Entries Tagged 'Marketing' ↓

When it comes to sharing leads with other people, I think I’m pretty generous. It sometimes feels that I’m giving more than I’m receiving. I know that the networking premise is, I’ll scratch your back, you scratch mine : but will it happen?  I don’t want to just presume that people will send business opportunities my way, I want to make it happen.

Make introductions purposefully, and ask that others do the same. Be curious. Promptly follow up on leads that come your way. Be sure to hang out in places that are likely to be rewarding.

Purposeful connecting is a way of business for some people. They thrive on making introductions, exploring opportunities. Their world, and the worlds of the people around them, expand because of it.

Think about the introductions you are about to make. How can both parties benefit. Do they do business in the same marketplace? Do they have information that might be valuable to each other? Be intentional.

As you connect people, offer to participate. Facilitating an introduction meeting increases the chances of success. Asking participants to update you on how things proceed afterwards helps to remind everyone about the role you play in getting valuable connections off the ground.

Some people get the value of giving and getting, some people just take. In your world you want people who do both. Be aware of how the people around you behave.

Monitor what happens when you do introduce people. Do they follow up and treat the opportunities as valuable? Do they “pay it forward” with introductions of their own? If so, keep going. If not, consider focusing your efforts on more fertile ground.

Some people worry that they can’t make an introduction until they’re sure both parties are qualified to meet each other. If that’s your concern, lighten up. If the connection is never made, it has no value. We’re all grown ups, and capable of figuring out on our own if a connection is worth pursuing, or not. Stop trying to protect your connections so much, and instead seek to introduce people to a wider world of ideas and possibilities.

Give people a chance to get to know a little bit about you, as you get to know them. Make yourself memorable by asking about each person you meet. Express interest in who they are, what they do. Relate something they bring up to something in your world, then quickly turn the focus back onto them.

If you’re concerned about the quality or quantity of leads coming your way, re-evaluate both your style and the places you’re hanging out. Ask yourself if the networking events you’re attending are populated with people who care about what you care about, and who travel in circles you want to be connected with. Regularly push yourself out of your comfort zone to attend new events, to see what else is out there. Be rigorous and disciplined about follow up.

At a business event you may be focused on exchanging business cards. Take an extra minute to note something memorable about each person you meet. That will make you seem more interested at the point of contact, and will also help you remember who each person is when you’re back in the office doing follow up.

Once you’re back in the office, it’s follow up time. Start to explore possibilities. Send out emails and make phone calls. Request more information. By all means suggest connecting on Linked-In. Suggest face-to-face meetings to explore possibilities. Block time in your calendar weekly to meet new people.

If a friend says they want to connect you with someone, go. If you can’t see the potential value in a meeting, ask your friend why they’re trying to make the connection. Trust their judgment, until proven otherwise. Be open to the possibility that a connection may lead somewhere that you can’t yet understand. Be prepared to put a request out during the meeting, saying both, “How can I help you?” and, “Here’s what would be helpful to me.”

Looking for a good book? The Go-Giver: A Little Story About a Powerful Business Idea by Bob Burg and John David Mann.

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Andi Gray is president of Strategy Leaders Inc., www.StrategyLeaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi?  Please send it to her, via e-mail at AskAndi@StrategyLeaders.com  or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514. Visit www.AskAndi.com for an entire library of Ask Andi articles.

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In my company, the job of marketing isn’t well defined. I worry that this year and next, we need to be a lot better at marketing, in order to keep my company growing. Without enough growth, we could be in real trouble. Any suggestions?

Marketing is a big subject, as you’ll discover once you start. No one individual or vendor will be able to do it all for you. It’s a given that everyone in the company looks to the owner for marketing direction and advice. Unfortunately, marketing is often not a core competence for the owner. You’ll need to build a team, and make time to chip away at ir over time.

In order to learn more about marketing, start by doing some research. Recognize you can’t do it all yourself. Remember that Rome wasn’t built in a day, and it will also take time to build a robust, productive marketing program for your company.

What’s marketing all about? Take the classic education approach and read a book, or two, or three, about marketing. Take a look at competitors and peers who are twice your size, to see what they’re doing for marketing. Look at what your customers are doing – often they’ll be the most forthcoming with ideas and suggestions.

Make a long list of all of the ideas that you might want to try in marketing, including notes on where the idea came from, and who else might be able to tell you more. Build a list of potential vendors. Find out who’s been helping the competitors you admire. Ask referrals. Start interviewing individuals and companies who work at marketing. Here’s a list of interview questions:

• what kind of work do you do most frequently
• what’s an example of your best work
• what kinds of customers do you work with most often
• what kind of work and customers do you try to steer clear of
• what’s a ballpark of costs for working with you / your firm, over what period of time – what kind of budget should I expect to have
• how do you know if you have a good customer – or a project that’s in trouble
• what kind of results do you expect to produce, in what timeframe

Define where you want to get to – short term and long term. Work backwards from your company’s sales goals and activities. Figure out how much additional lead generation is needed – this year, and over the next 3+ years, to insure the company hits its sales targets. That will tell you a bit about how hard and fast you need to press forward in marketing.

Realistically define the budget for marketing. If you need things to move quickly, identify where else in the company you’ll make cuts in order to free up funds. Expect to put at least 5% of gross profit into marketing, to build fuel for the future.

Define some goals, using what you learned from your interviews. Pick one or more key players on staff, who will work with you on the project. Pick 3-4 marketing initiatives to focus on first. Define a period each week when you’ll work on marketing. Do the strategic homework first – understand your company’s position in the marketplace.

Chip away at the item list, doing trials to learn about what works for your company. Here are some of the projects you might want to explore: direct mail, telemarketing, market research, branding and positioning, brochure development, web based activities including website design, SEO and blogging, upgrading copy, print and web offer development and advertising, public relations, public speaking, networking, referrals, niche marketing.

As you work on trials, change one thing at a time, so you can measure the differences in outcomes and know what to attribute success and failure to. At this stage, the one big mistake you can make, is not to get started at all. Think of the great leads you’ll have coming in, for sales to work on, as you figure out your company’s marketing program.

Looking for a good book? The Marketing Gurus: Lessons from the Best Marketing Books of All Time, by Chris Murray.

Andi Gray is president of Strategy Leaders Inc., www.StrategyLeaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi?  Please send it to her, via e-mail at AskAndi@StrategyLeaders.com  or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514. Visit www.AskAndi.com for an entire library of Ask Andi articles.

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The basic networking premise is: you scratch my back, I’ll scratch yours : but will it happen?  In the networking groups we belong to, there’s a presumption that leads will happen, but in my experience that’s not necessarily so. How do we increase the odds of getting payback from the networking groups we’re in?

Find the right group. Be clear about what you’re asking for. Make the rules explicit. Keep searching until you solidify your connections with the right networkers for your company.

Think Team. You can cover a lot more ground with a team, than you can alone. So build one. And then get out on the field and practice together.

Always keep your eye open for quality lead generators who are traveling in your customers’ world, connecting with your top contacts. If you have networkers who don’t belong on your team, ask them to step aside. Create room for lead identifiers who are a better fit.

Stop wasting time and effort hanging out in networking groups that are wrong for you. Set criteria of what makes a good networker. Here is my company’s criteria:

• calls on our target market, at owner level
• used to connecting with 3+ new leads / week for their own business
• produces a minimum number of networking leads / month
• comfortable letting their contacts sort out if it’s a fit
• have clout with their contacts, can make a meeting happen
• willing to follow up on a meeting, help move promising things forward

Get beyond excuses. I often say that if I want to find a lead for someone, I can find it in the line at the grocery store. All I have to do is keep my ears open and be willing to put myself out there. Don’t expect anything less from your networking partners.

It’s frustrating to be in a group that doesn’t produce leads. Maybe you’re in business-to-business sales and the networking group is dominated by people selling to consumers. Many unproductive groups have members who like hanging out together, but who are not good at creating opportunities. Check on the lead frequency and quality, and target market focus of any group you’re considering joining.

If you want to try organizing your own group, start simple. Invite a few people to breakfast. Talk about who each calls on – look for the same target companies, and level of contact. Look for hunters who turn up leads all the time, and who are comfortable passing those contacts on so you can do the farming. Set up a farming routine to follow up on opportunities that need work before they’re ripe.

Check on introduction expectations. Some people will make introductions and let the chips fall where they may. Others want to know everything there is to know about a company and it’s product or service before even considering giving out a lead. Some want to go along on introduction meetings, others don’t have the time. What works for you?

Be clear about your needs. If you want to see 3 leads / month, say so. Ask prospective networking partners to cite examples: when they’ve produced leads in the quantity you’re looking for. Ask for specifics about who they refer, and why. Listen carefully to the story behind the story. Does it match your circumstances? Treat these discussions like job interviews – you’re looking for the best networkers for your company.

Be patient and persistent. It takes time to build a circle of influencers. Keep looking for “A” players. Steer clear of excuse makers, passive players and people who promise but can’t deliver. You’ll find that being connected to people with a steady flow of introductions, whose contacts regularly turn into business, is like tapping into a gold mine.

Once built, with a little regular nurturing, a networking circle can be a productive source of new business opportunities. Plan to meet regularly to reinforce the connection, exchange leads and talk about how to improve results. Keep the focus on why you’re there: to build each others’ businesses.

Looking for a good book? Endless Referrals, Network Your Everyday Contacts Into Sales, by Bob Burg.

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Andi Gray is president of Strategy Leaders Inc., www.StrategyLeaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi?  Please send it to her, via e-mail at AskAndi@StrategyLeaders.com  or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514. Visit www.AskAndi.com for an entire library of Ask Andi articles.

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My marketing advisor is pushing me to do more with social media, as a tool to market my company. I just don’t know how effective it would be, and I’m concerned about the amount of time I’d have to put in. What do you see as the best ways to go about this, and is it worth it?

Marketing in general can be frustrating, especially when you’re getting started, because there’s usually no direct link between do this, get that out of it. It takes time and effort to build up presence and awareness. And it’s important to be in many places, rather than becoming an expert at just one route.

There are lots of ways to get noticed on the internet. Think through what you’re trying to accomplish and set some goals. Don’t go for the end goal of get more sales – that’s too remote and difficult to measure, especially early on. Think more about general visibility on the internet, visits to your website and connections with potential buyers and referral sources.

A website is essential. If you don’t have one, make that a priority. Hire 4 sets of skills: design, writing, programming and SEO (search engine optimization). These may not all be available in one marketing firm, unless that firm is larger, or has a team of outsiders they work with. Beware if one person says they do it all – the skills are all very different, and require specific expertise.

Think of the website as a destination, and social media as a way to point people towards that destination. Playing on the internet is both a competition for grabbing attention, and a community of influence. You want to get known for having expertise on a particular topic related to what you do. Then attract followers who are interested in what you have to say. And finally have people pay more attention to what you have to say than anyone else.

Your best bet it to set aside time every day to work on your social media program. Spending an hour a day on social media will result in fresh content for all your updates.

Start by looking at others who are influential in your field. See what they’re doing that you like, or don’t like. Look around for blogs that relate to what your company does. Check out key words on the internet to see who comes up first. Note the different ways of getting noticed – from having a website at the top of the search to seeing press release notices, published articles and other information sources referencing the topic you’re looking up.

Think about the voice of your company. What’s the best way to get the word out about your company’s beliefs. What’s educational or of interest to people? Do you write clients stories and case studies, or do you publish research? How are you most comfortable sharing information in written format? As fact based articles, or anecdotes and stories.

Try to find several ways to get the word out about your company. Join Linked-In if you are selling Business-to-Business, and then join groups within Linked-In. If you’re selling Business-to-Consumer, Facebook may be a better environment. YouTube is something worth considering for either B-to-B or B-to-C, as a picture is still worth a thousand words, but that means you’ll need video that looks professional.

Consider connecting what your company does for marketing outside of the internet, with your eMarketing. For example, if your company is doing seminars, or promoting charities, or participating in events that are noteworthy, get the word out on the internet through your LinkedIn and Facebook connections, as well as by blogging about what you’re doing.

Given everyone’s increasing reliance on the internet for information, I’d say you have no choice but to climb on the bandwagon and start to develop your own social media program. Give it time to develop. Think about it as a fun activity, rather than a chore. After all, you’re probably passionate about what your company does, here’s your opportunity to share that passion with everyone else.

Looking for a good book? The Social Media Bible by Lon Safko.

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Andi Gray is president of Strategy Leaders Inc., www.StrategyLeaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi?  Please send it to her, via e-mail at AskAndi@StrategyLeaders.com or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514. Visit www.AskAndi.com for an entire library of Ask Andi articles.

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You’ve talked before about firms having a competitive advantage. What does that mean? How can my company develop a competitive advantage? And is it worth the time and effort that will go into making that happen?

Michael Porter has written extensively on Competitive Advantage (CA). He states that CA, “grows out of value a firm is able to create for its buyers that exceeds the firm’s cost of creating it.” He proposes that companies achieve CA by, among other things, “providing unique benefits that more than offset a higher price”.

One of the most difficult questions for many small businesses to answer is, “What makes your company truly different?” The answer can lead to greater profits, barriers to entry for potential competitors, longer lasting high-quality clients, increased sales effectiveness, and hiring advantage.  Think of Competitive Advantage (CA) as a series of tools that set one company apart from all others.

One place to work on developing a company’s CA is in marketing. Usually your best customers have already figured out why your company is the best-in-class, when it comes to meeting their specific needs. Ask those companies to explain what they appreciate about your firm, and why they keep coming back for more.

Be aware of what your competitors are doing, similar to, and different from, what your company is doing. In the words of your best customers, define what sets your company apart. Focus on honing and expanding those skills and qualities that your best customers most appreciate about your company.

List traits that identify your best customers.  Then do research to find other prospects that fit your best customer characteristics. Build a database of current and future best customers. Use that database as a competitive weapon. Cut down on wasted effort trying to appeal to poor quality targets.  Tailor your marketing to attracting and nurturing prospects and clients that have the highest potential to be best customers.

Involve your sales force in attracting and keeping best-in-class customers. Make sure they know how to identify one. Also have them well prepared to educate the marketplace about what makes your company different. And ask them to keep their ears open for news on what your competitors are up to.

Develop unique systems for doing what your company does, as another sure way to create a competitive advantage. Make sure that your process delivers a superior outcome, a better price : payoff ratio, or otherwise results in something that buyers can’t get anywhere else. Be aware that knowledge of systems is portable, and ask all employees who have privileged knowledge to sign non-compete and non-disclosure agreements.

Look at how your company acquires materials and personnel. Can you corner a market on materials? Do your employees have special skills? Is your company a more attractive employer because of stand-out results with best-in-class customers? Can you translate this into a better product, service, or payoff ratio, as compared to what everyone else has available?

In the long run, what you end up with is customers who buy from you based on the value of what you sell. Using CA, you get away from competing on price, which is a slippery downhill slope. You protect and expand market share because your company is the top game in town at what it does, and you make sure everyone knows that.

Be aware that Competitive Advantages are not permanent. The marketplace is always evolving. Competitors are always looking for ways to expand and improve, as is your company. New resources and technologies become available. Improvements in education can turn into a game changer. Old customers fall away and new prospects arrive on the scene looking for better solutions.

Keep your company out front. Constantly look to improve your appeal to your best customers. Identify that next niche by testing new products on old customers, and launching your best products or services into new markets. Continuously test and update your company’s list of competitive advantages, to insure you company stays on the forefront of the profit and value propositions.

Looking for a good book? On Competition, Updated and Expanded Edition, by Michael E. Porter.

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Andi Gray is president of Strategy Leaders Inc., www.StrategyLeaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi?  Please send it to her, via e-mail at AskAndi@StrategyLeaders.com or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514. Visit www.AskAndi.com for an entire library of Ask Andi articles.

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I feel like we’re on a treadmill. We’re constantly looking for new customers, and never find enough of them to get ahead. Any suggestions?

Stuck marketing all the time to find a new audience? On the one hand, that’s a good thing: you’ll constantly refresh your pool of new potential buyers. But ask yourself this: Are you effective at what you’re doing to attract new customers? Are you passing up opportunities to sell other things to people who already know and trust you?

Check back with current and past buyers:

• Are you losing customers because of fulfillment problems?
• Are your customers loyal to your brand?
• What else do your best customers need?
• Is there something additional that will keep them coming back for more?

If there are significant problems fulfilling an order, instead of creating a loyal, raving fan, you have a frustrated buyer. And the old maxim comes into play: a loyal customer may tell one or two others about the experience. A frustrated buyer is likely to complain to many. Check if you have a problem and fix it fast.

Are your customers loyal? Do they recognize the value that goes with your brand? Or, are they comparison shopping, and buying from whoever as the lowest price? Ask customers what they think they’re getting when they buy from your company? Does that match with what you believe your company is selling? If not, you have work to do, fixing the reality between customer perception and what they’re actually getting.

So long as your customers are loyal and satisfied, the best place to look for sales is, your current client list. The hardest sale is the first one. Once a contact converts to a client, the trust level changes. Your company is now an insider, accepted as a vendor, and trusted as a supplier. It’s time to capitalize on that.

Remind current and past customers of what they last bought from your company. Then ask what else they’ve turned to other companies to buy. Ask what they might need in the future. If possible, visit client locations and take a look around. Keep your eyes open for things your customers have, or need, that your company could supply.

The most profitable sales are where you sell new products to old customers, and old products to new customers. Always match a “new” with an “old”. You’ll have fewer variables to control and diagnose as you perfect the offer, the price and the delivery. Fewer variables generally equates to higher profits and more successes.

If you’re doing a lot of marketing, and aren’t getting enough customers in, it may be time for some research. Look for facts:

• How did buyers first connect with you?
• Is your target market growing or shrinking?
• Are there demographic shifts (age, location, social affiliation, work status)?
• What is your contact to sale ratio?
• Are some of your marketing efforts more effective than others?
• What marketing tools are others using?

Asking your best current customers how they originally connected with you may lead to answers on where else to look for new customers. Check that there are enough potential new customers to meet your needs. If your target market is shrinking, or if you have over 10% – 20% of the market as customers already, you may need to expand into other markets.

Think broadly when considering expanding into new markets. What about exporting to other countries? Or partnering with other companies that are selling to a target market that you want to enter? Or broadening your reach by changing your product or service in order to expand the age appeal, geography, or social acceptance.

Take a look at what your competitors are doing to reach their customers, and what they’re offering. Is there something that you can modify to suit your needs. Be relentless in challenging your company to reach further, offer more, and go deeper to meet the needs of current and future customers.

Looking for a good book? Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know, by Mark Jeffery.

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Andi Gray is president of Strategy Leaders Inc., www.StrategyLeaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi?  Please send it to her, via e-mail at AskAndi@StrategyLeaders.com or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514. Visit www.AskAndi.com for an entire library of Ask Andi articles.

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