Author Archives: Kim Clark

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Ride the Speaker Circuit

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In-person happenings are once again a thing and audiences are turning out in response. Now is the time for Freelancers to research business and professional association websites to figure out where and how to get on a couple of calendars, whether 4th quarter or first half 2022. You know that speaking is a time-tested way to demonstrate your expertise, enhance your brand and meet the right people, colleagues or potential clients, along the way.

There are several ways to get in front of an audience. Whatever public speaking opportunities are open to you and fit your agenda and style, you”l be wise to polish your presentation skills before taking the mic. Even top-tier speakers regularly work with coach. Listed below are public speaking formats you might pursue as well as suggestions, aimed at featured speakers, to help you level up your in-person event speaking technique.

  • Moderator or speaker on a panel
  • Podcast or webinar guest
  • Introducing the speaker
  • Featured speaker

Frame your story

We all have stories to share and some are quite entertaining or even inspiring. To turn your story into a memorable communication vehicle, you must learn how to find and present a story arc that appeals to your audience. The best speakers are persuasive storytellers who learn how to shape a beginning. middle and end of their topic that fits both the audience mind-set and also their purpose —-agenda, if you will—-for the talk. Learn what interests or matters to your audience to help yourself gauge what they likely already know about your topic and what new information or perspective they’ll probably appreciate.

Balancing act

Limit the scope of your talk. Avoid trying to address every element. The kiss of death for a speech is giving Too Much Information, in particular if it’s irrelevant to the audience. When you know, or inquire about, who’ll be in the room for your talk, you’ll have a good idea of how to not only frame the narrative but also, how technical (or basic) the information you present should be.

In most cases, a speaker can feel confident to concisely introduce his/her topic, give two or three reasons why s/he finds the subject important and provide three or four reasons why listeners should also care about the topic. In so doing the speaker can describe the problem, describe the search for a solution and celebrate the discovery of the winning formula as a victory by listing benefits that resonate with the audience. People like a hero’s journey story, that is, a tale of solving a vexing problem, the struggle to rectify it and applauding the good things that happen as a result.

Media support

Power Point slides are the go-to presentation visual, but you may want to include a video or audio clip as well. You might choose to forego slides altogether and use one or two video or audio clips. The sweet spot for a clip is 60 – 120 seconds, which is the length that audiences prefer, according to the experts.

If you use slides, presentation experts advise that you refrain from listing on the slides the bullet points of what you’ll discuss; put those on note cards instead. Also, it’s recommended that you avoid the temptation of reading from slides. The experts recommend that slides should ideally be used for images—- charts and graphs, photos, or other illustrations.

Stand and deliver

Most of all, one must rehearse and rehearse some more. Use bullet point notes to map out what you’ll say. Rehearse until you can deliver the talk with confidence, but attempting to memorize your talk word for word may not be possible. You can also work on the physical and vocal aspects of presenting your talk.

In a famous 2011 TED Talk, Harvard University professor Amy Cuddy modeled what may actually be the ideal stance for public speakers. Cuddy recommended that speakers stand up straight, relax their shoulders and knees and keep their feet shoulder distance apart.

Finally, develop your vocal technique. Keep your tone of voice conversational, rather than attempting to sound authoritative or forceful. Make eye contact with a few members of the audience to help both them and you feel connected.

In 1992, a speech coach working with Bill Clinton when he campaigned for the presidency devised methods that solved the riddle of what to do with ones’ hands while speaking. The advice was to pretend that you’re holding a basketball in front of your ribs, palms facing in, to project truthfulness and trustworthiness. Through the talk, the speaker can also bring the fingertips into a pyramid in front of the ribs to project calm and self-assurance.

Thanks for reading,

Kim

Image: Gloria Steinem, women’s rights advocate, speaks in New York City in 2017.

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Will the “Great Resignation” be Great for Freelancers?

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Americans are quitting their jobs. In behavior apparently ignited during the significant chunk of time spent away from offices as a result of the coronavirus shutdown, a surprising number of American workers have decided that they’re not going back to business as usual.

A LinkedIn survey revealed that 46 % of respondents felt that the time spent at home — either on lay-off or working remotely — during the pandemic shutdown led them to rethink their current work situation. The U.S. Department of Labor reported that during April, May and June 2021, 11.5 million workers gave notice. The February 2021 Microsoft Workplace Confidence Index survey of more than 30,000 workers showed that 41 % of American workers are considering quitting; that number increases to 54 % when looking solely at Gen-Z employees. If that’s not enough, a new Gallup survey found that 48 % of workers are actively job-hunting.

Upwork, the online marketplace for Freelance assignments, released a report in August 2021, “The Great Resignation: From Full-time to Freelance,” yet another examination of why American professionals are leaving, or seriously thinking of leaving, their current full-time employment. As many businesses anticipate a return of their employees to the office, sometimes on a limited basis, the survey of 4,000 workers showed that some professional-level employees are not willing to surrender their WFH work-life balance. Approximately 9 million pandemic WFH employees, 17% of professionals, apparently would consider looking for another job if forced to return to the office on a full-time, or even part-time, basis.

Needless to say the “Great Resignation,” as the phenomenon was named by Anthony Klotz, Associate Professor of Management at Texas A & M University, has the potential to create significant disruption for many organizations if it should come to pass in the way that several studies indicate. Already, workforce development experts are advising in particular mid-size organizations, who cannot compete for talent in the way that big businesses are able to do, to find an opportunity in the instability and tap the power of the growing on-demand workforce—Freelance consultants, that is.

Rather than scrambling to hire employees on short notice, company leaders would be better served by supplementing their teams with talented Freelancers—you and me, my friend—who own the skills needed to successfully tackle any project, from designing eye-catching websites, to managing a multi-platform social media campaign, to conducting comprehensive research projects. Instead of paying both high salaries and benefits for full-time employees, mid-size organizations can access top-drawer Freelance talent on a per project basis and keep overhead down as they achieve objectives.

No doubt many company leaders will first attempt to squeeze more work out of current employees, but that all-too-common default behavior probably won’t fly anymore. In fact, that habit could partly explain why valuable team members quit. The bosses will be nervous and may not know where to turn. Still, deciding to outsource and bring in Freelance talent may quickly be seen as inevitable.

So how might Freelancers cash in on the “Great Resignation?” Carpe diem—-you know how to do that! Start by putting yourself in the shoes of an employer who has a mission-critical project, a deadline and a team that’s down two key players. Below are sources that would be familiar to employers looking for Freelance talent so that an important job will get done. You’ll also find a credibility building resource that when you commit to using it will showcase you as a very attractive candidate to hire.

  • LinkedIn Populate as many categories of your profile as possible and be certain to include examples of your best work. If you haven’t participated in ProFinder, the service where employers solicit Freelancers for projects, create a profile and be prepared to quickly respond to employer requests. Only five Freelancers may bid on a project.
  • Upwork and Fiverr These gig worker marketplaces seem to be more welcoming to web designers and IT programmers, but I was hired for a writing project on Upwork three years ago. To get hired, you must search for and pursue assignments and at Upwork, you’ll wind up paying a small fee to bid on a job.
  • Help a Reporter Out. Prospective employers will surely type your company name into a search engine to see what comes up. In addition to great content that you’ve written and your social media sites, include as well your insightful quotes that have appeared in relevant publications. Quotes are an excellent way to demonstrate your know-how and convince prospects that you’re a good hire. https://www.helpareporter.com/sources/

Thanks for reading,

Kim

Image: An office in Palo Alto, CA circa 2000

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3 Easy Hacks to Grow Organic Searches

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In the lazy waning days of summer, ambitious Freelancers (and we are all ambitious) can implement a few quick hacks to ramp up leadgen and bring fresh possibilities to our sales pipelines. Now is the time to energize your marketing tactics and push to bring in potential clients who have both motive and money to do business. Setting up for a healthy fourth quarter is everyone’s goal, whether your target clients will return to the office soon or delay until January. Freelance consultants would be wise to encourage local organic traffic to their website, that is, site visits that are not prompted by pay-per-click campaigns by way of Google adwords or some other paid advertising service and are made by bricks and mortar businesses in your geographic location. Enhancing your company’s presence in local organic searches is a potentially game-changing inbound marketing strategy for any company and it’s within your reach.

Let’s pause here for a minute and discuss what is known as referral traffic—- it has significant impact. When a visitor clicks a link to move from one website to another, the original site is considered the referrer. The referring site can be a search engine, a social media platform, a blog, or any website that contains links to other websites. So—-the more you post in digital publications, social media sites and whatever online forums, the more your company name and URL will appear in direct searches. A potential client who has your company on a short list for follow-up will probably visit a big search engine and type in your company name to see what comes up. You’ll want to have several impressive postings available.Organic local site traffic is sent from search engines, most often Bing, Google and Yahoo, and is influenced by Search Engine Optimization.

The better your website ranks for descriptive keywords common in your product or service category, the more readily will your business appear in local organic searches. Big businesses have the advantage, but small and mid-size companies should nevertheless strive to be found. Your digital presence, bolstered by relevant keywords, including long-tail keyword phrases that impact the increasingly important voice searches, will eventually produce an increase in your website’s local organic search traffic and improve your positioning in search results. Here are three free actions that you can take now.

I. Frequent posts

Blogging, writing articles that appear in digital publications and getting quoted in online media outlets will enhance both your credibility and visibility. Frequency is a big plus. If you can keep up and publish a blog or other article or get quoted about once a month, in a few weeks or months your company may show in organic searches, even if not in the coveted top 10 (first page). In 2018, we learned that powerhouse Google follows the E.A.T. algorithm—-Expertise, Authoritativeness, Trustworthiness. In other words, quality content counts.

Your use of key words and long-tail phrases should not be heavy-handed. Sprinkle them into your content where they fit, so when prospects type those words into a search box, or speak them into Alexa or Siri, you’ll increase the chance that your business name will appear in local searches, at least in the top 20 names for your locale.

II. Social media presence

Being active on social media is one of the best ways to communicate and engage with current and potential clients, as you become familiar with their priorities and also drive traffic back to your website. The website hosting service Go Daddy found that 61 % of its high-traffic sites had an attached Facebook page.

While having a Facebook page and Twitter account is more or less considered a requirement for most businesses, establish your company presence on platforms that your clients and prospects follow and trust. B2B likes LinkedIn and Alignable is growing, as is Clubhouse.

III. Search engine sign-up

Register your company on Google My Business and Bing’s Places for Business, free services that will give your organization a boost in local SEO. For best results, provide lots of descriptive info about your business, including optional categories.

Treat your Bing and Google listings like social media platforms. Update them at least quarterly by adding educational info, text. or video and discuss some aspect of a company product or service is a reliable and efficient solution for goals that users want to achieve (but not a sales pitch). If it will be politically correct, ask a couple of clients to write a (positive!) review. Rumor has it that both search engines ignore reviews and other content that is more than six months old.

Thanks reading and Happy Labor Day,

Kim

Image: Traffic gets heavy in a Venice canal, August 2013

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KPI Spotlight

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Good data supports good decision-making and good decisions lead to success in your endeavors. Trusting your gut and following intuition have their place but when evaluating the efficacy of business strategy, as you work to drive results in the near and long term, it’s imperative that you listen to the story the data tells. Why waste time and money on guess work?

The biggest question is, which metrics should you follow? Dozens of data points can be generated and examined, but which metrics will adequately address your questions and guide you? The ability to select KPI (Key Performance Indicator) metrics that reveal your company’s performance against objectives you’ve determined are relevant is the most critical factor of analysis. Tracking only the most important KPIs is meant to narrow your focus to those metrics that impact the objectives you want to achieve.

Your company business model and the industry in which you operate will largely determine the KPIs that make sense for you to monitor. As usual, you’ll need to give the matter some thought. Ask yourself—what company goals should you pursue? Have you identified major areas in need of improvement? What are the top priorities? Answering those questions will bring you a step closer to identifying the right KPIs for your organization. Choose metrics that help you further understand and achieve company goals.

Below are a sampling of KPIs that give potentially useful insights into any business. Maybe you’ll find two or three that you’d like to include in your monthly review of business operations?

Overall company performance KPI metrics

Gross revenue (top line)

  • Total income generated from the sale of company goods and services. This value matters because it tells the unvarnished truth of what the company is selling. Gross revenue reporting excludes the cost of goods sold and includes only the money earned from sales. On the Income (Profit and Loss) Statement it is the first entry, the top line.

Net income (Bottom line)

  • Net income indicates a company’s profit after all of its expenses have been deducted from revenues. Net income is the uber metric for profitability and provides insight into how well all aspects of the business. Net income is often referred to as the “bottom line” due to its positioning at the bottom of the income statement.

Number of clients

  • The number of active (within the last three years) clients on your roster.

Lead conversion rate

  • This helpful metric points to the power of your leadgen marketing strategy and tactics, including your website landing page. For example, if your Call-to-Action invites visitors to register for a webinar or complete an online survey, learning the percentage of visitors who respond to the CTA, that is, those who were converted from a mere website browser to an actual lead by taking an action that signals engagement, is highly instructive.

Financial KPI metrics

Gross revenue

  • The sum total of the sales of all products and services, within a given period (day, week, month, quarter, year)

Net Income

  • After all fixed (operating) and variable (selling) expenses have been deducted, inventory has been added (if applicable) and interest, taxes, depreciation and amortization have been calculated and deducted, the net profit (income) or loss is revealed in the bottom line of the Income Statement.

Cash-flow

  • Operating cash-flow is the amount of cash generated by a company’s normal business operations and it indicates whether a company can generate sufficient positive money to stay in business. If making upgrades of some sort, scale or grow are a goal, operating cash-flow reveals whether borrowed financing will be needed. This figure confirms whether or not accounts receivable are paid to service providers.

Cost of Goods Sold

  • The sum total of all costs used to create a product or service that your company sells. This number is often a challenge for service providers to calculate. We sometimes forget that our time has a price tag attached. How many hours were devoted to revamping a client’s social media campaign? How many hours did you spend creating Power Point slides for a workshop that you’ll teach? This figure should be accurately reflected in the prices you charge. Along with being aware of the time spent on providing a service, there is also the matter of the wholesale value of your hourly rate. Basically, it is wise to consider the value your client will derive from the work you do, in addition to the hourly rate for your labor.

Client KPI

Client churn rate

  • The opposite of retaining clients is losing them through the process known as churn. It’s a disturbing metric but one that every business owner must confront and diminish. For many B2B service providers, as well as other business owners, a client will do business with an organization only once and it is not a negative judgment against the business. Some projects are one-off by nature. Still, it’s important to understand why certain clients are not returning. What can you do better? Along with your final project invoice, a brief client survey could yield valuable and actionable follow-up information.

Number of clients

  • How many active (within the past three years) names are on your list? Also, how many give you repeat business and how well known are they?

Client acquisition cost

  •  Assess the cost effectiveness of your marketing campaigns when you calculate the total sales and marketing cost needed to land a new client. Divide your marketing and other client courting activities contained in total acquisition costs by the number of new customers, in the time frame you’re examining.

Client retention rate

  •  The number, or percentage, of clients who return to do business with you. This is an indication of client satisfaction and a great compliment to you and your team.

Marketing KPI

Website traffic

  • Measuring the number of people who visit your website is one of the more basic KPI metrics, but it’s still important. Your website is home base home to everything that’s needed to inform, convert and close a sale with your buyer. If your marketing campaign isn’t getting people to visit your website, then you must rev up your marketing strategy and execution. Hubspot, Google Analytics and a few other can report the total traffic numbers, tell you how many new visitors are browsing and also show you where those visitors are coming from. If you operate marketing campaigns on different social media platforms, you can learn which ones send the most traffic to your website and which ones are failing to stir up any interest.

Marketing ROI

  • Return on Investment metric reveals if the money spent on marketing activities is generating the desired sales revenue. Keeping track of your marketing ROI will make it easier for you to justify marketing budgets, calculate marketing efficiency and ultimately help you plan future marketing strategies. 

Referral traffic

  • Discover where website visitors are coming from, how potential prospects find your company. Learn which social media platforms bring in the most and the highest-quality leads. Does voice search show potential and should you invest time in long-tail phrases to grow this segment? Does your newsletter bring leads? This could be useful information when building your overall marketing strategy.

Thanks for reading,

Kim

Image: © Nick Bassett (2014)

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Marketing and the B2B Buyer’s Journey

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A few years ago numerous authorities who research and report on the habits of those who purchase B2B products or services for their organizations noted that B2B buyers do a significant amount of online research to improve their understanding about the products or services they intend to buy before speaking with potential vendors. As prospective buyers move through the journey there are a series of touch points, that is, encounters with B2B product and service providers (you).

Opportunities to influence and shape the perceptions that prospective buyers form while they investigate your company and its offerings are strewn along the Buyer’s Journey path like Hansel and Gretel breadcrumbs. The point of this exercise is to remind Freelance consultants where and how in the journey your marketing tactics have the power to persuade (or discourage) a few to do business with your organization. The steps that B2B buyers take can be broadly categorized as follows:

I. Identify a need

The initial stage opens the opportunity for B2B companies to introduce themselves to potential buyers and position their organization as a credible provider of B2B solutions. Cultivating a positive impression and trust in their products, services and brand is the goal of the Freelancer (the seller).

  • Recognizing that a problem or pain must be resolved, or an objective achieved

Creating awareness of your company’s product and/or service-based solutions is your objective during the first stage of the Buyer’s Journey. Providing examples of the challenges or problems that your products and services might solve, or examples of goals or objectives that can be advanced, can be effectively discussed in your website, newsletter, email marketing campaigns, blog, webinar and podcast appearances and social media posts, serving to help prospects understand what your company is all about and whether your organization has the right stuff to deliver what is needed.

  • Research

Your potential buyer now investigate solutions that appear capable of providing a remedy for the problem, or could advance the objective or goal. Most will conduct online searches and 70% will use Google, according to Salesforce. The B2B Freelance consultant is advised to provide the potential buyer with information that is typically expected and appreciated, is considered relevant—yet another reason to know your customer. User reviews from a site like Yelp, statistics, facts and other hard numbers could be in order.

Focus your content around the buyer’s most likely goal, challenge, or pain. A white paper to inform and persuade potential buyers that your company’s products or services, expertise or technology, for example, is superior for solving a particular business problem or addressing a certain goal. A free 30-minute consultation with your prospective buyer will also be helpful as you’ll be able to propose customized solutions and discuss how they might be implemented and delivered in a way that the buyer prefers.

II. Evaluate and compare available options

Be advised that the potential buyer will also investigate at least a couple of your competitors—and who could blame them? The decision-maker or his/her appointed representative will at this point start talking to colleagues about what is “out there” in terms of services, products, pricing, add-ons, upgrades, delivery date, free trials and anything else that will matter in the comparison. Case studies tell a story that illustrate precisely how, in real time, your organization is able to expertly deliver a customized solution and create an experience that meets or exceeds customer expectations.

  • Prioritizing

At this point in the buyer’s journey, the term prospective customer can be used with confidence, as s/he has clearly defined the problem or goal, has confirmed who will be the end user for the product or service and is fully committed to choosing and paying for what is perceived to be the most appropriate solution. An opportunity to develop a relationship with prospective buyers who are interested in your company at this stage of the journey may present itself because you could receive a call or email.

III. Decision and contract

Are you still in the game? Hope so! Prospective customers at this juncture have consulted with the project stakeholders at his/her company and are looking to get a deal that pleases as many as possible. This could be the time to tempt your prospect with deal clinching sweeteners—options, pricing, add-ons or (apparently) gratis upgrades that s/he and the influencers and end-users will appreciate and that cost you next to nothing. You want wrap this thing up and motivate your prospect to sign with your team. Surprise and delight.

Thanks for reading,

Kim

Image: The kids are alright. Goat farmers in Champaign, IL supply artisanal cheese to Chicago restaurants and gourmet shops

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Freelancer Health Insurance DEADLINE: August 15,2021

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Heads-up Freelancer friends—-the Health Insurance Marketplace (Healthcare.gov) special enrollment period will end on Sunday August 15, 2021. If you find yourself without health insurance, or you’d like to modify or renew the plan you have, now is the time to buy what you need.

According to data from a survey of independently employed American workers released in July 2021 by Stride Health, a provider of health and other types of insurance marketed to Freelancers, 31% of respondents were uninsured—a rate that is more than twice that of traditionally employed Americans (12%). Cost was the top reason that caused Freelancers in the survey to decline health insurance, with 64% of uninsured respondents reporting that they didn’t think health insurance was affordable. The seventh annual survey of American workers, conducted by Upwork and The Freelancer’s Union in 2020, reported that 59 million workers freelanced part-time or full-time, representing 36% of the American workforce.

Managing cash-flow while depending on a sometimes unpredictable amount of billable hours or payment of accounts receivable, as is the case with many Freelancers, can be a struggle. We are often loathe to commit to fixed expenses that might be perceived as “optional,” especially those who are single.

That said, acquiring health insurance is a prudent investment. Consider it risk management and therefore, good for business. One never knows when a health crisis will occur. Unexpectedly large medical expenses have been known to cause financial havoc and that scary possibility makes health insurance worth the expense. Fortunately, health insurance on the Marketplace became more accessible when Congress approved the American Rescue Plan on March 11.

The new law expands eligibility for Affordable Care Act benefits and provides subsidies to ensure that no Marketplace buyer pays more than 8.5% of annual income on their health insurance premium. The American Rescue Plan also increases the subsidy for lower-income Americans who already qualified for that benefit. Furthermore, those currently receiving health insurance through the Marketplace can expect to save an average $50 a month and some may save more.

According to President Biden, “For millions who are out of work and have no coverage, thanks to this law there’s an Obamacare (ACA) plan that most folks can get with zero-dollar premiums. Four out of five Americans shopping on the Obamacare Marketplace can get quality healthcare with a premium of $10 dollars a month or less (after tax credits).”

Better still for Freelancers, the Stride Health survey showed that 93% of us who enrolled for health insurance via the Healthcare.gov Marketplace qualified for a subsidy that will offset the cost of health insurance, up from 87% who qualified for a subsidy in March 2021. As a result, health insurance enrollment increased sixfold between April 2020 and April 2021. Year to date, nearly as many people have signed up for health insurance as did during the annual open enrollment period at the end of 2020, the Stride Health reported.

Over the next few days, those who need health insurance will want to visit Healthcare.gov or call the national hotline at 800-318-2596. Some states have their own health insurance platforms and if you live in one of those jurisdictions, you’ll be routed to the appropriate registration platform.

Thanks for reading,

Kim

Image: Luis Jimenez Aranda The Visit of the Doctor (1897), courtesy of El Cason del Buen Retiro/ Museo del Prado in Madrid, Spain

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How Would an Investor Judge Your Company?

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Recently, I was invited to judge a pitch contest for start-up entrepreneurs that will be hosted by the business incubator where I teach courses and workshops—-business plan writing, branding, selling skills and marketing. As I reviewed the list of questions that pitch contestants will address, I realized that those same questions mostly apply to those who already operate a business.

Every Freelance consultant and business owner should be able to answer pitch contest questions because when you think about it, selling products and services to clients isn’t altogether different from pitching a start-up to investors. So why don’t we flip the script and imagine that you’re an investor who’ll hear a pitch about your own business, delivered by your alter ego self?

An investor pitch outline is a useful guide to metrics and other critical elements that have a big impact. When business owners and leaders address these key performance indicators, a powerful enterprise will result.

Introduction–Who are you?

Introduce yourself with a 30-60 second elevator pitch. Give a brief overview of the type of solutions—products and/ or services—that the business provides and the primary benefits derived. Identify also one or two major client groups.

Purpose–What is the company’s reason for being?

Name the pain that the solution provided by your company’s products and services will eliminate. Paint a verbal picture to make the problem your products or services solve understandable to prospective clients. Give a succinct yet compelling description of the detrimental impact of not having your solution available, which could include loss of market share or dominance, diminished revenue, or even legal penalties.

Solutions–The value proposition that motivates clients to pay

What is the “fix” that resolves the pain or problem and therefore brings value that clients are willing to pay for? Describe or demonstrate how your solution resolves the pain and solves problem—how will the product or service directly address the problem and deliver the solution?

Detail two or three noteworthy benefits that your clients, or the client’s customers, will derive when your company’s solution is used. Benefits speak to most clients, whereas features appeal to technophiles. Overall, benefits are a more powerful sell, especially those that directly address the pain points you described. Be careful to limit industry-specific jargon so that your prospect will not feel intimidated.

Function–Prove that your product or service works

If you sell a technical solution, for example software as a service, explain in layman’s terms a brief summary of how the product works and why it’s useful. Include, as appropriate and helpful, product photos, screen shots, diagrams, drawings, etc.

Market reach–How much demand for your solutions?

Purely an FYI question and the answers you discover will benefit your business tremendously. Conduct some basic market research and reconfirm the size of your target market. Post-pandemic data could be available in some cases and that’s the data you want to examine. In order to make an intelligent plan for the future of your organization, you need to know, as confirmed by objective data, where your market is going and what’s trending.

If you’ve been thinking that a pivot might make sense, you’d be wise to know in advance what you can successfully pivot into—ideally, a sector that’s growing and that you have the expertise and contacts to enter.

Credible sources of business data include Forrester Research, Gartner Global Research, local trade journals, professional association research, the business section of The Wall Street Journal, The New York Times and other newspapers that address business issues in depth and also business data published by the U.S. Census/ Business and Economy data. Show your potential investor that there is a growing and sustainable group of potential buyers for your products or services.

Business (revenue) model—How will you find customers and make money?

Here’s another FYI question that you should periodically revisit, especially in the post-COVID era. The shutdown caused massive turmoil for the independently employed, fueled by the hollowing out of major industries. The work from home culture (which is waning) has made accessing potential clients tremendously difficult.

Now seems like an ideal time to re-examine how you expect to make money over the next 12-24 months. Determining what clients are willing to pay to do business with you is another question you need to address. Price to profit.

Focus on how the company generates its primary revenue stream(s). Review and clarify the usual steps of the buying process, including how long that process usually takes. Think about the job title of the decision-maker on the client’s team, as well as the usual job titles of the end user of the product or service. Furthermore, consider who the key influencers might be in the buying decision process, the steps are needed to achieve a sale and the usual length of time involved in the sales cycle.

Go-to-market—What’s the sales strategy?

Update the strategy you’ll follow for lead generation, inbound and outbound marketing outreach tactics. Discuss how product and service sales are executed—at your company office or retail location, at the client’s office (because you work from home), e-commerce via your website or other platform.

Identify whatever strategic partnerships or consignment arrangements that are in place (or are being negotiated). Identify who is responsible for selling—is it you, Freelancer friend, or do you split the sales function with a co-founder, or has the company hired sales reps?

The team—Who’s running the show?

If your company has co-founders or a management team, name them and describe everyone’s role. Describe also the job titles and functions of any part-time or full-time employees. If certain functions are outsourced, e.g., accounting, legal, payroll, or bookkeeping, document and describe their roles.

The purpose here is to reassure the prospective investor that your company is well-managed, that your solutions will be delivered as promised and that the company is capable of routinely meeting or exceeding client expectations.

Financial projections—Show me the money

Absolutely, your potential investor will take a keen interest in the state of your venture’s finances. You, the owner, must clearly demonstrate that you are reasonably adept at managing the company’s finances (even if your real talent is marketing and sales). At the very least, learn to get comfortable with interpreting the Profit & Loss (Income) statement, the Balance Sheet and the Cash-flow Statement.

Hiring an accountant, as well as a bookkeeper who is more than a record keeper and has a feel for financial management, will be tremendously helpful regardless of your talent for handling finances.

Thanks for reading,

Kim

Image: A resident of the New England Aquarium shark tank in Boston, MA.

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Networking in the Next Normal

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We are on the cusp of a new era (but you know that). Can we agree to name the period before COVID-19 normal, the business-as-usual drill with which we’re all familiar? Where we are now, the present, is commonly referred to as the new normal and maybe for you the term is already getting old. But time moves forward and we will soon enter the true post-COVID-19 era, the next normal. If you expect your business venture to survive and thrive in the fast-approaching future, the time to prepare for the next normal client is now.

Preparation begins with devising strategies to recover revenue lost to the 2020-2021 shutdown. Your plan to encourage and support client acquisition and increased revenue may include upgrades to the company’s digital presence, more sophisticated and targeted content marketing, greater use of marketing automation, greater attention devoted to financial management and post-pandemic next normal networking activities.

Networking is one of the most important business development activities that a Freelance consultant can perform. Networking can have a significant impact on your ability to meet potential prospects and build your client list. In the post-COVID environment, you would be wise to put your networking energy into building relationships and not blatantly hunting for a sale.

In your travels, where networking can organically happen anywhere and need not be limited to formal meetings or conferences, set your sights on meeting people who you find interesting and enjoy getting to know. Should the subject of business comes up, listen for ways that you can be helpful.

While conversing with a new colleague in person or online, you may eventually find an opening to talk turkey and slip into LeadGen. Whether you meet your new colleague in real time or by digital means, the smart networking strategy is to use finesse as you steer the conversation to the next level. Don’t risk undoing the effort you’ve invested with a clumsy approach.

  • Ask the right questions: Be politely curious and actively listen as you encourage your new colleague to talk about him/herself and their business. Focus on getting to know those whom you meet.
  • Be a resource: Marketing is the new sales. Offer insights based on your experiences and/or offer to send a link to additional info that spotlights your expertise and grasp of the goal or problem that a would-be prospect needs to address.
  • Don’t be afraid to play the long game: You’re not going to marry someone on the first date and you’re probably not going to reach your LeadGen goal in the first encounter. Start networking conversations by asking questions and actively listening, to learn more about the potential prospects. Build trust as you invite him/her to do what they like best—-talk about themselves! It can also be an excellent strategy for building relationships and finding clients.

Thanks for reading,

Kim

Image: The the networking is in full swing in a scene from an unidentified circa 1930s Hollywood movie.

Sales , , , Leave a comment

Make Email Subject Lines Pop

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Email marketing is an all-star player in your outbound marketing lineup. During the 15 month pandemic shutdown email marketing which, BTW, includes your blog posts and newsletters, became even more important as business leaders struggled to maintain communication with clients and prospects.

Think about it—-before you can schedule a video call to launch a full-on sales presentation, you need to establish contact with would-be prospects and open the door to the buyer’s journey. LeadGen is how to keep your sales pipeline filled and the process deserves a comprehensive inbound and outbound approach.

The challenge with email marketing is getting your message opened and read, even when the recipient knows your company. The powerful decision-makers you need to reach are pummeled with dozens of emails every day, Monday to Friday (and sometimes on the weekend). To manage the inflow, your decision-maker prospects are constantly prioritizing their inbox, often setting up filters and other gateways to organize messages that help them respond to important and urgent notes as efficiently as possible.

If you expect to persuade your intended prospect to click on your email in the midst of a typical deluge, it’s imperative that your email stand out in the best way. The way to do that is to create a stop-and-read subject line, an irresistible headline, that acts like a magnet. The subject line is the single most important part of an email because the opportunity to tell your story is lost if your email is sent to trash. The success of your marketing strategy is tied to the open rate of your sales/ marketing emails.

So, how does one create an intriguing, arresting, read-me email subject line? While every subject line is unique, there are guidelines to keep in mind as you write. In short, your subject line must tell recipients that your email contains information they’ll consider valuable, or somehow interesting, maybe a tad controversial or unexpected.

Eye-catching

Words such as free, limited offer and new are among those that can potentially make your subject line grab the reader. Providing a contrarian or surprising fact or statistic that challenges a common belief can likewise be compelling. Info that concerns a recent change in the industry is an update that many clients and prospects will appreciate.

Call-to-action

A call-to-action asks the reader to do something — learn, win, sign up, give feedback, for example. Many emails that drop into the average inbox lack an interesting, appealing subject line. It’s so easy for the eye to slide over much that is sent.

Devise an amusing, novel, or practical call-to-action that will both grab attention and either inspire or dare your intended reader to read on.

What’s in it for the reader?

Do you sell a product or service that can help your email recipients make money, save money, or save time? Can you help the reader’s organization achieve a mission-critical goal faster, more easily and maybe at a lower than expected cost? All of these scenarios offer value to your recipient and are enticing benefits to include in your subject line.

Be concise

Your subject line must do a lot of work in a small space. It must grab attention with a call to action, tempt the recipient with what could be in it for him/her and concisely getting to the point.The ideal length of an email subject line varies between mobile, desktop, and tablet devices, so keep this in mind as you craft the perfect one-liner for your sales email. On average, the maximum subject line is about 40 characters so that it can be seen in its entirety on phone, tablet, laptop, or desk model devices.

Thanks for reading,

Kim

Image: Attention grabbing front page headline in the Roswell (NM) Daily Record July 8, 1947 issue

Professional Development , Leave a comment

8 Great Business Reads for Summer 2021

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This summer seems tailor-made for staying close to home. International travel remains a difficult proposition as COVID-19 rages on, causing the Tokyo Summer Olympics to ban the presence of a live audience. Weather across the U.S. has been a problem, with the East Coast repeatedly doused with heavy rain while western states suffer through dangerously dry conditions and temperatures ranging from the 90s to beyond 100F.

We cannot control the weather, but we can control our response to it. Whether summer finds you in your back yard or a park in the city, vacationing in the mountains or near the water, why not crack open a business book or two and pick up some pointers on how to grow your business skills? Please take a look at the recommendations below.

Rise and Grind (Daymond John with Daniel Paisner, 2018)

Shark Tank investor Daymond John reminds readers that anything worth having is worth working for. He tells the outrageous truth—if you want to create real success in business, then be prepared to out-think, out-hustle and out-perform the competition. In 1992, John and three friends in his hometown of Queens, NY founded FUBU, a casual apparel line that become must-have street style fashion.

In this New York Times and Wall Street Journal best-selling book, John shares behind-the-scenes stories of how he overcame adversity and went on to co-found and become CEO of a company that now generates nearly $6 billion in annual sales worldwide. https://www.goodreads.com/pl/book/show/35083562-rise-and-grind

The Art of the Start 2.0 (Guy Kawasaki, 2015)

Kawasaki made a name for himself in the 1980s, when he helped launch the Apple Macintosh computer. He’s an entertaining writer and presenter and his book is filled with practical advice, particularly for those who’ll need venture capital. Whether you’re leading an existing business or planning to launch a new venture, you’ll find Kawasaki’s cut-to-the-chase business building blueprint useful and inspiring.

https://www.barnesandnoble.com/w/the-art-of-the-start-20-guy-kawasaki/1120058655

Marketing Made Simple (Donald Miller, with Dr. J.J. Peterson, 2021)

New York Times best-selling author Donald Miller details how to create and implement a marketing plan that will bring qualified prospects to your door. Readers learn the fundamentals of lead generation, how to build a sales funnel, how to recognize and optimize key customer touch points and how to develop and communicate an authentic brand story that builds trust and loyalty.

https://www.barnesandnoble.com/w/marketing-made-simple-donald-miller/1132751806

Uplevel Your Business, Uplevel Your Life (Kristen S. David, 2020)

Discover the four pillars of successful business management. Ms. David gives Freelancers and small business owners a roadmap for scaling or growing your venture. Learn to recognize growth opportunities and push them forward with smart action plans. Learn to accurately monitor progress with relevant quarterly goals. Understand the types of operational support systems and processes that will enable you and your team to build and sustain a thriving, profitable venture.

https://www.goodreads.com/book/show/50390493-uplevel-your-business-uplevel-your-life

Eat What You Kill (Donald Williams, 2020)

In 2005, Williams launched the eponymous Williams Accounting and Consulting in New Orleans, LA and in 2006, he opened a second location in Atlanta, GA. Small business owners are the principal customer group served. Guiding clients as they grow their ventures is Williams’ mission and he provides for readers valuable money-saving and money-making strategies that will enhance your financial management and future.

Donald Williams’s “Eat What You Kill” Promotes Financial Empowerment

The E-Myth Revisited: Why Most Small Businesses Don’t Work (Michael E. Gerber, 2004)

The author is credited with revealing the distinct differences between working in and working on your business. Gerber has more revealing insights to share in this influential book, including the common fantasy that just because you enjoy and may even excel at doing something—cooking, for instance—does not mean you are prepared to operate even a modestly successful restaurant. Just because you are good at something doesn’t make you qualified to turn your hobby into a business.

https://www.goodreads.com/book/show/81948.The_E_Myth_Revisited

Your Next 5 Moves: Master the Art of Business Strategy (Patrick Bet-David, 2020)

At age 10, Bet-David and his parents escaped war in Iran. The family traveled to the U.S., earned citizenship and Bet-David eventually joined the Army and served in the 101st Airborne Division. After his tour of duty, he worked in the financial services industry. Before his 30th birthday, Bet-David successfully launched PHP Agency, Inc., an insurance sales, marketing and distribution company, which has become one of the fastest-growing ventures in the financial services sector.

But when Bet-David created the video The Life of an Entrepreneur in 90 Seconds, it went viral. The 30 million viewers his educational video received inspired Bet-David to found Valuetainment, which quickly became the #1 YouTube channel for entrepreneurs.

https://www.goodreads.com/book/show/50542735-your-next-five-moves

The Lean Startup (Eric Ries, 2011) Ries has a long history with start-up ventures, variously serving as a start-up employee, adviser and founder and this book is a long-time best seller. While a college student, he founded Catalyst Recruiting, a platform on which students could create and share their professional profiles that could bring them to the obtaining a job after graduation. The venture failed, because he didn’t understand the needs of his customers. Ries eventually learned that in order to build a great company, one must begin with addressing the needs of target customers.

Over time, Ries connected the dots on what he’d learned about launching a new company. The lean start-up methodology favors experimentation over writing the traditional, elaborate business plan, direct customer feedback and iterative design over traditional “big design up-front” development. Although the lean startup strategy is just a few years old, its concepts—such as “minimum viable product” and “pivoting”—have quickly taken root in the start-up world, and business schools have already begun adapting their courses to teach them.

https://www.barnesandnoble.com/w/lean-startup-eric-ries/1100642052

Thanks for reading,

Kim

Image: Books that beckon at The Last Bookstore, the largest independent bookstore in Los Angeles, CA https://www.lastbookstorela.com/about