The following article written by Tim Klabunde was published by the International Society of Weighing & Measuring.
“It’s not that I am cheep, it is just that I like getting a lot of value for my money.”
I believe many people feel this way when it comes to their marketing budget. We all want to figure out what is going to give us value when it comes to getting work in the door. To that end here is a list of the three “cheapest” ways to get more work.
- Existing Clients – Ever wonder why the cable company is always trying to up sell you a 100-movie channel package? It is because the least expensive way to bring in more revenue is to expand service to your existing clients. This same model is utilized in almost all service industries. So when you are looking to get more work in the door start by trying to solve more of your current clients problems first.
- Referrals – When I had the siding redone on my home this last year I received 3 quotes for the job. The most expensive was a national company, the least expensive was a company I saw on a yard sign in our neighborhood, and the middle bid was a referral from a trusted friend that had their siding redone a couple of years prior. I paid the extra money for the middle quote because I felt comfortable and trusted the advise of my friend. Did you catch that? The referral transferred the trust that I had in my friend into the company she endorsed! Firms that use referrals make more money and their clients begin the relationship with confidence in their ability to do the job right.
- New Relationships – Note that I didn’t say clients I said relationships. Clients are expensive to get, but a network is not. Networks of relationships in your industry allow others to provide you with leads that you can follow up on for minimal cost. Here are some examples: the attorney that passes along leads to an accountant; the brink layer that that tells the roofer what projects he’s working on; the civil engineer that tells the architect which developers are considering building on a piece of land. Your network can provide leads must faster and for less expensive than trying to find them yourself.
Time and time again I note that it is people that provide the biggest return on our marketing investment dollar. Whatever you do, however, don’t give up on your advertising budget. Advertising, networking, press releases, etc… are each only one tool in your marketing toolbox. Every marketing tool has its place and must be used appropriately in order to achieve true marketing success.