1/26/2021 Tip: The Most Profitable Marketing Tactic

Today’s Quote

Thinking is the hardest work there is, which is probably the reason why so few engage in it.
~ Henry Ford

 

Today’s Tip

Referrals are one of, if not the most cost-effective and profitable tactics to grow your sales. 

Here are the keys to an effective referral system.

Step 1: Make the Client Want to Give You a Referral: by satisfying their needs and fulfill the promises you made them

Step 2: Ask for the Referral: find the ideal time (e.g., after the client has tried your product/service).

Step 3: Effectively Contact the Referral (determine the best medium such as email, telephone, direct mail, etc.)

Step 4: Formalize and Systematize Your Referral Program (creating a repeatable system and training employees are the key to long term referral success)

 

Today’s Resource

Is your marketing plan working?

Ask yourself these 3 questions to tell if your marketing is failing or succeeding:

  1. Does your marketing generate a steady flow of new leads and sales?
  2. Are your marketing activities growing your profits month after month?
  3. Is your marketing so powerful that your competitors would do anything to get their hands on your marketing plan?

If you answered “NO” to any of these questions, you need to stop what you’re doing, and fix your marketing plan right now.

Fix your marketing plan <–

 

Trivia

Today’s Question: What iconic board game was originally rejected by Parker Brothers in 1934 for having “52 fundamental playing errors”?

Previous Question: Entrepreneur John Matthews purchased a large amount of scrap marble left over from the construction of St. Patrick’s Cathedral in 1879. What did he do with it?

Answer: Matthews, who was a manufacturer of soda fountain equipment, used a diluted acid to dissolve the marble scraps and turn them into 25 million gallons of soda water.

This is a classic example of the old saying, “one man’s trash is another man’s treasure.” Many businesses have thrived by finding new uses from their own or other businesses’ waste materials. For example, Henry Ford took the wood scraps that were left over from the production of his Model T’s and turned them into charcoal briquettes. He used this to form the Ford Charcoal Company, which was later renamed Kingsford (a massive brand today). So, always be on the lookout for creative uses of all resources.

 

Join our Tip of the Day

To get Growthink’s Tip of the Day delivered to your email inbox, enter your information below:

[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]