Monthly Archives: October 2021

Marketing , , , , Leave a comment

Online Reputation Management and Your Brand

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A business owner’s work is never done, it seems. Along with recruiting customers in an increasingly challenging business climate, fulfilling customer expectations, providing excellent customer experiences and instituting procedures that ensure pleasant and efficient after sale support when needed there is, as well, the responsibility to monitor and manage the online reputation of your brand, your business and you. Creating, enhancing and perhaps also defending the online reputation of your brand must be an ongoing component of your company’s PR and SEO marketing strategies.

Developing and nurturing an appealing and trustworthy brand for your enterprise has always been the cornerstone of comprehensive and effective marketing campaigns and strategies. The pandemic-induced acceleration of numerous online communication formats has compelled business owners and leaders to amplify the online presence of their brands in order to effectively compete.

As a result, it is more necessary than ever to carefully curate, align and script all marketing themes and messages used to promote your brands along with the associated image, audio or video content posted to an array of platforms. Business owners and leaders would be wise to actively shape and manage the online image and reputation of their brands to continually reinforce brand narratives and positive perceptions.

Online Reputation Management is now an ever more critical branding function, essential as you develop marketing and branding strategies that build name recognition with the power to attract customers. A trusted brand is a valuable resource and can create for your business a loyal troop of boots-on-the-ground influencers who are motivated to write positive reviews in online rating sites and dispense word-of-mouth endorsements that can make or brake your business. From the online content that communicates relatable brand stories that build trust and loyalty within your target market to search-friendly platforms and key words that promote your brand’s online visibility, you can create an electronic architecture that supports and sustains an appealing and confidence-inspiring brand.

To help your business overcome the multi-year impact of the coronavirus pandemic, do what you can to allocate resources to create and implement a robust Online Reputation Management strategy. For best results, assess the efficacy of your online branding strategies by employing the tactic of social listening.

The act of monitoring social media and other online platforms helps track mentions and notifications about your brands and facilitates quick responses to customer compliments or complaints, which are the building blocks of an effective engagement strategy. Social listening means discovering patterns and connecting the dots in the comments or questions heard in monitoring. Social listening reveals to you the big picture—not just the trees, but the forest—and encourages you to analyze the context and larger trends that surround those (online) conversations, so that you might discover opportunities to act that enable you to better speak to and serve your market.

The customer data and marketing platform Clutch.com recently reported the following:

  • 54% of digital marketers consider Online Reputation management necessary for the success of their company
  • Brands frequently utilize social listening, following the social media outlets favored by their customers, to gain insights into what is trending or waning in customer preferences and priorities
  • The primary benefit that companies gain from investing in Online Reputation management is growth in sales
  • 35% of businesses queried plan to allot more time and money to Online Reputation management

Thanks for reading,

Kim

Image: Fredric March as Dr. Henry Jekyll in Dr. Jekyll and Mr. Hyde (1931) directed by Rouben Mamoulian

Business Strategy , , Leave a comment

Moving the Needle on B2B Sales Deals

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Selling B2B professional services is no day at the beach, as you’ve probably deduced by now. Getting B2B sales deals across the finish line can be an uphill marathon that leaves you face down on Heartbreak Hill. Unlike your B2C colleagues, you can’t ride the wave of multi-million dollar product launches or other advertising campaigns to convince prospects of the amazing benefits that your product or service delivers.

Moreover, there are no impulse buys in B2B, no equivalent of customers adding candy to their shopping basket while waiting in the check-out line. Your marketing campaigns and sales pitches speak to business goals with a deadline and problems that must be resolved.

On top of that many, if not most, B2B services that Freelancers provide are unlike the various software as a service products that can be easily compared and evaluated, feature by feature. Once a prospect has found you, it’s necessary to pitch your solution in a narrative mix of hard facts and soft skill intangibles that portray you and your capabilities as an effective and trustworthy choice.

In some instances, you may even work to convince a prospect that there actually is a problem to solve, that something can be done in a faster or easier way. As a result, the sales cycle of the typical Freelance consultant is long. So what can you do to keep the pipeline filled and your cash-flow positive now and into 2022? There are some cultural shifts to keep in mind as you consider strategies that you might implement.

The Great Resignation factor

In the early 2000s, I started to notice that important contacts at companies with whom I worked regularly disappeared in about two years. Not good! So much of obtaining repeat business depends on relationships. It costs you money when an ally leaves a prospect’s decision team. You may not know where they’re going next and they usually don’t take you with them by introducing you and your services at their next assignment

This phenomenon is detrimental to the future of your business. The Great Resignation factor (addressed in the September 7, 2021 post) has heightened this trend. Freelancers are advised to include this reality in client pursuit and post-project client retention strategies. You can’t control what will happen, but knowing that a change is brewing gives you the opportunity to ask who will join the project discussions, so you’ll have a chance to begin building a new relationship, starting with an email introduction.

The 2021 LinkedIn Global State of Sales Report, which surveyed 7,500 B2B buyers and sellers in 11 countries, advises sellers to stay current with intel about project decision-makers and stakeholders. The survey found that 25% of decision-makers either change roles or leave the company in a given year. The survey also found that unfortunately, 85% of sellers reported that they lost at least one sales deal, or that a deal was delayed, because a key stakeholder left his/ her job. Of the many advantages acquired by tactfully remaining in touch with the primary decision-maker and influential stakeholders of every potential sales deal is receiving updates regarding who’s on and who’s off the team.

The Work From Home factor

Some companies have at least temporarily continued the work from home protocol for their employees when possible, but many have begun asking staff to work on-site at least 2 – 3 days/week. Still, the practice throws cold water on face2face sales meetings. The 2021 State of Sales Report indicates that B2B virtual selling gives the advantage to buyers, however McKinsey reports that 76% of B2B buyers prefer in-person sales meetings, or at least a telephone meeting. when evaluating a product or service that they’ve not used before. Zoom is convenient but apparently not considered ideal for first time meetings.

When appropriate, McKinsey found that 46% of B2B buyers say they’ll make purchases online online, but only 10% do so. Notably, 46% of B2B buyers feel it’s too difficult to compare the available products online. These buyers also are dissatisfied by the frequently slow responses to their inquiries.

The Digital transformation factor

Warning: 70% of digital transformation initiatives fall short of expectations. McKinsey reported that companies achieve the best results when a combination of human and digital interactions create a hybrid buyer’s journey. Because prospective buyers appreciate fast answers to their basic questions about your products and services, installing a chat bot and adding a FAQ tab to your website will expedite the delivery of information and facilitate a satisfying buyer’s journey that instills trust in your company and its solutions.

If you are tech savvy, explore and evaluate UX (user experience) and UI (user interface) digital tools. The free Adobe XD starter plan lets you design digital features that maximize the impact of touch points along the buyer’s journey, after-sale service experience and other customer service experiences that you’d like to enhance. Think carefully about how much digital interaction your prospects and clients will appreciate and strike a balance between digital and human communication.

Thanks for reading,

Kim

Image: Commodities traders at the Chicago Mercantile Exchange (founded in 1874)

Administrative , , , , Leave a comment

Cash-Flow Cures

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Cash-flow is the beating heart of every for-profit (and also not-for-profit) enterprise and it is imperative that business owners keep a finger on the pulse of revenues that flow in and expenses that flow out of the coffers and constantly monitor the venture’s fiscal health. Your ability to pay recurring bills, invest in the business and maintain operations depend on it.

There are several Key Performance Indicator metrics that reveal the strength (or weakness) of aspects of the business—the number of active clients, the number of subscribers to your blog and/or newsletter, the conversion rate of sales leads and the percentage of clients who give you repeat business, for example, and each tells an important story. But in the end it’s about the money, how much comes into the business (accounts receivable and whatever additional income) and how much goes out (accounts payable, plus interest payments and taxes).

Follow your cash-flow

If you send only a few invoices each month and generate them yourself, why not create an Excel spreadsheet and enter your receivables and payables data there, at no charge? You can monitor invoices (accounts receivable) and update as payments are received. Each month, you can easily calculate revenue. Monthly bank and credit card statements, PayPal emails and updates from online payments, made or received, will verify your accounts payable activity and confirm receiveables that are paid.

You can record it all in Excel (and label it your Profit & Lost Statement) and understand whether you’re making money, breaking even, or losing money when you view the bottom line. With that knowledge, you can create strategies to capitalize on your financial situation or correct it.

If you’d rather pay for an invoicing and accounting service, there are several good options available, including Fresh Books, HoneyBook, Invoice2Go, Oracle’s NetSuite, QuickBooks, VCita, ZarMoney and Zoho Books. The platforms make it easier to send invoices, reconcile accounts, generate reports , track time spent on project work and more.

Evaluate expenses

Examine your company’s recurring monthly, quarterly, or annual expenses. Can you trim the cost of utilities, renegotiate commercial space rent or insurance payments? Why not terminate premium services or other subscriptions that don’t deliver as you anticipated? Ditto for organization memberships that you can’t find the time to utilize.

The work from home phenomenon should help you lower your rent for office or other commercial space. If your landlord balks at dropping the price, consider asking for more space, if you’ll find it helpful, or ask for perks such as a discounted maintenance fee.

If you have a history of paying bills on time, call your insurance, credit card and loan companies and ask for a lower interest or premium rate.

Demand a deposit

When a project fee reaches a mid 4-figure sum, request a 10% – 20% up-front payment at the contract signing. Link subsequent payments to the completion of project milestones. Aim to leave no more than 25% of the fee payable at project completion. In other words, help your monthly cash-flow and revenue by scheduling most payments before the client has what s/he wants. If the client is unethical and “forgets” to make the final payment, you’ll have most of the money in your pocket.

Invoice on time

The thing about being a Freelance consultant is that unless you are a big-league player, invoicing, proposal preparation and other administrative tasks are done on your time. Remember that when negotiating project fees and try to roll it in.

I find invoicing to be a chore, but that’s how I get paid. Within two weeks of the completion of whatever client work you’ve done, train yourself to invoice. On your invoice, state that payment is due upon its receipt.

No-problem payments

If you sell products or provide services at your clients’ homes or offices, enable on-the-spot invoice payments with mobile apps that use your smartphone or tablet to accept credit or debit cards. Investigate mobile payment platforms such as Helcim, Payment Depot, Square, Stax and Stripe.

Credit cushion

A business line of credit is a good insurance policy against cash-flow droughts. Talk to the manager at your bank and s/he will be happy to discuss options with you. Most likely, you’ll receive a business credit card, which will be very helpful as you track business expenses, whether you take a prospect out to breakfast, attend a professional development or networking event, or buy a new computer.

As well, if your credit score is good you may be able to more quickly collect receivables from good clients who are, unfortunately, slow payers, by applying for a NOWaccount. Both your company and the client’s company must be approved. You invoice the client as usual and NOWaccount pays you within 30 days, minus a fee. Client checks are made out to you, but mailed to a post office box belonging to NOWaccount. If you have a good client who is a 60 + day payer, you can be well-served with this option.

Thanks for reading,

Kim

Image: Leonardo DiCaprio in Catch Me if You Can (2002) directed by Stephen Spielberg

Sales Leave a comment

Why Are Clients Ghosting You?

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It’s difficult to accept that a potential sale can disintegrate at any point in the sales funnel. Most potential sales unravel eventually, as confused or unsure prospects investigate which products or services might best address their needs and what that solution could cost.

I’ll wager that you don’t take personally the rejection of the TOFU group, early-stage browsers who wander into the top of the sales funnel. It is not until the prospect demonstrates real interest and reaches the BOFU, bottom of the sales funnel, that things get serious. Prospects who reach that stage have real potential to become a client. It’s disappointing when a sale doesn’t happen.

You’ve invested time in your advanced-stage prospects as they’ve traveled through the MOFU, middle of the funnel. You were pleased to learn that an e-book or case study was downloaded; you may have followed-up on that action with an emailed note of thanks and an offer to provide more details on request, or schedule a no-cost half hour phone consultation.

You may be daydreaming about writing a proposal and how wonderful it will feel to add this company to the client roster. So if the prospect abruptly goes silent, ghosting you, it’s rather a painful blow. Why is this happening and how can you fix it?

Let’s figure this out. Prospects can ghost you at any point, although disappearing acts usually occur after the first meeting or phone call, or after a proposal has been received. In the first instance, it’s probably the case that the prospect merely wanted to find out what’s available in terms of products or services and to get ballpark pricing info. These people are fishing, evaluating possible solutions for the problem and they’re not ready to commit to taking action. Let it go.

To separate genuine prospects, who are thinking seriously about doing business, from pie-in-the-sky window shoppers, the best tactic is to ask a couple of direct questions about the problem or goal for which the possible prospect wonders if your organization might provide the solution. If possible prospect is unable to articulate a specific problem that motivates his/her curiosity about your products or services, assume the need is not urgent. Accept that it may be impossible to convert this prospect in the near term, if at all.

If you have information that speaks to some aspect of what the individual is interested in—an issue of your newsletter, a case study, white paper, or even an article by another author, offer to send the information to your inquirer. If you’re able to assist the decision-making process you never know, it may be pay off for you somewhere down the line. You might become the recipient of a referral as repayment of your courtesy.

In the second instance, if your prospect ghosts you after a proposal has been requested and sent, the matter is much more serious. The three most likely obstacles are:

  • Your price is too high
  • Your solution doesn’t seem to address the problem
  • They were talking with a competitor all along and went with the other company

Both pricing and the solution that you put forth in your proposal are best discussed before you commit anything to writing. Whether you discuss these critical issues on the telephone, in a video meeting, or face2face (I wouldn’t recommend emails for matters so important), you must understand what the prospect needs to achieve and when the deliverables must be in hand. You must know that you can provide what is needed, when it is needed and at a price that the prospect will accept.

A proposal answers three questions —1). What will the prospect receive? It should be made clear in your proposal how the strategies and actions that you propose will achieve the goals; 2.) When will the project be completed? It should be made clear that the project deadline can be met; and 3.) How much will it cost? You should have a very good idea of what the client is willing to pay for the product or service you will provide.

A good proposal presents a narrative, with strategies and data and timelines, that helps the prospect understand what s/he will receive, when it will ready and the price.

Regarding price, it is advisable to inquire about the budget as the project specs are being discussed. As the prospect describes what’s on the wish list, start thinking about how much it might cost your organization to deliver. You can mention a ballpark figure and ask the prospect if that is within the budget. Hint: give a high estimate. If the prospect doesn’t flinch, that’s great! If body language and facial expressions indicate that your off-the-cuff price is too rich for their blood, downshift and let the prospect know that you’re confident you can customize a solution that will provide the must-haves and remain within their budget.

Finally, if all seems to have gone well and yet the prospect goes silent, experience tells me that the most common reason for ghosting after a proposal has been sent is that they’ve signed with someone else and they don’t want to hurt your feelings.

Still, it’s not professional behavior, inconsiderate of the time and effort you’ve invested in helping the prospect solve a challenge or reach a goal. You owe it to yourself to follow-up by phone or email and ask for an update, “Are you still interested in our services/product? When would you like to move forward?” You’ve most likely lost the sale, but nudging the prospect to face up to his/her decision allows closure and helps you to move on to greener pastures.

Thanks for reading,

Kim

Image: Elizabeth Taylor won the Best Actress Academy Award for her performance in Butterfield 8. (1960), directed by Daniel Mann