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.”