Monthly Archives: June 2022

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How Does Your Garden Grow?

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Sales at your business venture have finally taken off and it looks like you’ve created a winner—-fantastic! Because you’re ambitious, you’re already thinking about how to capitalize on your success. You’re looking to grow because sustainable growth is the key to maintaining a thriving businesses. But let’s slow down for a minute and talk about how you might grow your venture? Business growth has different meanings and one or more paths can be taken to achieve it. What you’ll need to successfully grow your business is the right growth strategy.

As always, big decisions demand careful thought and you’d be wise to analyze the relevant business metrics and also the marketplace in which as you operate as you ponder the kind of growth you should pursue for your organization. The path to growing your business must fit your marketplace conditions, be acceptable to target customers and enable the venture to thrive within its competitive landscape.

Researching the state of your industry, local business conditions and your marketplace are among the steps you’ll take to assess growth possibilities for your venture. Analyzing your customer base and documenting the rate of its expansion over, say, the past 12-24 months is an obviously important step you’ll want to take, as is studying the pace of sales revenue. Information and insights you discover will shape the expectations and goals for growth and allow you to build a timeline and budget for your chosen growth strategy.

Your business growth plan should be attuned to specific areas of growth. For example, your research and analysis may lead you to conclude that revamping a couple of your B2B services could be expected to substantially increase sales revenue derived from a niche market that you have the credibility and resources to enter. Or maybe relationships that you’ve developed in another city will allow you to grow your client list / customer base by expanding to establish a beach head there.

In many ways, your primary task is to figure out why the business is successful. What market conditions exist or what competitive advantage have you created that enabled the business to thrive? The answer to that question will help you decide the growth strategy to follow. The following are strategies that you might pursue to grow your venture.

Market penetration strategy

Continuing to sell your current products and services to a greater number of customers and in that way scale up the volume of sales revenue derived from your current market. A market penetration strategy is a product market strategy where you achieve increased dominance in the market in which you currently operate. The company grows by increasing market share.

Market expansion strategy

Entering a new market where you sell current products and services. A market expansion strategy means you’ll plan to sell current products and services to a new customer demographic because you’ve maxxed out growth potential in the company’s current target customers. Being able to successfully follow a market expansion strategies you’ll first confirm that you have actually topped out on sales in the current configuration of your market.

Next, research potentially viable new markets, evaluate your ability to reach customers in that market and create a plan to launch. Brand development and customer acquisition will be key components in a market expansion growth strategy.

Product expansion

Launching a new product or service to sell in your current market. The ability to achieve growth for some businesses requires that the company needs to introduce a new product or service. Product development, that is, the creation of a new product/service, or the enhancement of an existing product/ service, enables the company to attract new customers and as it retains the existing customer groups.

Diversification

Launching new products or services to sell to a new market. Diversification can be a proactive way to avoid the fallout of an economic downturn. By offering different products and services, a company can lessen the negative impact of a recession. Pivot to survive.

For smaller organizations, what is technically known as horizontal diversification is most useful. The company will add new products or services to its current line. The products or services may be new, but they often have a similarity to the original product/ service. The company diversifies its line with a clever tweak that expands in a desirable way the options to the customer. You may add a refinement or some sort of updated (or pared down) option that appeals to shifting customer priorities and preferences.

Acquisition

Buying out or taking a controlling interest in another company. Acquisitions are usually only a viable growth strategy if you have excellent cash flow and a generous line of credit at the bank, or a group of deep-pocket investors available. If you have access to money, growing your business through an acquisition is the way to go. You can reduce competition by acquiring a direct competitors, for example. You can also obtain proprietary technology that confers to you a significant competitive advantage. Market share and customer share increase because you capture a new customer base.

To my American friends I wish a happy 4th of July! To everyone, thanks for reading,

Kim

Photo: © Kim Clark June 11, 2021. The James P. Kelleher Rose Garden in Boston’s Emerald Necklace

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Get Multi-Channel Marketing Right

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Much has been written in recent years to extol the virtues of multi-channel marketing. Business owners and marketing department leaders are urged to create a consistent, unified message/ story for their company and its products and services and blast that message to a broad range of media outlets and platforms, the better to reach as many target customers and prospects as possible.

That’s excellent advice as I see it, but there’s more for marketers to consider. The noise level in the 21st century marketplace is so overwhelming and calls for clearly defined strategy and execution plans if you expect to achieve the ROI you want. A one-size-fits-all mindset isn’t going to work.

Because storytelling and messaging are the heart and soul of marketing, a more precise and effective method of using multi-channel marketing is needed to fully realize your marketing objectives when communicating with various audiences through multiple marketing channels. To get the most out of your marketing campaigns, define the purpose of the message/ story you’re putting out to your niche audiences and understand the reach of every outlet and platform you intend to use.

For example, recognize that the purpose, message and platforms that are most suitable for PR/ brand promotion will differ somewhat from the promotional strategy you’ll follow when the objective is to drive sales, announce that you’ll speak at the Rotary Club next month, or grow your blog audience. Read on to get useful ideas on how you might approach some typical marketing agendas.

The objective is PR/branding

So you’re trying to persuade a media outlet to mention you in an article? Start by reading few issues or posts, so you’ll get a feel for the topics covered and know who writes articles about your subject of interest. Next, call and email the business editor and pitch your proposed story. Articles must have a story theme that could be of interest to readers. Popular themes, I’ve noticed, are wellness initiatives, participation in a community event that’s sponsored by a popular local charity and green/ environmentally supportive business practices.

Your objective to receive earned media exposure is to build your brand through name recognition and enhance your company reputation by publicizing the good work that you do. I’m sure you understand that singing the praises of your products and services would be the wrong message for this agenda and requires a different emphasis for your marketing message/ story.

The objective is selling

When selling is your focus, the marketing message/ story will speak to decision-makers and key stakeholders, including end-users. Addressing the most common and dramatic pain points for the use of your product or service and emphasizing the most desirable outcomes is a must.

Marketing messages expressed by way of content marketing such as case studies, a workshop you’ve presented, an article you’ve written, or a webinar or podcast in which you appeared can build trust and confidence by letting you showcase your know- how.

The marketing message/ story will paint a picture that helps prospective customers envision how the features and benefits of your product or service can efficiently address their purpose for using what you sell. Testimonials and on- line reviews also speak convincingly to decision-makers in this instance.

The objective is repeat business and referrals

Customer retention and referrals can be enhanced and encouraged when customers feel valued and part of something bigger than themselves—-a community. Social media is tailor- made for this aspect of your multi-channel marketing strategy.

If your customers skew younger, Tik Tok and SnapChat are ideal platforms for posting videos that make a memorable point in just 60 seconds—- a one minute movie! Twitter is great for posting updates, the platform you use to remind your audience that tomorrow at 4:00 PM they should tune in to your webinar or podcast. Facebook and Instagram are great places to tell stories with photos and longer videos. That’s where you give brand fans a behind-the-scenes look at you and your team and let people get to know you a bit.

Your customer retention and referral marketing message/ story will be subtly different from the PR and selling scenarios. Brand enhancement will incorporate your values and social responsibility but will also subtly reinforce the results achieved with your (first-rate and reliable) product or service, after- sale support and customer service, The story presented will be a feel-good, but you’ll want to embed a purpose and a gentle call-to-action. Come back to see us again and tell your friends!

Thanks for reading,

Kim

Image: An auctioneer in action at Sotheby’s in New York City.

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Map Your Customer Journey

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By analyzing your customers’ behavior, Freelancers and other business owners and marketers come to understand their needs, priorities and concerns, a point that’s often noted in these posts, as regular readers know. When those responsible for marketing understand those factors, you are then able to create marketing and sales messages that speak with authority to your intended audience and also broadcast those messages through marketing channels that your typical buyers trust and follow.

Plus, an accurate understanding of customer behavior helps you to anticipate and deliver customer service and other post-sale needs more effectively, giving you a third benefit to take to the bank. The more familiar you become with the behaviors of your typical customers as they engage with your organization, the more business you will do with them.

Several metrics can give reliable insights into customer behavior and it’s a smart idea to examine all aspects that your data tracks. Today, we’ll examine what you’ll learn when you analyze how visitors to your website or social media accounts react to the customer journey you present to them. The point of this exercise is to figure out how to persuade more prospects to become customers.

From the first encounter with your organization, to digging in to research and compare your product or service to the competition and finally to making a decision to give you the sale, or not—-are you answering prospects’ questions or do they lose interest and abandon you? Where in the customer journey are the biggest drop-offs? How might you coax prospective customers to return to your site to research and evaluate your company’s products and services, so that they’ll realize your organization is capable, trustworthy and prepared to deliver solutions that solve problems and achieve goals?

The function we’ll study today is known as mapping the customer journey and it will be instructive. First, break down the steps that customers in decision-making mode will take, the through-line that begins with their first encounter with your organization and all the way to the sale. Every touch-point, or interaction, that happens along the way makes up the customer journey. There is a beginning, middle and end and interesting tidbits of information will be available for prospective customers at every stage.

Next, evaluate the persuasiveness of the information offered. Information at each stage must be chosen strategically, to help prospects trust and recognize the value of what they read, hear and see. You want them to buy, to become customers. Mapping your customer journey reveals how customers engage—or not—-with the content you’ve made available to them, as documented by your website analytics.

BTW, you’ll probably notice that the customer journey closely resembles a sales (or marketing) funnel. First encounters with your company correspond with the top of the funnel (TOFU). Visitors who are increasingly curious about your products or services will stick around to enter the middle stage, the mid-funnel (MOFU), as they venture beyond landing page info. Maybe they’ll read your blog or newsletter, or accept your offer of a free e-book? The most serious prospects, those who are finalizing their choice, are with you until the final stage of the customer journey, which is comparable to the bottom of the funnel (BOFU).

Early stage

As you’d guess, initial encounters with your organization are mostly filled with non-committal window-shoppers. Early stage potential prospects often cast a wide net. They may be in the process of confirming and defining the challenge or problem that must be resolved and they’re usually compiling a list of companies that offer what appears to be the most effective product or service at the best price. Maybe they’ll check you out on social media, too, and read the About Us page on your website.

Early Stage prospects may have discovered your organization through one of your marketing channels, by referral, or maybe in a personal encounter with you when you taught a class or participated in a webinar. Most early stage encounters do not lead to a sale. Some potential customers may not be certain that they’ll commit to a solution in the near term.

Middle stage

Expect window-shoppers to abandon here. This stage is a natural turning point in the customer journey because it’s moving toward commitment. Those who seriously research and evaluate your product or service advance to the Middle Stage of the customer journey because they have a goal or problem in front of them and they have to do something.

These folks are real prospects. They have a good idea of what they want and how they want it. They demonstrate their resolve by remaining on the customer journey, in search of detailed specifics that will rule you in, or out.

That means you have an excellent opportunity to demonstrate the unique, defining attributes of your product or service and communicate where using your offering is especially well-suited. Here is where you can really shine and build credibility and trust and convince prospects that you are The One. Your e-book, podcast or webinar appearance link, and/ or customer reviews can demonstrate your expertise, convey the respect that industry colleagues and customers have for you and build a strong case for your organization.

Final stage

Ideally, the customer journey you present will get you on the short list of companies that might effectively address your prospects’ needs and goals. You either inch closer to the sale and eventually win, or the prospect steps away to pursue another solution. Prospects in the Final Stage of the customer journey will either fish or cut bait, commit to a purchase and become your customer or tell you goodbye (or go silent).

Your task here is to make a very compelling and appealing last ditch pitch to win the sale. A powerful case study could be an effective deal-closer, as could a free upgrade (that costs little to provide) or, perhaps most of all, a personal appeal from you, in a telephone or videoconference call or a face2face meeting. Do whatever seems reasonable to cross the finish line and win your sale.

The moral of this story is, the more you know about the typical challenges and goals of your most frequent customers, the more adept you will become in developing content to communicate that your solutions are effective and your organization is dependable.

Your customer journey doesn’t end once you’ve welcomed and onboarded your new customer! After-sale and other types of customer service are, collectively, the communication that is essential to building and nurturing the best customer relationships. You will be wise to design an experience that encourages still more purchases, plus referrals, positive reviews and good word of mouth advertising.

Thanks for reading,

Kim

Image: Hannibal’s map to victory in the 2nd Punic War. Hannibal’s crossing of the Alps in 218 BC was one of the major events of the war and one of the most celebrated achievements of any military force in ancient warfare.

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Get Noticed: Tactics to Spotlight Your Brand

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If you’ve been trying to increase the visibility (and in the process, credibility) of your brand and Freelance consulting business, you’ve probably realized that standing out against competitors is difficult to achieve. The noise level in the marketplace is deafening and big fish grab nearly all the PR. But all is not lost. There are a few smart moves that will help us little fish to make a splash. Below are a half-dozen mostly low-cost and often successful marketing tactics that you can consider and maybe enact over the next four quarters.

Get On a “Best of” list

PR pros love the fast pay-off and long-tail benefits that getting added to a “best of” list brings. Every business that’s won a “best-of” award over the last 5 years (or more) shouts it to the rooftops. The citation is placed above the fold on website and social media landing pages.

Investigate local or regional “best of” lists, especially those featured in popular or prestigious publications. Some choose candidates by an open nomination process. Touting your inclusion on a “best of” list is cat nip when promoting any other of your marketing tactics—-speaking at a business or professional associations, teaching a class, appearing as a panel speaker or moderator, becoming a guest blogger or a guest spot in a webinar or podcast.

A “best of” list is a great opportunity to be discovered by people who’ve probably never heard of you and your business. Receiving a “best of” award allows you to reach and attain instant credibility among a whole new group of potential customers. “Best of” list readers customarily browse list categories when they’re looking to do business, from finding the best ice cream parlor to the best five best business blogs in your area.

Now listen to this— if you are a contributor to a particular publication, with your publisher’s or editor’s approval, you can launch your own annual “best of” list! While you’re at it, you can also create an advertising campaign around it and make your editor or publisher twice as happy. Creating a “best of” list has the potential to facilitate building and sustaining relationships with ambitious movers and shakers and greatly expand your influence and credibility.

Enter a business award competition

This tactic has a not insignificant cost of time and money, but it’s often a reasonable avenue to pursue because there are more ways to win than you might think. Sponsoring organizations are typically generous with the number of awards and categories they choose to honor. More awards and more categories are an incentive for business owners and leaders to become contestants because there will be more opportunities to win.

Be advised that as with any marketing campaign, there are expenses involved. You’ll be required to join the sponsoring organization. You must pay the award entry fee for every award category that your company pursues—-best new product launch, business of the year, best workplace, social responsibility award and so on. You must buy one or more tickets to the ceremony (even when it’s virtual). The awards process could represent the entirety of your outfit’s annual marketing budget.

After compiling a draft list of possibilities, check the award entry criteria. It’s likely that candidates must join the organization in order to compete for an award and that will be your first expense. Annual dues may run from a few hundred dollars to $1000 or more, depending on the sponsor. Confirm also when new members will be eligible to compete for an award. Next, investigate other entry facts—-the entry application deadline, the fees and whether candidates must be nominated to compete for the award.

Be a podcast guest

There are dozens of podcasts popping up like wildflowers after a summer rain and every host is on the lookout for smart, savvy and entertaining guests. That can be you!

So how can you make that happen? Keyword search podcasters that cover topics you can address. Listen to a few episodes to get a feel for the host’s interview style, listening audience and guests. Instead of sending an email to make your pitch to the host, devise a personal and impactful appeal by creating a video or audio clip to present your proposal. Tell the host:

  • Topics you’d like to cover
  • Why you think podcast listeners will find the information relevant and the insights and benefits that will be derived
  • Elevator Pitch-style info about you to communicate your credibility—-expertise, experience, noteworthy clients and popularity—- you’ve written a book, your blog has 5000 followers, you’re a contributing writer for a respected publication, you’ve won a business award

Identify podcasts that maintain an online archive of episodes, to increase the long term accessibility of your appearance. As well, you should post the link of your podcast guest appearance on your website landing page and on the landing pages of your social media accounts. Because you’ll have the program link, you’ll add to some impressive, trust-building audio content that you can edit or serve up in its entirety.

Podcasts, whether you are the host or the guest, deliver numerous benefits to your brand and business. On the most basic level, it’s a networking and relationship opportunity for you and your host. As you negotiate your way through scheduling and topic selection, to say nothing of the interview itself, you and your host get to know one another and learn about one another’s capabilities. Potentially, a mutual referral source can ensue.

During the interview, podcast guests speak in depth about the product or service you provide, without becoming sales- y. You also describe the customers you usually sell to or work with and explain what motivates prospects to come to you and present a broad-brush overview of how you provide the solutions your customers need.

Communicate the story well and you’ll establish yourself as an industry expert, a thought leader who’s a cut above competitors. You’ll position yourself as a highly capable and dependable professional. You’ll build both brand awareness and brand trust.

Two final preparation steps for your podcast (or webinar) guest appearance will ensure communications. First, be certain that helpful technical equipment is in hand— you’ll need a decent microphone and headphones so that host, you and audience members can clearly hear one another.

Second, you’ll be expected to promote your guest spot and help your host to do so as well. Four weeks ahead of your appearance, post the podcast notice on your website and social media accounts. Help the host to promote and also introduce you to the listening audience and send a media kit three to six weeks in advance of the show.

Contribute articles

Since 2014, I’ve been a staff writer at Lioness Magazine , an online publication whose primarily female target readers (75%) are entrepreneurs, self- employed professionals and corporate or not-for-profit sector executives. How did I do it?

Starting in about 2012, once a week I posted a business how- to article on a large self- publishing website Ezine Articles. As luck would have it, the co- founder and Managing Editor of Lioness Magazine was using the site as a place to buy good content for the new magazine. There are perhaps 100,000 articles posted in the business category and by some miracle, my articles were discovered. After purchasing several of my articles from Ezine, the Managing Editor contacted me and asked to buy articles directly.

Building a solid online reputation is essential for your business (unless you are very well connected and don’t need it. I know such people). First, when prospective clients search you online, you want them to find good content. You present yourself to prospective clients as an expert and your articles are one persuasive way to back up that claim.

Second, the Google EAT algorithm (expertise, authority, trustworthiness) still impacts our SEO ranking in 2022. When you publish presumably useful, accurate articles on a regular basis, it’s a favorable act in the eyes of powerful opinion maKer Google.

Do you read business publications— local, regional , or national? If not, I recommend that you do. There is sometimes an appeal to recruit aspiring contributors. If you’re a reasonably competent writer, give it a try.

Speak (or moderate) on a panel

Appearing on a panel as either a speaker or moderator is a golden opportunity, a wonderful way to demonstrate your expertise and ability to think on your feet. Appearing on a panel is also a gateway to receiving featured and keynote speaking engagements. Seeking out programs where panel discussions are regularly featured is an excellent marketing strategy.

There is an art to panel discussions, whether you are the moderator or a speaker and if you want to be invited to participate a second time, make sure that you perform well the first time.

Make sure that you know the subject. You’re invited to join the panel to share your deep knowledge and experience and/or your intriguing and compelling perspectives regarding the subject matter. You are there to inform and enlighten the audience.

Donate to a charity auction

Many charitable organizations auction off products and services donated by local businesses to raise money at their annual fundraiser, which in most cases will draw a minimum of 100 supporters. If I might, I’ll apply the surprisingly accurate Pareto’s Principle here, commonly known as the 80/20 Rule, and predict that for every 100 guests at the charity’s fundraiser, 20 will be your prospects.

Much will depend upon your product or service line and B2C goods and services have the advantage. Research the online auction items available at any 501(C)3 fundraiser and get an idea of what bidders find interesting and what Development Directors tend to accept. You may be able to create a special service that you only offer through your charity auction marketing campaigns.

Contact the Development Office after you’ve checked the organization website to learn the approximate date of the next fundraiser and ensure that its mission aligns with your brand and values. If your in-kind donation receives a couple of auction bids, the organization may contact you to donate again next year.

Thanks for reading,

Kim

Image: © Slim Aarons/ Hulton Archive (1955) Paintings on sale at the Portobello Road Market, London