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Monday Morning Motivators – July 30, 2007
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Espresso business tips are designed to "caffeinate" your mind while your java gets you going. Subscribing and Unsubscribing at www.mondaymorningmotivators.com
“A dead end can never be a one way street; you can always turn around and take another road.”
--Bo Bennett
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Table of Contents
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1. Managing Meetings Part III, Cost – Linda Fayerweather
2. Mastering Referral Marketing - Rebecca Booth
3. Do It, Try It, Fix It – Referral Incentives - John Meyer
4. To Do this Week
5. Fine Print
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1. Managing Meetings Part III, Cost
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Whether you are having a staff meeting or a networking meeting, meetings are not a free resource. A typical meeting in my life is a business activity and not a social event and should be designed to be beneficial and profitable. Here is one way to quantify your meetings:
1) Calculate the cost by multiplying the
(N) Number of participants.
(R) Their labor rate, and the
(t) Length of the meeting.
(E) Then add all other expenses which should include travel, materials, refreshments, room rental, and other expenses.
Cost = N * R * t + E
2) Estimate the Value of the results expected from the meeting.
For some issues this step will be easy. Resolving a manufacturing inefficiency, for example, could save thousands of dollars. Developing an effective strategic plan could earn millions. This may be difficult for less tangible results, such as staff meetings, policy meetings, or meeting with a potential referral source. In those cases, you will have to guess the value.
3) Determine the return on your investment (ROI) by comparing value versus cost.
ROI = Value - Cost
If this analysis predicts a loss, either revise the meeting's scope or cancel it. After all, a meeting, like any project, should have a profit potential.
Copyright 2007 Linda Fayerweather
Changing Lanes LLC
www.ChangingLanes.biz
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2. Mastering Referral Marketing
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Many people think that winning the game of referral marketing is akin to having the most toys when you die. The number of business cards and/or people you “think” you know is not the same as having a solid relationship between a smaller group of people. You’ll get more from that smaller crowd than through the masses you think you have to know to win. Here are a few pointers on building up your referral business:
• Establish relationships with others who “swim in the same pond” as you.
• Relationships take time to develop. Schedule meetings on a regular basis to really get to know the person you want as a referral partner. Find out what they sell and what types of referrals they’re looking for. Make sure they know what you’re after too.
• Upgrade the level of your referral. Instead of accepting a “call this guy, here’s his card,” ask your referral partners for a personal introduction to the person.
• Make sure you have a budget for your referral marketing. Like any marketing initiative, you need to set aside funds for networking memberships, lunches, meetings, etc.
• Lastly, track your effectiveness!
Copyright 2007 Rebecca Booth
Marketing Goddess
Imagine That!
www.marketingsolutioneers.com
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3. Do It, Try It, Fix It – Referral Incentives
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Your word-of-mouth-based business can be greatly enhanced if you design some creative incentives for people to give you referrals. Although finder's fees can be appropriate, they are not the best ploy to use in most situations. Remember, money is not always the best motivator. Try different types of incentives, track the results, stick with the one that works best.
Copyright 2007 John R. Meyer
District Director, BNI Ohio
http://www.bni-ohio.com
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4. To Do This Week
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Review your credit card fine print.
