“Your diamonds are not in far distant mountains or in yonder seas; they are in your own backyard, if you but dig for them.” ~ Russell H. Conwell, Acres of Diamonds
The Story ~ adapted from Russell H. Conwell’s ‘Acres of Diamonds’
Beth was an ambitious and proud woman, desperate to be very rich and live the life of her dreams. To this end, she traveled the globe, spending most of her time away from home and her family, searching for a diamond mine to meet her needs. She was constantly distracted by shiny diamonds, she was convinced that once she found that diamond mine, her dream of riches would come true.
Unfortunately, Beth ended her days neither rich nor happy. After she died, a local condominium developer bought Beth’s property and started to dig the foundation. What did he find?All these years, Beth had been sitting right on top of a very large, very rich diamond mine. She needn’t have looked any further than her own backyard.
The Moral of the Story:
The first place we need to look for our riches is in our own backyard rather than constantly looking afar for glittering opportunities. Keeping in mind that it costs ten times more to land a new customer than it does to sell to an existing customer, the ‘Diamonds in Your Own Backyard’ model is a powerful model to set your marketing and sales initiatives.
When you’re looking to increase sales, apply the ‘Diamonds’ model first. Think about where you have invested your time and money already. Don’t default to promoting to new clients, new markets, or new products first.
Who Are Your Diamonds?
- Present & Past Customers: They already know and love you.
- Past Proposals: They just haven’t bought “yet.”
- Ambassadors & Fans: Anyone who has referred to you in the past.
- Your Network: Contacts that should be referring you but aren’t “yet.”
Go through your database, CRM, or whatever tool you use to manage your contacts and make the time to identify who your diamonds are.
How to Nurture Your Diamonds:
Keep in Regular Contact
It’s an old but true adage: “out of sight, out of mind.” You must keep in touch with your community regularly. Your community includes your present customers, past customers, referrers, and prospects. It has never been easier to stay in touch. Regular newsletters, social media, and email allow you to communicate with your community frequently. Share valuable insights, industry news, and helpful tips. Be bold and consistent in your communications.
Networking
Start networking within your current community. Face-to-face contact remains one of the most effective ways to build relationships. But, if that can’t be, pick up the phone. Contact customers or connectors who haven’t bought for a while and find out why. Ask questions and listen. Stay in touch and nurture your valuable diamonds.
Provide Free Value
You don’t have to give away free products to provide value. Free value can come in the form of tip sheets, seminars, consultations, and connections to other suppliers. Ensure your clients know what free value they are receiving. Remind them of the extras they get with your services, such as delivery, protective wrapping, and consultations.
Loyalty Programs
Learn from others’ mistakes. A major bank once launched an incentive program for new clients but offered nothing to loyal customers who had been with the bank for years. Customers were outraged. Don’t make the same mistake. Provide ongoing free value for your customers. Hold free seminars, give gift subscriptions, or send them flowers. Always thank them for their loyalty.
Tell Them What You Can Do
Never assume your customers know everything about your services and products. Educate them about all you offer. Include product catalogs and new product announcements with your invoices. Share successful case studies to demonstrate how you can help.
Collect Referrals and Testimonials
Your current customers are your best source for new customers. A referral from a satisfied customer is the most powerful sales tool you have. When a client praises your work, ask if you can quote them. Then, do it! Make it easy to provide reviews on Google or Clutch.
Dig deep. You will find plenty of business opportunities right in your own backyard. When you find your “diamonds,” look after them well so no one else comes along and steals them. Always say thank you and show your appreciation for their business.
If you are reading this article, I suspect we are each other’s “diamonds”. Be in touch, let’s learn a little more about each other so we can grow and prosper together.
Let’s enjoy the journey together!