Posts Tagged ‘buying customers’

Over a year ago I started working part time as a mortgage originator, while also maintaining my full time job. I can only describe my attempts as being spectacularly unsuccessful. The biggest hurdle that I haven’t managed to overcome is lead generation. The main method that I have used to try to generate leads is building rapport with real estate agents, and working on building a referral network through them. For over a year I have regularly visited agents, and feel that I have a good relationship with a number of them and I always make sure that I ask for a referral in one way or another. So far, I have had zero referrals from any agents. Any advice on other methods by which to generate leads in this industry would be appreciated?

Tuesday, April 26th, 2011

You may be right about the time issue. The agents may like you just fine, but they may not see you as committed to the task at hand, or not of much value to them.

Because they know you are only putting a few days per week into your business, they may not have the necessary confidence in you. They also may not be aware of any return the will get on investing one of their customers with you.

Generating referrals is not usually as one-way street. Often, the best way of getting leads from someone, is to give some. If an agent has a lead, they are more likely to pass it to someone that has provided them with a lead in the past.

This is how strategic alliances work, so while they may like you personally they aren’t seeing the extra value a relationship with you can bring to their business.

If you give more than you ask for and you will start getting a ton of referrals, so find ways to return the favor and build those relationships in a business-like manner, rather than the personal way you seem to be doing it.

Also, remember your target market. Since you are not getting mortgages for agents, but rather for buyers, perhaps you are marketing to the wrong group. Consider how you can reach buyers with your message rather than agents.

Real estate agents are often the gatekeepers to the target market if your target market is new home financing but there are a different set of gatekeepers for refinancing of homes. At least in the US, there’s at least as much, if not more, action around refinance than there is new loan origination.

This can be just one of the new options your business can look toward in generating leads. You could also just directly target people who have put their homes on the market or are looking to buy.

You say that you started your full-time job to gain some sales skills. If this is still your real aim, then think of ways to do this and convert more of the leads you’re getting into customers.

All the best,
Brad Sugars

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I recently started a new pool care business. Breaking into an existing market place has been a little tougher than first thought. We subscribe to a service that provides us direct information on where the majority of pools are in our area and we have used a number of techniques to try and grab some of this growing pool care market. I am not completely happy with our growth and no one particular medium is returning spectacular results. We have tried many different ways to grow, but many were expensive and returned minimal results. I am now contemplating a direct mail out letter (although we do not have names only addresses) and a door knock? Just to say hello (not hard sell). So many of my customers have complained about some of the other pool care services in my area which is why I got their business, and I have personally gone out of my way with each new lead to give them the “wow” factor with my service. But again my high level of service is not generating leads. What can I do to turn this around?

Friday, April 8th, 2011

What regular services are you providing to existing clients? Have you got a loyalty program in place, do you ask for referrals?

I’ve a friend who runs a similar company to yours and they have built their business around service.

They have developed a loyal base of customers who refer them to everyone the business to everyone they know who has a pool or spa/hot tub.

They have a 10 trip card so after the 10th bag of product they get 50% off the next. They also have a reminder system to tell customers it is time to have their filters checked and serviced.

You said you give great ‘wow’ service, but you get no leads from your customers?

Interesting…

Ask yourself, is the ‘wow’ really ‘wow’ for them?

It might help to sit down with a few of your customers and really find out everything they want from the pool care service and what makes your business unique.

Use any complaints customers might have as part of your unique selling point. If they’re concerned about quality or service, address those concerns directly in your marketing material and make it work for you. Most importantly, take their advice to heart.

Remember, great service must be great service in your customers’ eyes – not yours.

Doing this exercise will lead you onto the next level of customer service, when you achieve it make sure you ask your customers for referrals – they should be happy to give them then.

All the best,
Brad Sugars

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My wife & I have been operating a health spa for about 3 years now. Since the middle of last year, we began to feel a drastic decline in our customer visits and sales. What is the best method to improve the situation? These days we basically rely only on walk-ins and obviously that isn’t working.

Thursday, April 7th, 2011

It is around six times more cost effective to get an existing customer to come back than to find a new customer, so what are you doing to encourage repeat business from the customers that DO come in?

Repeat customers are the people who will make you rich and your business successful by referring their friends to you, so if you aren’t getting enough of them, some things have to change.

Where is your plan to help you get the customers you both need and want, instead of just hoping for walk-ins?

If people aren’t coming back to your spa, they probably aren’t receiving any extra value from doing business with you, so how can you change that?

They can probably find another spa, one that might be cheaper, better located or one that just makes them feel more comfortable, so you have to find something that sets your business apart from the competition and shout it loudly so everyone will hear what makes your business unique.

Once you have your unique selling point (USP), it’s time to move to strategies you can use to cultivate repeat business.

One method used often in your industry is pre-booking.

After a customer receives a service and while they are paying, pre-booking is a system that, through a scripted conversation, leads to the customer booking their next appointment with you.

Simply saying something like, “This service should last for about four weeks, so let’s book your next appointment for four weeks from now. Would that Wednesday be good for you?” is a great way to ensure that a one- time customer returns to your business.

Also, follow up with your customers by calling them a few days later to see if they were happy with their service.

Most of the time customers that aren’t happy simply won’t come back, but if you address their concerns and promise them a better experience the next time, they are far more likely to try you again.

Once, you’ve figured the issues that are plaguing the service in your business and solved them, it’s time to find the right target market and reach them with your business’ message.

But don’t rush this step. It can be very costly if you don’t do it correctly.

Consider this seriously by first asking yourself who your ideal customer would be?

What do they look like, where do they shop, how old are they, how often will they visit your spa and how much will they spend when they are there?

These are just a few questions to help you get started, but, remember, if you don’t know who your target market, or ideal customer base would be, how will you ever reach them with your message?

I hope this helps and reading “Instant Cashflow” can offer you many more strategies to help you move forward. Let us know how you make out.

All the best,
Brad Sugars

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I need some advice and ideas for my new business. I am putting together a business plan and your books and blogs have helped a lot. I am starting my own very first business in America, and it will be a travel agency. I have been in this business overseas, but the American market is new to me. My question is what kind of marketing plan should I follow to ensure the success of my business?

Tuesday, March 29th, 2011

The key to making any marketing plan work is a keen knowledge of your numbers or financials. Once you know what your break-even point is, you can begin plotting a strategy to bring in leads at a lower rate than you invest to bring them in. I call this Buying Customers and it is a unique way at looking at marketing as a whole and turning any business into a profit-making machine.

The key to Buying Customers is lowering your customer acquisition costs. The best way to lower that cost is by utilizing referrals, but how do you get them when you are just starting out?

Network, network, network! How many organizations, clubs, committees etc. can you join and get something going. Meeting people and developing relationships with them is a great way to ensure you have the customer base you want, while not spending a lot of your resources to get them.

Next, hit the streets and talk to everyone you meet. Put together a simple sales kit that consists of an off the shelf folder, several suppliers brochures and your business card. Hand them to interested people and then stay in touch, again and again.

Once you have a list of leads, work that database. Get an email or follow up call system up and follow up every lead that is not either stone cold or dead!

Finally, test and measure everything you try and use those strategies that work best.

It’s important to remember that in order to create a marketing plan you first have to understand the basics of the existing market and how it is serviced. From there you can figure out what the gaps are in the area, what is good and what is bad. You can use this information to develop your own Unique Selling Points, what will be different about your Travel Agency, like whether you will cover the broad spectrum of travel or specialize in one area? Will your customers contact you exclusively face to face or via telephone or the web? So ask yourself, what weaknesses in the current market will you be addressing?

Unless you have a very distinct market or edge, it would normally be unwise to just use one medium or strategy to access potential customers, so  do as much work as possible up front understanding the market, and your offering and always test and measure.

All the best,
Brad Sugars

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