This post is all about...Stealing!
Stealing business ideas. More specifically, stealing best practices from businesses that are in other industries.
You see, most businesses only look at what their direct competitors are doing, copy them.
There are so many opportunities hiding in plain sight that simply slip by them.
I'm going to give you a handful of examples on how you can grow your business just by being a little more observant.
Most businesses practice what we in the marketing world call "marketing incest", or "Me Too" advertising. If you want an example of this just go look at the typical ad for lawyers or real estate agents.
It's almost always the same thing: name, rank, serial number.
Ben Byrne, Attorney, My phone number xxx xxx xxxx.
Hurt in a car? Call me! I'll bring the hammer down and get you paid!
The thing is they don't learn how to market and sell themselves in law school, they are far too busy learning lawyer shit.
And that's OK because it creates an opportunity for those willing to be different, to break away from the herd.
By the way, you can transfer lawyer to whatever your profession is.
Let's take the average restaurant. They say 90% of restaurants go out of business within the first 5 years. If you are a glutton for punishment, go start a restaurant.
Well there happens to be one EXTREMELY profitable way to generate reliable business for restaurants. Can you guess what it is and where this practice might come from?
I'll give you a hint: We all have one. If you guessed a birthday, bingo.
A restaurant that has a birthday list has an enormous advantage over one that doesn't. In fact, just having a customer list will put you ahead of most of your competitors.
It's completely obvious to anyone who has studied marketing, but the most valuable asset your business can possibly have, is a list of customers.
Like Dan Kennedy says: most businesses get a customer to make a sale.
Dan and his clients think about it the other way: They make sales to get a customer.
You see if you're constantly prospecting for new customers and not keeping a database of the ones that already bought for you, and engineering ways for them to buy more stuff from you, you're making a huge mistake.
Albeit a very common mistake.
What are some other best practices to use? Well how about the idea of joint ventures. Again, they are huge in the marketing world.
Think of an "email drop", where you have a product to sell but no list to sell it to, and no money to advertise.
You contact someone with a large list of customers who buy things similar to your product, offer to split the profit 50/50, and either email or mail your offer to their list.
What you just did is buy customers which that person most likely had to spend a lot of money on advertising and marketing to acquire. Now they are in your list and you can send them more offers.
One of the most expensive costs in business is new customer acquisition. Using joint venture tactics like this can reduce that to near zero. Think of any service that relates to your business.
Maybe you're a painter.
Well the first people I would look for to partner with would be real estate agents obviously, pest control, paint supply companies roofers, carpet cleaners, landscapers, and so on.
When you close a paint deal, you give them coupons or whatever for the other peoples services in case they need them in the future. You ask those other businesses to do the same for you.
What you have just done is essentially eliminated your customer acquisition cost, and this can have huge returns in the long run.
Other ways to increase your business is to look at comparable products in your price range that target similar customers. How are those people advertising and are they doing anything unique? Do they have any special guarantees or offers?
Is their marketing deliberately turning excluding a segment of the market? How are they automating their marketing? Are they selling on price alone? If no, how are they building their perceived value? Do they give away any bonuses? What are they?
You can also look for businesses like yours in the yellow pages nationally to see if any stand out, it's guaranteed that some will.
You can also switch up the media you use to sell. If you know that everyone in your industry advertises by cold calling, newspaper, and bus ads. Why not try Facebook, radio, or even "dun dun dun"- direct mail!
A great book I recommend you check out is "Getting Everything You Can Out of All that You Got" By Jay Abraham.
One thing he says that is something along the lines of switching up your media is that if everyone is marketing the same way in your field, and you take a common way to market from another field, the result is like an ATOMIC BOMB. It will simply blow your competitors away.
Like I said before, there are opportunities surrounding you everywhere.
All you have to do is open your eyes and look for them.
By the way, this doesn't only apply to business, but also your life.
For a better idea, check out that book by Jay Abraham.
Talk to you later.