Almost every one of the people I mentor asks the same question: What works and what doesn’t when it comes to generating new leads for prospective clients? Most have had experience (often at considerable expense) with marketing that fits into the latter category. I am surprised that many people spend large sums of money on their perception of marketing.
The first question I often pose… why did you spend it on that? Common examples are printed materials, promotional swag and advertising. Most do. None have a definitive answer. Mostly, the answer is that they thought that is what they were supposed to do. So, it begs the question… What works? Here’s some of the activity I’ve found that works best.
Setting expectations
It’s no mystery that traditional marketing is an amalgam of activities. These include referrals, social media, video, writing articles, podcast, public relations, hosting radio shows and charitable activities, among others.
What makes marketing challenging is the difficulty in knowing which marketing activities will bring in new business. It may also take a long time to see results from new marketing initiatives.
What works
My direct experience in marketing my Financial Life Planning practice uncovered one overlooked marketing strategy with an excellent track record of success. First of all, you may want to consider I did not say Financial Planning. I added the word “life.” I added a niche, a focused effort on marketing our services. But more on the concept of niche marketing in another article. Back to the marketing strategy… you may be surprised to learn what it is.
Give your expertise away. Expect nothing in return.
Let me explain
Almost everything I know about mentoring people is set forth in our new TV show, The Small Business Show, and in articles, blog posts, podcast, and videos I have created and created with others. I have also answered hundreds of questions posed to me by small business owners and I mentor for various community business and networking organizations.
I serve an exciting group of entrepreneurs and small business owners. I believe passionately in what they do. It gives me great satisfaction to assist my peers make a positive impact on their client’s lives. It’s easy for me to share my expertise with them.
But here’s what I found. The more information I dispensed without charge, the more my own phone rang with new prospects, and the more requests I received to speak to groups, networking events and conferences. Heck, it even led to being asked by a cherished and well-respected peer, and close friend of mine, to co-host a television show on small business.
In fact, just last week, I was approached by a journalist with the Globe and Mail through our website to be interviewed for a forthcoming article on premarital financial discussions between couples. This is a fairly frequent occurrence but is a good example of where becoming known for your craft can attract people and exposure to you.
Some of my clients have had a similar experience. One of them provides detailed information to any investor who wants to invest on their own. They give these investors an information package showing them exactly what to do.
Some prospects use this information and become do-it-yourself investors. Many others decide it’s too complicated and time consuming and retain my client. Those peoples’ businesses have grown rapidly, which they attribute to their willingness to give away their expertise.
Why this works
The decision to hire a professional is based largely on trust and confidence. Giving away your expertise permits you to start a risk-free relationship. It also demonstrates your skill as a business owner and signals a high degree of self-confidence.
In my profession, contrast the approach of giving away your information and expertise with how a typical Financial Planner reacts to a prospective client who wants to invest on her own. More often then not, we can raise a “parade of horrors,” intended to demonstrate the complex nature of investing and financial planning. This example easily extends to other professional expertise of small businesses engaged in IT, accounting, and electricity.
So, what if you embraced the idea and offered to facilitate by providing your expertise instead? How do you think a prospective client would react to this selfless gesture? What do you think she would say about you to friends and family? You may be surprised.
That’s why giving away your expertise may be good. It is a courteous way to engage in conversation. By providing some of your expertise up front, you can set a positive and strong foundation with a prospective client which can lead to a strong long term relationship which is within Keeping Life Current.
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