When entrepreneurs think about growing their business, often the first thing they think of is advertising - 30- and 60- second commercials, half- or full-page ads, bulletins or posters, banners or buttons - the list goes on and on (Full disclosure: I worked in advertising for 13 years before launching my coaching career).

I often wonder why entrepreneurs make that leap directly to advertising. They don’t seem to like it much (”I have to work on my advertising”) and most aren’t sure that it’s working. They sense it to be a necessary evil of owning a business, and the fear of what may happen if they don’t advertise is motivation enough to keep the ball rolling.

In the communications world, “advertising” falls under a much larger category of “marketing.” There are a variety of marketing strategies out there. I am not here to say advertising doesn’t work or that you should scrap all advertising plans. However, you can compliment your advertising with effective and inexpensive marketing that will grow your customer or client base, create loyalty and grow your business.

1. Networking. With a background in advertising, I can’t tell you how many “networking” events I have attended! Media parties, Chamber of Commerce socials - they all were after hours, included “adult beverages” and were a huge waste of time. Let’s be honest, most people who attend general networking events don’t gain new clients or cultivate strategic partnerships. They do, however, gain a slight headache the next morning from tap beer or cheap wine. To be a strategic networker, I suggest you join a group that is serious about networking (e.g. BNI. Full disclosure - I am a member). Fellow members are serious about working together to grow the businesses of everybody in the group. It also requires you, as a member, to become crystal clear on what business you’re in - the service you provide, your ideal client. When you are forced to abandon the “Jack of all trades” strategy in your business, your ideal clients will find you, and your business will grow.
2. Incentives. Providing incentives to those who send referrals your way can be a great way to grow your business. I find this especially effective with my salesperson friends, and with current clients. They love a challenge, and they are connected to many people with whom I would likely never cross paths. What can you provide them with that will motivate them to tell others about you? A product or service from a non-competing business? How about a free product or service from your arsenal (or a new product or service that you’re just launching)? I’m offering free travel vouchers for places like Hawaii, Mexico and the Caribbean. So far, so good.
3. Affiliate Programs.I have learned of affiliate programs in the past few years. The idea? You give commission to somebody who sells your product. Similar to incentives, affiliates are incentivized with cold, hard cash. And, it’s done online. The affiliate is provided with URL that directs the user to the sales page on your website for your product/service. The link tracks where the lead came from, and the affiliate receives a commission for “selling” the product or service on your behalf. Websites like 1ShoppingCart.com help you to set up your own affiliate program, manage payments, and so on. If you have a product or service you can sell online and turn into an affiliate program, it’s a great way to grow your contacts (and earn passive income to boot).

What other ways are you growing your business?

“Truth or Dare?

Remember the kid’s game “Truth or Dare?” You’re asked to either answer a question (with the truth of course) or be summoned to a yet-to-be-named perilous activity known as the dare. Of course, there’s risk of complete and total humiliation either way…the truth could reveal something utterly embarrassing and a dare could grant you the opportunity to completely mortify yourself. But choose you must…or you simply don’t play.

Dared to Spin

In the world of business, you’d be surprised how often I’m asked to choose dare. Since I’m the “PR guy,” when briefing the press on whatever the matter of the day might be, rather than choose to tell the exact truth, I’m dared to “spin” it. The rub with “spinning” a story is that you have utterly no inkling about what might happen. It’s tremendously risky and the upside isn’t so great. On one hand, it might be relatively harmless and you escape with a grand victory. On the other hand, more times than not, it can cause great humiliation to yourself or your company and it won’t take long for you to wish you could go back and take the “Truth” option instead.

The Wisdom of Truth

Working with the media is an exhilarating experience providing great opportunities. It’s a great tool that is helpful for spreading the word about your company or product. But to keep the trust of a reporter and therefore ensure future collaboration, choosing the “truth” is always the wisest decision. Choosing to “spin” only erodes your credibility and cheapens your company’s reputation.

Far and away, the best kind of story you can provide the media is always rooted in the truth. Even when it’s bad news…here are some tips when you dare to tell the truth:

• Ensure accuracy. No matter if the facts are good or bad, you want to ensure the information you share with the media is accurate. In bad situations, take your lumps up front and let your bad story be a one-day story.
• If you make a mistake, don’t worry…just correct it. Even if you forgot to share something critical or you misspoke and needed to provide a correction, that’s okay. Making a mistake is human and the media will forgive you. Purposely not telling the truth? Now that’s another matter.
• You don’t need to be overly forthright. I said tell the truth, not tell your entire life story. Share the facts related to the current situation, but don’t sway too far away and give up other juicy information that isn’t relevant.
• It’s okay to say “I can’t tell you…” If you do run into a situation that you can’t share something…just tell them why. Here’s some examples: “I can’t share that information with you because its confidential,” “Due to competitive reasons, that information is not disclosed,” or “I can’t speak on behalf of that other party, you’ll have to ask them.”

by Duncan MacPherson, co-author of “Breakthrough Business Development: A 90 Day Plan to Build Your Client Base And Take Your Business To The Next Level” and co-founder of Pareto Platform

With the economy in a somewhat slow mode, it becomes increasingly important to take good care of the business you already have. We all realize our competitors are doing what they can to lower their prices and attract our clients. Perhaps they are launching ad campaigns offering discounts on the very services you are providing. My advice is contrary to that which tells you to lower prices to attract more clients. Instead, I advise you to make sure the clients you have want to stay with you.

I had a conversation with a fellow entrepreneur recently. I asked her if she had ever considered what her most valuable intellectual property was.  What might surprise you, as it did her, is that the expert knowledge in your chosen field is not at the top of the list.  What you know about that is important; however, it takes a back seat to what you know about your clients. The only thing that allows you to competitor-proof your client is your very own relationship.

One way to ensure that you take care of your clients is by profiling the top 20% of your clients. The Pareto Principle states that 20% of your clients make up 80% of your revenues. Take a look at your own client list, and you’ll be surprised at how accurate that principle is. By knowing about the families, careers and interests of your top clients, you can provide them with more personalized service.

The way to do this is to simply invest some time. Give your clients a call. Chat about the business for a couple of minutes; then ask them how things are going. Spend some time listening to your client, even if it does not directly revolve around business. The conversation can focus on a project, and then shift to the kids, or perhaps the house he is buying. Jot down notes, and the next time you talk to him, ask him how his sons are doing at their new school, or send him a card congratulating him on his new home.

Better service leads to satisfied clients, who not only stay with you, but also refer family, friends and business associates to you. Save the information in a file that is accessible each time you have an interaction (phone-call, mail-out or meeting) with that client. Each time refer to something you already know, and don’t forget to add new information as you’re chatting with your client. Used correctly, your client information can turn into a real treasure chest.

At Pareto Platform, we call this information F.O.R.M. Family, Occupation, Recreation and Money. The information you gather, and utilize in terms of creating a relationship with your top clients, is exclusive to you. It is the only thing that separates you from your competitors. Get it. Use it.