Friday, March 23, 2012
Discover the Secret to Avoiding the Roller Coaster Income Syndrome
Copyright 2006 UpLevel Strategies
If you’re like most small business owners, when you need business you run out and do lots of marketing; then you get so busy working you get have no time to seek out new clients. The money’s flowing and you get complacent. However, then you finish up your projects and clients and guess what! There’s no business again! And the income drops! You’re riding the roller coaster income syndrome and there’s only one way out: consistency. You need to create an ongoing marketing engine that runs whether you’re busy or whether you’re bored!
Preparing a marketing plan is your first step. You’ll need to conduct some market research to determine who your ideal client is, what their needs are, how you can meet their needs, where you can find them, how you will reach them, and the daily activities you need to do to keep your pipeline full. Some of these activities may include networking, speaking, seminars, teleclasses, and e-zines. All of these are active forms of marketing that take your time, unless you can delegate some of the activities or automate them. You can also count on a steady stream of income when you have in place various sources of passive income, such as from products sales, affiliates, or referrals fees.
Here are just a few general suggestions to consider when developing your marketing engine:
Never let a day pass without engaging in at least one marketing activity. Set specific marketing goals every year; review and adjust quarterly. Maintain a file of ideas for later use. I have a board in my office I call my “parking lot” for ideas. Always have business cards with you: in your car, in your purse or briefcase. I even carry a brochure or two for that special occasion. No piece of information (invoices, thank you cards, emails, mail, etc) should ever go out without your company contact information on it. Every communication outside your company is an opportunity for you to promote yourself! Your ongoing marketing efforts include a wide range of activities aimed at securing new customers as well as making sure you continue to meet the needs of your existing customers—who in turn generate referrals. Marketing also includes analyzing the competition, positioning your new products or services (finding your market niche), pricing your products and services, and promoting them through continued advertising, public relations, and sales. Ongoing promotion keeps your service or product in the minds of your prospects and customer and helps stimulate demand.
In planning your marketing and promotional strategies, use this formula for the 3 Cs of Marketing Success:
Consistency (communicate regularly with your customers and prospects)
Clarity (deliver clear benefit driven messages to those customers)
Collaboration (work with marketing experts or a coach, a mastermind team, and form joint venture partnerships to expedite growth)
If you can master these three items, you will be heads and shoulder above a majority of your competition. Jay Conrad Levinson once told me, “It is unfortunate but true that bad marketing done consistently is better than good marketing done inconsistently.” Create consistency in your marketing program and not only will you stop riding the roller coaster income syndrome, you’ll be assured a much greater level of success.