This is Part 6 – Your Most Important Asset
Thus far we’ve looked into marketing strategies for:
• Social Media
• Selling the Sizzle
• Getting Reviews
• Standing Out
• Client Retention
None of these strategies will amount to a hill-of-beans for your business without having an understanding of your most valuable asset. Of course your first obvious thought might be, “I am the most valuable asset to my business.” And without a doubt, as the owner, you are important.
However, the most valuable asset in your business is your contact list …and in real terms …your database; the system you use to nurture your business relationships.
We regularly meet with clients who have hundreds, even thousands of “people” in their social media accounts; however, in their own company database, they may have far less.
One of my clients had more than 17,000 contacts in her combined circle of Facebook, Instagram, Twitter, and Linkedin accounts but had less than 200 targeted contacts in her own business database. This client wondered why she was not getting more business.
That's because these platforms understand their assets and the value each individual can bring. That's why they spend millions in communication, not only to sell, but also to "tell."
It’s okay to grow a large social media circle, but it’s not enough. If you are in business then you should be consistently gathering assets for your business into a system that provides you with the highest degree of ownership.
What’s to be done? Here are just three of the many ways you can build assets in your database:
1. Create a strategy to bring more TARGETED contacts into your database. We have a name for it: “Meeting people online to bring them offline” (offline referring to your database). This means that you are taking time to be aware of people in your circle and not just expecting them to be aware of you.
2. Be selective. Database nurturing can be a lot like gardening, you must nurture the seeds and pull out the weeds. And just as you'll need tools to keep your garden growing, so it is with growing your database. You’ll benefit from a CRM (Customer Relationship Management) system that provides you good analytics.
3. Use the analytics to guide you to your future success. These are YOUR people; they have agreed to pay attention to YOUR call-to-action … it’s your job to keep communicating with them until you have built enough trust with them to verify them as an asset.
In summary: COVID-19 has been devastating for some businesses. To stay relevant, many of them are wisely looking at online platforms and technologies to market, survive, and grow. Because of this, many are thriving.
One of the most frequently asked questions we get is: “How do I meet people online …and bring them off line?”
The answer is, each business is unique, there is real work involved, and it just like growing a garden, it is good, rewarding work, but the work has to be done.
The good news: If you are ready to do the work and learn some ideas in growing your database, we are waiting to speak with you.
Follow this link to connect with me. Let's take some of the challenge out of growing your most valuable asset!