Effective Marketing Strategies with Bill Bice
Today’s guest started his first tech company at the early age of 18. Joining James and Dean is Bill Bice, the CEO of Boomtime and Zebraworks. Bill was able to build an eight-figure business that became the market leader in the corporate legal industry. This venture led to an acquisition by Thomson Reuters, where he joined the management team of a $2B business.
A programmer at heart, Bill tackled the problem of how one can create great marketing consistently. Thus, he created Boomtime by following the data and understanding what really works. Since then, Bill has founded and invested in 27 companies, always seeing the same correlation: the better you are at marketing, the more significant the success.
In this episode, Bill shares the best marketing strategies to drive referrals to your business through word of mouth, the importance of effective marketing, and the impact of creating a great marketing foundation. Plus, Bill also goes over common mistakes that entrepreneurs are unaware of that lead to the downfall of their businesses.
Before you spend a dollar on any form of paid advertising, you need to build the marketing foundation. – Bill Bice
Outline of This Episode
– [06:58] What brought Bill back to startups and entrepreneurship
– [09:15] Why effective marketing is one of the biggest driving forces in any business
– [15:10] The three core goals of creating a marketing foundation
– [17:26] Two huge mistakes that businesses make
– [21:12] Understanding the concept of amplifying the word of mouth to drive more referrals
Marketing is a crucial part of any business
Any entrepreneur knows that the presentation and promotion of his business are fundamental for it to grow. A determining factor to know if you are good at marketing is to look at the result or the solution you provide to your clients’ problems. One should be able to demonstrate that there is a return of investment as well.
The most powerful thing about marketing is referrals. Considered a social currency, referrals are key to a business’s growth and expansion because you cannot possibly expect your business to develop without getting new and more clients.
How to create a strong marketing foundation
Equipped with over 30 years of knowledge and experience, Bill shares three core goals for any businessman to address in order to create a strong marketing foundation. He emphasizes the idea that you must be familiar with these goals to avoid making random acts of marketing, which causes inconsistency.
These goals concentrate on creating and capturing leads, producing referrals, building market automation, and staying on top of your audience.
Three channels that you can focus on to amplify referrals
Driving referrals to your business is vital to keep the trade in existence. The most well-known concept in driving referrals is through word of mouth. When people give positive reviews about a certain business, more and more people will become interested, and this leads to the widening of an establishment’s audience.
Utilizing the advancements of the internet, these three channels optimize the expansion of a business’s audience. This strategy in driving more referrals to your business is a must-know.
Resources & People Mentioned
– Bill Bice’s Website: https://www.boomtime.com/
– Bill Bice on LinkedIn: https://www.linkedin.com/in/billbice
– Bill Bice on Facebook: https://www.facebook.com/bill.bice
– Bill Bice on Twitter: https://twitter.com/billbice
– Check out his Podcast: https://boomtime.podbean.com/
Music for “Just The Tips” is titled, “Happy Happy Game Show” by Kevin MacLeod (http://incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License
