How to build referrals

At the core of every successful business relationship, whether it is with employees, suppliers, clients or potential clients, is trust. Don’t expect every potential referral source you meet to willingly hand over their contact list to you – names, phone numbers and all. You must first establish a relationship based upon how you can help your new contact, not the other way around. Asking a few ‘feel good’ questions is the perfect way to build rapport with a potential referral source, for example:

1. How did you get started in the XYZ business?
2. What do you enjoy most about what you do?

You can see that these questions will not only show your new contact that you have an interest in what they do, but will give you an insight into how (if at all) you can potentially cultivate a successful referral relationship. You will also stand out as being different to all of the other people who are only interested in talking about their own business in the hope that they will receive an instant referral (good luck to them!).

Once you have got into the rhythm of things and feel that the timing is right, I recommend asking one key questions as the next step. That is:

“How can I know if someone I am speaking with is a good prospect for you?”

Again, this builds trust and credibility and establishes you as someone who is genuinely interested in helping your contact to develop his or her business. Plus, it has the added bonus of opening up the channels of communication between you and your contact, which often leads to a reciprocal, mutually beneficial referral relationship.

Whilst this all may seem a little contrived, the point is not about sticking to a particular script or formula, but rather building relationships with potential referral sources that are based on trust and a genuine desire to help them first.

Keeping it going

It’s no secret that building a network of high-quality referrals isn’t easy. It takes time and effort to meet new people, think of how you can work with them, and put them in touch with potential clients. So don’t waste all of your hard work by neglecting to maintain the relationship through regular, appropriate contact. Call your contact to see whether your referral turned into business, invite them to a business event of interest to them, or think of other ways that you can keep the relationship going (as long as it’s worthwhile). Your efforts will be recognised, appreciated and rewarded with a list of high-quality prospects for your own business.

 Encouraging repeat referrals

Once you’ve got that first referral, don’t forget to thank you referrer for the business! And if it’s suited to your corporate brand and appropriate to your relationship, don’t be afraid to be creative by giving a ‘thank you’ that is a little different. If that’s too adventurous for you or would be considered inappropriate, a phone call, hand written note on quality stationery, a nice bottle of wine or tickets to a show or sporting match are all legitimate ways to show your contact that you genuinely appreciate their referral. Some businesses also establish referral programs that reward existing clients or customers for ‘word of mouth’ referrals through giving them gift vouchers, discounts or other rewards – consider whether this may work for your business.

If you would like further information or help with establishing your referral network, please contact me on 07 3899 8335 or email megan@marketsavvvy.com.au .

Best wishes – Megan.

When it comes to marketing your business, media coverage can be a very effective means of promotion. Media coverage includes having a story about your business published in a magazine or newspaper (in print and/or online), or having your business feature in a television or radio program.

One of the best ways to get this coveted media coverage is by writing what is known as a press release, and sending it to media outlets. Press releases are a great way to publicise your business without designing and paying for an advertisement, and, if your press release is published (in print, online or on TV or radio), gives you much more credibility than an advertisement.

Press releases can be used to raise awareness and draw attention to new products or services, new business locations, new employees, business successes, new initiatives, community partnerships and so on. Since the same release can be distributed both in print and online, press releases can be a cost-effective way to promote your business.

The structure of a press release is similar to a newspaper article and is written in the following formula – a catchy headline, slightly longer subheading, then the body of the story.

Here are five things to keep in mind when writing a press release:

1. Make your story newsworthy.  The press doesn’t just report on anything. You have to make sure your press release says something that is interesting or exciting to the reader and is not a blatant advertisement for your business. Be objective. Changing your corporate logo might be a big coup for you, but it may not be that relevant to the general public.

2. Put the most important information first. It is important get your message across as quickly as possible. Your lead paragraph should contain the main point of your press release (ie. if you’re announcing a new product, say so immediately). If possible, try to link your news to a current societal event or trend (eg. high unemployment, a public holiday, etc).

3. Answer the obvious questions. Your second and third paragraphs should answer the basic who, what, why, when and how questions raised by your headline and first paragraph. You may be tempted to start gushing about your organisation, but be patient – this is not the place for that. Restrict yourself to broadly mentioning what your business does, nothing more. Remember that most news stories have short, punchy sentences and paragraphs of roughly three to four lines.

4. Put the least newsworthy information last. This is all the background information about your business (when it was founded, your mission statement, etc). It may seem a shame to put this last, but remember that the press release is a story in which your business plays a part, not a story just about your business.

5. Keep it short. A good press release is no more than two pages long, and usually between 300 and 800 words.

 If you would like further information or help with writing and distributing a press release, please contact me on 07 3899 8335 or email megan@marketsavvvy.com.au .

Best wishes – Megan.

All of these media are part of the next stage of the internet’s integration into our lives and work, which has become known as ‘Web 2.0’. Without getting too technical, Web 2.0 basically means using the internet as a platform for achieving a greater range of day to day business activities. Business operators know that they should be dipping their toes into the Web 2.0 pond, but it can be a daunting process if you have only just mastered sending an email or surfing the net! And even if you are a competent computer user, it can be difficult to decide which of these new media will be the best way to market your business.

We have outlined below simple definitions for each of these electronic marketing media and examples of how they can be used to boost your marketing activities.

1. Search engine optimisation. If your company has a website (and if it doesn’t, why not?), you can significantly increase the number of people who visit your website by using search engine optimisation (SEO). SEO refers to the ways you can structure your website to improve your search ranking (that is the likelihood of your business coming up at the top of a list on a search engine such as Google), while paid placement is the process of paying the search engine to put an advertisement for your website on their results page.

Paid placement with a search engine uses a system called Pay Per Click (PPC). Search engines such as Google require companies to ‘bid’ on search words and phrases. How close to the top of the page your company advertisement appears depends on whether you have placed the highest bid for that phrase. Very common search terms are often the subject of intense bidding wars, so it is important to know which keywords and phrases people are using when searching for your product or service.

2. E-newsletters and blogs. E-newsletters and blogs are an effective way of using electronic media to communicate with your customers or clients. E-newsletters (such as Market Savvy Express) are emailed to a database of subscribers and should contain information that is of interest to the reader. A blog (short for ‘web log’) is similar to an e-newsletter in that it contains information of interest to the reader. Blogs are usually hosted on-line, can be accessed by anyone, and allow readers to ‘comment’ on the content contained within the blog. Blogs are a much more interactive and informal form of electronic communication but do require regular updating and a loyal following in order to be a worthwhile exercise.

E-newsletters and blogs are quickly replacing traditional customer communications such as printed newsletters, flyers and letters. They are more cost-effective, delivered directly to your customer’s inbox and are environmentally friendly. But remember that the privacy laws state that you cannot send an e-newsletter to a customer without their explicit permission.  

3. Podcasts and vodcasts. If you have TV or radio recordings of your products, are giving regular seminars or speeches, want to educate or train your customers, or just simply want to communicate with them in a new and interesting way, then podcasting or vodcasting may be of interest to you. A podcast (an aggregation of the words ‘iPod’ and ‘broadcast’) is a series of audio or video digital-media files which can distributed over the internet to portable media players (eg iPods) and personal computers. The term ‘vodcast’ is sometimes used to distinguish a video podcast from an audio podcast. To create a podcast or vodcast you do require special software and a good grasp of what it takes to make it interesting so that your customers or clients will want to keep listening or watching. Remember that with most electronic media, you do not have the physical power to keep your audience’s attention and prevent them from hitting ‘stop’ or ‘delete’, so you’d better have something interesting to say!

4. RSS feeds. An RSS feed, which stands for Really Simple Syndication, is a way to automatically let your clients know when you have new online information such as blog entries, e-newsletters, podcasts and vodcasts via the internet. Subscribers need to use an RSS reader (available either on-line or as software) which will regularly check their subscribed feeds for updated materials, download any updates that it finds, and present the subscriber with the results. So, if you find yourself creating a significant volume of blogs, e-newsletters, podcasts and / or vodcasts, it would be a good idea to enable your readers to subscribe to all of these using an RSS feed.

Hopefully this helps clarify some of the new jargon. If you would like further information on how these techniques can be implemented to grow your business, please contact me on 07 3899 8335 or email megan@marketsavvvy.com.au .

Best wishes – Megan.

Despite the current economic climate, there are still opportunities out there for savvy, positive-thinking business owners to find and create success in 2009. Take advantage of your competitors’ ‘doom and gloom’ attitude and prepare for new business opportunities by creating a strategic marketing plan now that will give you the impetus to hit the ground running in the New Year.

Strategic marketing plans are very important because they articulate – on paper – your goals for your business and how you hope to achieve them. This not only greatly assists business owners and managers to more effectively target where they spend their time and resources, but also gives employees a ‘road map’ to help them actively contribute to the business’s success.

Where to start?

There are many different ways to approach the creation of a strategic marketing plan. At Market Savvy we believe in creating marketing plans that are realistic, time and cost-effective. Our steps for getting you started are outlined below:

1. Set your goals. When devising any strategy, the most important place to start is with your goals. What do you want to achieve? By when? What’s realistic? Jot down your goals for your business for 2009, then group them into two categories: Must Do and Should Do. Those in the Must Do column are those around which you should shape your marketing strategies for the coming year. The Should Do goals could still feature in your marketing plan, but should be implemented only if you have the time and resources to do so. Your goals should also take into account the time and resources (both financial and people-related) available to your business.

2. Be realistic about timeframes. The next step is to put some timeframes around your goals. Generally, it makes sense to categorise them into short term (within the next one to three months), medium term (within the next six months) and long term (within the next 12 months), but your business cycles may dictate otherwise (eg seasonal demand). However you choose to do so, breaking down your goals into set timeframes makes them seem much more achievable and will give you a plan of action starting immediately and lasting until the end of the year.

3. Think about the ‘how’. The ‘how’ is exactly that: how you will achieve your goals within the set timeframes (for example, if one of your goals is to increase sales of Product X within the next three months, the how would be running a promotional offer on that product line). The how – or the tactical part of marketing – is the part that many people are tempted to skip to straight away, but there is no point undertaking any marketing activity unless it directly helps you to achieve your goals within your desired timeframe. How many business owners have spent thousands on advertising with no visible results?

4. Assess your success (and failures). Marketing activities are as much a learning process as they are a means of increasing revenue. It is important to build into your marketing plan an element of evaluation, that is, objectively looking at whether you’ve achieved your goals and how well you’ve done so. We recommend revisiting your marketing plan every quarter, not only to check in on how you’re doing, but also to assess whether the goals you set down at the start of the year are still relevant to your business’s current situation.

As you can see, the creation of a strategic marketing plan needn’t be an onerous task. Investing time now in planning for the coming year will help your business to run more smoothly and stay one step ahead of your competitors. And remember - the more realistic and action-oriented your plan, the more likely you are to stick to it and achieve success!

* These steps have been simplified for the purposes of this article and may be helpful in getting the planning process underway. Other elements such as situation analysis, target market identification and product/service analysis may also assist your business to create a more comprehensive and successful strategic marketing plan.

If you would like further information and advice about creating a strategic marketing plan for your business, please contact me on 07 3899 8335 or email megan@marketsavvvy.com.au .

Best wishes – Megan.

As Australians, perhaps we can blame the old Tall Poppy Syndrome for us being slightly hesitant when it comes to blowing our own trumpets. But personal branding is not about ‘big-noting’ or ‘having tickets on yourself’. Having the confidence in what you do as a professional and being able to articulate the value that you bring to your business and its customers is integral to your success.

Professional services firms are prime examples of businesses that invest heavily in personal branding. These firms’ entire value proposition is based around the service their people can offer to their clients. Their marketing departments are devoted to promoting the specific expertise and personal style of each of their employees.

So when it comes to promoting Company Me, you must think of yourself as the CEO, marketing department, employee and sales person all rolled into one. How would you market yourself to your customers? What do your customers want and need to know about you? What is unique about the way you do business? To help you get started, we’ve outlined below our three top tips for getting Company Me up and running and on the road to success.

1. Your mission, should you choose to accept it

Much like any company, Company Me should have a mission statement that underpins everything you do, every day. This needn’t be long-winded, in fact, the shorter the better. For example: “My mission is to provide exceptional customer service with a focus on truly understanding and exceeding my customers’ needs.” Give yourself a reminder to check back on this mission regularly (or even better, stick it to your wall or somewhere you will see it every day) to ensure you are fulfilling it. You may also find it helpful to list three or four goals that will help you achieve your mission.

2. Know your strengths

Most of us can easily think of things we could do better, but what about what we are already doing really well? Make a list of at least five personal qualities (or key achievements) that you bring to your business and its customers and have the confidence to talk about these strengths when the opportunity arises (eg. at a networking function). Having confidence in yourself encourages others to trust in your abilities. Just think about it: would you employ a builder who thinks his houses might fall down?

3. Spread the word

So now you’ve identified your mission and personal strengths, how can you get Company Me out there in a way that you are comfortable with? The beauty of basing Company Me’s promotional strategy on your personal strengths is that these are things you should be comfortable with because you know they’re true! Promoting Company Me doesn’t always have to be about the ‘hard sell’. For example, if one of your personal strengths is that you’re a confident public speaker, seek out speaking opportunities with professional associations that are interested in your area of expertise. Or if one of your strengths is ‘compassion for those in need’, consider joining the management committee for a local charity or donating some of your time to a cause you believe in.

Being able to back up your claims shows you have conviction in your beliefs and presents you as a confident, reliable person - somebody who others will want to deal with and the results will manifest in to life and business successes.
If you would like further information about promoting your personal brand, please contact me on 07 3899 8335 or email megan@marketsavvvy.com.au .

Best wishes – Megan.

For many businesses, a brand is something that has been inherited, is loosely defined in the head of the company founder, or is restricted to an obscure logo, the meaning of which may not be entirely clear.

In a marketplace where competition is tough and consumers fickle, it is vital for business owners and managers to harness the power of branding.

A brand is so much more than a logo. A brand refers to the descriptive verbal and non-verbal attributes and concrete symbols such as a name, slogan, and design scheme that convey the essence of a company, product or service .

As a business owner or manager, your key focus when it comes to your business’ brand should be to find ways to make it stand out. Why should a customer deal with your business? What do you want customers to think about when they think of your business? What will make them come back?

To help your business answer these questions, outlined below are five tips for building a successful brand:

1. Position. Position. Position

What place in the market does your business occupy? Try to define, in no more than one sentence, what it is your business does and aims to achieve. Being able to articulate your position in the market will provide the building blocks for a successful brand.

2. All about you

What does your business stand for? Do you only use Australian made produce? Is customer service a strong focus? Are you a family business? Give your business the personal touch by letting customers in on your core values and founding principles.

3. Image conscious

Now that you’ve identified your position and defined your core values, you need to ensure that the look and feel of your business matches up. For example, does your business’ name and logo convey the right message? If you have positioned your business as providing ‘efficient service’, do you call your customers back within a reasonable time frame? Getting these elements right adds to your credibility and entices customers to deal with your business.

4. Try before you buy

Give potential customers a taste of what you have to offer by giving something away for free. Whether it’s a free cup of coffee or a free consultation, customers will try your product or service more readily than if they had to make a purchase. Obviously, the key is to convert these customers into paying customers through impressing their socks off!

5. Track your progress

All brands need constant refinement and measurement to ensure that they are hitting the mark. Measure the progress of your brand through evaluation methods such as conducting customer surveys, keeping track of media commentary, and tracking your search engine rankings and website hits.

For more information about building a strong brand, please contact me on 07 3899 8335 or email megan@marketsavvvy.com.au .

Best wishes – Megan.