Adding Additional Sources Of Income To Your Business

Stop for a moment and think about your business. How do you bring in new clients?

Chances are, there is one particular marketing activity that brings in 75% or more of your new clients. And the chances are, if we were to look at your competitors, most of them are using the same method to bring in most of their clients.

And it’s the same in almost every field. In each one, most businesses are using the same marketing device to bring in the majority of their business.

But here’s the interesting thing, the primary marketing approach differs from industry to industry. In some, it’s advertising, others rely on retail sales, some use sales forces, some rely primarily on referrals, others telemarketing and so on.

So, how does an industry arrive at this consensus?

Did they all get together one day and try every marketing approach to discover which ones were profitable?

No way.

They did what they knew. Maybe they had worked for a competitor and did the same as their previous employer or maybe they just looked at who was doing well in their field and copied them.

The problem is everyone's been copying everyone else without questioning how this shared reality became "the truth". This means they're sitting on their own little island (their industry) and believe that this is the whole world.

They’ve never looked beyond the traditional methods used in their own field to see all the other ways they could be bringing in clients.

What this means for you.

Right now, your business is doing things that bring in clients. And, if this is being done profitably, there’s no reason why you should stop doing those things.

However, there’s also no reason why you can’t add a number of additional client and revenue generating systems to add to the profits you’re already making.

Where do you find out about these other marketing approaches?

Here’s a simple process you can use:

(1) Look at your own life as a consumer. For the next few weeks, whenever you buy something from someone new, write down the name of the business you bought from and how you came under their influence.

Did you see an advert? Receive a letter? Hear about them from a friend? Get a recommendation from another business? Find them on google? Or pass their shop and something made you stop and go inside?

And what was the factor(s) that made it effective with you? After all, we don't check out every website that we find on a search engine or respond to every ad.

(2) After a few weeks, look at the list and identify all the different selling channels that have worked on you.

Then ask yourself, “How can I adopt and adapt these marketing approaches to attract prospects and clients to my business?”

You will find some can be applied to your business and some can’t.

However, be aware that, because we’re working day to day in our own businesses, we tend to buy into the “marketing myopia” that exists in our own field. We tend to fall into the “that won’t work in my industry” trap and place false restrictions on ourselves.

One way to avoid this is to find a trusted friend who’s never worked in your industry and brainstorm with him. He’ll probably not understand your industry well enough to see these false limitations.

(3) Once you’ve got a list of approaches, carry out small, inexpensive tests to find out which methods are profitable.

You’ll probably discover that some of these marketing approaches make money and some don’t. Simply keep the winners and ditch the losers.

Now you’ll have additional sources of income that will add to the profits already being brought in by your existing marketing.

Steve Gibson