Growing Your Service Business
According to a recent article in Inc Magazine, there are three things you must consider in order to grow your service business:
Define your customer
You have to know what your perfect customer looks like. Dive into your customer base and discover who you want to marry and not who you want to date. I find that certain folks send me my core customers. So I go to them and ask to be introduced to their friends. We hang out with similar types of people for the most part. So ask your accountant to introduce you to another great accountant. I ask great agents to introduce me to other great agents all the time.
Solve a critical problem
The more of an expert you can become the more you will get paid. Ask any doctor.
As you define the problem you are trying to solve, it will help you streamline your marketing efforts. Think about what you want to be a missionary for. What is the cause you are willing to fight for?
Package your service like a product
This is HUGE. Create the story behind the product (service). Make the story as if you have a hot dog stand and the dogs are the product. What kinds of dogs do you choose to sell, why are they better than other dogs and how is the price set?
In my mortgage business, I focus on millennials. I market to their parents that I teach the process of buying a home, am willing to meet them any time – including weekends – and it doesn't cost them anything. I let them know that my purpose in the mortgage business is to help millennials become smarter consumers. When I meet with these young, potential homebuyers, I give them a Mortgage 101 class and share information they can use for the rest of their lives. My intent is to address and alleviate all of their questions, concerns and fears.
What’s your approach?
The Secrets to Scaling a Services Businesses (Hint: Think Like a Product Business)