How To Double Your Business in 2006, Part II
In part one of this article, we talked about the importance of database management in the success of your business. If you haven’t already started your database, it is absolutely critical that you go back to part one of this article and get started on your database before moving on to part II. This essential business strategy is the foundation for your goal of doubling your business in 2006.
Now that you have your database underway, it’s time for me to reveal five more strategies that I used to double my business in 2004 and more than double my business in 2005. Let’s get started.
Multiple sources of business
Part one of this article ended with one of the most difficult questions that every business faces: Where will you get the prospects to start building your database?
Depending on your business, it should not be a difficult task to brainstorm 10 different ways in which you could come into contact with potential prospects. No matter what your business is, here are a few sources for prospects to get the gears in your brain going: Friends and relatives, hobbies, church, internet or website promotion, writing articles for the newspaper or local newsletters, aligning with business partners who could refer their clients to you, door to door, purchasing lists, direct mail, leads groups, volunteering, and referrals from past clients.
Some of these methods may not be your cup of tea, but there should at least be a few that seem like something you can get your arms around.
One of the critical mistakes a failing business makes is to rely on only one source of business for generating prospects. I made this mistake early in my career by focusing completely on the internet. The problem was that if the internet didn’t produce a good crop of prospects one month, I would go through the inevitable up and down roller-coaster ride that many business people experience.
The secret to an ever-growing and consistent business is to choose four or five sources of business that can consistently, month in and month out, funnel quality prospects in your direction.
Why four or five you ask? The reason is that if you diversify into several sources, if one is not productive one month, the others will still provide you with quality, fresh prospects. Instead of the up and down roller-coaster, you will instead be on a steady upward sales trend that will continue to grow over time.
So now that you are producing quality prospects, what do you do with them? That goes into the next strategy:
Consistent follow up
I operate under the philosophy of “never give up on a prospect.” I have systems in place to consistently and continuously follow up with prospects, clients, and business partners literally forever. Most of these systems are on auto-pilot and actually take very little of my personal attention on a day-to-day basis.
If you start operating with this follow-up philosophy in mind, and you are continuously cramming your sales funnel full of quality prospects, eventually they will start coming out the other end at a faster and faster rate. Here is an example of a simple follow up system that you could use for your prospects:
Once per month: informational email (article, ezine)
Every two months: email hello (conversational, “How are you doing and can I help you?”)
Phone call every 3 months
Snail mail newsletter every 3 months (alternate with phone call)
Using this approach, you are hitting the prospect 26 times per year with different forms of media on a consistent basis. It is important that you use email, regular mail, phone, and any other method you can think of to stay in touch as not all people respond to the same types of contact. It is not a miracle that when it comes time to buy, they will think of you first.
And what makes this all possible? Your bullet-proof database system, of course.
Hard work
There is no substitute for this basic strategy. Work hard and you will see results. If you find it difficult to work a long day, try getting to work just a half hour earlier every day, and leaving a half hour later. That will add 5 hours to your week which you can use to generate more business.
Ask for Referrals
Most of your clients, if you are doing an outstanding job, would gladly refer a friend, family member, or co-worker to you, but many times they do not even think of it unless you mention it. Don’t be shy after you have done a good job for a client, to directly ask them for a referral, you deserve it.
Be specific and ask for a referral from a specific group within your client’s circle of influence. For example, ask them if they have a co-worker who could use your services, or ask for a referral of a friend from their church if you know they are active in church. This helps your client focus in on a manageable segment of their circle of influence so they can more easily think of a particular person who could use your service.
Be Ethical
This last business building strategy seems obvious, but it has to be mentioned. You absolutely must do business in an ethical, honest manner, with the best interests of your client in mind at all times.
Run your business with a long term philosophy of repeat clients and word-of-mouth advertising in mind. If you are ethical, people sense it and will gravitate to you and trust you. With a loyal base of clients, you will eventually build a solid business that will withstand the test of time and provide you with a long term, rewarding career.
Triple Your Business in 2006?
It is my sincere desire that these strategies will help you achieve the kind of success I have had the past two years. My personal goal is to no less than triple my business in 2006, and after two years of seeing these systems develop, this goal seems very attainable. If you would like one-on-one coaching on more specific strategies I have used, please consider me a resource and feel free to contact me. Good luck in 2006!
RJ Baxter has been a mortgage consultant for four years. RJ utilizes his teaching background by educating consumers and advocating ethical business practices in the mortgage industry. RJ has received several awards for excellence and loan volume and has consistently ranked in the top ten among over 400 loan consultants at PrimeLending. For more articles like this, or to read more about RJ or PrimeLending, please visit http://www.rjbaxter.com/signup.asp
Tags: build business, Business Coaching, business strategies, double business, increase business