Leverage is an important concept when it comes to positioning yourself in a highly competitive market. No one has a large marketing budget or unlimited time to spend on marketing, so leveraging the resources you have is a smart move. By Robyn Simpson.
Leverage: (def) the use of a small initial investment, credit, or borrowed funds to gain a very high return in relation to one’s investment, to control a much larger investment, or to reduce one’s own liability for any loss (source: www.dictionary.com)
Some of the best marketing activities are about making small investments to gain a much larger advantage. Here are some tips to help you use your personal leverage in your marketing activities to enhance results:
- Connect through others connections
Build a strong alliance network that is willing to work with you.Contribute to their newsletters as an expert and add value to their contacts. Offer the same in return.The added leverage is they help you provide content for your newsletter saving you time.Join forces to provide networking or educational events that add value to everyone’s database while spreading the workload and costs at the same time.Choose your alliance partners well and you can quickly position yourself as an expert.
- Brand yourself as the ‘go to’ person for a particular niche
Although it can be tempting to think everyone is a potential customer, especially in a tough market, those who position themselves strongly as an expert in a defined market enjoy greater results than those who generalise.Choose something that makes you stand out from the crowd and promote your message consistently and persistently.Add a bit of character and finesse and people will soon get to know you, remember you and tell others about you.
Choosing one area of expertise also leverages your ability to gain a great deal of knowledge in a short period. Use your time wisely and choose something topical that will add value to your potential and existing clients.Use communication platforms such as blogs, articles, and social media platforms wisely.When executed well, you can save a lot of time and be potentially seen in many places, simply by setting them up to feed each other.
- Build your database
Databases are no longer held and managed in one place.Customers like to connect in different ways.Depending on your target market you may have a Facebook database, Twitter database, LinkedIn database, email database, mailing list in addition to your CRM system. The key is to ensure you are building your overall database in appropriate places to connect with your potential and existing customers and stay top of mind.Databases hold the gold when respected and used properly.Database marketing is one of the best ways to leverage your personal brand.Doing business with existing clients through gaining testimonials and referrals is far more cost effective than finding new clients.In real estate, it is crucial to have a good referral base.People do business with people they trust, and trust comes from credibility inferred or experienced.By connecting with key people in your database on a regular basis in a personalised way, you can generate good referral business and develop strong credibility.
- Stay top of mind
A lead is potentially worth a lot of income for you.Think of the worth of leads in their entirety.The lifetime potential is staggering, so make sure you keep in touch with them.It would be a shame to lose a lead simply because they felt you were being complacent.It does not take much to keep in touch. Set up a smart, leveraged system to communicate with your various databases and plan your communications.Aim to plan at least six months in advance allowing flexibility to respond to market changes.
When you consider spending any time or money on marketing initiatives always ask yourself “How can I leverage this?Where are the points of leverage?”
Look for the gold in your network.Who are the people who know the people you want to know?Find them, and build a mutually beneficial relationship with them and you can dramatically cut your time and money invested in marketing.When you think of the win-win-win and you have understood the concept of leverage,you will enjoy the multiple benefits.
Robyn Simpson is widely-known for her smart marketing techniques, clever campaigns and admirable response rates. Her business MarketSmartly specialises in lead generation, customer retention and customer extension. Robyn is an international speaker and facilitates workshops to teach business people to market smartly on limited budgets. For more information visit www.MarketSmartly.com.