Abul Hussain here and today I want to talk to you about the importance of following the money.
What I mean by that – and again I will use my story here – is that when I first started in the digital marketing space about twelve years ago now, I was reaching out to anyone and everyone who I thought I could sell my service to.
In that process I was getting a lot of no responses to my outreach and for the few responses that I did get, I was getting really excited!
Now what was happening is that I was going out there and doing a free consultation on-site with a prospective client and often these were very small prospects, the one-man bands.
On the face of it, they were all very keen to learn more about what I could offer in terms of delivering them new customers.
However, what I very quickly found was that these people weren’t spending a lot of money online.
When they were spending money on online advertising, they would run the ads themselves and were quite frugal with their budgets.
They usually thought that they could do everything themselves and did not need any external or expert support.
What I discovered was that when I was creating proposals for these prospects, they would want them to be very detailed.
I can now see with hindsight on my side, that they were simply trying to take my ideas and execute it themselves, without having to pay me!
So I would send out many proposals, send them follow-ups, leave voicemails and never hear a word from them again.
The reason I found myself in this predicament was because I was being desperate and not following the money.
What I mean by following the money is you need to go out there and need find those prospects who actually have the budgets and are actually advertising either online or offline.
Businesses that are already spending money want to get the best results for their marketing expenditure.
If you can demonstrate to them how you can improve their results, whether it’s by getting more leads and sales within that budget or by identifying loss-making leaks in their process, then you have a very good chance of signing someone up on a long-term retainer.
I am talking about a long-term retainer and not free trials that last seven days and then these clients disappear.
Often what you find with free trials is that you throw the bait out and hook in the losers. These losers will burn you out, will wear you out and will constantly bother you.
Whereas when you are dealing with a business owner who understands the importance of marketing, who has a set marketing budget that they are spending, they will only want to do a review maybe once a week or fortnight.
As long as you can explain to them what you are doing and show your results, they will not be a pain in the butt.
If your current strategy is to go out and chase anyone and everyone for a free trial, where you’re trying to speak to random prospects on the phone – stop!
Start doing some pre-qualification to find those prospects who are already spending money on marketing.
To sum up, follow the money honey!