How do you monetize your marketing?
If you don’t know, you could be spending time on marketing activities that are counterproductive to your bottom line success AND income.
Personally, my policy about marketing activities is fairly straightforward. I engage in the marketing activity, give it due diligence, time and effort. If I am not able to monetize the activity, I discontinue the activity.
Here are a couple of examples of ways I’ve successfully monetized my marketing:
Attend live events that are also attended by your most ideal clients.
The short story is that I attended a conference in June of 2017. Although I wasn’t a speaker, I was able to connect with my ideal clients who were also in attendance.
As a result of subscribing to my list and outbound sales calls I made, I hosted two client VIP days in 2018.
The resulting income: $4,000+
Speak for free at a conference attended by your most ideal clients.
I spoke at a conference in October of 2017 attended by most ideal clients. As a speaker, I was able to make an offer from the stage AND direct people to subscribe to my list.
As a result of being on my list, two clients joined my sales challenge that is part of my funnel. I booked multiple paid coaching sessions, hosted VIP days and established ongoing client relationships.
The resulting income: $5,000+
Offer pro-bono coaching services to your most ideal clients.
People go through challenges. Life happens. You may experience a time when your ideal client cannot pay you but truly needs your support.Be selective about who you extend these pro bono opportunities. Support her in ways you can afford to without an expectation of repayment or retroactive payment.
It happened to one of my past clients and it didn’t require more than a listening and caring ear. I also pointed her to resources.
As a result of my compassion, she recommended me to her friend who booked a private VIP day with me. Her friend referred her client to me (who happened to be a previous client). She booked a coaching session with me.
The resulting income: $3,000+
On the other end of the spectrum, here are examples of ways that prevent you from monetizing your marketing:
Attend networking events that are attended or hosted by less than ideal clients.
I attend these type of networking events up to three times often because I can’t tell if my ideal clients are present. At first glance, it looks like my ideal clients might be there but I discover later that the attendees are less than ideal clients.
If I’m unable to monetize it, I don’t continue attending. Keep in mind that in addition to attending the event, I make outbound sales calls, send follow-up gifts and share opportunities to stay connected.
Sometimes people “drink the Kool-aid” so they’re not really open to engaging with you. Instead, they’d rather follow someone they think will make them a star or bring them fame. They are less than ideal for you because that’s not your promise or the solution you offer. You offer real coaching, genuine support and opportunities to create lasting success by working with you.
Spend more than 20 minutes on an outbound sales call with a prospective client.
I don’t necessary love outbound sales calls but they work so I do them! Every so often, I get engaged in a lengthy conversation. When that happens, it’s easy to lose track of time because I’m having a great time. After all, I AM an extrovert and I totally enjoy a great conversation!
But, here’s the thing: Every single time I find myself talking for more than 20 or 30 minutes, I know I’ve lost sight of my goal. Inevitably, it leads to a loss of clear professional boundaries or I’ve given too much value away for free.
Host a coaching session, discovery call or strategy session that extends past 60 minutes.
When I started my coaching business more than 16 years ago, I hosted LOTS of sample coaching sessions for free. In the process, I coached many, many people and discovered the importance of being succinct and clear in the experience you create for your client. It’s so easy to want to solve MANY of the challenges your potential client presents.
Resist the urge to do so!
You goal in that initial session is the offer a glimpse into what it’s like for your client to work with you — NOT to solve all of her problems. I tell my clients to listen to what is said and what isn’t said so they can offer ONE nugget of value to support the client. Coach and support your potential client around that ONE nugget of value. Extend the offer to work with you, invite the client to hire you then be quiet so you can address any objections that may surface.
Most importantly, remember if you’re still in the session with the client after 60 minutes, it is highly likely that the client will not hire you. I’ve experienced it too many times!
It’s easy to monetize your marketing when you’re strategic and take note of what works and what doesn’t. Then, you can monetize your marketing with intention and purpose.
What are the lessons you’ve learned about how to monetize your marketing? Sound off in the comments.