We often hear about the professional that is so busy, they just work “in their business” and never have time to work “on their business”. This means they get caught up in the hustle of their daily activities but don’t have time to market themselves nor the opportunity to expand any further. Most of us have fallen victim to that scenario because, at some point, we have to do the things that actually earn us money as opposed to promoting for the future.
Now let’s look at the other side of the coin. How about the person that is super energetic and motivated and is determined to promote themselves and attend every networking event possible. They are out there wheeling and dealing, making contacts, following up and doing all the right things but their businesses are not significantly growing. What is the problem? Why isn’t all that hard work paying off? Then they start analyzing all the things which might be the problem and even step-up their efforts with no positive results. The problem may be that they have not taken the time to structure their service or product in a way that was competitive in their marketplace. In the effort to promote their venture quickly, the structure of the product or service and how it compared to the market was never carefully considered.
Here are a few points to consider:
- Take a look at your product or service, how is it priced compared to the local market? Have you done a little competitive analysis in your region to see where you fit in? If you are priced higher then you have to justify that with a specific value which is appreciated or desired by your potential customers.
- What does your most valued client like most about your service? If you don’t know then it is time to list 5-7 of your best clients and meet with them and survey them one at a time. The information they provide will be invaluable to your market strategy.
- Are there any add-on services or products which would make your offering more complete and convenient to your customer base? Clients will value you more if you offer them a complete solution package.
- Finally, this point looks at you. Do you have the licenses, degrees, training, experience, certificates and qualifications to effectively promote what you sell? Are you keeping up to date regularly with the changes in your industry? By far, the most effective marketing you can do is to establish yourself as the “expert” in your niche.
Lester Salvatierra is a Finance Broker and Director of First U.S. Finance (www.FirstUSFinance.com). He helps small to mid-size companies get the money they need to lease or finance new equipment and special projects. He is also a BNI Area Director in Ventura County, CA. Lester@FirstUSFinance.com Ph: 805-217-9896
BNI
With over 5,500 active chapters, and over 100,000 members throughout every populated continent worldwide, BNI is the largest and most successful business referral organization in the world. BNI was founded in 1985 by Dr. Ivan Misner and the organization, which allows only one person from each profession to join a chapter, offers members the opportunity to share ideas, contacts, and most importantly, referrals. Last year alone, members of BNI passed 6.2 million referrals, generating 2.6 billion dollars’ worth of business.
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