Tuesday, February 21, 2012

Marketing lessons from the streets

By Don McNay

“When I introduce you, I’m gonna say, ‘This is a friend of mine.’

That means you’re a connected guy.”

— “Lefty” (Al Pacino) in the movie Donnie Brasco


I learned some wonderful marketing tips from mobsters.

I grew up in northern Kentucky. My father was a professional gambler, and the Newport and Covington areas were heavily influenced, or controlled, by the Mafia.

My dad said about his bookmaking operations, “We can’t advertise on television or put a sign in the window. We can’t sue if someone doesn’t pay us. All we can do is hope that honorable people refer us to other honorable people.”

It must have been a good system. Without advertising, he never seemed to lack for customers.

I live in a more refined world of high finance and well-educated financial consultants. Many of my competitors are affiliated with huge corporations with million dollar marketing budgets.

As a small business, I have a marketing weapon that is impossible for a large corporation to compete with.  

The friend-of-the-friend referral.  

When I am meeting someone for the first time, I try to find if we have a common friend or connection. If you go through the six degrees of separation, most people will connect before you get two degrees away.

Instead of just saying my name, I mention our common relationship.

Read the rest of the Richmond Register article for complete article and more advice

Don McNay, CLU, ChFC, MSFS, CSSC is the bestselling author of the book, Wealth Without Wall Street; McNay, who lives in Richmond, Ky., is an award-winning financial columnist and Huffington Post contributor. You can learn more about him at www.donmcnay.com .

He is the Chairman of the Board for the McNay Settlement Group (www.mcnay.com) which provides structured settlement consulting for injury victims, lottery winners, and the families of special needs children.

McNay founded Kentucky Guardianship Administrators LLC, which assists attorneys in as conservators and setting up guardianships. It is nationally recognized as an administrator of Qualified Settlement (468b) funds.

No comments:

Post a Comment