When sales are good, life is good. So what do you do if you’re a brand new business that isn’t making enough money to pay the bills? When larger companies believe you’re too new to trust, you must learn marketing in order to help others get to know your business.
On today’s episode of Sales From the Street, Thiefaine Magre, COO of Prouduct, talks about making the transition from a guaranteed position to an emerging business, and how he realized the need to learn marketing.
Once Thiefaine and his partners understood the importance of marketing, they made some key moves that propelled their sourcing business forward.
Thiefaine recalled being confused by the fact that, when he earned a guaranteed paycheck with a skate company, he was able to find plenty of customers. Then, when he branched out on his own, he wasn’t finding sales.
Despite the team’s hustle, they weren’t generating sales.
They quickly realized the need to learn marketing in order to help people recognize the business.
Thiefaine realized that his previous success stemmed from the fact that people recognized the name of the skate products: they saw people riding the boards around town and at competitions.
Despite their efforts at cold-calling, reaching out to friends, contacting other businesses, and asking for referrals, nothing helped.
Everything changed when the team landed an interview on John Lee Dumas’ podcast.
Thiefaine calls that podcast appearance the tipping point for Prouduct.
Not only did John Lee Dumas mention the company, it turns out he had his own product that he thought might benefit from sourcing help. As a result, there was a separate conversation after the podcast centered around helping John source his own product.
John’s listeners heard about the relationship and reached out to Prouduct for their own businesses.
That single podcast, Thiefaine said, launched countless leads, and earned them millions of dollars. The referral and testimonial that resulted from working with John gave the company credibility.
It also gave Prouduct access to John’s already significant audience.
Thiefaine recommends taking advantage of as many marketing tactics as possible in order to maximize your company’s reach.
He believes that traditional channels like TV or national media don’t often benefit companies who aren’t highly funded, because they aren’t equipped to deal with the potential influx of business.
If you want to do podcasts, choose very focused podcasts that are in your area. Same with blogs. Begin with the ones that reach your target customer and grow into a more general audience from there.
Behind marketing, referrals have been the largest source of revenue for the Prouduct team.
Thiefaine points out, though, that previous customers aren’t the only source of referrals.
Other entrepreneurs have been a great source of business for the company, and he believes the same can be true for you.
When entrepreneurs get together to share ideas and experiences, it’s a perfect opportunity for a prospect to hear about the work that your company is doing.
In their case, the Prouduct team was sourcing a business that creates teepees, and the business owner shared Prouduct’s information with a fellow entrepreneur.
The referral likely generated almost half a million dollars in sales.
The key is to hang on until you get your break. Keep trying different things until you find your opportunity.
Connect with Prouduct for more information about sourcing your product and protecting against supply chain failure.
You can also connect with him on his website, ThiefaineMagre.com.
We bring on guests like Thiefaine because we want to help you be more successful. Research podcasting to find out whether it’s a good fit for your and your organization. Whether you appear on other episodes or create your own, podcasting might be a good option.
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