Is your business too reliant, and therefore vulnerable, because it relies on one form of marketing? Or do you have an effective and tested marketing mix? These are important questions to ask yourself when it comes to your business longevity. A high percentage of businesses take a passive approach to their marketing.
They wait for their existing clients to tell other people about their business (referral marketing or word-of-mouth). Whilst this is a powerful way to generate business, it also makes you totally reliant on something you can’t control – your clients comments about your services.
You need to become proactive when it comes to marketing your business, and you need to have more than one leg on your marketing structure to create a stable and consistent revenue stream. Now, I can’t show you one way to generate 100 clients, but I can show you 100 ways to generate one client.
This is the concept behind your marketing mix. By employing multiple approaches to how you generate leads and prospects, you not only create a more consistent stream of income, you reduce the risk to your business of only having one strategy working for you.
By all means have word-of-mouth marketing working for you. To increase its effectiveness though, implement a proactive referral campaign. To then add more legs to your marketing base you could then include networking events, public speaking, article writing, promotions, and advertising.
The message here is simple, reduce your risk and increase your business by developing a low-cost marketing mix to build revenues.