Tired of playing advertising roulette? Learn how to attract more clients without advertising.
By the time many clients arrive at our doorstep, they’re extremely frustrated! They are tired of spending thousands of dollars on traditional advertising without getting the results they were expecting. Very often, the proper implementation of better strategies will allow you to get all the clients you want!
We write a lot for and coach many doctors, attorneys, and accountants about capturing more and better clients/patients. In particular, how to get all the clientele they want — without advertising.
“The act or practice of calling public attention to one’s product, service, need, etc., especially by paid announcements in newspapers and magazines, over radio or television, on billboards, etc.; paid announcements.” — Dictionary.com
There is one specific truth that applies to every company on earth, from the independent business owner to General Motors: They all face tremendous pressure to produce quality business opportunities consistently!
This article teaches you an extremely potent strategy used by some of the most successful companies in the country. In fact, it is an under-utilized approach by smaller to medium-large sized companies. I am referring to a concept called Endorsement Marketing.
Would you like to consistently attract a steady stream of new clients without the traditional methods and expense of advertising?
First of all, the notion and use of endorsements and relationships to build one’s business has existed for millennia. To illustrate, college fraternities have long-standing reputations for being nesting grounds for future business opportunities.
To successfully implement the strategies of endorsement marketing, you must first develop strategic networks and relationships. In other words, those relationships will, in time, create endorsement opportunities for you.
Hence, the goal is to make yourself and your firm valuable to other businesses. As a result, you create an environment to receive introductions to new and “better” clients and patients through their endorsements. Specifically, the purpose of developing strategic networks is to enrich your client/patient platform through the stability of another firm.
Multiple marketing studies demonstrate how businesses have benefited from utilizing this powerful concept to make their businesses soar! Thus, if used correctly, strategic networking may replace or eliminate many of the expenses and time you spend attracting business. Consequently, you will be able to focus on doing what you love to do.
In a nutshell, relationship utilizes the influential prowess of two professionals, to harness the synergy from the interaction of both companies. Hence, when combined, the affiliation produces a total effect that is greater than the sum of their individual elements. Said differently, endorsement marketing is a coming together of two forces, for the benefit of both client bases.
Endorsements can confer on a brand a larger-than-life image, and the testimonial can last quite long.
This marketing strategy is time-tested and extremely powerful; it is the ultimate use of marketing leverage. Endorsement marketing will transform your whole outlook on marketing.
First, you need to establish who is providing a complementary but non-competitive product or service to your ideal client base. For example, chiropractors, orthopedic surgeons, and physical therapists form alliances with health spas, gyms, or yoga facilities. Also, an accountant could provide their expertise while establishing relationships with business acquisition brokers. Another example would be an insurance agent forming a relationship with a mortgage broker.
Second, endorsement marketing strategies allow you to reconnect with lost clients and patients. For instance, many business owners spend considerable time and money attracting clientele only to neglect them after their first purchase. Sadly, these clients and patients never offered any other products and services (no matter how good services may be). These business owners never fully capitalize on the relationships they have built with their client/patient base.
The new affiliation you form with another company opens the availability of delivering exceptional services and products to your clients/patients. The new services and products can go a long way in mending fences
Next, you will begin your affiliate relationship with a letter of endorsement. Practice “A” develops a bilateral agreement with Company “B” to have access to each other’s client list. Then, a letter is created recommending and referring the services and products of the other business.
A logical place to start looking for your first endorsement partner would be to do an inventory of business relationships you may already have. Consider future alliances through Social media influencers, college alumni, friends, fraternal organizations, chambers of commerce, and so on.
* A crucial caveat: Only spend your time and energy on businesses that can accurately track all of their past and present clients.
In conclusion, endorsement marketing strategies can be extremely lucrative. However, you must be very selective about who you choose to be your endorsement affiliate. Make sure that they understand and live by their reputation and have excellent communication with their patients or clients.
Make sure they [your enforcement ally] are just as much of a star as you are!
Above all else, make sure that they live by the honor code of Reciprocity.
Definition: The relation or policy in commercial dealings between two or more parties by which each grants corresponding advantages or privileges for the sake of mutual benefit.
Before you approach a single person, even if that person is your best friend, you need to find out what that person wants and needs.
This marketing strategy requires a shift in thinking. You need to expand your thinking about the attraction and appeal of patients and clients. Change your thinking from a linear philosophy to the creation of a symbiotic relationship with other professionals.
To indeed be an asset, you need to find out whether that person’s vision aligns with yours!
Go to lunch or for a cup of coffee; make the time you spend with your potential Endorser extremely productive! Be casual, friendly, and conversational as you inquire about, and take a genuine interest in, that person’s concerns and goals.
If you feel that friendly conversation is not your strong suit, find a colleague who does have this skill and invite them to join the meeting. The point is that you will have to learn to be good at asking questions. Fortunately, the more you do it, the better you become.
Above everything else, do not lose sight of your object. Before you sit down with this person, focus and keep in mind the big picture of what is at stake. This awareness will protect both parties, and you will want to avoid any misunderstandings right up front.
Here is what you’ll need for an honest, upfront agreement and a handshake. If you do it correctly, you will forever avoid any misgivings, hurt feelings, and misunderstandings:
- What is the end goal?
- How will we accomplish this?
- What is in place to track and verify results?
- How long is the duration of our agreement?
- Exactly who does what and when?
- Have an exit strategy
First and foremost, you have both determined that you have a good fit. Then, it will be time to share the benefit you expect to derive from this venture. Again, the strategy only works if there is a mutual benefit. If you approach this from a “you-centric,” “it’s all about me” perspective, you can expect the proposal to fail!
Before the meeting, make a list of essential items you want to uncover. The point is, if you wish to have this highly lucrative strategy work for you, you need to develop a systematic method of asking the excellent, listener-centric questions that will uncover the prospective Endorser’s problems and needs.
From the desk of Claudio Gormaz of Summit Marketing Strategies