Three Marketing Takeaways from a New York City Visit

There is so much to take in when you visit Manhattan. Lots of interesting people, and lots of stuff going on. Everyone appears to be on a mission to somewhere. Whatever you do don’t stop in your tracks or you will be run over.

Besides all the immense activity, if you take the time to observe, there are some great marketing lessons you can learn.

In my recent visit, here are three things I picked up on that can be translated into any business with a little bit of effort.

1. Be about something.
We visited a place called Eataly. It is a creation by Oscar Farinetti of Italy. He opened the first one (30,000 square feet) in 2007 in Turin. The location in NYC is operated by partner and famous chef, Mario Batali. The concept is pretty simple, but also very ingenious. Essentially, Eataly is a huge Italian marketplace with restaurants. It’s chock full of food like an outdoor market, only it’s indoor. Their tagline is, “We cook what we sell and we sell what we cook.” They have chocolate, wine, pasta (fresh and dry), meat, fish, shellfish, cheese and all kinds of other products that go with these items. All the finest foods from Italy. The place was brimming with people, loving the atmosphere, the food, and easily spending their money.

2. Sell something special.
Even though I would say Eataly also hits on this one since they specialize in Italian foods, there was another place we visited that had streams of people buying as well. It was a very small place, and at one point while we were waiting for our order, there was a line out the door. What did they sell that people were lining up for and shelling out a minimum of $3.00? Bubble Tea. What’s Bubble Tea you might ask (a question I had as well)? It’s either black or green tea with milk, sweetener and tapioca (which are the bubbles). Very different, and people (especially kids) were ordering them like crazy.

3. Create an experience.
We had the pleasure of having a very fine lunch at the department store, Bergdorf Goodman on 5th Avenue. If you’ve never been there, it is a high-end store that has its wares uniquely and interestingly arranged on many floors, one of the floors housing the restaurant. Visiting this restaurant brought back memories of when we had restaurants in our local department stores in Cleveland (May Company, Higbees). Anyone remember those? But at Bergdorf’s, what they created was a fine dining experience to match the atmosphere of their store. Top-notch service, excellent food, in an elegant setting. All carried out to perfection and well worth the price.

What kind of things can you do in your business to Be About Something, Sell Something Special, or Create An Experience? It may take some thought, but once you figure it out, it can yield an unending flow of business for you just like these NYC establishments.

5 Reasons Why You Want to Blog

When I mention blogging to clients, their first reaction is that they don’t have the time for it. Their second reaction is that they don’t know what they would write.

Both of these reactions are completely understandable and valid. Blogging does take time and you do need to come up with things to write about. But, once you get started it’s not so bad, really. As far as time goes, (aside from having us do it for you,) there’s no insight I can give you on that. I will however, address how to come up with things to write about later. For now, I want to share with the many things blogging will do for you, and how it will work to attract new clients to you.

Reason #1
Blogging is a terrific way to position yourself as an expert. When you blog, you talk about things you know about in your area of expertise. It gives your readers the confidence to trust in you, get to know your style and see if they might want to work with you.

Reason #2
It is an excellent way to engage your clients and prospects in conversations and get them to take some desired action.

Reason #3
When your blog is written with keywords that people are searching for, it will help them to find you online. The search engines (Google, Bing, Yahoo) like to “crawl” blogging platform websites, especially when your content is changing on a regular basis. This stuff will help get your site better traffic rankings.

Reason #4
A blog gives you the ability to build followers. A great example of how this has worked is Gary Vaynerchuck. He is the author of a book titled, Crush It. It is a very interesting read and a must read, if you are serious about blogging. He basically built his wine business just from sharing his passion through blogging.

Reason #5
It allows you to have a far greater reach than other forms of media. Think Global instead of Local.

Now, let’s address the “What to Write” issue. The first place to start if you have no clue about what to write about would be to ask yourself what are the top 10 most frequently asked questions you get in your business. Then one by one, answer those questions in a blog. “How-to’s” are another great thing to write about and if you can make a video and post it into your blog, all the better. Videos allow for more interaction and make things real. Videos can also help with search and rankings, too. After you answer the top 10 FAQs, how about, next writing about the top 10 SAQs or questions that people Should Ask but don’t?

Getting started is probably the hardest step in the blogging process. Once you start blogging, it can be fun and easy. Give it a try.

All We Want is a Deep and Different Connection

You might be asking yourself why it is so important to develop connections with your clients, customers, and patients. After all, most businesses do not put much effort in cultivating their client base and building a strong relationships with them. So, why should you?

I have had conversations recently with new clients about their businesses being down and that there just is no loyalty among customers anymore. But when I dig a bit deeper, what I typically find is that their problem is they have no real connections with their clients. There is no regular, meaningful communication to forge the bond that builds loyalty and set their business apart, and make them unique in their client’s mind.

Consider that instead of treating customers like transactions, to treat them like people first. It seems that people are so uptight and focused about generating the sales and revenue of days gone by, when the economy was humming along at warp speed that they are forgetting why they do what they do, and how it makes other’s lives better.

They are forgetting to connect and stay connected. Nothing is more important than that. If you have no connection with your customers, you are at risk of losing them. Let’s face it, It was easy to make money when the economy was going like gang busters. Most everyone was treated like a transaction and no one thought too much about it, including the customer. But those “fat and happy” days are gone, the landscape has changed. Consumers are choosier than ever about who they do business with. They want to be recognized. And sadly, fatal flaws like these are being exposed in many businesses.

It’s time to get down to basics. Basics are communication. This is true in your relationship with your spouse or significant other, it’s true in your relationships with friends, it’s true in your relationships with employees. If you have little or no communication, you can’t expect to get what you want out of the relationship. Your customers, clients and patients need deep and different connection with you now more than ever before.

Let me give you an example to illustrate the point and show why it is so imperative to set up and maintain some formalized communication system in your business.

The Scene

• Your back is killing you. You spent the weekend doing some strenuous activities and you’re not sure what is causing the pain you are experiencing.

• Your friend recommends you see his chiropractor. You schedule an appointment.

• The doctor acknowledges your relationship with your friend (gives your friend a reward for the referral) and thanks you for the confidence you placed in him. He diagnoses your problem, gives you an adjustment and your back is feeling brand new again! You couldn’t be happier and more relieved.

This is where the connection ends in most businesses. Transaction complete! On to the next sale.

Now instead, consider how much more of an impact you would make if you did the following–

• Two days after the appointment you give this patient a call and ask him how his back is feeling. He tells you he is feeling fantastic. This one phone call will do some tremendous things for you.
• It shows you care about him. Really care. You took the time to see how he was feeling. He feels good about you.
• It reinforces his decision to use you. You are the consummate professional. He couldn’t have gone to a better chiropractor. He feels good about you.
• You create a deep and different connection. If he should feel back pain again, he is going to remember how you treated him. He is going to call you.
• He feels you are more like a trusted friend, not just a doctor seeing patients every 10 minutes.
• Fast forward one month after the visit and take it one step further. You follow up again to be sure your new patient is still feeling fantastic. He still feels great.

How does this patient feel about you now?
Is he amazed that he is hearing from you long after you saw him?
Is he going to refer you to anyone who complains of back pain?
Does he think you appreciate him?
Has he further deepened his connection to you and been made to feel important to you?

Of course, the answer to each question is YES.

Now, add in your monthly printed newsletter where he gets to know more about you, your weekly email tips that keeps him from further back pain, your monthly offer where he can save money or refer people to you, the St. Patrick’s Day card just for fun, and you are now building that relationship and keeping your new patient loyal to you.

When he throws his back out next weekend playing football with his son, who is he going to call??? YOU. You just brought your sales levels back to where they were before and possibly beyond. Congratulations!

A Powerful Way to Attract High Quality Clients

Referrals. These are the best new lead sources for your business. They are the second easiest person to sell after your current clients.

Here’s three reasons why:

1. They already know, like, and trust you because their friend has given you a glowing recommendation.
2. They are pre-sold. Their friend has done your selling for you. They’ve set the sale up for you to close.
3. They are less price resistant. After all, if their friend purchased from you and they didn’t balk at the price, chances are your referral won’t either.

Many of the referrals we have received in our business over the years have become some of our best clients.

To get referrals, your business needs to have a referral mindset. What I mean by that, is everyone in your organization needs to know what the value of a referral is, and there needs to be a formalized system in place to get them.

First, you must start off by making sure your business is referrable. Your client experience must be one of high value and quality in order for any client to pass along the “good” word about you.

Then, it’s time to identify the key areas in your business where you can ask for referrals.

For example, it may be important to let a new prospect know how important referrals are to your business in your initial meeting with them, and that you will be asking for referrals at several points throughout your relationship.

Typically, the best time to ask for a referral is when the client is basking in the glory of their purchase. You may identify other key areas in your prospecting and sales processes where you can cultivate referrals.

The best advice is to ask, ask, and ask again for referrals. It takes courage to do this but the worst thing a client can say is, “I can’t think of anyone right now.” That’s not so bad, is it?

The Best Way to Ask for and Actually GET a Great Testimonial

What I want to share with you this week is a little bit on the section about testimonials from the book, The Brain Audit. We all know what other people say about your business is far more valuable than what you say. D’Sousa provides six questions to ask to get more powerful testimonials. Reading this changed the way I will forever ask for testimonials, and I think it will help you as well.

1. What was the obstacle that would have prevented you from buying this product/service?

This question allows for you to see what others are hung up on and how the issue can be, and was, overcome. We can’t always see our own faults, or maybe in this case the drawback to our service or product, but this question allows us to look through the eyes of our customers and see how or why their issue was overcome.

2. What did you find as a result of buying this product/service?

In this answer, your customer is explaining why their purchase was worth it, adding value in the eyes of your future customer to your product or service.

3. What specific feature did you like most about this product/service?

This provides a rich and in-depth detail to your product or service providing the end testimonial with specificities that your future client desires to hear.

4. What would be three other benefits about this product/service?

Now that your have your specific detail, you can focus on the other aspects your customer likes about your product or service. You might not need exactly three other benefits, but giving your customer a number allows them to hone in on what three or two or four things they enjoy.

5. Would you recommend this product/service? If so, why?

A customer won’t recommend something without feeling strongly about that product or service. Your customer’s integrity is attached to that recommendation, so this answer will truly be thought out and valuable.

6. Is there anything else you’d like to add?

With your thorough questions, your customer most likely won’t have any additional comments, but there’s no harm in asking. You could get your best answer yet!

These questions are simple and quick, but you’d be surprised the difference it will make to your testimonials. Be sure you are actually asking the questions, not just sending out a questionnaire. Your new testimonials will be more detailed and more heartfelt, which in turn can only make your business look better.

What’s a Customer Worth?

One of my mentors and a brilliant marketer, Bill Glazer always says he “makes a sale to get a customer”. Most businesses though look at it the other way around. They think, “I need to get a customer to make a sale”.  If your business is one where people return to you time and time again, your objective should be like Bill’s. Your focus should be on how to get a new customer and not on the profits from the first sale. Profit will come later when they continue to purchase from you. Here are a couple real life examples that demonstrate what I am referring to.

Two, that easily come to mind are music and book clubs. For only $1 you get 10 CDs or 4 books. That is an irresistible offer to any music or book lover and an easy way for the company to get a new  customer.  Initially, the cost to Columbia House or Book-of-the-Month club is at a loss. But they know they will recoup that and more because they have determined your lifetime value. They know over the course of the year commitment, you will spend X amount of dollars with them. This “future bank” figure is well worth it for them to give away the first sale to get you to become their customer.

So how do you figure out your lifetime value of your customer? The example I am going to give is basic and may easily be adapted to your business or it may not. Given the complexity of your product or service offering, you may have to segment your customers and determine several different lifetime values. But, hopefully this illustration will give you an understanding of how to determine this.

To start, take the average sales revenue a customer brings on an annual or monthly basis whichever works for the transaction activity in your business. Then determine how long on average your customers stay with you. For instance, say you sell supplements. The average first sale is $30 and the customer then spends $50 per month and stays with you for 6 months.Their lifetime value then is $330.

Now, determine what the cost (product, marketing, overhead, etc.) is on  the $330. Let’s say the cost of sales is $100. That leaves you with $230 in profit.

Based on this scenario, you could easily give away the first purchase of $30 to get that customer because you know they will spend an additional  $300 leaving you with a profit of $200. In fact, you could essentially spend $230 to get that customer, for that is your break even. You didn’t make a profit but you didn’t lose any money either.

Think of how many more customers you would be able to get using this offer versus the amount you would get with no offer at all. If you are able to get twice as many customers this way, you would increase your revenue by over 40%. Columbia House and Book-of-the-Month club probably wouldn’t have existed without this method.

Although, as I said previously, the above example is basic and there would most likely be a bit more involved in computing your customer lifetime value, the point is to know what this number is and then to determine what you are willing to spend to get a customer, not a sale.