I sat for 20 minutes in school traffic yesterday morning. Summer is officially over.
In the back-to-school spirit for “Think About it Thursday,” we’re getting back to basics on the Savvy Blog. Last week, we covered “square one” for developing a marketing plan.
Today, let’s talk about August.
Entrepreneur, author, and sometimes controversial internet sensation Gary Vaynerchuk declares “August is the month that sets the tone for your future” in this video. He cites August as the month when most business people slow down, and if you are willing to hustle, it is also the time to catch, pass and separate yourself from your competitors.
August is an important time to “read the vital signs” for your business.
- Where are you in relation to your monthly, quarterly and annual sales goals?
- How have your social media channels grown in terms of audience size, reach, and engagement?
- Are you over or under your operating budget?
- And probably most importantly…how is your personal bank account doing? Does your company generate enough cash to support your desired lifestyle?
The good thing about August is that you have enough of a track record to project how your year will end. The bad thing about August is, if you’re lagging behind your goals, there may not be a lot of surplus money to throw into advertising to boost sales.
This circumstance demands you strip away the expenditures that aren’t generating ROI and strictly stick with what is working. Spend less. Make more. Right the ship, and pocket the profits.
I had a conversation yesterday with a professional who was bemoaning the fact that his web site is out of date. He’s not doing any marketing, and he’s wondering if he should start advertising. All the while, he’s saying this is his best year ever, and more clients are transferring their accounts to him.
“Something’s working,” I said. “What is prompting these people to come to you?”
He told me how much his clients love his accessibility and the level of service he gives. Satisfied clients tell their friends, and they, in turn, want to come work with him.
“You don’t need to spend money for that kind of marketing. Nothing beats word-of-mouth advertising. Just be proactive about asking for referrals,” was my advice.
My friend and mentor, Martha Hanlon says your customer’s trust factor is never higher than when they’re handing you their credit card or signing the check. Time your referral requests to take advantage of that moment. At the point of transaction, just after you’ve closed the deal or received payment, tell your customer:
“You have been great to work with through this process. I bet you know other people I’d like to serve. Do you mind introducing me to your connections who could benefit from working with me?”
At that moment, if your sales approach has focused on meeting your client’s needs all along, your customer will probably feel eager to reciprocate and make a connection for you.
All you have to do is remember to ask.
The most-clever system for prompting referrals I’ve witnessed belongs to a friend who is a financial advisor. She tapes a dollar bill to the back of her office door so that, as you leave your appointment with her, you see this dollar.
The first time I saw the dollar, it piqued my curiosity, and so, I asked about it.
“That dollar is to remind me to ask you for a referral,” she answered. “And if I don’t ask, then the dollar is yours.”
“How much money have you given away?”
“None.”
According to Dale Carnegie, 91% of customers say they’d give referrals, but only 11% of sales people ask for them.
It’s the most-basic of marketing tactics, and it still works today.
