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How to drum up business fast in this lukewarm economy

Getting new business fast depends on many things, including the channel you choose and understanding your target market -- but the effectiveness of everything can be exponentially increased by making the right offer.
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Conversations with business owners over the last few weeks appear to indicate that March was a good month, April wasn’t and May is just steady… so, how do we get more business quickly when conditions are lukewarm?

There are really only three choices:

1. Advertising (paid marketing in any form)
This may include advertising or public relations campaigns though media such as newspapers, magazines, Google Adwords, Facebook or targeted mediums like Home Biz Buzz. This is a way to reach target markets fast, but there’s a cost.

2. Direct sales activity (cold calling, door knocking).
This is also a quick way to reach prospects, but volumes are low and the process itself is slow. It’s virtually free at the cost of a few cents for the phone call if you do it yourself.

3. Networking (utilising ‘who you know’ to grow business).
This method is slow, volumes are low and it takes time. It is however the most successful for conversion rates.

Your choice will depend on your urgency, your budget and your comfort levels. Not only that, it also depends on knowing your customer profile intimately and understanding what pushes their buttons.

The key ingredient to motivating action is a compelling offer

However, the effectiveness and speed of success from all three methods (advertising, sales and networking) will be strongly impacted by the offer you put out.

There are millions of messages about service, convenience and price in the New Zealand market – but very few compelling offers, and it is a compelling offer that will motivate customers to take action now.

When developing any marketing message, make sure it has a compelling offer. Some ideas include:

* 50%+ discounts or get-one-free offers -- GrabOne is doing this very effectively at the moment;

* “For a limited time only” offer -- this message engages the scarcity principle. As human beings we hate the thought of losing out. So time limits are very motivational;

* Money back guarantees mitigate risk and may persuade people to try something they would normally be wary of attempting;

* Prize draws and gifts may also encourage action;

* Make free samples available;

* Offer a free trial.

These are just some ideas. Can you think of any more?

Whichever method, channel and incentives you use, make sure your compelling offer is powerful and real, because your prospective customers will see right through a phony.

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About the author

Colin Kennedy's picture

Colin Kennedy is a director of Iron Road Ltd, a marketing strategy and content marketing agency which specialises in helping clients engage their target markets, differentiate their brands and raise awareness.

A former journalist, sales manager, public relations consultant, copywriter and CEO (in the agricultural technology industry), Colin is also a professional speaker and an Auckland director for word of mouth referral organisation, Business Network International (BNI) New Zealand.

"Most buyers nowadays will research their buying decisions. They are also less trusting, cynical and turning off conventional advertising.

"The companies that provide buyers with the objective, truthful and information rich content they are seeking will earn trust and build a reputation for their expertise -- making them far more successful at converting new leads and retaining existing business.

"We help clients market with information. It's called content marketing."