You can brand yourself, a product or service in an instant. That’s true, but only when you are making first contact. When you are not known by that contact you can be whatever you decide to be. Your product or service can be positioned so that is clear and presents you memorably. That’s the “hook” in 30 Second Marketing.
For a short time
After the conversation engendered by your “hook” which gives you a chance to explain the problem you solve for about 80% of the folks you work with, the “Hold” and how you, your product or service is different from others in the market, the “Pitch” they will remember what you told them if it is relevant to them.
Or it could be “Sticky Time”
Deliver your Hook, Hold and Pitch believably and they will remember for themselves, Keep you in mind as a referral and literally come back to you years later. I’ve been speaking as the Networking Ninja since 1993. People that saw me as much as 20 years ago still seek me out.
It is like dropping a pebble into a pool of water. The ripples move out from the center and engage with someone. If that person buys in it sets up another set of ripples that keep expanding.
Every brand starts with just one advocate. That one refers you, your product or service to the next and the next until you have small bunch of fans. For some, that small bunch is all that is needed to be successful. For others it is the beginning of a tribe. Still others need a nation to stay in business.
Fallout happens. Our clients or customers will turn over in time. Their loyalty is a matter of how well their needs are met. You need to look at these items to be sure you are on the right track:
- frequency of purchase /Loyalty–average length of engagement
- Referrals over time to maintain the business
- Compensation Method and LTV (Life Time Value of each client/customer
Counting down to Success
Too often, independent professionals bill hourly. Product oriented companies think only of single sales and service organizations think in terms of projects. Here are some direct comparisons using LTV as the key decision point drawn from my files:
Item Frequency Loyalty Referrals Payment LTV
Product 1-time Product Life 0 $20 $20
Product 1-time Product Life 0 $20
with refills 10 x /year $5 per time $50 $70
Service 1-time project 1 to 3 months 5-10% will refer $2500 $2500
retainer Annual Renewal Avg 3 years up to 20% $1000/mo $36000
Property 1-time Product Life up to 10% $150 $150
Intellectual Subscription Avg 1 year up to 10% $150/mo $1800
Intellectual Retainer + Avg 1 year up to 10% $1000/mo
Property Subscription Avg 1 year $150/mo $13800
What time is your brand operating on?
Jerry Fletcher, Networking Ninja, is a sought after International Speaker, beBee ambassador, founder and Brand Poobah of www.BrandBrainTrust.com
His consulting practice, founded in 1990, is known for Trust-based Brand development, Positioning and Business Development on and off-line.