All businesses need to pay attention to their attrition rate—the percentage of existing clients that move on from a business. Think of your local gym. There’s going to be a certain percentage of members that cancel every month. To combat the decline, the gym has to bring in new members each month to maintain their overhead and grow. Naturally, getting new clients can be a costly undertaking. If you’ve been following our series of articles, you are already familiar with two ways you can do this for less: LCV and referrals. Today, we are going to focus on rapidly growing your client base through sphere marketing.
What is sphere marketing?
Sphere marketing is marketing to a business that shares your sphere of influence. Put simply, a sphere business is one that shares the same client as you but doesn’t compete with you for their business. Contractors and plumbers are spheres. There’s many benefits that come from sphere marketing.
You grow faster
Soloprenuers and businesses on tight budgets should make this their primary marketing method. You gain access to an infinitely larger client pool without having to pay for lists or formal ad spend. I spent thousands doing direct marketing to potential clients with little results and high attrition rates. I switched up to sphere marketing and got several qualified leads within a month. It was incredibly cheaper than what I spent previously. Now, this is one of my primary methods.
Selling is super easy
The leads that come from sphere marketing are ready to buy. Pick a sphere business with clients used to spending what you charge. Any clients referred from the sphere business have already been vetted. All you have to do is confirm in their mind you’re the least risky option. Notice I said confirm not convince. They’re already convinced from the sphere since he’s not going to refer his precious clients to anyone that doesn’t deliver.
The referring sphere looks amazing to their client
There’s nothing better than hearing a sphere say to me: “thanks for taking great care of my client.” It builds brand loyalty with their client and makes them want to refer me even more. More importantly, it builds trust and lasting business relationships that pay dividends for years to come.
How to do it
The easiest way to build a sphere marketing program is to target spheres that are larger than you and already established. Give them what they need to sell you. It could be as simple as a flyer, business card or pamphlet. Whatever you do, don’t make it hard for them to refer you. Then, over deliver. Blow them away! Even if that may cost you extra do it. First impressions count. You’ve only got one shot at becoming a permanent resource to them, so deliver an amazing business experience for their clients.
With a sphere program running, you’ll scale faster with less effort. Until next time I wish you much success in leveraging your brand to realize your dreams.
Originally published on lknconnect.com
