Monthly Archives: March 2022

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5-Star Client Onboarding Leads to Smooth Sailing

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Hallelujah, you’ve just brought in a client, and a good one. You and the team are psyched to start working and prove your bona fides but may I suggest that you slow down and present what might be called a “soft opening” for your new client? While you want to honor deadlines, it’s good business to first give new clients a proper introduction to your company, an opportunity to understand how his/her team and yours will pleasantly and efficiently get the job done.

This first order of business is a powerful move purposed to set the stage for a mutually satisfying working partnership. As it is for so many important goals, when your intention is to develop positive and long-lasting client relationships, it makes sense to begin with the end in mind. When you consider the big picture you’ll realize that an effective client retention strategy actually starts with good onboarding.

Onboarding is a series of choreographed actions that introduce new clients to your company and show them how to access and utilize the value in your products, services and organization—-everything that made them recognize you as The One. Your onboarding program sets the tone for productive client-company relationships, signaling that client expectations will be met and reconfirming that selecting you to do business with was a wise choice. Ideally, the onboarding experience you present will amplify your clients’ trust and confidence in you and your organization, resulting in referrals, recommendations and repeat business.

Onboarding is integral to client retention and limiting client churn, meaning one-and-done assignments. I don’t have to remind you that it costs at least five times the resources— your time and money—- to land a new client than it does to keep those you have. There will always be one-off projects but continually starting at zero and chasing prospects is expensive in terms of time, money and energy.

The top two reasons for client churn are 1) the client doesn’t understand your product; and 2) the client doesn’t know how to obtain the expected value from the product. Your thoughtfully designed and well-presented 5-star onboarding protocols can solve both problems. Here’s how you can greet new clients and start persuading them to become long-time fans and devotees of your organization.

Onboarding building blocks

Along with a welcome email, in which you thank the client for choosing your company over the other potential options and letting the client know how excited you are to work together, a 5-star onboarding recipe can include all or some of the following. Making the client and his/ her team feel confident in and comfortable with you and your team is the onboarding purpose.

  • Video tutorial
  • Live online or in-person product training
  • Follow-up video or phone call to confirm that the client is properly using the product or service purchased and is satisfied with the results and outcomes (and to troubleshoot where necessary)
  • In- person or videoconference meeting to introduce your project team and the client’s team, to discuss roles, milestones, invoicing schedules, reporting updates and the like
  • Company logo swag items and/ or a gift basket delivered to the client

The good news is that your new client already likes and trusts you and believes in your product or service and that’s why the decision to work with your organization was made. Build on these front-loaded advantages by creating an onboarding method that shows clients how to have positive experiences when using your product or service and working with your team. Your onboarding process is a follow-up step of the promises made in your sales talking points.

The onboarding process has lasting benefits for your clients and your business. Onboarding makes clients’ lives easy. It is vital to lowering client acquisition costs, increasing client retention, increasing the average lifetime value of clients and supports business growth.

Thanks for reading,

Kim

Image: Super yacht Saint Nicolas (230′ 4″/ 70.2 m) at the 2018 Cannes Film Festival

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Next Up: Generation Z

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Do you hear the footsteps? Generation Z is at the door. They were born between 1997 and 2012, they number about 72 million and they have an estimated annual buying power of nearly $300 billion. Perhaps most notably, they’re the first generation to never know a world without the internet; they grew up with cellphones and their virtual lives seem as real as IRL. The oldest of them are about 25 and getting ready to enter jobs where they might be able to influence decision-makers. So maybe it’s time for Freelancers to get to know Generation Z?

They’re not the same as their predecessors, the Millennials, who grew up in more stable financial times and have a different outlook on life and different spending habits. Defining memories of particularly the older Gen Z cohort members were formed during the Great Recession of the 2000s and it wasn’t pretty.

Tough times were waiting for us when the new millennium arrived, bringing the one-two punch of the market-crashing dot-com sell-off that was soon followed by the September 11, 2001 attack on the World Trade towers. A few years later, the subprime mortgage scam and real estate market collapse in 2007 caused thousands to lose their homes and their money. Remember also the the demise of the Bear Stearns and Lehman Brothers investment houses in 2008 and a few months later, the exposing of Bernie Madoff’s Ponzi scheme, when even Stephen Spielberg took a hit.

Many Gen Z members were raised in families that had financial worries, if not hardship, and they’re made of different stuff than Millennials who, on average, experienced a more supportive economy. Experience seems to have given Gen Z a practical, cautious and even skeptical bent. For example, they are often concerned about the values and beliefs of those they do business with. They are also price conscious.

Affinity for small business

Since January 2020, Gen Z increased its small business spending by more than 260% according to Afterpay, an Australia-based payment platform that’s designed to be supportive of the credit-building needs of its users (and seems so totally aligned with the Gen Z style). Afterpay reports that Gen Z small business purchases were 80% higher than Millennials. This is being interpreted as a response to the pandemic, since it was well known that thousands of small businesses were struggling or going under.

Gen Z prefers online shopping and not only for the convenience. Marketing survey results show that most were driven by the ability to contribute to the local economy, with 77% of Gen Z customers reporting that online shopping allows them to discover products from new or small companies they wouldn’t be able to find in person. Only 38% say they prefer in-store shopping. A June 2021 survey conducted by the France-based marketing company Sendinblue and CITE Research, the survey and research marketing firm, found that 46% of Gen Z shoppers had purchased more items from small businesses than they had before the pandemic.

Another interesting insight is that Gen Z customers are more willing to share their data with small businesses that they frequent, in exchange for discounts and deals. However, they insist that the business inform them of how the information will be used. That’s great news for Freelancers and small business owners and leaders who are figuring out how to reach and persuade Gen Z prospects to become customers.

Finally (and no surprise), a 2021 Consumer Culture Report compiled by PR and marketing firm 5W Public Relations showed that Gen Z gravitates to electronics and technology. Health and wellness emerged as their second favorite category. While the Zs are financially cautious and love a bargain, they can be persuaded to make larger purchases that offer fun experiences or improve their daily lives. They like video games.

It’s important for Freelancers and marketers in general who want to reach Gen Z to create content that demonstrates usefulness to cohort members. Make clear why they might need the product or service by communicating how it will improve their life, for example, improve health or promote fun, and also explain why your product or service is better than what competitors offer.

Thanks for reading,

Kim

Image: Fortnite™, the video game favored by Generation Z

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Is It Time for a Price Increase?

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We’re here to talk about pricing today, a favorite subject of mine, but I admit the process is tricky. Pricing is more important than you might think because if you don’t get it right you either won’t sell much, because prospects and customers feel you’re too expensive, or you’ll sell but won’t make as much money as you could, because you’ve priced too low. Pricing B2B services can be a challenge. You can’t walk into a couple of stores or check on line and comparison shop your competitors, so competition-based pricing doesn’t work. Value-based pricing is the best option for B2B services.

So that you can at least maintain, if not increase, profitability in these unstable times, business leaders and owners would be wise to evaluate the pricing of their products and services and make adjustments when necessary. Revenue and profit are tied to more than sales volume. The most important driver of sales revenue, after ensuring that production or acquisition costs are covered by the price, is the value that clients assign to your products and services. I suppose that’s another compelling reason why B2B services are most successfully priced according to the value and ROI they bring to your customers.

Conducting basic market research will help you discover or confirm the purpose, must-haves, priorities and ROI that drive the confidence in and sales of your products and services. As usual, knowing the customer means everything. Whether you get them on the phone or take them out to lunch, speak to three or four of your best clients to determine which outcomes and benefits, tangible and intangible, matter most. You want to obtain insight into how your products or services bring ROI to clients. Once you understand what your offerings enable clients to do, align your price with the value they bring. Furthermore, include in your marketing messages those benefits that clients with whom you’ve spoken indicated are the most highly prized.

When announcing price increases, it may be useful to explain your increased costs and how long it’s been since your prices have been adjusted. Don’t shy away from highlighting how much your clients have raised their prices. For clients who may be struggling, consider “grandfathering” to continue the pricing for the product or service they buy most often. You could also soften the blow of price increases by designing product and service options to accommodate price-sensitive clients. No-frills, economy versions of your offerings may be welcomed by some. Consider also indirect price increases, such as adding surcharges for expedited shipping, longer payment terms, rush orders and for performing small projects.

Charging one price for your products and services is, in fact, limiting for both you and your clients. The buying decision may be simpler, but it leaves no room for clients to upgrade and you to bring in additional revenue from upselling.

Thanks for reading,

Kim

Image: The banker from the board game Monopoly ™, which was patented by Parker Brothers in 1935.

Uncategorized Leave a comment

How to Amplify Your Brand

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What does branding mean to you? The term brand refers to a marketing strategy created to help a company’s current and potential customers identify that company and its products or services. A brand is a collection of often intangible characteristics that collectively represent the company and are the basis of its reputation. The brand helps to shape public perceptions of the company, its services and products and public-facing leaders. For those reasons, the brand is considered foundational to a business.

Brands commonly use certain attributes to help create an identity or personality to distinguish the brand and add to its appeal. A powerful brand identity attracts the loyalty and trust of a company’s customers and that usually results in purchases made, as fans of the brand seek to associate themselves with attributes they find desirable. A good brand brings enormous value to the company, giving it a competitive edge over others in the same industry. Many business entities provide legal protection for their brand by obtaining trademarks for the company name, logo design and slogan.

An effective and compelling brand generates memorable, lasting impressions. Developing a respected brand is integral to business success. Consistent communication of your company’s brand can enhance and solidify its reputation, revenues, profits and long-term viability.

Business owners and leaders are advised to continually evaluate the perception and performance of the company brand. Without careful stewardship, it’s possible to unintentionally weaken or muddle your company’s identity and get lost in the weeds regarding the messaging, priorities, values and practices that loyal customers trust and expect.

Therefore, devising a branding strategy to monitor the impact of your company brand is essential. Consistent promotion of the brand is key to launching and sustaining a company that current and potential customers regard as memorable, recognizable, dependable and trustworthy.

If building, enhancing, or refreshing your company brand, or if rebranding is your goal (perhaps in response to a pivot), follow these four steps:

  • Determine the target audience for your company’s products and services
  • Position your product and business in the marketplace–premium, mid-market, budget, or green, for example
  • Define your company’s personality—trend-setter, carefree, athletic, or folksy, for example
  • Create a logo, choose signature colors and devise a slogan/ tag line.

Effective branding involves developing a brand identity that carries through across all of your marketing platforms and consumer touch points. Everything from graphic design to content development, web design to email signatures should communicate your company’s brand identity. That way, from first to last impressions, your customers will know exactly who you are as a brand.

Everything embodied in your brand, from logo design to value propositions, should represent who you are, what you do and your fundamental brand personality to the customers who encounter your business. A successful and memorable brand image is one of the best ways to differentiate yourself from the competition and ensure that customers come knocking on your door. Branding is an opening to so many business opportunities. A robust brand strategy will help you:

Establish credibility

Building customer trust and loyalty for the company and its products and services is the purpose of branding. Communicating the brand consistently, at every customer touch point, demonstrates a business’s credibility and encourages brand loyalty in the process. Consistent marketing messages that deliver on promises and expectations reassure customers and prospects of the experience they can expect from doing business with your company.

Stand out in competitive marketplace

Branding gives a business the opportunity to stand out from its competitors. Use your branding strategy to differentiate your company from the competition. Develop a brand persona that resonates with your target market and promote it relentlessly, through verbal and visual messaging, pricing, packaging, advertising media choices (the publications or social media platforms that you use, for example) in a way that speaks directly to your target market.

Project a trustworthy and professional image

Consistent communication of the company’s brand persona makes the business look professional. The best way to maintain a comprehensive branding strategy is to create a set of branding guidelines (a.k.a, a brand book). Your brand book will function as a reference library that documents your defining brand symbolisms, including the brand name, narrative, logo, text fonts, color schemes, images and even the theme song, if applicable.

Increase customer loyalty and customer referrals

If customers gravitate to your brand persona and values, they are more likely to buy. Furthermore, they’re more likely to become repeat customers who share their enthusiasm for your products and services with friends and family members. Great branding is a launchpad for increased sales, customer loyalty and referrals. Compelling and consistent verbal and visual messaging is the key to attracting a loyal customer base for your business.

Thanks for reading,

Kim

Image: The Reddit logo was designed by the company co-founder Alexis Ohanian

Technology / Office , , Leave a comment

Step Up to Business Tech

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Are you operating your business as if it was still the 20th century? You may do a good job and generate enough revenue to reliably pay your expenses and take the occasional vacation but we’re 20 + years into the 21st century now. It’s time to catch up! Respectfully, I suggest that a few practical concessions to the present will improve your command of business management, save time and increase revenue and profit.

You don’t have to give up everything you like about last century. You can still listen to 80s music (like me) and rollerblade (I was afraid to try that). Help yourself sustain and build on the successes you’ve already created. Step out from behind your unease with the unknown and understand that to conquer today’s business challenges you won’t win without today’s business tools and the tools are digital. Fast access to accurate, actionable data is just one of the benefits you’ll receive when you take on a digital business solution or two.

According to a 2017 survey of 2000+ small businesses in the U.S. conducted by Google on behalf of mega-consulting firm Deloitte, 80 % of small business owners underutilize digital business tools (I think that finding can be extended to include Freelancers) and 40 % feel that digital tools don’t apply to their business. The survey was pre-pandemic but other than the introduction of videoconference sales meetings not much has changed, despite the fact that even pre-pandemic it had been demonstrated that prospects and customers expect to be able to communicate and do business online, whether or not the companies are e-commerce.

Here’s the reality—-mostly, prospects launch their buyer’s journey on the internet, using key words they hope will call up websites they can browse to investigate available options. When they find providers who look promising they dig deeper and, e.g., check out case studies and testimonials. They’ll use chatbots to quickly find what they’d like to see. They might click call-to-action buttons and schedule free consultation calls with companies whose offerings look like a fit. They’ll probably also search those companies on Yelp and social media.

Does your website measure up to the buyer’s journey described above? If not, it’s time to step up your business technology. Don’t panic! Accelo, Google Analytics, Constant Contact, Block, Calendly and others are here to help you analyze and use your website stats, support your email marketing and/ or newsletter or blog, get you going with a chatbot and overall help you to build a more profitable company.

Google Analytics —-Make sense of the numbers taken from your blog, newsletter, website and social media accounts and use the data to make smart decisions that improve your company’s sales funnel/ buyer’s journey and win more new customers. Are there pages in your website that seem to frustrate visitors and cause them to exit the site? Your data will find the problem so you can consider how to improve page experiences. Click to get more info and register your website and business.

https://marketingplatform.google.com/about/small-business/

Email marketing—-promote your products and services to current and potential customers. You’ll need to invite/ persuade prospects to provide their email address. Do not spam. The link is to an overview and comparison of companies that provide the services, including prices.

https://www.quicksprout.com/best-email-marketing-services/

Time tracking & invoices—-B2B service providers need to monitor time spent on hourly work assignments, as well as invoice client work on time, in order to get paid when the bills are due. See the features and cost overview and comparison of companies at the link below.

https://timeanalyticssoftware.com/19-best-billable-hours-tracker-software-in-2021/

Call-to-Action—-Ask your website designer to create this for you or DIY with an embedded hyperlink. Use CTAs to take your website and social media visitors by the hand and 1.) tempt them with timely and valuable information and 2.) persuade them to take a quick and easy action to get it (click me!). Sort of like what I’m doing in this post when I invite you to click below and learn how to create your CTA.

https://tinkseo.com/call-to-action-button-cta-design-guide/

Chat bot—-Ask a web or app development expert to set one up because my research shows that “plug & play” is a myth. Furthermore, think carefully about how to make your chat bot useful. What questions can the bot answer? Please click the article accessed at the link.

https://www.callcentrehelper.com/chatbots-examples-160804.htm

Mobile payments—-Secure, convenient payment is an important component of good customer service as well as a component of good cash-flow. Take a look and decide which system will be most useful for you and your customers.

https://www.predictiveanalyticstoday.com/mobile-payment-providers/

Online and in-person payments—-The customers of many small businesses are a mix of e-commerce and in-person, making it necessary to find a credit /debit card processor that offers acceptable processing fees for both types of transactions. Another consideration is the number of transactions that you’ll run: some businesses have many (often small) transactions and the fee structure will be an important factor. But if a significant number of orders are typically phoned in, then the keyed-in transaction rate will be a deciding factor. Bear in mind that according to American Consumer Credit Counseling, Inc., just 14% of shoppers use cash for every day or large purchases.

https://www.usnews.com/360-reviews/business/credit-card-processing/best-small-business-credit-card-processing

Appointments and calls—-Whether you invite a client or prospect to speak by telephone, video, or face2face, by way of a CTA button or email, creating the appointment online is a given. Check out this link and evaluate free scheduling apps that allow you to indicate your availability, clients and prospects to choose a time and will send a reminder to all parties.

https://fitsmallbusiness.com/best-free-appointment-scheduling-software/

Thanks for reading,

Kim

Image: Leonard Nimoy as First Officer Spock in Star Trek (NBC-TV 1966-1969)