Last week, I spoke with a group of Temple University alumni, all of whom were Entrepreneurship majors. They asked how long it took to start this business, how much did it cost to start this business and how did we acquire customers? All of these questions are valid. Unfortunately, it felt weird to give them our answers.
We are very fortunate over here at True Voice Media. We secured our first client several hours before officially even deciding to start a company, which is hardly typical! Starting the business was relatively inexpensive, our overhead is low and all I really need is a computer and an internet connection. And since we began in March of this year, we have been fortunate enough to have 100% of our new business prospects come by way of referral. We have not had to “pound the pavement” even once.
None of these answers are standard, but then again what IS “standard?”
So how did we do it? What gives?
Being “Top of Mind”
Part of what makes us successful is that we have a large network of individuals that will refer us business. Off the top of my head I can think of 15 people that will drop our name at the mention of the term “social media.”
Why do these people choose to refer us business?
Why are we top of mind for the keywords and phrases that describe our service offerings?
Maybe it’s just because people like me.
…but I think there’s more to it than that.
Generosity
I’ve been blogging since Mid-2008 on my blog Social Media Philanthropy. I use the blog to talk about ideas I have and things I see developing in the social media and new media marketing industry. I share resources, tips and tricks to make your business life a little easier. I’ve tried to promote causes, fundraising efforts and highlight people doing inspirational work. I’ve written posts for people that I’ve met, that either can’t afford to hire me yet, or just need a little bit of help. I’ve answered questions that people have asked me via email, text, and Twitter. I have spent my time trying to help people with my blog.
I’ve been on Twitter since 2008.
In that time I have tried to be helpful to people. People ask me questions and I answer their question or direct them to resources that will help. I actively seek out people that need help or are in trouble with their social media activites and I elect to try and solve their problem.
Keep in mind that everything I’ve mentioned above was done for free. I did it because I wanted to help and hopefully, in the process, get my name out there.
Inbound Marketing
People often reduce “Inbound Marketing” to mean SEO, SEM or other methods of bringing people to you through technology. Those are inbound marketing techniques. However, I have found success in a slightly different approach to inbound marketing; I draw leads and opportunities by being helpful and generous with my time and expertise*. I actively seek out those in need. I look to those I know personally, or get the opportunity to interact with, and consider how I can help them.
Sometimes that means not getting paid, it means giving them a gift of knowledge or resources. Sometimes that gift causes me to lose out on a revenue opportunity, but it also opens the door for a referral. The act of authentically helping someone builds trust. They see that your motives are more than just making the sale. The reason I started this company is more than just revenue. Revenue is a “given” in business, it’s how we survive, without it, there is no business. The “WHY” behind this company, is the desire to help. It’s the desire to take good people, who run good businesses and help them adapt to a rapidly changing world.
Our inbound marketing does utilize technology but more so, it utilizes generosity.
Today’s Entrepreneur
Today’s entrepreneur may not even recognize how lucky they are. Let me clarify: YOU ARE VERY LUCKY.
Prior to getting my MBA, I failed starting a few businesses. Were they bad ideas? No, not at all. The businesses failed due to lack of knowledge of how to run a business and quite frankly it was a different time. Technology has now enabled us to legitimately run a business without an office, without a team and without many resources that we needed just 5 years ago.
- I don’t need a server room and an IT department, I’ve got Google Apps.
- I don’t need a marketing department. I am the marketing department, and I’ve got Twitter, Facebook, Google+, YouTube, blogs and the rest of the web at my disposal. Additionally, I can access these things from the palm of my hand. (Thanks iPhone.)
- I don’t need expensive photo or video equipment, my iPhone takes HD video and 5 megapixel photos.
- I don’t need an assistant right now, I’ve got web-based time tracking software, web-based task management software and web-based calendars.
Would all of those things be nice to have? Sure, but as an entrepreneur, you’ve got to be ready to bootstrap, save costs and grow the company. Today, we’ve got better tools than ever.
Do it Yourself
If you want to follow our formula, here it is.
- Form an LLC.
- Get a computer.
- Use web-based software, forget having an office…for now.
- Be Generous with your time. Be Helpful.
- Do outstanding work.
*No, I’m not calling myself an “expert” but relative to most that need my help I have an expertise in the subject matter.