Category Archives for "Business Mastery"

How to Market Your Business for FREE – An Idiot’s guide to Online Marketing

By Matthew Moody | Business Mastery

Let’s talk about leverage;

In the property world, investment in property works where the money you invest (or not) is geared to generate a higher level of return. In the case of property the ‘tool’ is a mortgage.

If you borrow money at a lower rate than you can get Return on Investment (ROI), then you are, by definition, gearing your money. In some cases that gearing or leverage can be infinite (that’s not for this article go to our blog for the ways to do this).

So how do you leverage your online marketing, and more importantly, get it done for free?

Please note that I did not say it wouldn’t cost anything, I said it was free.

As with anything in life, there is a trade off, in this case it is time.

So how can you leverage both?

Enter Social Media. Now don’t switch off, this is a catch all for everything that we do online in an interactive way. I have lost count of the amount of times I have had to explain the difference between Sales and Marketing. Marketing is the journey from a want to a desire, and Sales is the conversion from desire to action.

Lecture over; Online marketing is therefore a journey and unless you have the ‘silver bullet’ a lot of what you do online is trial and error.

So how do you ensure you are using the right tools?

My advice is in two parts:-

  1. Choose Your Battleground

For smaller businesses (SME) it may not be appropriate to use all of the channels at once and in spreading yourself thinly across multiple platforms you could be damaging your brand. One esteemed colleague of mine made it very clear on one of his talks to a local business group when he stated’ “It is nice to be on all of the Social Media Networks, but if you don’t socialise with your network you can do some real damage. It is better to NOT be on a channel, than be on it and be silent.”

The important thing to understand is that your Social Media presence is your window to the virtual world. It is worth investing time in posting, tweeting etc so that the world can see what you do.

Social media means a SME can have the same impact in terms of marketing, as a large multinational, but without the large overhead cost if it is done correctly.

The only tip here is that SME should concentrate on TWO or a maximum of three channels, otherwise they will be spending all day on marketing on nothing on delivery. Unless you have the budget to hire an in-house specialist, but even then it would be prudent to be selective with the channels you pick.

  1. Be in the room!

The other thing to consider is only use the channel where the majority of your clients ‘hang out’. Some networks have a specific demographic and unless your clients fit within that demographic then you will find it difficult to gain any traction. According to Hootsuite, Instagram have a younger user base (53% aged 18 to 29) so if your target market is over 60 then this channel is not for you.

There is a chain of thought that a B2B company would do better with utilising LinkedIn, whereas B2C would do better using Facebook and Twitter. This sounds okay, but individual businesses would need to do their own customer avatar research before taking this as any form of guidance.

We have prepared out Top ‘5 Top Tools for Marketing your Business’ which you can download, that we use on a daily basis. They all have FREE versions which we use, and all of them allow us to leverage our time (and obviously money) to great effect.

If you need any help with configuring them or want to know how we use them, then drop us a line!

Remember all the tools are FREE, and we all like that, don’t we?

A Perfect Elevator Pitch – Have You Got One?

By Matthew Moody | Business Mastery

elevator-1598431_1920Whether you are trying to raise money for your business or just want to perfect your business strategy, a solid elevator pitch is an essential tool for achieving your goals. An elevator pitch can be delivered either verbally, ideally in 60 seconds or less, or as a one-page overview of your business. Think of the elevator pitch as an executive summary that provides a quick overview of your business and details why you are going to be successful.

 

The original concept of an elevator pitch, unsurprisingly, came from our cousins across the pond and according to Wikipedia is credited to  Ilene Rosenzweig and Michael Caruso of Vanity Fair Magazine and refers to the time you have got to pitch an idea to someone, if you were ‘stuck’ in an elevator with a potential investor travelling between two floors in a building. Originally a ‘thirty second’ monologue, it has been used to describe any ‘pitch’ to a potential investor where time is of the essence. It is more commonly used at networking events as a way of introducing you and your business to other people in the room.

So it goes something like this;

“Hello Dragons, my name is John Smith, and I am here today to ask for £10,000 in exchange for 10% equity in my company – Do As You Want”.

Sometimes you peak interest, sometimes you don’t. So exactly what should you be saying, and more importantly what should you NOT be saying.

In Dragon’s Den, budding entrepreneurs come face to face with (now) five well known (?) business owners that are considered established in the ways of business strategy and growth. The SEVEN things that make a good elevator pitch are listed as;-

  1. Problem – Identify a problem that needs solving and why?
  2. Solution – How will you solve the problem?
  3. Target Market – Who will buy?
  4. Competition – Do you have any?
  5. Team – Who is on your side already?
  6. Financial Summary – How much and when?
  7. Milestones – Ambition?

This seems a lot to squeeze into what will possibly be just SIXTY SECONDS, but this is a proven way of condensing your message.

In reality, the whole thing can be intimidating, but if you get it right, the end result is people talking to you about your business. You have ‘earned the right’ to your next ‘exposure’.

There are a few things I would like to add to the list above, as more of a ‘don’t list’;

  1. Alienate – do not criticise anyone in your pitch
  2. Distract – use a real life example of success
  3. Fantasise – realistic achievable figures only please
  4. Make it up as you go along – be prepared – see later
  5. Waffle – keep on track
  6. Dress Up – be presentable (unless you are pitching fancy dress)

Always be prepared. Most networking events have some kind of ‘elevator pitch’ and it is important to have TWO or THREE pre-prepared scripts that you have rehearsed over and over again in front of the mirror so that they become second nature.

Why?

Because you don’t want to be the one in the room that stumbles, reads from a scribbled note, or looks as white as a sheet. I have seen some awful pitches (why would anyone put themselves through it?) and I have witnessed some excellent ones. Take note all of you network leaders out there, whilst you may think it is funny, or a challenge; springing an ‘elevator pitch’ on someone when they have not prepared for it, you will not see that person again for a while. Make sure everyone at your event knows what is expected of them. You are a leader, communicate.

Being prepared (or the 5 P’s as I like to call them; Prior Preparation Prevents Piss Poor Performance) gives you confidence, and don’t worry if you don’t get it all in the first time, keep trying, keep adjusting, try it on the dog, your spouse, your children, or anyone else that will listen. It gets easier, I promise.

For some more great tips on ‘How To Survive Dragon’s Den’, go to our exclusive Four Video Giveaway on the topic

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