Nothing Happens Until You Make a Sale
“Nothing Happens Until You Make a Sale.” -Allen Bostrom
Let’s talk about the shark. Believe it or not, a shark can show you a really effective way to market. I remember when I saw the movie JAWS, it made me a little nervous to swim in the pool, let alone the ocean. But it might surprise you to know that a shark provides a really great model for an effective and easy-to-execute marketing tool.
Sharks aren’t too picky about what they eat. In fact, a shark’s day is spent either eating or looking for something to eat. They’ll eat just about any fish that comes close enough, except for the pilot fish.
You might ask, “What’s so special about the pilot fish?”
Mutually Beneficial Relationships
The pilot fish does a lot for the shark. Right after meal time, which is all the time; the pilot fish acts like a mini automatic toothbrush, eating the leftover food lodged between the shark’s teeth. The shark gets a free visit to the hygienist and the pilot fish gets a meal without the effort of the hunt. That’s a mutually beneficial relationship. In other words, one in which both parties benefit and help each other in the process.
What Does That Have To Do with Marketing?
Lots of businesses in related, and even some unrelated fields, service the same clients that you do. We all know the saying, “You scratch my back and I’ll scratch yours.” I call this “Tag-Team Marketing,” one of the easy to use marketing tools we’re going to talk about in this newsletter.
Tag-Team Marketing is the perfect compliment to what we talked about last time, referrals, because you can even Tag-Team with your customers.
Increase Your Sales Force Without Hiring New Salespeople!
Remember the pilot fish? Grab a pencil and let’s brainstorm for a minute. Write down the businesses that don’t compete with you, but might service the same people you do. These are the folks that can be your pilot fish. In the tax preparation business there are a lot of potential pilot fish.
What Do Hulk Hogan and a Pilot Fish Have in Common?
Don’t tell anybody, but yes, I watched the “Hulkster” wrestle a time or two. I used to work with a guy who was really into the whole “Wrestle-Mania” world. But you don’t have to be a wrestling fan to appreciate Hulk Hogan.
There is an event called the Tag-Team wrestling match. Instead of two wrestlers going head-to-head, four guys wrestle in teams of two (wrestling one at a time.) As one team member was “puttin’ the hurt” on his opponent, if he needed a little extra to win the match, he would extend his hand and “tag” his teammate so he could finish him off.
But that’s not all. If he got in trouble himself, he could “tag” the other wrestler on his team and get relief. They worked together, like the pilot fish and the shark, to take care of each other.
Let’s Create a Mutually Beneficial Relationship for You
Now… pick one of those businesses on your list and create a mutually beneficial “Tag-Team.” For example, if I were a florist and wanted to do wedding flowers, I would try to create a relationship with a wedding photographer.
I’d give away his card and brochure to my clients, recommend him as “my photographer,” and in return he would do the same for me. We might even create a special promotion together to make the “Tag-Team” even stronger. It could go something like this, “When you use Tender Moments Wedding Photography for your wedding pictures and Bloomin’ Blooms for you wedding flowers, you’ll get a special discount,” or whatever else makes sense for the photographer and the florist.
By giving customers a reason to use both businesses together, we strengthen our own marketing position and create a mutually beneficial “Tag-Team.” Both the photographer and the florist benefit and reap the rewards.
Just like Automatic Referrals, “Tag-Team” marketing can become an easy, low maintenance way to increase your marketing sales force. Oh… don’t forget your customers either. (Sometimes the best Tag-Teams are created with your customers.)
For example, do you think you could create a very effective “Tag-Team” with your insurance agent? You bet you can. Even more important, you should. There’s not a better “Tag-Team” partner than somebody who uses your services. And if you’re smart, you’ll use his too.
“Do You Want Fries With That?”
Jay Abraham, marketer and author says, “When you close a sale, it’s the perfect time to make an additional sale - particularly if there’s a very good reason and benefit for the client to buy your package deal. Sixty percent of all clients will increase [buy more services] if you do it right and offer true value.”
What a powerful marketing tool! Often saying, “I really appreciate doing the tax accounting for your company Mr. Brown. Did you know that I also do bookkeeping? I’d welcome the opportunity to do your bookkeeping as well. Since I’m already familiar with your taxes,” might be all it takes.
Believe it or not, many times you will find it just that easy. Don’t let yourself say, “Thank-you and goodbye” in the same sentence. You need to think of all the additional things you can offer your clients each time you transact your regular business with them.
“Do you want fries with that?” is one of the most powerful marketing tools available to you. What did Jay say? Wouldn’t you like 60% of your clients to add additional services to your billing? That’s nothing to sneeze at.
Marketing is Not an Intrusion; it’s an Opportunity to Provide Additional Benefits
Whether you’re an accountant, a tax preparer, or a financial consultant, you can benefit from the effective interaction among the following three business functions: accounting, marketing, and production. In this article we’ve focused on using an effective marketing technique to increase your business’s profitability. To learn more principles of profitability order Allen Bostrom’s book, In the Black. Within no time you’ll have access to tried and true principles that can make your business more efficient and lucrative. What are you waiting for? Learn from a master. Order Allen’s book and be on your way to a more profitable tax practice today!
