In today's episode Michael talks with Nick Carpenter about how he built his business to suit his life, and to achieve his goals. He chats through the value in finding the right people to do the job, and the importance of recruiting them. They also talk about Nicks unique strategy to realtor partnerships and other industry partnerships.
Building a unique business is a challenging feat, especially with competition at an all-time high. It takes more than just turning on your computer to start generating income.
Nick Carpenter has successfully built multiple businesses, including a full-service marketing department for loan officers. This article will explore Nick's invaluable tips and tricks that helped him develop his thriving businesses. So, what does it take to create a standout business? Let's find out.
As per our recent discussion, Nick strongly recommended investing in technology. Expanding on technology as a technique in building a unique business, it is crucial to understand that using technology in marketing is no longer a luxury but a necessity.
The internet has become a marketplace where businesses must compete for customers' attention. Therefore, entrepreneurs must leverage technology to stand out from the competition.
Technology can be used to automate marketing processes, enhance customer experiences, and optimize business operations. For instance, businesses can use CRM software to manage and organize customer data, email marketing automation tools to send personalized messages, social media platforms to engage with customers, and search engine optimization (SEO) to increase website visibility.
In the real estate industry context, Nick uses ProQuest Technologies' technique of putting a code for each house in a full-page ad. Using a call-in system to provide recorded information is an excellent example of how technology can generate leads and sales. This technique made it easy for potential buyers to get information about a property and allowed the agent, Nick, to capture valuable contact information for follow-up.
Recognizing what sets you apart from the competition is essential when building a unique business. Identifying your unique value proposition (UVP) is the key to driving sales and cultivating customer loyalty.
A UVP is a distinct statement that conveys why customers should purchase from you instead of another business. It should explain why customers should purchase your products or services.
Nick recommends developing a UVP that focuses on customer benefits and needs. A clear and compelling UVP will create an emotional connection with potential customers and make it easy for them to decide to purchase from you.
For example, he mentions a technique he also learned: guarantee to close on time or pay some amount of dollars daily. This is one of the most unique selling points and can alleviate customers' stresses by creating confidence in them.
You know your product and how it solves customer needs, but who are your customers? Knowing the answer to this question is essential for building a unique business.
It means identifying the people most likely to buy your product or service and understanding their needs, desires, and behaviors. This knowledge enables you to create content, products, and services that resonate with them and cater to their preferences.
Nick's example of using the DISC personality assessment is a great way to understand the target audience. The DISC assessment is a tool that helps identify four primary behavioral traits:
• Dominance
• Influence
• Steadiness
• Conscientiousness
This helps marketers to understand their customers' personalities and preferences better.
For example, suppose a business owner is selling luxury products. In that case, they might focus their marketing efforts on customers with high levels of Dominance, who are typically assertive and confident, and value status and power.
On the other hand, if the business sells products aimed at families, they might focus on customers with high levels of Steadiness, who are generally more cooperative, loyal, and patient.
According to a study by Harvard University, push-pull marketing businesses have a higher customer satisfaction rate than those that use only one type of marketing. The study found that push-pull marketing was particularly effective in industries with high levels of competition, where businesses needed to differentiate themselves from their competitors.
Leveraging push-pull marketing can help businesses build a unique brand by combining the strengths of both outbound and inbound marketing strategies. Outbound marketing techniques such as advertisements, cold calling, and direct mail effectively create brand awareness and reach a broad audience.
However, inbound marketing techniques such as social media, content marketing, and SEO are more effective in engaging customers and building long-term relationships.
Combining these strategies, businesses can create a comprehensive marketing plan that reaches a broader audience while building solid customer relationships.
Consider building a comprehensive marketing department if you possess the necessary resources. Doing so will aid you in developing a solid brand strategy by employing individuals who comprehend your company and its target audience.
A complete marketing squad should include copywriting, design, SEO, and social media specialists. They should be capable of organizing campaigns throughout all digital platforms, guaranteeing message consistency, and personalizing communications to suit each client.
For instance, Nick offers various services like classes, workshops, and speakers and handles the marketing efforts of loan officers on the backend. They have also recruited an ads manager who handles the loan officers' ads, leads generation, and retargeting.
By establishing an efficient communication system, loan officers can benefit from having a single point of contact for all their marketing needs.
If you're going to stand out in the business world, you'll need to think outside the box. One of the best ways to do this is by bringing industry experts or big names with a large following, such as celebrities and influencers, to your event. This will give your brand a lot of exposure and credibility.
Moreover, organizing live events is a great way to engage with potential customers. It can also generate leads and build relationships with existing customers.
For instance, to increase loan officers' authority and credibility in the eyes of their clients, Nick brings in big names to speak at their events. Examples of such people include Tom Ferry, Renee Rodriguez, and Barry Abebe. These big names have a large following and are considered household names in the loan officer industry.
The key to success in any marketing or business endeavor is standing out. You can effectively differentiate your brand from the competition by leveraging push-pull marketing and building a full-service marketing department.
Additionally, bringing in industry experts or big names to your events can help you gain more visibility and credibility in the market. You can create a unique business that stands out using these practical tips.
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