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Marketing Via Your Circle of Influence
(COI) Has New Limits
COI has long been recognized as one of your best resources
for generating repeat and referral business. While past efforts
working your COI probably generated enough leads to keep
your business humming, the new economy is putting some limits
on how effective this tactic is right now. Here is why:
1. Your COI, in terms of past clients, is affected by the
same market conditions as everyone else. Therefore in terms
of repeat business, a smaller number of your past clients
will be remodeling and the projects they do will likely be
smaller. They may also be influenced by stories of aggressive
pricing by other remodelers and may now be looking for price
rather than quality, service and value.
2. Your COI, past clients and others, is only so large.
They don't actively beat the streets finding leads for you.
They are passive lead generators - until they know of someone
who is looking for a remodeler or who asks them for a recommendation,
no referral is generated. If you have 300 people or 3000
people in your COI, they now have fewer opportunities to
refer business to you.
Still, regardless of today’s sluggish market conditions,
your COI is still a very valuable asset so don’t turn
your back on them. Here are some things you can do to help
offset the recent limitations of COI marketing:
1. Increase your COI. There are a number of ways of doing
this.
2. Work your COI as much as you can, but not so much that
you turn them off.
3. Pay special attention to those who have referred you business
in the past or who can refer it now.
4. Develop and implement marketing programs to generate leads
that are not COI- based.
5. Improve your sales techniques and your close ratio.
6. Add lost prospects to your COI. Statistically 1/3 or more
won't be happy with the other remodeler and could be a good
and wiser prospect in the future.
To learn more about expanding and working your COI and other
lead generating and sales conversion approaches please contact
us.
A Remodeler Asked:
Q: How
long will homeowners’ current mindset about
remodeling stay the way it is?
A: The other day I was being interviewed about what I thought
would happen to consumer buying habits in the
future. Like everyone else, Continuum has been working
hard to stay ahead of the curve and tune into
what is going on in buyers'
minds. I had come to the conclusion a while ago that there
would likely be a change in consumer buying habits similar
to that experienced after the Great Depression. I also predicted
that generational issues (i.e. Baby
Boomers vs. Gen Xers)
would also be an important factor in future consumer
buying trends.
This Wharton article,
which discusses these issues in more detail and from several
perspectives, might be of interest
to you as you look towards your future planning.
COI Marketing Special Offers
1. Two Months of FREE e-newsletters when you sign up
for a 12 month or longer select e-newsletter program (limited
time offer).
2. Referrals can earn you FREE e-newsletters.
Learn
more about our special offers
and how
Continuum Marketing Group can
help your business
grow.
Comments & Questions
If you have questions or topics you would like us to address in future issues of Marketing Matters, please let us know. Send them to editor@continuum-mg.com.
Sincerely,
David Alpert
President, Continuum Marketing Group, LLC
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