The secret of success

I’ve been in financial services since I graduated university. About five years ago, I was hired by a large insurance company to set up the marketing department of their financial services advisory arm. While I was there I heard and took to heart three things that changed everything for me, especially when I started my own business:

• I listened to the managing director tell the group “Activity Equals Success”;

• I listened to marketing guru Winston Marsh when he came to speak to the group. He said, “Be a better marketer of what you do, than a doer of what you do”; and

• I took note of the trend in the US of using e-mail for marketing.

I’d like to expand on this trio and give you some inspiration on earning more and improving your quality of business this year.

1. Your database: your mostvaluable asset.Add value to your business for future sale by taking all that knowledge in your head and placing it in intricate detail in your database. Then segment, target, cross-market. Run campaigns with it. If it’s in the computer you can take an idea and within five minutes activate an income generating campaign. If it’s in your head, you can’t. As a ‘business’ you are defined by your clients — the work you do for and with them. Trusting that your memory and those of your staff will always be accurate, available to you, and accessible with unwavering accuracy is foolhardy.

2. Forget ABCs.Grade your clients and prospects as e-enabled or not, instead of the old ABCs of client value. With e-mail so easy you can contact the remotest of prospects regularly and cheaply. Remember each individual has a sphere of influence of 250 people. Adopt the mentality of Seth Grodin author ofPermission Marketing: “The Internet is the greatest direct marketing medium ever invented.”

3. Viral marketing. (Horrible name, great concept) This describes any strategy that encourages individuals to pass on your marketing message to others, creating the potential for exponential growth in your message’s exposure and influence. Off the Internet, viral marketing is called word-of-mouth or network marketing. A classic example is Hotmail.com. Their strategy is simple:

• Give away free e-mail addresses and services;

• Attach a simple tag at the bottom of every free message sent out: “Get your private, free e-mail at http://www.hotmail.com”; and

• Then stand back while people e-mail their own network of friends and associates who see the message, sign up for their own free e-mail service, and then propel the message still wider to their own ever-increasing circles of friends and associates. Like tiny waves spreading ever farther from a single pebble dropped into a pond, a carefully designed viral marketing strategy ripples outward extremely rapidly.

4. It’s easy to work cheaply.Don’t pour money into an office and fancy digs if you don’t need one. If you go to visit the majority of your clients instead of them coming to you — why waste money? It’s also totally acceptable to have coffee at a café instead of meeting at your office. Put the rent into home equity and technology.

5. Columbo at your service.Keep three steps ahead by examining your competition online. Gone are the days of figuring out how to get the scoop on what “they’re doing”. Do a search onwww.google.com.au(it’s got to be the best search engine). Search and really look at the web site and e-mail offerings of your known local competitors and of similar companies overseas. Search in Google and see if your web site ranks in the top 20 search results — try “your town” financial services adviser — or whatever your keywords are.

6. Anything—not everything. I truly believe in positive thinking and the knowledge that you can do anything. Australia is a land of opportunity. All it takes is the confidence and conviction to do what it is you want to do. You can do anything you want, but you personally can’t do everything. Focus on what you’re best at and what brings in the money. Offload functions that are non-core — because doing it yourself is much more expensive in the long run. Don’t be cheap. It takes money to make money. Get a part-time assistant to help you do marketing and administration, and share in your success. If your assistant prospects for you, give them a percentage of new business as opposed to a higher salary. This way it’s a double win-win situation. If you have to spend $1,000, but in doing so it turns around and helps you earn $2,000, well, who ever scoffed at doubling your money? You have to spend a little sometimes to make some.

7. Think like them.Make sure everything you do is from your clients’ WIIFM (what’s in it for me) perspective. What will you give them in exchange for their valuable time? If it’s a blatant promo for your business, flag the idea. Provide useful content in an easy to read manner and you’ll have a winner on your hands.

8. Be a better marketer of whatyou do—than a doer of what youdo. You must do these three things to propel your business:

• Contact clients and prospects on a regular basis. With e-mail the world is your oyster;

• Network, network, network; and

• Submit articles and get your name in places where your target market is looking or reading.

9. Make e-mail your workhorse.The Internet will change everything for you. By migrating your communication to e-mail and bringing business processes online you will benefit by: 

• Getting new clients easily;

• Substantially lowering your operating costs;

• Getting more dollar spend from existing clients; and

• Keeping well ahead of your competition.

Notice I said e-mail. I didn’t say web sites.

Your web site is one of three to four billion pages out there. It’s static, lost in space waiting to be found. With e-mail — you turn the process around and you take control. You contact people instead of waiting for them to contact you. You keep them informed. You develop and strengthen relationships. You win, win, win. And you know what? It’s practically for free because you don’t put a stamp on, or fold your stationery in your envelope with e-mail, do you?

10. Form clever alliances bythinking outside the square.Take a look at what you do and find a non-competitive partner whose services or products have an affinity with or complement yours. You’ll end up helping out your clients more, ring fencing them from competition and significantly increasing the earnings of the companies within this new alliance. Singularly you each offer a good service to your clients. United you offer so much more experience, skills and areas of expertise. Singularly your sphere of influence is within your own client base. United, it’s a quantum leap.

Think creatively about whom you could form a relationship with:

• Think about your children’s school — if you live in a good area, all the parents will be professionals;

• Real estate agents — think of their contacts for insurance, architects, investors; and

• Clubs — Probus, bowls, tennis. A kitchen school, a local university with night classes. Speciality clothing stores. Sports clubs.

At the end of the day — only you can create your own success — be it as a spectacular employee or as a spectacular entrepreneur. Spend a little dough. Work as if you’re in 2005 in 2003. Believe in yourself. Dump the drudgery. Do it and tell the world.

Debbie Mayo-Smith is speakingin Sydney and Brisbane in March.Visitwww.successis.co.nzformore information.