Tag Archives: Marketing

PMP Up Your Client Development

If you are a lawyer or CPA–or know one–chances are high that you are very familiar with the age-old pattern of billable professionals doing the work that is on their desks, then wondering why not enough new work is coming into the firm. Or, the enlightened professional  realizes that, while work is still coming in, the client quality is not what would be preferred. In order to have a book of business that is challenging, rewarding, and constant requires time consistently invested in client development. Client development, while generally discussed as a firm-wide initiative, is a very individualized effort when most successful.

When I am advising my professional services clients, I automatically ask whether the partners, managers, associates, consultants, architects, engineers, etc have developed a personal marketing plan (PMP). The PMP is the foundation of client development. Principally, a well-executed PMP allows the practitioner to develop a clientele that is fulfilling to serve, makes work interesting, and motivating through increased compensation.

Your PMP Components:

  1.  Definition of success, backed up with objectives and tactics
  2.  Well-articulated target market with strategies to create market share
  3.  Thought leadership plan to build credibility and referability
  4. Client retention process

Conduct Personal Due Diligence

Tracy Crevar Warren always asks her clients to begin the PMP process by first taking stock of where they are currently. She finds that many are already engaging in a number of successful practice-growth initiatives without being aware of it. By asking the questions below, she helps CPAs think about their baseline.

  • Do you have a clear focus for your practice? 
  • What does success look like? 
  • What do you want to be known for in the industry? 
  • What gaps can you fill in the industry?

Having answered these questions to your satisfaction, you may then begin the planning process. Success is relative to the individual, but its definition should answer the question, “if we were sitting here three (or five) years from now, what would need to have happened for you to feel successful?” Being able to envision a favorable outcome fuels the creative process of putting together strategies and tactics to arrive at the desired destination. Set goals that are SMART — Specific, Measurable, Achievable, Realistic and Time-sensitive.

The PMP must, at its core, define your target market. Think about the characteristics of your best clients. How can you get more new clients similar to them?  Who else is going after your prospects? How are they doing client development, and how can they be beaten? Crevar recommends storytelling to demonstrate your competitive advantages. 

People will be more likely to select you instead of the competition if you seem more credible. Thought leadership is established through cultivating the respect of your peers, clients and prospects by sharing knowledge. Whether your sharing is done through writing, public speaking, or service, it is important that you have a way to differentiate yourself from the competition by being the one whose values and knowledge resonate the strongest with the target audience. If no one has heard of you, that won’t happen.

A focus on client service, evidenced by specifics in how you make sure you are providing value, is the best way to retain clients. Retention means you don’t have to secure as many new clients each year to replace those who churned because they did not feel valued. Educational workshops, personal visits for which you bill no time, taking an interest in the personal and community lives of clients are all ways to demonstrate your care.

Plan, But Do!

Simply writing down what you intend to do is only a first step. The follow-through is your trump card that will allow you to win market share and enjoy greater personal and professional success.

 

Task Tyrants Steal Success

When one of my friends invited me to a continuing education luncheon offering credits I did not need, I debated whether to attend. Once there, I was engaged by strong networking and a guest speaker whose subject matter was very familiar to me–professional services marketing. However, his approach was to talk about the predictable objection of time availability. The challenge to the audience was to think about their schedules in a different way. When he pulled out Covey’s four quadrant model for time management (below), I was right at home as I use the tool often in mentoring on a variety of subjects.

If you are unfamiliar with the model, allow me to briefly explain. When performing tasks and crossing off “to-do” lists, too many people spend the majority of their time in quadrant #4–the items that are urgent yet not important.  Quadrant #1 activities demand our attention and get done. What suffers, however, are quadrant #2 tasks, which are often the last to be done but can make a huge difference in overall execution of business goals.

Jeff Nischwitz was the guest speaker and what he said next was very revealing. He said that most billable hour professionals know that marketing (or business development) should be something we place in #2, but our behavior usually places it in #3. As a result, our best intentions are not realized because we never place the appropriate priority or value on what fills our pipeline. He went on to say that, until marketing becomes a quadrant 1 focal point, our organizations will falter and stagnate rather than grow and flourish.

Pause and think about that and evaluate your use of time. If the things that matter keep being put off in favor of what commands our attention today that may not be as important in the long run, we are not managing ourselves well. The message that is sent to a new prospect, for instance, when a proposal is turned in the last day possible, or a call or email is returned much later that desired is that the relationship is insignificant because we already have enough (too much) to do.

Challenge yourself to be better–do what is important on a daily basis as though it were urgent!

Gifts Aren’t Us

You know how difficult it can be to come up with an idea for a present when you’re down to the wire? If not, you may not appreciate the business concept of the cover story of Entrepreneur Country this month–unless you know someone who suffers from the malady. Like a guy. Or a lot of guys. Many guys opt for the classic gift card solution when faced with such a dilemma. With Man Buys Present, however, one can come off looking great–even when the only good idea was to outsource what is usually a painful, unimpressive task.

Rachael Robertson (a former HR exec with Hewlett Packard in the UK) and Kate Rider (a very successful property developer) met at school and soon launched their idea. One (Rachael) is an ideas person, the other strong on management and implementation. Key observations influenced their decision to go into business:

  • a good reputation is hard to earn and easy to lose
  • having a really smart husband who gave gifts that showed no sensitivity or understanding
  • a solutions mentality is very different than trying to be thoughtful

With these factors in mind, they developed a web-based business with mass customization features. In addition to a sourcing strategy that aimed to procure products from exclusive suppliers, the duo had a website built with nifty “bells & whistles”:

  1. A “Get Out of Jail” concept to buy restitution gifts on short notice,
  2. The “Buy One, Get One Free” option to buy something cute or funny to complement a serious gift,
  3. Assistance for dads buying gifts for their spouse to be given by their children,
  4. Facebook downloads of birth dates,
  5. Gift suggestions, and
  6. Tracking of prior gift purchases.

Kate seems to really like the entrepreneurial pursuit, noting that big business has taken it on the chin in the UK and around the world. Rachael says that the stress  she feels is offset by having fun. Both women enjoy the flexibility to work remotely, while simultaneously juggling child-rearing and spouse time.

When asked to comment on how they feel about the role of the education system in Britain in preparing their children (or others) to launch successful businesses, they lamented that traditional jobs are still the focus of skill development. Access to adequate capital for those who are not born into money is cited as a big challenge. Kate recommends that students in all subject areas learn finance (distinct from “math”) as a critical life skill. Further, she offers that all fields of study would benefit from seeing their talent or skill through the lens of running a business for oneself. Learning how to explain a business concept and position both the business and yourself as credible are great life skills.

Learning how to not let perfection control your life is an acquired mindset they recommend. Receptivity to different approaches gives the leadership team the ability to grow themselves and the company well beyond what they would have thought. Finally, the ladies have each learned how to turn aspects of their personality that they don’t like into strengths in a collaborative environment.

A few thoughts, then, in reaction to this heartwarming story:

~ American education is in a similar rut to British–we need to do something about it!

~ We all observe problems that need fixing, but rarely start a business to solve the problems.

~ Offer solutions after being thoughtful!

 

Only Superheroes Make Tough Sales

Whether you are in the process of launching a business or have been at it a while, one of the things that is an important factor in your success is the ability to covert sales leads. The more prestigious the prospect, the more pressure we feel to say just the right thing and win the other party over. But…sometimes the meeting doesn’t go as planned and you feel the opportunity slipping away. 

Greg Digneo, the author of the blog Sales Leads in Thirty Days, recommends that, in order to become better at converting these opportunities consistently, you become a superhero. Surely you have seen the resurgence in movies about superheros of late. Why is that? Because we all want to believe that things will turn out rosy if we just had some hidden power that gave us an advantage. Just like Batman, or any other, superhero, you want to be able to save the prospect who is in distress from this situation and deliver them to the safety you can uniquely provide. How? Digneo recommends in an article that you find a superpower:

What’s Your Super Power?

I used to run a marketing agency where we helped B2B companies generate online sales leads in thirty days. Promising to get clients sales leads in thirty days is such a bold claim that it subjected me to a large helping of cynicism. That’s when I morphed from a mild-mannered marketing consultant into a superhero.

Here’s how it went down:

The prospect would be disengaged and skeptical. Then I would say: “I know you think what I’m proposing is impossible, but if I can get you sales leads by the end of this week, would you consider hiring us?” The prospect never believed we’d come through, so they usually answered “yes.” At the end of the week, when we had gotten the prospect sales leads, they were so impressed that hiring us became a no-brainer.

And you can do the exact same thing in your business!

The process to becoming a superhero, according to Digneo, requires the following 4 steps:

  1. Find the Ideal Prospect
  2. Identify the Problem
  3. Unleash Your Superpower
  4. Make the Sale

To find your ideal prospect, he recommends that you ask yourself three questions:

  1. Do you know who you want to work with?
  2. Do they need your services?
  3. Can they afford to pay you?

Only if you can answer “yes” to these three questions can you move on to the next step.

In order to identify the problem, one most overcome the objection to spend money with you. However, every prospect has a problem you can help them solve. Using consultative listening skills and asking poignant questions, you can develop a good understanding of the nature of the problem, what has been tried to resolve it, and how much a solution may be worth. 

Your “phone booth” trick is your ability to solve what confounds the prospective customer. Think up several ways you can demonstrate impact/success for your prospect. Digneo offers two examples–If you have a book keeping service, you know your prospect wants help with cash flow management. Or, your heroic deed may be that you show the prospect how they can source parts cheaper, making an immediate impact on their bottom line. Find a way to be wonderful!

Making sales becomes much easier once we have established credibility and respect. Promising, then delivering on what it takes to solve problems sets the table for sales.

Refuse to Lose (Investors’ Money)

Clarence Wooten, who sold his start-up Image Cafe to Verisign 7 months after founding for $23 million, told an audience at MIT/Sloan recently that there are keys to the entrepreneurial mindset. Barb Darrow with GigaOm summarized his comments into 12 lessons:

  1. Paycheck is an addiction. Not unlike crack cocaine. Entrepreneurs have to break that addiction to build an asset that will pay off long-term, not in a weekly paycheck.
  2. Beware of naysayers. Because 99 percent of this country works for the 1 percent, they  have risk-averse employee mentalities. Don’t listen to them.
  3. Just do it. Be like Nike. There is no roadmap. If you don’t do it, it won’t get done. Work lean. Corporate people are used to resources — HR departments, assistants but entrepreneurs do it on their own.
  4. Fail fast, fail cheap. You will fail a lot because you’ll need to try a lot things. So do that on the cheap. Instagram’s first product  – Brbn — failed but they distilled that app to its bare essence and it caught fire.
  5. Partner pitfalls. It’s scary to be out there alone. You want someone to share the ups and downs. Often one partner will work harder than the other but share the same upside. Share the downside as well and don’t necessarily split equity equally. Set up reverse vesting:  When you issue founder’s stock, make sure it vests in case someone leaves they don’t leave with all equity just with what has vested.
  6. Be naïve. Unlearn what you learned in corporate America about hierarchy. Being naive means being ballsy. Facebook turned down a $1 billion offer from Google and people thought Zuckerberg was crazy. He wasn’t but he may have been naive. That paid off pretty well.
  7. Business is a team sport. Would you rather own 100 percent of a $1 million-a-year business or 20 percent of a $100 million-a-year business? Everyone needs equity. You need as much brainpower as possible.
  8. Challenge your comfort zone. I knew I had to put myself out there speaking in public. I wasn’t comfortable with it but I did it.
  9. Image matters. People judge you when you talk about your company and you have one chance to make a first impression. If you’re not a design person, don’t do your own logo. Crowdsource if you need to.
  10. Shadow of a leader. You determine what your company culture looks like. Build it as a place you want to work every day. People watch you. At Image Cafe, I brought in a CEO who was religious. I wanted to act like a customer to get competitors’ pricing and she said “absolutely not.” She set the ethical tone.
  11. Investors want their money back. This is important. Investors back you. Your integrity is on the line. So know your exit strategy. I’ve never lost an investor’s money and I carry that chip with me every day.
  12. Cash and customers. Lessons 1 through 11 you can learn on your own but for #12 it helps if you have some education and understanding finance and marketing.

Wooten feels that entrepreneurship is a combination of talent, preparation and hard work. Following the 12 guidelines above will give you as an entrepreneur a chance to be more successful.