Is business a little slow for you right now? Most people naturally think they should do more marketing to pump up more business. But, doing more marketing alone will not necessarily lead to more business. The message in your marketing has got to stand out in what I call your WOW factor. Finding your WOW Factor is about knowing what you’re selling. A lot of business owners and sales reps try to sell the wrong thing. If you’re a mortgage broker, the logical thing to do is try to sell mortgages. If you’re a web design company the logical thing to do is try to sell websites. If you’re in the technology industry, you might be trying to sell video conferencing. But, these are all commodities.
Your business can be transformed by simply shifting your focus on what it is that you’re really selling. If you ever registered for one of my WOW Factor webinars or seminars in it I have shared 6-8 different ways you can position your WOW Factor. One of those was by being known as the expert in your field. I show you HOW you can find your own WOW Factor (in my Marketing Action GROUP Coaching Club), but first you should also understand the WHY? Here’s 4 outcomes that happen when you become the known expert in your industry: 1) You convert a higher percentage of clients because they already trust you, know you and like you. If you aren’t already tracking your closing ratio, you should start implementing this as a standard weekly practice. For those of you who are tracking this, I want to share that it is not uncommon for me to hear about 30% closing ratios and even as low as 10% – yikes! That means that you’re spending all those hours preparing proposals and scheduling follow up meetings only to strike out the majority of times when you’re finally up at bat.
If your prospect, who is expressing interest in possible doing business with you, already knows and has confidence in your expertise they’re already 80% sold on you before they even raise their hand. So, you’re already at 3rd base by the time they call. 2) You spread greater scale of word of mouth. I was in NYC this past weekend visiting old friends. You know, I can’t tell you how many times in a 3 day period I heard one of my Manhattan friends share that that X is the best bakery in all of NYC, and X is the only doctor they would recommend in all of NYC, or X is absolutely the best Physical Therapist in NYC…. All I could think was wow, I’m so impressed these business owners sure did an effective job at building their expertise! 3) You convert a higher percentage of new referral clients. So, on my NYC visit I inquired about how our friends’ health has been. Our friends (both the husband and the wife) suffered a long, arduous recovery with lyme disease. They both practically recited a thesis on how much they owe to their one doctor and how he is the only doctor who is the only go-to expert when it comes to lyme disease.
Well, it’s also no surprise, that I also find out how many of their friends in their lyme-ridden Long Island community have also ended up going to see Dr. X…. so whether you are an expert solving a specific health problem or you’re an expert in solving a specific business problem, building your platform of expertise rapidly spreads strong word of mouth referrals. 4) You make it easier for others to refer you to their following. Don’t forget that people not only ask their friends and trusted advisers, “Who do you recommend that …”, but the second and more important question they follow that with is “WHY do you recommend that person?” … Are you deliberately building your WHY factor?