04
May

Money-Magnet
Sometimes the best ideas are found right under your nose.  Other times you have to look far and wide to find the best ideas.  Today I wanted to share a great concept that comes to you from half-way around the world – in Australia!You see, one of my mentors is Taki Moore who lives in Australia.  I connect with him on a regular basis and he helps me stay focused on growing my business.  He shared with me the idea of building a “Marketing Machine” with a “Money Magnet” at the center of the machine.The concept was so powerful and compelling, I thought I would share it with you today!The best way to think about this is to pull out a blank sheet of paper, turn it landscape and draw a 5 by 5 grid on the paper – 5 columns and 5 rows.In the far left column, I want you to list the 5 core elements of a powerful Marketing Machine.  Starting from the top, they are 1) Traffic Source, 2) Lead Magnet, 3) Capture & Convert, 4) Prospect Nurture, and 5) Conversion Tool.So on your paper, the far left column should be filled in with these 5 core elements.  These represent the essence of what every business should have clearly defined and in solid, working condition in order to get a steady flow of new business.So let me explain each element briefly so you know exactly what each means:

– Traffic Source – these are the ways that you generate leads for your business.  Where are you advertising, where are you reaching out to your prospects – whether online or in person, where can people who don’t know you exist come to know you are in business and ready to serve them?  (HINT – This is the LAST element you want to work on!  If you focus your attention on your Traffic Sources before you have the other elements in place, it is like turning on a faucet and running the water without having the stopper in the sink.  All of the water, your new leads, are just going to go down the drain!)

– Lead Magnet – This is the compelling, captivating, (often free) bait or cheese that you are making available to your prospects so they can test, sample, experience your product or service before they buy it.  What is it that you can make available as a teaser, a trial to give confidence that you are the best at what you do?  (HINT – This should be your most powerful piece of content or a key element of your “secret sauce”.)

– Capture & Convert – These are the methods or ways that you are going to capture your prospects’ contact information.  You may have an opt in feature on your website, or have a lead tracking document you use to collect e-mail and phone number details.  But you must have a way to gather their contact information so you can begin the process of communicating with them.  (HINT – Some prospects will be ready to buy right away.  Other will not – but these you need to be putting into your CRM or ongoing communications sequence.)

– Prospect Nurture – These are the ways that you communicate with, share value with, stay engaged with your prospects.  Do you have a regular, structured sequence of information/value you share with your prospects and is it built into your “system” so it happens on a regular basis, without fail?  (HINT – This is often where most business owners “lose it”!  They don’t continue to impress their prospects.  Think of this as your dating rituals!)

– Conversion Tool – These are the ways that you “close the deal” with your prospects.  It may be a 1-2-1 meeting, or a group presentation, or a site visit.  But have you defined what the meeting will include, what will you bring, how will the meeting flow, is it consistent and rehearsed?  (HINT – Most business owners let their sales team “roll their own” when it comes to closing the deal.  When that happens, the business owner owns nothing!)

So, now with this detail, you’re ready to fill in the blanks on your sheet.  Put down what you do today in each of these areas.  You will likely have more than one approach in each area.  In some areas you may have to admit that you do not have anything that is solid.  No matter what, write down what you do now.  This sheet should be your “today” map.

Once you have your today mapped out, you can see where you need to start working to improve your Marketing Machine.  It’s a powerful way to visualize your Money Magnet on a single page.

If you have gaps, give me a shout and I’ll be glad to help you think this through.  It is critical that you get this nailed down if you expect your business to grow this year!

Hope this was helpful.

Ride Hard!

Rich