety of other factors that are beyond your control or your ability to predict. In many cases, this mental barrier can be overcome if you use monthly payments to justify your price. For example, if you’re offering a $1,000 workshop, someone looking at your materials might think $1,000 is more money than they have at the moment, or more money than they can afford to pay for a workshop.

On the other hand, if you offer them four easy payments of $250, that mental barrier of seeing the $1,000 number goes way down. It’s the same paying $1,000, but people don’t tend to think of it as $1,000 – they think of it as $250. This simple technique can go a long way toward overcoming the initial mental barrier about a price, and reducing your barrier of entry for potential clients, thus increasing your conversion rate.

In addition to using payment plans to overcome the mental barrier that prospects might have to buying your product, you can also use payment plans to increase registrations at your next event.   Use your payment plan options to encourage early registration. For example, if your event costs $600, you could give people the option of paying four easy payments of $150, or three payments of $200 or two payments of $300 getting closer to the event. While this all ultimately adds up to $600, many people, when given the option of paying $150 or $300, will choose to pay $150. This means you can get people registered earlier, as well as getting income from your registrations earlier, which can help you pay many of your event fees and costs before the event itself.

Recently one of my clients posted a query on my Mastermind Forum about payment plans.   They were concerned that a lot of people may register but fail to make all the payments. In my experience, very few people register, make one or two payments and then drop out. It’s very rare for this to happen.    Most people who register and make a payment,  stick with the plan and pay it all, or contact you to work out any difficulties. Using a payment plan isn’t administratively a lot more difficult than taking one payment up-front.

When you’re pricing your product or event, consider offering your prospects a payment plan. A payment plan can go a long way toward overcoming the mental barrier against your price, and can help you increase your conversion rate and get more people registered for your event!

Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com

Tweet

IMAGINE THIS: You need to transfer water from one location to another. So, you set about filling a bucket with water from the hose…but straight away, you notice that the bucket isn’t holding water. A series of holes are allowing the water to quickly drain out.

Now you have two choices: you can continue on with the Swiss-cheese bucket, running as quickly as you can to get from point A to point B, while retaining as much water as possible; or you can take the time to plug each hole, one at a time, until you have an implement that saves you trips, time, and wet feet.

Your business is that bucket. If you pour money into finding the one big thing that will draw in a stampede of people, you will waste much of your investment.

But, if you take the time to give attention to each detail of your business, find flaws, and plug those flaws (one at a time), you will arrive at an effective system for making product sales and booking reservations for your next live event.

Maybe you’re carrying out many of the necessary points, but they need to be tweaked for effectiveness. Or, maybe there are areas that you haven’t even thought about. No matter your booking saboteurs, here’s a list of strategies for plugging your bucket’s biggest holes:

• Follow up: Following up with every website visitor (specific to their buying or non-buying activity) can be indispensable in establishing connections that result in future bookings.

• Ask for feedback: When you know why someone didn’t book a seat for your workshop or buy your product, you can apply that information to future marketing efforts. People aren’t going to offer feedback unless they’re prompted to do so.

• Make yourself available by phone: Use an open phone line to quell fears, answer questions, and to make yourself available to the portion of the public that doesn’t feel comfortable booking or purchasing online.

• Simplify your sales page: Everyone that considers opting in (via the web) isn’t going to have a PhD. Make it easy to sign up, and keep the language simple enough for a 10-year-old to understand.

• Use a stick strategy: When taking reservations for seminars that are weeks or months into the future, stay in regular contact with your customers, to avoid buyer’s remorse (which may result in cancellations).

Those are the biggest plugs for buckets leaks, but here are some smaller, yet still important, remedies for common leaks:

• Establish a database: If you operate on the assumption that you simply need to put the information out there, and people will buy, you will lose bookings and sales. Know who you’ve marketed to, and use that information to implement the five major bucket leak fixes.

• Use a case study: Your first successful event or launch might be the hardest to accomplish, but once you do it, be sure to showcase it. Use it as example of what your future clients and attendees will experience.

• Plug holes before working on visuals: Too often, business owners spend money on having logos designed, images uploaded, and catchy headlines written – all before they have a solid marketing plan in place. It’s always more cost effective (and generally effective) to find a plan that works, and then wrap your public image around that.

• Make special offers that are specific: Discounts offered to the general public don’t make anyone feel special, but when you offer free items, or discounts, to an exclusive group, they’ll feel like parts of the club (and more inclined to be parts of your workshop).

Often, entrepreneurs are so busy with attraction methods, that they forget how to treat prospects once they’ve attracted them. Work on your bucket list. Tackle one hole at a time, repair it, and then move on to the next. Before you know what happened, you’ll be carrying bucket loads of clients and bucket loads of money!

Tweet

Lists are a big part of marketing a product or event. Your list consists of everyone with whom you have marketing contact, either in the form of mailing addresses, phone numbers or email addresses. If you have a limited list, you have only a small pool of ready marketing contacts. However, you can still plan a successful event without a big list by partnering with people who have good lists.

Find a Joint Venture Partner with a List
If you don’t have a big list, you don’t have to avoid planning an event or selling a product; you just have to get creative about how to do it. For example, if you’re planning an event but you don’t have a list, partner with someone who does have a list and who can help promote your event. You might ask someone with a good marketing list to speak at your event, in which case your guest speaker will promote the event to their list.

Select Someone Whose Audience is Complementary
One of the best ways to promote an event with someone else’s list is to select a partner whose audience is complementary with yours; not necessarily in competition. A competitor probably won’t want to share his audience with you, because then there’d be nothing to prevent you from swooping in and taking the audience away. However, a complimentary business owner might be happy to cross-promote your event to his audience, because it is another way for him to provide value to his audience, and he may find it to be a money-making opportunity.

For example, if you’re planning an event on teaching businesses how to effectively utilize the Web for marketing, you probably won’t want to partner with a competitor who offers the same information to clients. Instead, you might want to partner with a more traditional marketing firm, who can then offer your Web-specific information and services to their clients. Or if you make and sell artist’s painting supplies, you might want to partner with someone who sells canvases; not someone else who makes or sells supplies. Think about who might have complimentary lists, and contact them about partnering in your event.

Be Clear about Terms
If you do bring on a partner to help with list marketing, be clear about the terms of your agreement up front. You’ll need to negotiate commissions and percentages on your joint venture. Have a proposal ready when you begin your discussions with potential partners, and know how much you’re willing to negotiate. If you’re not clear enough up front, you may find that you miss out on an opportunity to build your own list, maximize your income from your event or find yourself in the middle of a disagreement with your new partner. Know how much you and your event are worth, and make sure your new partner can respect that!

Even if you don’t have a big list yourself, partnering with the right person can give you plenty of instant contacts, and help you build a list of your own. Don’t let a lack of a list hamper your marketing efforts. Find a good partner with a good list, or even multiple partners, and move forward to make your event a success!

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Tweet