Jul 15, 2018
How can I grow my business with minimal investment?
I have started my event management services business but I'm not sure how to convert genuine leads without much investment.
Expert Answers
Sort by Date
Sort by Votes
Jul 16, 2018
Hi Varknika! It's very easy to create a profitable business today without much investment, especially for event management services. Here are two things that you need to explore.
1. Build a sales funnel. Sales funnels are an excellent way to grow your business in a shorter amount of time. Sales funnels help you collect, nurture, and convert your prospects. It also helps you become aware of what buying stage your prospects are, and gives your prospects confidence that you have your stuff together. You can learn more about sales funnels by searching for the topic, but generally, include an email list service, and offering premium downloadable content like, "How to create the perfect ___ event with a crash budget." You can sign up for MailChimp's free email service.
The most common form of a sales funnel today are email lists. Things like podcasts, vlogs, blogs and facebook groups drive traffic to that email list, giving you permission to market to them. You can create an email list for free using MailChimp.
2. Relationship marketing. In one of my businesses, I opted to forgo traditional marketing methods of paying thousands of dollars for tradeshows and ad placements to get in front of prospects. They were expensive and prospects would get so overwhelmed by meeting so many vendors. Instead, I build strategic relationships with people in local businesses that could push their clients to me.
Admittedly, this takes time and patience. However, done right, you will have free highly converting leads every day. I do. The only downside to this is that some people move around in and out of these businesses. You might need to build new relationships every so often.
That's all I can devote for this morning. Hope it helps.
Oct 5, 2018
Hi Varnika - Congratulations on starting a new venture!
You have started out well by generating leads.
Demand Generation = Lead generation
Conversion = Closing
Explaining closing:
You have to first identify Budget, Authority, Need and Time i.e. does the person who is trying to hire you have a budget and if yes, how much is it? Does he/she have the authority to buy? Does he/she have a need and what's the timeline? If they are looking to buy in 2020, it's not worth spending time now.
Once you qualify then you invest more time depending on the stage you are in like building out a proposal, negotiating, etc.
Eventually, you have to ask for a closure and close the deal.
Hope this helps, good luck!
Nov 24, 2018
Hi Varnika,
I would suggest that you look at forming strategic alliances with other related vendors to the event planning business.
For example, if a local speaker's bureau provides speakers for events, form a strategic relationship where you offer a referral fee for any business they send your way. Instead of traditional marketing dollars spent upfront, this model has business referred to you without marketing and you don't have to pay until you get paid.
I once had a client in the wedding planning business. I suggested he form strategic alliances with local florists, caterers, DJ's and others who are often approached to provide their areas of expertise to a wedding. His business took off quickly.
Jan 11, 2019
Hi Varnika Bhargava,
Outsourcing is one of the best ways you can reduce cost by outsourcing non-core activities to a virtual assistant. Virtual Assistants are gaining considerable importance gradually. A virtual assistant performs your job with efficiency and stability and saves you thousands of work hours. They serve multiple clients on various projects from remote locations and hence save business expenses to a large extent. They perhaps are the most appreciated professionals today. VA's serve multiple tasks like bookkeeping, web design personal assistant service, digital marketing and much more.
Sep 7, 2018
Just remember quality over quantity. I've gone from making no money to making 2 grand off 1 quality lead so be sure to focus on the value of your leads, not the volume. Begin your efforts to rise by identifying your ideal keywords and whoever shows up as number one in Google for it, pull a spreadsheet of their backlinks.
Steal as many of those as you possibly can: https://www.seangugerty.press/seo/steal-your-competitors-backlinks/
When you make content in difficult keywords, just look at who is number one and make yours 10x better. Slowly but surely you should rise to the top of you're relentless organically. And definitely, be forming an email list off the rip.
Nov 13, 2018
No matter how long you have been in the field of business or whether your business is completely established or not; you would always look out for ways to stay ahead of the competitors in the marketplace.
It would surely interest you that what are the sure-shot ways to achieve this goal of taking the lead? For this, you need to be aware of the market, what are the strategies being followed, what are the requirements being fulfilled, and what are the latest technology options available to aid you to automate and advance your business.
So that you can formulate your business strategy according to the needs. Here are the business trends suggestions: https://cabstartup.com/business-trends-to-make-you-a-success/ that will help you become a success.
Aug 1, 2018
Hello Varnika,
Well according to my analysis, I presume that SEO is the best option for all services that would lead your business towards high growth with such a low cost. However, there are several agencies which are offering SEO for the start-up business with flexible pricing. Moreover, I would recommend you Locus-T (https://www.locus-t.com.my/) because they heavily focus on their client's business as well as marketing objectives.
Oct 1, 2018
1) SEO for your website
2) Social media marketing (Facebook, Twitter, Instagram, YouTube, LinkedIn, etc.)
3) Blogging
4) Backlinks
5) Grassroots marketing
Oct 4, 2018
One of the best ways to build your event management business without spending is by going online. You need to build the right website and a mobile application to get the task done. The business website and the mobile app will be able to easily reach clients, new prospects and sell products with minimum marketing efforts.
Again, you can get the software development services at lesser costs by outsourcing it to WeblineIndia. The company has enough years of experience in software development and so they can offer you customized solutions without making you spend a fortune. You can check their work easily by going through the portfolio.
To know more about how they can help you in the cheaper manner, contact WeblineIndia team today.
Oct 4, 2018
Even if you have a restricted budget, you just can't compromise with the quality of the service and promote. However, you can do the cost-cutting in marketing and promotion. The internet-oriented world offers you much opportunity to promote your businesses without investing much. Promote your business on the social media platforms. Start by offering your services to the people you know, friends and relatives. Once you have successfully convinced, spreading the word-of-mouth will become easier.