This is the fourth in a series of posts from Jay Abraham, one of the world’s leading business and marketing gurus. As Founder and CEO of Abraham Group, Inc., Jay has spent his entire career solving problems and fixing businesses. He has significantly increased the bottom lines of over 10,000 clients in more than 400 industries worldwide.
All of the content in this Paving the Way To Your Success series is brought to you exclusively by AccountantsWorld, as part of our ongoing mission to help you maximize the value and relevance of your accounting firm.
In this post, Jay illustrates the power of “piggyback marketing” and being distinctive in your messaging. Click here to read the full series so far.
Piggyback and “Fusion” Marketing
Find other companies who can sell your product or service to their customers. Airlines, car rentals and hotels are all working together. What alliances could you form? Possibilities are . . . A supermarket and a petrol station. Shoe store and clothing store. Accountants and Lawyers. Doctors and Dentists. They could all be promoting each other.
Illustration #6 – Piggyback Marketing
Take 5 minutes to write down 5 types of companies who could endorse or sell your product.
Illustration #7 – Piggyback Marketing, Part 2
Take 5 minutes to come up with 3-5 products or services you could sell to your customers and collect pure profit on the sale with no involvement.
Electronic databases are souped-up Rolodexes of the 90’s. You must have a highly usable database packed with information about your customers.
Illustration #8 – Database Power
What are the essential pieces of information you need about your customers? What other information would make your client records even more valuable? Take 5 minutes to write this down.
The Power Of Testing
Our advertising and marketing studies have shown that a change in a headline, offer, target or marketing concept can impact the results by hundreds (even thousands) of percent. Test offers, test headlines, test choosing ideas, test add-ons, test, test, test. (In order for this to work you must also develop ways to measure all your advertising and sales efforts and keep records of everything you’ve done for comparison).
In the 80’s and 90’s, companies developed a campaign (based on instinct) and rolled it around for a year to see how it would go. Now, most smart companies test several ideas to see which one works best – then roll it out. *NOTE: Change headlines, offers, promotional materials all you want – the tactics you use. DO NOT change your overall theme, slogan or strategic position.
The Six (Now Seven) ____________(12) Of Marketing
Over $400,000 worth of research on top companies reveal that they all use six marketing vehicles. You must use all six if you want to dominate your market. The more marketing vehicles you use with the same audience the faster you will penetrate that audience.
5. _______________________(17) Your Customer
Are all your marketing weapons consistent with your Ultimate Strategic Position? You must develop a slogan and a theme based upon your USP and use them in every marketing effort. Which of the above six do you think is most effective?
Personal __________(20) Is The Most Powerful Way To Market and Bond With Your Customers
None of your other marketing efforts will have as much impact on your customers as personal contact with your salespeople or telephone customer service. Nothing can replace good, old fashioned person-to-person contact when developing relationships with your customers. Some of the ways you can use this are . . .
Þ Free _______________(21).
Þ Free _______________(22).
Þ Specialized _______________(23).
Þ ___________ _____________(24). (where applicable)
All these efforts should always be consistent with your Unique Strategic Position.
Sales Literature and Brochures
Your written materials should focus on how you help clients. They should:
- be the foundation around which all the other tools are built
- be an effective sales tool. Use sub-heads, graphics and photos.
- talk about what your clients will get by using your products, services or firm
- use testimonials from satisfied clients (in accordance with the laws in your local jurisdiction)
Create media events and special events. Create award ceremonies, sporting events, outings, parties, charity efforts. Your salespeople need to invite clients to these events. All these add credibility and bonding opportunities with your customers. Write articles. Be featured, or contribute as an expert. Reprinted articles are powerful tools in other marketing efforts.
This is one of the most cost effective ways to connect with existing and potential clients. Create a highly sortable database of clients. Send something every month without fail. Send thank you letters, cards, letters, newsletters, promos, etc. Get your customer trained to buy from you at every opportunity. It costs 6 times more to find a new customer than to sell something to an existing one. Use direct mail to keep selling to your clients.
The internet can expose your CPA firm to a wider market than you’d been reaching with the traditional methods.
Creates more top-of-mind awareness than all of the other areas combined. Makes your other methods work better. Some of the advertising sources you can use are… TV, Radio, Newspapers, Magazines, Trade Journals, *Internet (This is fast becoming a powerful new medium), Billboards, etc. A study of hundreds of ads over a 12-month period revealed that the best ads did 4 things.
1. Distinctive ______________(25): Before a prospective customer will even think about reading your ad, they have to be able to see it and it must rise out of the clutter of the hundreds of other ads.
2. A Good ________________(26): A headline is the “ad for your ad.” A good headline tells you what the ad is about in 3.2 seconds. Gives a benefit. Uses power words like “YOU” or “YOUR” and “FREE” and “NEW” or “HOW TO.” And (obviously) makes you want to read the rest.
3. Body Copy: Should be curiosity driven. Each sentence should unfold the “story” you want to tell and make the prospect want to read on. Should be “Benefit Oriented.” Don’t tell me what it is you are selling, tell me why it is valuable to me.
4. Ask For The Order: Your ad, should always ask the reader to take some action. Visit your store, call for a free booklet, call your business for more details, fill in the coupon etc.
Other Advertising Rules: Target the best buyers. Target specific people groups.
Use “Editorial Layout.” Use trade magazines or specialist magazines read by your target market. Studies show that up to 50% of all purchasing is motivated by advertising.
A Test For: “Strategies for Getting Customers”
1. Which of the following factors or criteria might be considered in making a profile of the “ideal buyer”? (More than one may apply)
b) Height and weight
c) Repetition of purchasing
d) Ability to buy
2. Explain the Dream 100 concept.
3. The best buyers are influenced by other best buyers. True or False?
4. Customers For Life is a concept in which…(More than one may apply)
a) You give such good customer service that you have the customer for life.
b) You will spend a lot more to acquire customers when you consider their “lifetime value.”
c) You determine how much a customer might be worth to you over a lifetime.
d) You don’t care about new customers because you keep your current customers happy.
5. Conquest Strategy is an extension of the Customers For Life concept. True or False?
6. Your accounting firm should not have standard procedures to make customers feel special, this should be left up to each individual employee. True or False?
7. How much more does it cost to acquire a new customer than to retain a current customer? (Choose one)
20% more 100% more 300% more 600% more
8. What percentage of your customers will buy more products or services if you make an offer at the point of sale?
(Choose one) 20% 3% 6% 30%
9. Customers are less likely to purchase from a previous vendor than they are from a new vendor. True or False?
10. What are some of the benefits of Piggyback Marketing?
11. Building a database that can tell you a multitude of information about your buyers, is part of what marketing strategy?
12. What is Top of Mind Awareness?
13. Which of the following is/are part of the Six Musts of Marketing? (More than one may apply)
a) Customer Education
c) Public Relations
d) Piggyback Marketing
14. Explain the concept of Stacked Marketing?
15. What is the most potent form of marketing?
16. List some ways you can provide customer education.
17. If you want a brochure to be read by your prospects, you should focus heavily on your firm. True or False?
18. Direct mail is another excellent marketing weapon, but only if deployed: (More than one may apply)
a) All at once
b) On a regular basis
c) To a wide cross section of the population
d) To friends and family only
19. Advertising creates the most “top of mind awareness.” True or False?
20. Which of the following are rules for effective advertising? (More than one may apply)
a) Ask for the order
b) Be distinctive
c) Don’t use features in your ad
d) All of the above
Please Note: This test should be copied for repeated usage, but only by the original reader, not to be used or resold for profit.
Coming Up Next…
In the next post, we’ll discuss how to lock in recurring customer revenue!