What I like is that there is no ‘magic’ or ‘tricks’ involved, Referral Marketing is a practical method that is entirely logical, that produces proportionately far greater returns for my business than other marketing methods.
The target market course was very helpful in using a range of methods to assist me with analysing my existing customer base and identifying potential markets to concentrate on. The first one I identified was ‘Motorsport’ and I set about promoting my desire to speak to motorsport contacts at all the networking events I attended. I did not know what to expect and I did worry that I was picking a very specific market that perhaps most people wouldn’t have a connection to. I needn’t have worried: the effect was immediate – in a very short time my contacts all understood my market and several of my contacts were forthcoming with companies they could introduce me to.
I then, after a further conversation with Jacky changed tack slightly and decided to ask for ‘market research’ as there was a lot about the market that I didn’t know. This slightly softer approach was even more effective and I soon had a number of high profile companies that I was able to speak to that without my network introducing me simply would not have happened. It is also worth noting that establishing a target market has actually helped me directly as well – it has made me focus on what is important and spot potential opportunities for myself.
In the year that I have been pursuing motorsport as a target market I have learned a lot about it – not least that it is a notoriously difficult market to penetrate (it has lots of established relationships and everybody knows everybody!), so it is even more encouraging that in that time I have managed to speak to Silverstone, Haas F1, GE Precision, Rockingham, and scores of other engineering companies besides. I have also become a recognisable face amongst elements of the motorsport community as I have met with them at various events.
Within the first few months of establishing this market I was introduced to the Marketing Director at Rockingham Speedway, asking him all sorts of questions about motorsport and Rockingham specifically. As I got ready to leave the meeting I happened to show him an infographic I produced and this led to me pitching for a significant project – and winning it! Since then we have become trusted suppliers, have trained some of their staff, worked on site for them and completed nearly 40 different projects for them (all in about 9 months).