One of the questions that I have received a lot in my inbox since 1st Jan 2013 is this:
“How can I grow my business significantly with little investment?”
I spoke with one of my clients only this morning who was facing this dilemma. He runs a small coaching consultancy, is in the process of writing his first book and wants to launch a seminar to his local community of businesses.
He recognises that his spend on marketing and advertising is limited and wants a good return. I should point out that he is highly intelligent and keen to make a positive impact on the world through sharing his message.
Here are his 2 biggest problems:
- His budget for the seminar and it’s marketing is limited
- He acknowledges that most companies and individuals are reducing expenditure
Do these problems sound similar to the issues facing your business today?
Let’s tackle these problems in reverse.
“Companies and individuals are reducing expenditure”
Every time there is a recession two things happen. The rich get richer and the poor get poorer. It’s an interesting statistic that there are more millionaires created during recessions than at any other time of an economic cycle.
And this isn’t even the domain of the millionaires. High income families always maintain their lifestyle during recessions.
This may sound implausible, so understand the car market which reflects the buying power of our demographics.
Sales of luxury cars are up (and increasing) sales of middle value hatchbacks are continuing to fall (by the way, the car market is the litmus of the confidence of the economy which is why it is always featured so heavily on the news).
The second consideration for “reducing expenditure” is this. The psychology behind companies and individuals reducing expenditure belies a hidden opportunity.
Those companies and individuals are in pain as a result of their perception of the recession. If you are intelligent you can develop a solution to their pain that will help them, not only survive, but thrive during the recession.
If your business is struggling I urge you to seek out someone who is successful during a recession. Anyone can make money during a boom, intelligent growth specialists succeed no matter what.
“My budget is limited”
Most people fall into this common mindset and are then limited in their thinking of what a solution may be.
I have been sought out for my innovative approaches to business models that leverage relationships so that everyone benefits.
How can you do this?
Going back to my client he was hoping to land a celebrity keynote speaker with no payment by saying that a percentage of the profits would be donated to his chosen charity.
As you can imagine being on the television he gets many requests like this and when asked, he politely refused.
So when we started working together I approached it in a slightly different way.
I asked my client to approach the celebrity and the charity at the same time, including the individuals on the same email. We worked on the tone and language of the email so that it eloquently put forward a proposition that was beneficial to the objectives of the charity and the celebrity.
As my dad always used to say “what’s in it for the other fella?”
We formed a partnership between us, the celebrity and the charity that would meet their needs ahead of our own.
As you can imagine all three partners gained significant local press coverage and we were able to leverage the brand of the celebrity and the charity through a joint marketing.
This didn’t fill the seminar.
What did fill it was the 12 strategic partnerships that we were able to form with other suppliers using this same model.
I hope you use this model and have at least 10% of the success that my client.