If you are an entrepreneur and business owner, chances are you have asked the question:
What is the best method of marketing to grow my business?
As a business coach, I have had the chance to meet with many entrepreneurs and help them with their marketing strategies over the years. The short answer to the question is that there is no magic bullet, or one size all marketing method that works for all types of companies 100% of the time.
Instead, I encourage you to focus on this concept that is 100% effective for all types of companies, industries, and businesses. I call this strategy the “Find Your One Thing” strategy. This week’s blog will explain what this method means as well as break down some simple and actionable steps to determine what your “one thing” is in your business.
Over the years of launching multiple successful companies, I focused on quickly finding the “one thing” that brought customers through my door. In 2005, when I launched M & E Painting I knocked on doors in four different targeted neighborhoods. I established that for every hour I spent knocking on doors, I would set up 1-3 estimates. From there I knew I would close 40-50% of my estimates, and I was quickly able to determine a return on my time investment. After this, I cranked up my time spent and saw results accordingly.
When I launched M & E Real Estate Ventures in 2017 and began my business as a Realtor, I focused on performing real estate reviews for everybody that was on my ‘circle of influence’ list. I established that for every 10 real estate reviews I did, a conversation would begin about me helping somebody buy or sell their home. From there I knew three out of four of those conversations turned into a business. After this, I cranked up my time spent and saw results accordingly.
The key here is that each business had a different method that I determined to be effective. Once I found that method and the ratios involved, I focused as much of my time as possible on that one marketing method. I ensured I spent 80% of my marketing time on that method, while the other 20% was used to test new/other methods to establish ratios and returns to my business.
To have a successful business, it is important to remember not to get distracted, overwhelmed, or inundated with too many things, especially when it comes to marketing. Find what works, measure it to make sure it continues to work, then scale it up to grow. Here are a few tips for the steps I just shared.
Step 1: Select your method. Pick a strategy and method you would like to implement in your business. It is important in this step that you give yourself enough time to get comfortable with the process and method. The key here is to spend enough time establishing ratios (which we will talk about in step 2). Many business owners quit too soon if they do not see immediate results. I had the first 25 doors shut in my face before doors 26, 27, and 28 asked me to estimate their paint jobs.
Step 2: Establish your ratios and returns. Jim Rohn said, “if you take action enough times, a ratio will begin to appear.” When I was knocking on doors with M & E Painting, I established after the first 28 doors I knocked that 3 people wanted estimates. I was 3/28 after one hour of work. That ratio would have been much different if I quit at door 25. Nevertheless, I established ratios and from there could track my efforts and results.
Step 3. Pump up the volume. Dedicate 80% of your marketing time to this method. Be very intentional about having uninterrupted time in your calendar to execute this method. If you plan to spend 20 hours of your week marketing, make sure 16 of them (80%) are focused on your one thing. Don’t get distracted here. Hold yourself accountable and have others hold you accountable for these actions.
Step 4. Improve, refine, and tweak. As you continue to work on your one thing, remember that you will get better, smoother, and more efficient in your approach, message, and confidence in presenting your one thing. As you do, your ratios should improve.
Step 5. Explore other options. Once you find your one thing, it does not mean it has to be your only thing. Spend 20% of your time exploring other options. In this step, simply go back to steps 1 and 2, and determine if you have encountered a new method that brings equal or better results than your current method. About three years into M & E Painting, I was intrigued to see the dancing men and women on the street corners holding signs to advertise for companies. I remember the day I took step 1 on attempting this method to discover rather quickly that the ratios of this method were just as effective, sometimes more so than my canvassing method. Be sure to explore other methods so that you may stack and add to your marketing mix.
Step 6. Evaluate and Purge. As you build your marketing mix, always make sure you know which method is the best return on your time and dollar, and invest heavily in that. As you explore and add other options and methods you will begin to see that some methods need to be eliminated from your mix. I see many business owners that get stuck in implementing a method that is no longer effective and they have a hard time eliminating it.
Step 7. Rinse and repeat. As your company grows, it is always a great idea to explore new and innovative marketing methods. Keep working on steps 1-6 on each method that presents itself to you. Successful companies are always exploring new ideas and ways to innovate and stand out from the crowd, while still remembering to spend the majority of their time on the main thing that produces results.
Remember to have fun with your marketing, and don’t be afraid to try new things. Some of my best marketing methods were things others thought were crazy, such as our Rockstar sign spinners and our Painted Baby campaign (Painted Baby was so effective I am writing my next book about it!). Some of my best marketing methods were also things I was not confident our company could pull off, until we pulled it off, such as winning business awards. Check out last week’s blog: How to Win Business Awards as well as my book Become an Award-Winning Company.
I recently launched a Tik Tok video series called Back to the Business Basics. Click here to watch the episode where I shared about about this topic in today’s blog.
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Wishing you much success in your business and leadership journey.
I love you.
I believe in you.
You’ve got this.
Now, go get it!