Monthly Archives: January 2013

Marketing , , 11 Comments

Marketing Mix Remix: 4 Ps for the 21st Century

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The term Marketing Mix was coined in 1948 by Neil Borden,  who was then a professor at the Harvard Business School and James Culliton,  who was dean of the business school at University of Notre Dame.  In 1960,  then marketing professor at Michigan State University E. Jerome McCarthy laid out the original 4 Ps: Product,  Place,  Price and Promotion.

Half a century later,  the 4 Ps  are still considered to be the marketing strategy gold standard.  Over time,  the marketing mix list was expanded to include nine Ps,  with Process,  Position,  Profit,  Packaging and People added.  In whatever number,  the Ps served marketing departments throughout the world for several decades.

But we’re in a new century now and the marketplace has changed.  It is time to re-think and re-tool the Ps for today’s B2B service-oriented economy.  Eduardo Conrado (Senior VP and Chief of Marketing at Motorola),  Richard Ettenson  (Thunderbird School of Global Management)  and Jonathan Knowles  (CEO of Type 2 Consulting in New York City)  have presented a reinterpretation of the Ps that tacks toward offering solutions,  which is what the Freelance consultant’s current and prospective clients value today.  Their model has updated Product to Solution;  Place to Access;  Price to Value: and Promotion to Education:  SAVE,  a perfect acronym if ever there was one.

Conrado,  Ettenson and Knowles posit SAVE as the centerpiece of a 21st century solution-selling strategy that encourages marketing and sales practices that take a client-centric perspective.  The SAVE model gets one into a solutions-oriented mindset and helps a Freelance consultant to devise marketing strategies that target specific client needs.  SAVE emphasizes the value proposition of the B2B solution that is being offered and creates the context for the Freelancer to position him/herself as a trusted source of expertise,  advice and problem-solving.

SOLUTION,  rather than Product /Service

  • Describe your services and bundle your service packages according to the client needs that they meet instead of merely presenting a list of services offered,  with descriptions of their functions,  features and benefits.  Don’t make clients have to think about how to use your services.  Show them exactly where your service fits.  Clients are over-worked and distracted,  so save a step and visualize things for them.

ACCESS,  rather than Place

  • Institute an approach to delivering products and services that is mindful of the client’s entire purchase journey,  from the initial project specs meeting through post-project follow-up support and billing.

VALUE,  rather than Price

  • Articulate the benefits of your services relative to price,  instead of stressing how price relates to production costs,  profit margins,  or competitors’ prices.  Present your value proposition in a way that ensures you’ll be perceived as being well worth the money.

EDUCATION,  rather than Promotion

  • Provide information relevant to your clients’ specific needs at each point in the sales cycle.
  • Re-think and re-tool a broad-brush advertising message and media outlet choices.  Maybe a webinar that helps clients sort out approaches to meeting specific business needs will be more convincing than an advertisement.  A relevant case study,  presented as a story, is invariably convincing,  helping clients to visualize where and how your services can address business needs effectively.

Eduardo Conrado and his marketing team at Motorola used SAVE to guide the re-structuring of its entire approach to marketing and sales strategy development.  Motorola now designs strategies that build a strong case for the superior value of their products by presenting them as solutions that solve problems,  shifting the perception of their sales professionals to that of trusted experts and advisers.  Like Motorola and other multi-nationals,   Freelance consultants who plan to maintain their relevance in a merciless marketplace are advised to bring our marketing strategies into the 21st century as well.

Thanks for reading,

Kim

Sales , , , Leave a comment

Face-to-Face Client Meeting Primer

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When you run a good meeting,  you show prospective clients that you can be trusted.  The project will be in good hands because you are a pro.   In your meeting you will show that you are prepared: you understand the clients’ needs and the needs of the clients’ customers.  You demonstrate your value-added and ability to meet or exceed expectations.  You know how to land the plane and they will  look like a genius for hiring you.

Here is the continuation of the meeting primer developed by Geoffrey James,  author of  “How to Say it: Business to Business Selling” (2011).   James  suggests that you follow these rules to make sure that you make a good impression in your next meeting and I totally agree.  I’ve edited and condensed his list.

8.   Don’t start the meeting with a SALES PITCH.  If you are meeting with a prospective client who would like to get to know you better,  respect that wish and be grateful for the chance to build a business relationship.  Do not be crass and push a selfish agenda.   Rather, encourage the prospect to talk about him/herself and the business and what’s gone on in the past, what the preferred future will look like and the role you can play in bringing the business to that point.

9.   RESEARCH the client’s organization,  so that you’ll have a good understanding of what business priorities and concerns are likely to be before you walk into the meeting.   Have ideas of how your services can benefit the organization.  Visit the company website and read the mission statement,   familiarize yourself with the organization’s primary products and services and get to know its clients.  In other words,  do your homework.

10.   Remember the NAMES of everyone at the meeting.   After the introductions,  make a note of the names of all participants.  Offer your business card to all and try your best to likewise get a card from everyone present,  so that you can confirm titles and have contact info.

11.   Take NOTES,  so that you’ll have a record of what everyone has agreed to,  especially you.  Remember to bring a nice note pad or your notebook computer.  It can be very useful to send a confirmation email to everyone,  as a way to confirm any agreements and time tables.

12.   Keep the meeting on FOCUS,  so that you don’t lose control of the agenda and fail to get your questions answered.  It will be up to you to bring the meeting back to the main topic if the client  tends to meander into sidebars.  Make sure the meeting is productive and not a waste of time.

13.   End the meeting on TIME.  Respect the client’s schedule and do what you can to follow the agenda.  The only exception would be if the client is anxious to push forward ASAP and creates space in his/her calendar to spend more time discussing the project.

14.   FOLLOW UP on whatever you agree to do,  within the expected time frame.

15.   Write a THANK YOU LETTER.  If you were invited to meet with a prospective client or reconnect with a previous one,  demonstrate your appreciation in writing.  Get some nice stationery  (time to get your own personalized business stationery printed up fast if you haven’t done so already)  and write a three or four sentence letter.   Drop it in the mail maximum 48- 72 hours after the meeting.

Thanks for reading,

Kim

Sales , , , Leave a comment

Face-to-Face Sales Meeting Primer

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Lucky you,  at last you scored a meeting with the dream client you’ve been pursuing for months.   Or did you get back in the door of a former client and sign on for repeat business?  A meeting to discuss specifics has been called and you can taste the contract.  To make sure that you don’t inadvertently put your foot in it and screw up your good fortune,   herewith is a sales meeting primer that will help your face-to-face meetings produce the outcome you want.  These pointers were developed by Geoffrey James,  author of  “How to Say It: Business to Business Selling”  (2011).  I’ve condensed and edited.

1.    Have a specific GOAL, or list of OBJECTIVES,  that will define the purpose of the meeting.  When the meeting is called to discuss a specific project,  then your goal is to get the information you need to determine how you will meet the client’s expectations and the project  time-table.  You must also determine whether you can do the job on your own,  or if will you need to subcontract some part of it.  A few days before the meeting,  start jotting down questions that will bring out the necessary info.

2.   Create a meeting AGENDA,  which can be that list of questions you’ve come up with.   

3.    Arrive EARLY to the meeting,  15 minutes ahead of time.   Go to the restroom and check your appearance.

4.    Turn off your PHONE.  

5.    Do not TALK TOO MUCH.  Remember that the meeting’s purpose is for you to gather information and for the client to communicate project needs and timetable,  confirm that you are qualified to do the job and get a sense of how it will be to work with you.  By all means,  greet your client with some friendly banter that reveals your authentic self.  A minute or two of social lubricant is necessary to relax everyone.  Just don’t let the chit-chat go on and on.  You are the one who must gracefully segue  into the business conversation.

6.    Don’t be PASSIVE.  Remember that you’ve been invited into the meeting to make a contribution,  to add your expert insights and opinions.  Speak up when necessary.  Ask questions,  provide answers.

7.    Don’t ARGUE with the client.  If your client has a business practice or opinion that seems unusual to say the least,  diplomatically ask what has brought him/her to that conclusion.  There may be a compelling reason that you haven’t thought of.  Be careful not to make the client feel as though he/she is out in left field,  or behind the times  (especially if that is exactly the case!).  

Social media gets all the hype and we all love the convenience of email.  Still,  there’s no way to underestimate the value  of human interaction.  For many conversations,  the telephone is better than email and a face-to-face meeting is the best of all.  Learn how to make the most of your meetings.  I’ll be back next week with more on how to run good meetings.

Thanks for reading,

Kim

Survival Strategies , , 3 Comments

Find the Time to Do What You Must Do

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It is not easy to stay focused and manage one’s time effectively,  especially when Freelancing.   Working from home presents so many opportunities for distraction,  from the laundry,  to the vacuuming,  to the suddenly gross- looking bathroom sink.  How can you avoid letting the household chores fester and still successfully complete an in-house project,  keep an eye open for potential new assignments,  create additional revenue streams that sustain financially during the inevitable gaps in contracts or client slow-pay situations and somehow find time for professional development and networking?  Fear not,  Freelancer friend,  there is a way to keep those plates in the air.

The secret is to prioritize and be resolute about it.  Learn to value yourself and your time.   Allow yourself  to acknowledge and honor those things that you Must Do and things that you Want To Do.  Equally important,   allow yourself to recognize low-priority tasks and have the courage to let them fall to the wayside. 

We all have obligations and preferred activities and we have about 16 waking hours each day in which to act upon them.   To manage time effectively,  become more productive and refrain from burning yourself out,  priorities must be made and adhered to.   Be brave.  Climb into the driver’s seat and decide which activities and people mean the most to you and let those choices guide how you allocate your time.

Where to begin? Start with work,  because that is how you earn money.   Make a time line for important projects and/or goals and create a what you Must Do manifesto.  Draw up an action plan to ensure that all deliverables are in hand by the desired date.  Identify important milestones along the way and reward yourself when they are reached.  This will help you to establish the right things to do and when to do them and that is the essence of prioritizing.

Next,  think about your personal life and what you Want To Do.   Are you married,  maybe with children,  or do you have someone special in your life with whom you want to spend quality time?  Refer back to your project/goal time line and brainstorm approaches to Must Do priorities that can increase the amount of Want To Do time.  You still may not show up at all of your son’s football games,  but you’ll be more likely to be at the important ones. 

 When on a serious deadline you’ll probably be basically unavailable while the pressure’s on,  but with careful planning you’ll meet most obligations  (buy take-out food and consider hiring a cleaning service to get you and the family over the hump during a crazy-busy period).   You might even be able to have the occasional quiet dinner with the family or that special someone,  which will give you some much-needed relaxation and battery-charging.  You might be able to accept an invitation to a good party,  too.

Other aspects of your personal life involve only you and those needs should likewise be honored,  because they are what you Want To Do.   One way to get more things done  is to get out of bed earlier,  so consider going to the gym at 6:00 AM or 7:00 AM.   If you’re really busy,  exercise will help you to stay strong,  focused,  creative and in reasonably good humor.  If necessary,  limit work-outs to 30 – 45 minutes,  so that you’ll stay on your time line,  checking off the boxes of what you Must Do.

Along the way,   it will be necessary to recognize which activities and unfortunately,  people,  are time-wasters and limit or eliminate your exposure.  Toxic and/or time-wasting people should be diplomatically ushered to the door.  You have no time available to indulge  nonsense. 

Social media is yet another potential time-waster.  Limit social media activity  to 30 minutes two to four times a week.  Even if your custom has been to spend  lots of time on Twitter because it could be good for business,   ask yourself if you need to post every day? If the verdict is that you must,  then limit tweet  time to 15 minutes/day.

Finally,  learn to forgive yourself if a few things don’t get done.  Do what is necessary to achieve what you Must Do and Want To Do and maybe let the vacuuming wait a few days.  Celebrate your progress and remember to find time to relax and enjoy time with yourself,  family,  friends and special someone.  Give yourself the gift of work – life balance.

Thanks for reading,

Kim

Professional Development Leave a comment

Business Resolutions for 2013

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Becoming a successful Freelance consultant requires any number of competencies,  in addition to a dose of good fortune.  First,  one must be able to position oneself as an expert in one’s field.   Second,  one must know how to sell that expertise to potential clients.  To create the conditions for success,  it is necessary to maintain expertise in order to maintain credibility;  meet and build relationships with those who will hire or refer you;  promote oneself and the business by being visible in the business community in which one operates;  manage  business finances;  and stay optimistic,  focused and disciplined.

It’s a tall order.  Since we’re at the start of a new year,  I respectfully offer you a few suggestions that you may want to adopt as resolutions that will get you rolling in 2013. 

1.  Make money

Sounds like a no-brainer,  no? Still,  you must get into the no-excuses  mindset and lead your business to profitability.   Review your business model.   Re-evaluate your pricing.   Nurture your referral network.   Keep an eye on expenses.   Figure out which self-promotion activities are most effective in making you visible in the circles that connect you with potential clients and noteworthy peers.  Develop business practices that will encourage clients to give you repeat business and make referrals for you.

2.  Invest in professional development

Education keeps you at your professional peak and introduces you to new and better solutions that you can offer to your clients.  Seek out online courses,  check out the business best-seller lists and select titles that address your business challenges and /or attend a seminar or two.

3.  Connect with influential peers

Get to know other Freelance consultants or other small business owners,  including those who offer products and services that complement your own.   Think about creating an informal advisory board and support network that gives you inspiration and encouragement when you need it (and remember to give as good as you get).  You may find a new referral partner.  You might find partners with whom you can develop mutually beneficial programs for clients or peers,  like a webinar.

4.  Re-evaluate how you promote your business

Social media is here to stay,  so confirm that you’re using what reaches your target audience.  LinkedIn is where you start.  If your clients follow Facebook, Twitter,  Google +, YouTube,  etc.,  then establish your presence and keep the content fresh and relevant.  Budget the time for face-to-face activities such as volunteer boards,  participation in charity events,  speaking at conferences,  mentoring programs and teaching courses.

5.  Value your personal life

Work not only hard,  but also smart.  Establish boundaries and unless you’re on deadline,  give yourself time off.  Take vacations as budget allows.  Stay in contact with friends.  Go to the gym.  Learn how to speak a foreign language or how to arrange flowers,  if that’s something you want to do.  Live your life to the fullest.

Happy New Year and thanks for reading,

Kim