Abandoned strategies are ‘punishable’ by lost business

By Patricia Hospy, DC

It’s a common offense, punishable by lost business and undiscovered opportunities. Everyone has done it at some time or another, believing they’ll never be caught. And new practitioners are some of the worst offenders: With high expectations, you try out a new marketing strategy and when it doesn’t pay off immediately, you quit. It’s called “marketing hit and run.”

Here are some tips for new practitioners to avoid common hit and run mistakes. (Experienced DCs can use them, too!)

• Get real. Hear these words: Marketing is a long-term business investment, not a quick fix. Once you accept that, understand that even high-quality marketing strategies don’t necessarily pay off right away. Develop realistic expectations about marketing activities and learn to be persistent. And be sure to factor in your skills and experience – or unfamiliarity with marketing – when considering the rate and volume of return on any activity or event.

• Think long term. If you are always looking for immediate gratification, you’ll stop short of realizing the potential of many solid business-building opportunities. When you have more time than money, which is typical when you are beginning your business, maximizing your personal presence and visibility in your community can be the most effective strategy for launching your new practice.

• Keep your ‘street smarts. As your practice grows, a natural shift to referrals and internal marketing will allow you to reduce some of your “out on the streets” strategies. But never think that you can stop these activities entirely. Always remember that purchased advertising and other vicarious methods of presenting your business to the public should support – not replace – your own visibility. Plan to refine, but not eliminate, the personal marketing efforts that create a powerful business presence in your community.

• Find safety in numbers. For example, join clubs, organizations, chambers of commerce and other groups to mingle regularly with the same populations of people. These are the environments in which to form relationships, meet prospective patients, learn about new events and forge valuable associations with local businesses and community leaders. But maximizing the potential of these associations doesn’t happen overnight.

• Avoid premature judgment. If you think that your chosen venues are going to yield results after just one visit, you are likely to be disappointed. You wouldn’t expect a single advertisement to produce a steady stream of new patients, and you shouldn’t have the same expectations about singular appearances at many types of events.

• Don’t shorten your list. Everything from basic business networking to advanced relationship selling requires consistency and regularity to generate results. Inexperienced marketers tend to “shoot the messenger” and label many opportunities as losers before ever giving them a chance. As a result, they avoid similar events and strategies in the future, and they effectively shorten their list of marketing opportunities. The result: The practice stalls before getting off the ground.

• Examine your intentions. Since new entrepreneurs “shop” popular groups and organizations for possible networking opportunities, members of these groups frequently wait to see if these recruits are really interested in the group or are just doing the “hit and run.”
Members often will not invest themselves in business relationships until they sense that new recruits are committed, and bailing out after the first two meetings because no one has “signed up” is the classic example of stopping before the pay off. And it’s precisely why the members withhold their allegiance until a later date. Overselling your agenda and pushing too hard for a quick return are other sure ways to diminish your possibilities, not only with groups and organizations, but also with prospects in general.

• Practice patience. Marketing efforts traditionally yield somewhat erratic results. The benefits rarely mirror your day-to-day activities exactly. If you think each hour you invest is going to pump out an immediate and equivalent outcome, you are headed for some anguish.
When you find a low-cost, high-visibility activity, with reasonable anticipated potential, plan to stay with it. And always remember that the more consistent your efforts, the less erratic the results. Your time is valuable, but until you have patients filling your open hours, spend that time looking for good, long-term associations and regular events.

• Use low-tech solutions. Some things just never go out of style. Personal promotion, community visibility and just telling people what you do for a living are still tried-and-true basics for building your new business. If you think the Internet and big-ticket advertising have made these methods obsolete, just try abandoning them and see what happens. And remember; whatever methods you choose, always stay for the pay off.

Dr. Patricia Hospy, DC, is president of the Parian Company, a consulting firm specializing in business development strategies for new entrepreneurs. She can be reached at 650-557-0071 or www.pariancompany.com.