The right marketing strategies are a great business builder. If executed effectively, strong internal and external marketing plans can help a company generate additional revenue and guarantee a steadier stream of sales. The best place to start is with your internal marketing strategies. These internal initiatives, when used in conjunction with external activities, can lead to improved rates of business success.
When companies take the time to revitalize their internal and external marketing, the potential for success is strong. Take our client Jack, for example. Jack's company generated $350,000 in revenue and had 18 prospects until we started our work to help him implement new internal and external marketing activities at his firm. After working to implement these practices over the course of 24 months, his organization grew to $1.3 million in revenue with 340 prospects.
Effective initiatives do require some strategic planning, but aren't that difficult to implement. So where does a company start when it wants to employ new marketing strategies and enhance revenue?
Review Existing Client Satisfaction
It's important to keep current clients satisfied - after all, they're an important part of any business owner's revenue stream. Rather than let things move along without any intervention, take the time to review how current clients feel about the buying experience and how they think their needs can be better serviced. The client base may have valuable suggestions as to how you can remain top of mind and how you can improve your company's reputation in the eyes of customers.
Implementing a process whereby you periodically meet with clients helps you to stay top of mind and identify any opportunities to help them secure a better financial cuture. Send out an invitation for a periodic review to discuss how your business can better address client needs and send out an agenda in advance so everyone knows exactly what will be discussed. Once there, you can ask clients about experiences they've had with your brand, as well as areas your firm could improve. Be sure to inquire as to if there are additional services a client would like you to provide, as this can provide valuable insight as to how your company can grow and expand.
Use Strong Connections to Generate New Prospects
Your current clients aren't only valuable because they're repeat customers and provide a source of revenue for your company - they're also essential because there is opportunity for them to refer other business to your organization. When meeting with important clients for a periodic review, be sure to ask whether they'd recommend your services to others. This can be very telling and allow your company to make any necessary adjustments before being introduced to potential new clients.
However, client referrals aren't the only way to generate business - staff members, acquaintances and board members may all know other individuals or organizations seeking services like those you offer, so don't be afraid to ask around and see if you can stir up some new leads.
Consistently Manage Business Relationships
It's critical to show clients their business is important to you, so acknowledge them regularly and take the time to build stronger relationships. Aside from thanking them for their business, pass along articles relevant to their industry or interests and invite them to any events your company will be hosting. You can also take the time to create deeper, more personal relationships by sending birthday or anniversary cards or celebrating one of their firm's achievements in your company newsletter and passing a copy along to them.
Regular meetings will also help you build these strong relationships and allow you to better understand what's going on in your client's life or within their business, which can help you offer them more personalized solutions.
Network More Effectively
Networking often takes a backseat to other internal marketing tactics, but it plays an important role in how businesses can gather more sales and bolster their reputation among potential clients. By getting more involved and dedicating yourself to networking, you can generate additional sales and build a strong circle of influence.
Consider where your ideal clients spend their time and conduct their own networking. They're likely involved in local or industry groups and associations, and by getting your business involved, you'll have a new way to connect with prospects. However, it doesn't stop there. Make sure you're present at industry conferences and present within the scene. Portray your company as a problem solver and that address the main concerns your ideal clients have.
I delivered a presentation on the topic of internal and external marketing strategies at this year's IARFC CE@Sea conference. I look forward to sharing more from the presentation in my next blog - Generate A Predictable Income: Key External Marketing Tactics.