I’m opening up the mailbox and answering YOUR questions!
Here’s where business gets fun…
Sometimes my Mailbox Monday questions are rather simple in nature.
I often feel like the only answer I need to write to, “How do I get my first copywriting client?” is, “Go out and knock on doors, making offers, until you get one.” Because most people who are asking that question haven’t done that yet. And if they did, they’d probably get the result. May not be their ideal client. But first is first, and that’ll accomplish it.
But then sometimes a more complex question comes along. One where there are multiple moving parts. And while the answer isn’t so simple, it’s usually a lot more fun to try to figure out.
Here’s today’s Mailbox Monday question…
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Hey Roy,
My single most pressing marketing or business need right now is based around membership growth inside my organization, a large ethnic chamber of commerce in Sacramento California…
It’s not just any old membership, it is for attracting new banking level members. These banks are going to be part of my new department. they all want direct access to my small business members to provide their capital (aka loans) for those businesses through me. My small business members want access to capital, and want an easier process.
There are three parts really:
— the getting banks to say yes part
— the getting businesses to join for this new service of getting loans easier
— the sparking interest in current members to allow access to their business plans, challenges and fears that create the first round of leads for my lenders
I think bank members save me initially as their membership is 5-8x in value of a normal small business so I hit my number by the end of the year…and new banks create a path of declined loans that I can feed into alternative capital paths.
Any help will help.
Thanks,
DR
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First things first…
Let me address the issue of complexity.
While this is complex in that there are many different related challenges to solve at once, I’ll admit that I played into the complexity myth.
Because nearly all marketing problems are pretty simple.
The issue here is that there are multiple marketing problems masquerading as a single problem.
So if you want to find the most simple solutions… First you have to identify all the problems… Then, handle each one separately.
An example we all know…
Take Facebook. Now, I’m not sure this was all on Mark Zuckerberg’s radar when he started “The Facebook.” But along the way, here’s the challenge that arose…
“We can make a ton of money with this website if we get people using it all the time, and we get a bunch of advertisers to pay to put the occasional message in front of those users.”
In essence, that mirrors the above.
There’s one group of people you need to be a part of it, who are mostly valuable in a revenue sense because they attract the attention of the other group, who pay much more to be involved.
It becomes the problem of the chicken and the egg. You need users, but you also need advertisers.
Facebook only became the advertising platform it was because it created a user experience people came back to, over and over again.
That’s what created user engagement, which led to the interest (and dollars) of advertisers.
Can you see the parallels yet?
Your three-part problem is really two main problems, with a small side issue…
The two main problems are this:
— You need people who want loans and other bank money.
— You need people who can offer loans and other bank money.
The small side issue is that you want to spark the interest of current members, to have them be the first to use the services of banks coming in… With the idea that they provide case studies for future members.
First things first, you need to define your problems…
While you could get really deep here, you can start with some basics.
Let’s pick one of the two to use as an example: banks.
So, who are they? Locally-active banks that provide banking services and capital to small-to-medium-sized businesses.
What do they want? They want a steady stream of qualified, success-driven businesses who are good potential clients for those services.
What’s their biggest challenge? Probably a steady flow of those leads, especially those who are most qualified and lowest risk for their financial solutions.
What keeps them up at night? Most people you’d deal with are probably branch or regional managers who have to hit quotas or face career consequences. There’s likely a mix of financial, reputation-related, and ego consequences to performing or failing to do so.
What solution can you offer? You have a gathered group that includes a bunch of high-likelihood prospects, including people who are likely to have immediate need for their services.
How aware are they of these various things? Awareness is probably high on their problems and the implications. They probably have some awareness of you as a Chamber of Commerce (though likely less as you mentioned you’re an ethnicity-based Chamber) and very little awareness of your solution.
From these basics, you need to establish a general flowchart of what needs to happen…
Because they are aware of the problem, you can probably acknowledge it in your opening message, and offer them a new and alternative approach to a solution.
(By the way, this can be a phone call, an email, a letter, whatever — make the media decision based on what you can get them to pay attention to, and what you can get into their hands.)
You acknowledge the problem, and perhaps even agitate it by reinforcing how hard it can be to get good, qualified business banking leads.
Then, offer an alternative solution, a “captive audience” of sorts, who would be happy to hear their message. Then, introduce your group as that audience.
Then, you need to establish a clear offer of how they get in front of that group. What is it? What advantage can you provide to them versus the other Chambers? Also, how are they not going to end up as one bank among dozens as part of this new program?
How are YOU going to make their life easier? And their results more automatic?
Define all of this. In notes. In a flow chart. In actual copy you write.
Because that’s the basic message you’ll need to deliver to them.
Test it and tweak it. Have a few conversations, and find a way to address objections that come up.
But the core of it is that you need to show them that you understand a challenge they face and you have a viable solution that’s worth it for them, and even superior to all the other solutions they could pursue with their time and resources.
And create a plan to make sure they know it. And to make sure you’re bringing them through the process of being educated about all the points. Problem. Agitation. Invalidation of other solutions. Solving using buying criteria that favors you. And Asking them to take action.
Then, repeat from the other side…
The first thing I’ll note is that your biggest challenge here is to simply make this appealing to any business. Whether they’re a member or not.
The side issue of it being for current members versus new members to the program is really secondary. Because if the offer is appealing enough, the rest will fall into line.
Focus on what you can do to make this entire program as appealing as possible to all target businesses.
Figure out how you’ll make their life easier, and their results more automatic.
Maybe for businesses, you offer a special program about how to get financing for different needs within their business. And each iteration of the program offers a sponsorship opportunity for one specific bank.
Maybe you have a matching program, where you play matchmaker between businesses and banks.
Maybe you even do a type of speed dating for business financial needs. Do a special event and businesses get 5 minutes to pitch each bank on their need, and they can reconnect as relevant after.
Get creative. Make it a little fun for all, and you might find involvement to be easier.
But it should always be in service of helping each side solve the problem or challenge that’s bugging them.
Many businesses need money. Banks, of course, need business.
Position yourself as the matchmaker, and you will achieve your goals.
Yours for bigger breakthroughs,
Roy Furr
