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GETTING TRACTION IN YOUR BUSINESS TRACTION WHAT IS TRACTION? • It is proof that somebody wants your product or service. • It communicates momentum in market adaptation. SIGNS THAT YOU HAVE TRACTION Your target market is becoming aware and buying your product or service. You have ongoing revenue. You are beginning to see some success from your business. A sign that your company is taking off. HOW TO GET TRACTION THE 40% 40 RULE % Spend a minimum of 40% of your time gaining traction. SET A TRACTION GOAL WHAT DO I WANT TO HAPPEN? • Define what traction means to you? • Set a concrete goal that is measurable. FOCUS ON THE RESULTS Marketing vs. Traction Test Your Efforts Measure Your Results IDENTIFY THE TRACTION OPPORTUNITIES There are literally hundreds of possibilities. Which one will get me closer to my goal? Some will work for some product or services and some won’t. STEPS TO GET CLOSER TO THE GOAL Determine those first steps. What do I have to do to implement the traction option? Validate the methods. VALIDATION PROCESS Determine the following: 1. How do I gather my audience? 2. What is the cost involved? 3. Will my target market accept this kind of “sales” effort? Now test your chosen option. THE FINAL STEP Select & Focus After testing each traction opportunity, select the ones that are most promising. Those that will help you reach your goal. Concentrate your efforts on those. SESSION GOAL to show the importance of having traction and to have you examine in more detail your marketing options “The fundamental activity of a startup is to turn ideas into products, measure how customers respond, and then learn whether to pivot or persevere.” TRACTION options Give a Speech • • • • Know your topic Provide value to your audience Invite your target market to attend Look for sponsors, such a supplier, to help gather your audience. Value based Newsletter • • • Provide value to your audience Utilize permission marketing Interruption marketing fails because it is unable to get enough attention from consumers. TRACTION options Trade Shows • • • Do they fit your target market? Are the booth and materials needed a cost effective investment? What’s the plan to work your booth? Publicity • • Send a request to local talk shows. Tape them and use them in other marketing. Content Marketing • • • • Content marketing is about creating interesting information your customers are passionate about so they actually pay attention to you. It must inform, engage or amuse. Remember, your customers don’t care about you, your products or your services. They care about themselves. Your message has to cut through the clutter and make an impact. TRACTION options Strategic Alliances • • • Select those you want to do business with. Check their references and past performance. A good alliance will allow for joint traction-gathering efforts. Create an Advisory Board • • • • • • A group of 5 to 7 people that you know and trust. You share your story and vision with them Ask for their support to serve on your advisory council Purpose to give you advice, help, and to open doors Meet every other month for breakfast for no more than 1 and a half hours. May require confidentiality agreement, you want to be honest with them as to your progress and financial situation. TRACTION options Sales • • A fearful word for many small business owners…”Sales Calls” Two Categories: 1. Cold Sales – calling on someone you don’t know • Make an impression to make the sale • Example: the 250 challenge • Create your story: “Is the owner in?” “I would like to leave some information and introduce myself.” One of two things will happen: either you will say “thank you” and leave your information or you’ll have a chance to make a presentation. 2. Warm Calls – in person calls to your existing clients • Keeping current customers is easier and less expensive than finding a new one. TRACTION options Networking • Networking is an ongoing must for all business owners; the secret is to make it an effective process. 1. 2. 3. 4. 5. 6. The goal is to establish meaningful relationships where you help each other Try to end up with a one on one meeting – coffee or lunch Set up 2 per week At the meeting, share your stories and ask “How can I help you in your business?” Ask to add them to your database and to your email list. The same day, send out a hand written note thanking them for the meeting. TRACTION options Start a Business Support Group The concept behind a Business Support Group is: 1. To provide a platform to discuss current business issues 2. To become advocated of each other’s businesses so that helping each other grow becomes a main focus of the group. 3. To establish business relationships with others who have the same value system and service philosophy that you have. Simple Format: • Gather 15 to 20 members from different professions • Start with 2 – 3 business contacts you know and ask them to bring members. • Discuss what’s happening in your own industry. Ask for help with any issues. • Networking will evolve outside of the weekly meeting TRACTION options Focus Group Marketing • • • • Gather members of your target market by extending an invitation to participate in a focus group. State the topic(s) to be discussed i.e. issues affecting the industry, most difficult marketing problem the owners have, etc. You will need a room for your meeting as well as a continental breakfast, if a morning meeting. Some focus group offer a small gift ($10 Starbucks card) as a thank you for attending) This is not a sales seminar, but an information gathering and sharing process. TRACTION options • Blogs • Branding- tag line-logo-colors • E-mail marketing • Building and telling your story • Social media • SEO • Direct mail • Onboarding a new customer • Visual marketing • Differentiation • Advertising • Touches (80% of sales are made on • Selective community involvement the 5th to 12th contact) • Creating an effective Data base • Referrals • Having a mentor • Using a pitch deck • Your web site • Word of mouth marketing campaign BELIEVE If you want an apple, don’t wait for it to fall into your hands. Climb the tree and get it!