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Social Media Platforms: Review and Reassess

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According to a Pew Research Center survey conducted in March – April 2016, 68% of all U.S. adults use FaceBook; 28% use Instagram; 25% are on LinkedIn; 26% use Pinterest; and 21% use Twitter.  I’d consider that a compelling reason to ramp up your social media game, that is, if your can expect your customers to respond.  Not only that, participating in social media makes your business more appealing to the all-powerful Google algorithm and your place on the list is guaranteed to rise.  You might even land on page one.  Visibility, coupled with a story that resonates, is what marketing is all about.

The secret sauce of social media for your business is first, work with platforms that allow you to reach your customers and second, supply the style of content that will effectively tell your brand story and hold the attention of your customers, while using media formats that you have the time and money to produce.

Theoretically, social media is free advertising that lets you promote your brand, but there are costs associated with its production.  Time is the largest cost and if you include videos now and again, there will be video production costs.  Also remember that when in business, your job is to find and maintain clients.  Social media have a greater or lesser place in business, depending on your products and services, but it’s not the center of the universe.  If social media play a pivotal role in your marketing strategy based on the ROI generated, consider outsourcing the function to a fellow Freelancer.

Pinterest

The Pinterest platform allows members to “pin, ” that is post, photos and videos to what is called a pinboard and the format has made Pinterest an excellent vehicle to tell a brand story in visuals.  If the products or services that your company provides can tell and promote your brand story in a series of lovely photographs or catchy short videos—florists, fashion designers, interior designers, restaurateurs, pastry chefs and special event planners —then this platform is ideal for you.

As of January 2017, there are 150 million Pinterest users and 80 million are outside of the U.S.  Just over 80% are female.  The practice of “re-pinning” favored postings helps content to go viral and pushes you to the top of Google searches that could result in your name appearing on “trending” lists on sites like Yahoo News.

Infographics, those pictures, charts and graphs that also include text and give you yet another way to utilize visuals that help readers to quickly understand your narrative. are a great fit for Pinterest (and also Facebook, Instagram and LinkedIn).  If you have the ability and time, use Photoshop to create a customized infographic, but do investigate the several free templates available as you evaluate what could be suitable for your story.  Much depends on the information that you’d like to share.  Some data will look best in bar graphs or pie charts; other elements of your brand story could be more captivating if presented in storyboard format.

Snapchat

Here it is, the platform that millennials love.  As of January 2017, the typical Snapchat user is female and under 34 years old (70% for both parameters).  41% of the 18-24 age group in the U.S. check into Snapchat every day, mostly on their smartphones. The platform has 300 million users worldwide (November 2016).

Your content will self-destruct in 24 hours, so your text and images must be memorable because tomorrow they will be gone.  But that’s sort of the fun part.  Snapchat is meant to be fun and ephemeral, like champagne bubbles in a pretty flute.

Restaurant owners can post photos of the daily specials.  Art galleries can post a piece or two of an artist’s work and announce his/her exhibit that will happen that evening.  Retail stores can advertise one-day sales.  Florists can can use their smart phones to make a short video on of themselves and the flowers that they’ll bring into the shop from that morning’s flower market.  Food trucks can send a photo of where you can find them for the day.

Twitter

As of January 2017 there are nearly  320 million users tweeting around the globe and 82% of those users are on a mobile device when they do.  Users skew slightly more female and the demographic sweet spot is 18-50 years.  Twitter revolutionized social media and along the way, impacted how many of us communicate, thanks to the 140 character limit on tweets that caused us to pare down and condense our sentences.  Twitter has also taken part in social revolutions, most notably the Arab Spring of 2010-2012 that rocked from Tunisia to Persia.

Use Twitter to give real-time updates from an event you’re attending.  Send photos, videos, or links to articles and share your professional insights.  Invite readers to respond with their opinions and create the opportunity to engage with your audience.  Add Twitter to your PR campaign and send out news of your speaking engagements.  Include Twitter in your customer service protocol and invite customers to make suggestions that might improve service and help you better understand how to meet or exceed expectations.  A few might even thank you for a job well done and make you look good to many prospective customers !

YouTube

One billion global citizens post videos to powerhouse YouTube and 180 million of those aspiring videographers are in the U.S. (January 2017) and many of the posted videos are of high quality. Thousands of YouTube users have created their own successful channels that sometimes rival network and cable television shows.  The platform is overwhelmingly about entertainment, but if you conduct tutorials and workshops, you might be able to build for yourself a nice little paid speaking career by posting a few of your workshops and picking up subscribers to your channel.  Maybe 23 minutes of education and 5 or 6 minutes total of intro and recap would work?

If you don’t mind being on camera for extended periods, you can hire someone to film  a behind-the-scenes view of you at work, especially if you do something that has the potential to capture viewer interest, like planning a wedding—talking to the couple (anonymously, of course), speaking with vendors and doing whatever it takes to efficiently pull together a lovely and memorable day.

You may want a system to help you manage your content across platforms and for that I recommend Hootsuite, that is if you’re inclined to invest $20/month in a service that allows you to schedule and track your many forms of content from one dashboard.  Pulling all the threads together will allow you to see the big picture, make it easy to see where you can re-use content and can only improve your social media strategy, impact and ROI.

In closing, I’ll remind you of social media best practices and encourage you to create content that can be expected to have value for the followers.  Pace the delivery of your content and do not overwhelm.

Thanks for reading,

Kim

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Social Media Platform Review

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Unless you are an incredibly well-connected Freelance consultant who is out there making a killing and maybe even turning business away (yes, I know a half-dozen people who fit that description but it ain’t me!), social media plays some role in your branding and marketing strategies.  Each platform has its uses and will be a good fit for some businesses and maybe not so much for others.  The platforms are all free, but remember that time is a valuable and limited asset.  No matter how responsive to social media marketing your venture is, Freelancers and small business owners cannot maintain a presence on every platform,  unless you outsource the function (but if the dollars are there, then it could be worth the investment).

As carefully as you manage your money, likewise manage the time you apply to the social media portion of your marketing strategy (and I mean portion, because social media is not the alpha and omega of marketing).  Get started by first asking yourself what you would like your broader marketing strategy to achieve and then what each platform can do to support that aim.

Everything always starts with your clients, your target markets.  Who are they and what kinds of social marketing might they respond to? B2B clients will require a different approach and will have different expectations than B2C customers, for example.  Next, think about what you would like social media outreach to do for you?

Is your objective to promote products or services, or promote awareness of your brand story (that is, who you are, what motivated you to go into business, what your venture sells and something of your values and priorities as regards the business)? Might you like to build relationships and a community of customers who will also talk to each other and you? Does supporting customer service have a place in your social media objectives?

Finally, how do you want to express your story narrative? You will notice that my blog content is exclusively text (but I did include images in two posts and a video in another, a couple of years ago).  I’d like to include photos sometimes, but I don’t have time to hunt down freebies online, so I chose to research, write and present topics that you might want to read about in text format.

Facebook

The biggest of the platforms with about 1.86 billion users (February 2017) around the world, who represent an all-encompassing demographic spectrum.  There are somewhat more women users than men and the bulk of the age demographic is 25-60 years.  47% of Americans say that Facebook is their primary influencer when it comes to making purchases (Forbes Magazine).

Especially those who are in B2C and for some in B2B, Facebook will bring excellent ROI.  In-store events and promotions, speaking engagements, your workshops and other events can be announced to Facebook Friends.  Content provided in text, photos, or video can be uploaded.  You can create groups and build communities, or post a customer survey.  Share behind-the-scenes information about your business and what it takes to do what you do and in the process engage with customers, strengthen your brand and build relationships.

Does that sound like too much work and too much sharing? Then create a Fan Page and limit your presence to basic info.  Be aware that your presentation of text, photos and other content should be relaxed and welcoming, to create a personal feel (but remember that business is nevertheless the context).

Instagram

You’ll find 500 million users around the world here and 80% are outside of the U.S. On average, 95 million photos and videos are shared every day, with many accessed on a mobile device (present your content accordingly).  At least 42% of teens in the U.S. follow Instagram, with the demographic sweet spot 14-35 years and slightly skewed to female.  Instagram is about photo sharing, very short video trailers and concise text posting that includes a hashtag # that helps to spread your content.  Add a link to your profile bio.  Decide if you want a public or members-only account. Links cannot be shared.

Visual storytelling, behind-the-scenes photo montages, social selling, brand awareness, engaging with customers and creating relationships are good uses of this platform. If you are in public relations or special event/conference planning, then you will find worthwhile B2B use, otherwise it’s B2C as far as I can tell.

LinkedIn

As of January 2017, LinkedIn has 467 million users globally and it’s considered the gold standard B2B social media platform, very effective for communicating one’s personal brand.  I think most users place it at the junction of free website and online curriculum vitae. Business ventures large and small,  Freelance consultants, corporate and nonprofit leaders,  physicians and dentists, any employee who harbors professional aspirations and most college students  have a LinkedIn profile page. Recruiters use of the platform as well, to identify potential candidates for job openings and their success has motivated  thousands of companies to post job openings on the site.

LinkedIn is an excellent platform on which to build a community of professional colleagues through your connections and share with them your professional story, successes, highlights and other updates. This blog posts to my LinkedIn page and my connections receive notice of its arrival.  Your connections will also share their stories and there is great opportunity to be in touch and nurture relationships.

Professional portfolios, videos, white papers, newsletters, blogs, infographics and SlideShare presentations can be added to your profile page to add depth to your brand story.  Links to articles or studies that could interest your connections can be posted. Recommendations and endorsements let others verify your professional bona fides and you can return the favor.

In the Groups section, you’ll engage with colleagues within your industry, or with alumni of your school. Topics of interest are explored through posted questions and group members can respond and in the process get to know one another and possibly, forge  relationships that lead to doing business.

We’ll continue next week with overviews of more commonly used social media platforms.

Thanks for reading,

Kim

 

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Will That Be Check or Credit Card?

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As every Freelance consultant knows, it is our pleasure and privilege to perform interesting and often mission-critical projects for clients whom we like and respect.  However, getting paid is the endgame and without exception, we all breathe a sigh of relief when the check arrives.  One vital element of maintaining adequate cash-flow in your business is to invoice on time, a topic that I covered a while back  Invoicing Inertia: The Cure .

Invoicing is only half of the battle, alas; it is smart and proactive cash management to make payment of invoices as swift and seamless as possible for the client.  In good economic times and bad, every once in a while clients will experience constricted cash-flow, even if they are the larger entity.  The ability to use a credit card to pay one of your outstanding invoices can be a great relief to them and could get accounts receivable into your hands as many as a few weeks earlier.

Let’s explore the basics of accepting credit cards and how to get started as a merchant who accepts the cards.  Twenty years ago, I spent a couple of years as an independent merchant payment services agent, selling Master Card, Visa, Discover and American Express processing services and card terminals to small business owners, so this topic is a nice walk through history for me.

Let’s start with some likely good options for a Freelance consultant.  Along with credit cards, you will also want to accept debit cards and eChecks.  You’ll choose the card not present processing option, so that clients can call you when the invoice arrives and phone in payment.  You may also decide to accept mobile payments, meaning that you will be able to accept client payments through your smart phone or tablet while you are at their office, or other location and to make that possible, you’ll also select the card present option.  In all scenarios, 48 hours post-transaction, the payment will be deposited into your business bank account.  You may not choose to invest in a (costly) credit card terminal unless clients visit your office.  Your card present transactions, if you do them, will most likely be mobile device payments.  You may decide against accepting American Express cards, since its processing fees are at least a point higher than Visa, MasterCard or Discover.

Call your business bank to get information about processing fees (about 2.5% of the transaction amount and 3.5% for AmEx cards).  There is also a separate fee called a transaction fee.  Freelance consultants will process few credit card transactions in a month and your transaction fee will be higher as a result.  In addition, there will be a service initiation fee and maybe also an annual fee.  Finally, there will be a statement fee if you’d like to receive  the hard copy of card, eCheck and mobile payments that you accepted.

The merchant approval process will center around an evaluation of your credit history and credit score, so if you need to pay down/pay off bills to improve your financial picture, do that first.  The associated merchant services fees will probably be impacted by your credit score.

If mobile payments will be explored, I can almost guarantee that Square will offer good service at very competitive processing rates  https://squareup.com/  You can also call Discover, Visa and Mastercard directly and find out what they’ll charge for your chosen merchant services.  Your bank may be where you buy eCheck processing services but then again, you may be able to negotiate a good merchant services package with your bank and get all that you want in one place.

Then there is the matter of security during the age of hacking, phishing and data breaches. If you belong to a business networking group, find a colleague who does internet services and ask how you take security precautions on your end.  The merchant services industry stays on top of security matters, but they are not infallible.

To sum up, be advised that although the various merchant services fees are an issue and you’ll want to secure the most competitive processing rates, good service and convenience matter.  As much as the process of expert payment transactions, you must seek out a system that will be reliable and user-friendly for both you and your clients.  A positive, glitch-free experience and excellent customer support are usually worth somewhat higher fees.  Consider it the cost of doing business. Getting paid by clients ASAP is, after all, the endgame.

Thanks for reading,

KIm

 

 

 

 

 

 

 

 

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Outsourcing Your Content Marketing: Legal Safeguards

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Regarding the process of content marketing, I work both sides of the street.  In addition to generating original content for this blog, for the past 6 or 7 years I’ve worked as an outsourcer, both generating and editing content for two monthly newsletters and serving as editor only for a third.

The practice of content marketing has taken root in many organizations, from Freelance consultancies to multi-national corporations.  The responsibility for generating a good deal of that content has been outsourced.  President Trump is apparently the author of his own tweets but many corporate execs, government leaders, celebrities and other public figures are not.  Text, images, audio and video content destined for blogs, newsletters, webinars and an array of social media platforms might be created by an in-house social media specialist or, increasingly, the function is performed by an external marketing firm or a talented and plucky Freelance consultant.

Ideally, your content marketing will become an effective inbound marketing strategy and “pull” self-selected potential prospects who will be primed to become your customers.  Along the way, good content will also enable customer engagement and enhance and promote your organization’s brand.

Producing top quality marketing content is time-consuming and you may at some point decide to outsource all, or segments, of it.  Before you finalize that decision, take the time to consider what you would like your content to do for your organization; how much content it makes sense to produce; and how you can protect your intellectual property (because the content represents you and your business, whether or not you write it).

Determine the best content marketing platforms for your business

As always, it’s necessary to know your customers and target markets to determine the type of content that will resonate.  B2B clients will have different expectations than B2C or B2G customers and you must reflect that in your platform choices.  Be advised that you cannot and should not attempt to be all things to all people.  Consider picking one or two options, depending on the size of your organization and budget.  Develop an editorial calendar so that you will feature relevant seasonal topics throughout the year.

  • Weekly blog
  • Monthly newsletter
  • Semi-annual webinar
  • Email marketing
  • Social media updates
  • Semi-annual case studies
  • Annual video (with audio) featuring you or other key team members

Specify the outsourcing requirements

Clearly describe what you would like your outsourced content specialist to do.  Do you want content creation and editing, or do you want editing services only for content that you create? Will your content be original, or will you mostly feature short preludes that introduce links to other articles that tell your story? Would you like images included in your newsletter or blog? Might you like short videos to be embedded in your blog or newsletter and will that function be the focus of the outsourced duties?

Finally, when would you like your blog or newsletter to publish (for example, every Tuesday at 6:00 AM or on the 15th of every month?) Share your proposed editorial calendar and publishing schedule with your outsourcer, so that s/he will know what to create and when to have the content ready.

Assign the content copyright

Stay on top of this one, people.  Be advised that unless you specify in the outsourcing contract that all content belongs to you, then ownership will lie with the outsourcer who creates it.  On your own, or after your outsourcer is no longer in your employ, you may want to repackage text, images, or video from your blog or newsletter and use it on your website, in email marketing letters, or in a book (that could be written by you or by the original content outsourcer, a ghost author) and you must ensure that you will have the unrestricted use of what you paid for.

Further, you are advised to include an indemnification clause against possible copyright infringement of text and images that the outsourcer may (unwittingly) commit.  Some images are free, 95-year-old plus images are in the public domain and others are for sale.  Misinterpretation can be costly.  Also, proper credit must be given to images and failure to do so will cause legal problems for you.  Your business entity is the publisher of the content and is the responsible party.

Address the potential legal liabilities of your content

If your content addresses a subject that requires some manner of official licensing—medical, legal, investment, architectural, engineering, or nutritional, for example—it will be wise to include disclaimers or some assurance to readers that the information provided meets accepted regulatory standards and best practices.

Contract with outsourcing termination clause

Include all points detailed above in a contract that is signed by both you and your outsourcer and send a signed copy to the outsourcer.  Hire an intellectual property attorney to review your draft contract to ensure that both you and your outsourcer are protected.   Be certain to specify  who owns the content and how it can be used after the work relationship has ended.  Non-disclosure of potentially sensitive information can also be included.

Thanks for reading,

Kim

 

 

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Consulting: This Is How We Do It

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There are millions of Freelance consultants in the U.S. and our numbers continue to climb on a steep upward slope, fueled both by the reluctance of employers to offer stable full-time, benefits-paying jobs and the desire of workers to have more flexible schedules, whether single and childless or married with children.  There are different levels of Freelance consulting, from the one-off hourly paid short-term project to ongoing client relationships that may endure for several years.

Some Freelance consulting projects are very limited in scope: you are hired to design a brochure, build a website, facilitate a meeting, provide special event PR, or redecorate a living room. Other projects might start with a change management process that would benefit from the perspective and expertise of an external  professional and segues into implementation and training for impacted staff.

It is useful to break down the components of the consulting function because it will encourage us, its practitioners, to think about the sum total of what we do— the value that each component brings will remind us that the whole is greater than the sum of the parts.

Further, when we speak with clients or generate our content marketing information or traditional advertising copy, having the components of our work and good sound-bites at the ready will keep marketing messages and elevator pitches fresh and relevant and help us to communicate to clients that we understand their needs and priorities and we would make a good hire for their mission critical project.  Below is a list  of a consultant’s core duties.

  1. Provide information.
  2. Diagnose (and maybe redefine) the client’s problem.
  3. Provide recommendations for the short and long-term based on the diagnosis.
  4. Propose one or more effective solutions that will resolve the client’s problem.
  5. Assist with the implementation of the chosen solution to the problem.
  6. Suggest how the client can encourage and sustain internal support for the solution.
  7. Facilitate training or learning, to allow impacted staff to resolve similar problems in the future.

When we Freelance consultants are called in to discuss a possible assignment with a client, we may want to ask a few questions of the project team or leader, to allow us to gain insight and context; to help reveal one or more potentially useful solutions; and to make it more likely that the client will accept and approve your recommendations:

  1. What solutions have been implemented or proposed in the past and what was the outcome?
  2. Which untried steps toward a solution does the client have in mind?
  3. Which, if any, related aspects of the client’s business operation are not going well?
  4. When a reasonable solution is recommended, how and when will it be implemented?
  5. What steps can be taken to encourage buy-in for the solution, to assist its successful implementation?

Thanks for reading,

Kim

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A Superb Speaker Introduction

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Excellent public speaking makes those who have it appear both credible and smart and those who wish to obtain or maintain the appearance of authority and expertise are advised to cultivate the art.  Public speaking not only refers to s/he who makes a featured presentation—keynote speakers, guest lecturers, panelists, moderators, or the toastmaster at a social function—but also includes s/he who introduces a speaker.

An invitation to introduce a speaker is an honor and a vote of confidence and you would be wise to prepare for the occasion.  The introducer bears the responsibility of preparing the audience to respect the speaker and trust his/her information or story line.  If you receive an opportunity to introduce a speaker, keep the following suggestions in mind:

Show that you have the credentials to make the introduction

S/he who introduces a speaker must earn the confidence of the audience.  The leader or some other high-ranking member of the sponsoring organization usually introduces speakers, and earns that confidence by way of the authority vested in his/her position. Alternatively, a VIP speaker may be introduced by a similarly ranked colleague or guest VIP, who earns the confidence of the audience and as well conveys the importance of the speaker.  The guest VIP who introduces the high profile featured speaker will merit his/her own introduction and that will be given by a member of the sponsoring group.

Direct audience attention to the speaker

A speaker introduction is in reality a sales presentation and obtaining audience buy-in for the speaker and topic is your mission.  Your first order of business is to persuade the audience to be fully present in the moment. Typically, audience members are engaged in other activities in the intervening moments between speaker presentations, or as they await for the program to begin.

Some will be in conversation with those nearby, perhaps discussing the previous speaker or the program agenda.  Others will be focused on electronic devices, checking email, sending texts, or posting social media updates.  Your introduction must provide a bridge that transports the audience away from distractions and leads them to the subject of your introduction, the speaker.

A clever way to gain audience attention is to capture their imaginations with a rhetorical question related to the topic.  Consider opening your introduction with “What if…?“, “What is it about…?“,  or “Have you ever wondered how…?” The question will allow you to segue into the topic, which ideally will be perceived as compelling, to validate the audience member’s decision to attend.

Endorse the speaker

Now that you have the audience’s attention and confidence, it’s time to portray the speaker as an expert who is deserving of the audience’s time, attention and money (if admission was paid).  Put them in the mood to hear the talk by saying something like… “I first heard (the speaker) about three years ago, at a reading s/he gave soon after his/her book (title) was published.  I’ve been anticipating the release of this new book (title).” “I’ve heard more than one expert address our topic this afternoon, but I believe that (the speaker) gives the most comprehensive and clear representation of the facts…”

You may in addition give a build-up that precedes the above by listing awards and honors that the speaker has received, if applicable, or reading quotes about the speaker that have appeared in important publications.

Create intrigue and excitement about the topic

Tempt the audience with a smidgen of how the speaker will meet or surpass their expectations for the talk.  Read a sentence or two of an early review of the book that will be discussed.  Describe a useful piece of information that audience members will receive as they listen to the presentation.  Make them know that a worthwhile pay-off awaits.

The introduction

Continue to demonstrate that you make excellent speaker introductions by weaving the sense of anticipation into your actual introduction, perhaps in this way… “Let’s all welcome (the speaker) and let him/her give us the real story about what’s going on.” “Let’s invite (the speaker) to tell us what happens next in the ongoing saga of this character. Please join me and give him/her a warm welcome.”

Thanks for reading,

Kim

 

 

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How and When A Freelancer Should Collaborate

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Several years ago, I was one of four Freelancers who collaborated on the development and presentation of a half-day marketing and sales themed professional development conference whose target audience was in-house sales and marketing professionals who had the authority to hire Freelancers to manage special projects at their respective organizations.  Each of us would cover an aspect of sales or marketing (I agreed to present a networking workshop, another would present B2B sales training, etc.).

The conference was the brain child of an experienced and successful marketing services competitor. She invited us to participate, assured us that she had relationships with more than a few corporate clients and acquaintances, at least a few of whom we could count on to attend, and she ran the show.  Rather a lot of time was spent on planning meetings. A few hundred dollars was spent on production expenses: printing the promotional fliers, the room rental fee (we received a good discount at a fancy law firm’s conference room) and continental breakfast for the attendees.  We charged maybe $69 to attend.

We managed to draw an audience of about 30, a number that we considered respectable, but the corporate prospects failed to materialize, apparently because my marketing competitor hugely over-stated her client relationships.  The audience consisted entirely of people just like us—Freelancers who were trying to make themselves more attractive to those who control billable hours and who were hoping, no doubt, to meet a corporate marketer or two.

The whole thing was a complete waste of time and money because,  as we three along for the ride came to realize, corporate types do not feel the need to attend such programs. They are not looking to upgrade their skills at a conference hosted by a bunch of Freelancers.  They don’t even turn out for conferences hosted by their local chambers of commerce, despite the fact that most of their companies are members.  In fact, it has become increasingly difficult to meet them at all,  except perhaps in certain social situations or in board service.

Collaborating with carefully selected colleagues can open up doors to success that would ordinarily be closed and can result in good clients added to your roster and more billable hours added to your Income Statement.  However, there are questions that you would be wise to ask your prospective collaborators and also yourself, to increase the chances that the collaboration will be a win-win for all involved, including the client.

Can the collaboration achieve worthwhile goals?

Precisely, what valuable tangible and intangible assets will the collaboration produce for you? The project mentioned above was highly speculative and as a result, risky. Partnering with a colleague or two as a strategy to win the bid on a lucrative or prestigious assignment is less risky than creating yet another professional development conference.  Collaborating to chase rainbows is not what you want.  Collaborate to more effectively compete for a valuable resource, such as a project that exists and has funding.

What resources will the collaborator provide?

Collaborations are formed to bring together entities that have complementary skill sets.  A few months ago, I collaborated with an author to provide for her book content editing, serve as photo editor and perform self-publishing services that she preferred to outsource.  In exchange, I gained experience, added book editing to my CV and obtained (minimal) payment.  Collaborations should be win-win propositions and the project(s) on which you and your collaborator(s) partner should reflect Aristotle’s recommendation, that “the whole is greater than the sum of its parts.”

The trust factor

Collaborators must be able to trust one another for without trust, there can be no successful partnership. This is hugely important, because your reputation and client relationships, current and future, will be on the line.  If your collaborator(s) cannot or will not hold up their end, your brand can be damaged and unfortunately, you don’t really know anyone until you’ve either lived with or worked with them.  A discussion of the interpretation and practice of work ethic and customer service will give insight into the matter.

For example, if there is a big deadline looming, are collaborators willing to work and respond to emails on weekends, holidays and after 6:00 PM? How will collaborators respond to a high-maintenance client who emails at 9:00 PM on Sunday nights when there is no apparent emergency?

What will be the ROI?

The properly conceived and managed collaboration will allow the participants to offer additional services, exceed the client’s expectations, build good client and partnership relationships and enhance the possibility of referrals.  A good client will be added to the roster of each participant and billable hours that would not otherwise have been available will appear on Income Statements. The client will receive measurable ROI as a result of the venture.

Thanks for reading,

Kim

 

Sales , , , Leave a comment

Price Your Way To Profits

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Pricing your products and services is a critical element of a well-conceived marketing plan and appropriate pricing is integral to the development of a successful business venture.  The burgeoning field of behavioral economics reveals why certain pricing tactics work and how you can incorporate some of them into your pricing strategy.

Have an anchor baby

Your “anchor baby” can result in a positive outcome for sales and billable hours.  A cognitive bias called anchoring can cause us to perceive a lower-priced item as reasonable when it is viewed after we first see a higher-priced  version of a similar item. A $2000 item is perceived as a relative bargain after one has seen a similar version priced at $5000.  A prospect could be moved to envision him/herself purchasing that “bargain-priced” item.

Therefore, placing premium-priced products and services in proximity to the similar but lower-priced offerings that you hope to sell can potentially lead prospective clients to perceive the lower-priced items as providing real value, once they know that functionally similar items can be much more costly.

Zeros kill sales

In a previous post I discussed why, especially in retail sales, it is standard practice for merchants to list prices that end in .99 (or .98 and .95) and never .oo, because prices that end in zeros are often perceived by customers as being expensive, according to a study that appeared in the journal Quantitative Marketing and Economics in 2003  The Less Than Zero Pricing Tactic.  Yes, we really do think that $5.99 is cheaper than $6.00 and there’s still more downside to zeros— when pricing your services you should not only avoid listing, say, $3000.00, because you’re presenting too may off-putting digits, but you are also recommended to avoid listing your price on a proposal as $2995.00.  Prospective clients will feel better about your price when it’s expressed as $2995, according to the findings of a 2011 study conducted by the Society for Consumer Psychology.

Be a Lexus, more than a Toyota

A Vanderbilt University study demonstrated that customers are willing to pay more for a Budweiser beer in a fancy hotel bar than they would for that same Budweiser in a dive bar. Why? The economist Richard Thaler of the University of Chicago explains that the power of perceived prestige allows the luxury set to get away with charging higher prices. Freelance consultants (so much more classy and deserving than a mere Freelancer, no?) are advised to in various ways present cues that make the case for charging premium prices.

Let the value you bring be known to those who matter. Teaching at the college level and speaking at respected business associations showcases you as a thought leader and an authority.  Producing long-form content that appears in a respected print or online publication, monthly newsletters sent to your email marketing list, or weekly blog posts that draw your followers also adds to the perception of your expertise and as well brings your writing skills to the forefront. The design and content that appear on your website should present you and your entity in a way that communicates competence and good taste, as should your business card and client invoice template.

The organizations of which you are a member, the quality of your clothing, where you vacation, the books you read, how you socialize and the boards on which you serve (along with the related committee activity) also enhance your reputation and reflect on your brand.

How to raise your prices

Weber’s Law (1834) indicates that your clients will probably accept a 10% price increase of the products or services purchased from you and some may not even notice the change.  You already know that other factors can impact your ability to raise prices, including supply and demand, the urgency of the need for your product or service, the presence of competitors and the perception of the value of your brand.

Thanks for reading,

Kim

 

 

Business Strategy , , , , , , Leave a comment

Launch 2017 With Strategic Planning For Your Business

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Happy New Year! My wish for all my readers is that 2017 will be filled with good health, good choices and prosperity and a year where you recognize opportunities and successfully move forward to attain what will benefit you.

Part of the process of realizing your goals may involve strategic planning. The process of strategic planning encourages business leadership teams to ask (the right) questions about the value that the business creates and sells at a profit, which is a reflection of its vision and mission.  The goals, objectives, business model and guiding principles (that is, culture and values) are likewise impacted by the organization’s vision and mission. Below are six strategic planning and positioning principles to enhance your planning.

Principle 1:  Sustained profitability

Economic value and the conditions for generating profits are created when clients value your product or service enough to pay more than it costs the business (you) to produce and provide it.  Strategic planning is all about Defining  business goals and objectives and devising strategies and action plans with the thought of ROI, in particular long-term ROI, in mind.  Assuming that profits will be inevitable when sales volume and/or market share are the most accurate measurements of success is not the best way to approach the matter.

Principle 2: Value proposition

First, be certain that what you consider to be the value proposition—that is, the most desirable benefits—matches what clients consider to be the value proposition. Be aware that strategy is not about offering services or products that will be all things to all prospective clients.  Businesses are in need of strategies that allow the venture to compete in a way that allows it to effectively and efficiently deliver what clients consider the value proposition.

Principle 3: Competitive advantage

The unique and desirable benefits that sustain the value proposition must be reflected in and supported by strategy that shapes them into a sustainable competitive advantage.  The successful enterprise will differentiate itself from competitors through the products or services offered, how those are packaged and/or delivered, customer service practices, branding, pricing and so on; those unique features and practices will matter to current and prospective clients.  Still, the company’s business model will likely resemble that of its rivals.

Principle 4: Choices and priorities

Resources are inevitably finite and choices about your products and/or services must be made, in order to define what is necessary and possible and therefore, a priority.  Some  product or service features will not be offered, so that the benefits (priorities) that clients have chosen as highly desirable can be optimized.  These priorities are what sets the business apart from competitors and define the brand.

Principle 5: Flow

Choices and priorities must be baked into the strategies that you and the leadership team devise, to enhance and enable the consistent  delivery of the value proposition. These strategies will be both stand-alone and interdependent, like dominoes.  Choices made to define the target customers that the business will pursue also impact product design and by necessity will impact choices that determine the manufacturing process and its cost.  Choices that determine what will be included in a service will be influenced by the expected target customers and will impact how that service is delivered and priced.  Choices about product positioning and branding will impact where the product is sold and the marketing strategy.

Principle 6: Direction

The late style icon Diana Vreeland, who served as editor-in-chief at both Vogue and Harper’s Bazaar Magazines, once said that “elegance is refusal.” A company must define its unique value proposition and that will eventually cause certain potential choices to be declined, because they are contrary to the brand.  The product or service lines can be altered to satisfy customer demands over time and business models can be adjusted to reflect current or anticipated market conditions.  Nevertheless, the vision and mission must be upheld to maintain brand awareness and trust. Strategic direction will guide that process.

Thanks for reading,

Kim

 

Sales , , , Leave a comment

In the Belly of the Beast: Selling to 4 Types of B2B Buyers

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Sometimes, decisions are made by committee—groan!—and that means a lot more leg work for a Freelancer who’s trying to sign a contract or a sales professional trying to sell a product or service.  When you must gain the confidence of several staff members, you may never know whose opinion really controls the sale (although you can ask).  All you can do is be prepared by understanding the kind of information that the designated contact person in each department is likely to appreciate and make sure that you deliver it.

Finance

When the Finance Department contributes to buying decisions, you have to know that tangible and intangible value received in exchange for dollars invested is the primary concern. Therefore, present your product or service in language that communicates the expected ROI of the purchase, over the short and long-term, and indicate whether the organization will save or earn money when the product or service is introduced.  A case study to illustrate the financial impact of your product or service on a reasonably comparable organization (in terms of operating revenue or type of business, for example) would be greatly appreciated by the this team.  If Finance does not have confidence in the pricing or ROI of what you’re selling, you will be asked to make monetary concessions or the C-Suite execs will decline the project.

IT

If your product or service will require technical support, this decision contributor will want to be assured that its set-up and maintenance will be easy and compatible with other systems currently in use.  Provide the team with information on how to integrate the online requirements of your product or service with the existing technical infrastructure and software.  Reliability is another IT concern and the fear of system crashes lies just below the surface.  Present data to demonstrate that the online component of the purchase will be dependable and low-maintenance.  Finally, a show-and-tell to illustrate that the system is intuitive and user-friendly, thereby minimizing staff training time or frustration of the end-users.

C-Suite

As you might expect, C-Suite executives, including department heads, are the most important of all those with input into the decision-making process because they have the power to green-light your proposal or kill it outright.  When selling to the higher-ups, it’s important to learn which factors matter most and whose opinions will have the most sway on their opinions (usually the end-users).  If the end-users clue you in to the hot button issues, then discuss them and keep your message simple and clear.  Emphasizing high-level value, as the executive defines it, is probably a useful guideline.  A case study that makes you and your product or service look particularly brilliant, especially regarding the most pressing issues, would be a good selling tool.  Be aware that C-Suite executives are usually too busy to process a complicated sales narrative. Think of soundbites that communicate impactful and tangible benefits.

End users

These team members will use your product or service most often.  Their opinion carries a great deal of weight and their approval of your product or service is a priority of the C-Suite.  Key selling points for this team revolve around the functionality, practicality, ease of use and time-saving potential of your product or service.  Seek feedback from this team as to what they consider the most relevant features and benefits and as well, how you might best promote your sale to the other decision-makers.  You may be able to convince this team of the benefits of certain add-ons and upgrades, which will enhance the user experience and the amount of the sale or billable hours.

Take time to demonstrate and ensure that your product or service will reliably meet or exceed the expectations of the end-users because if it does not, this is the team guaranteed to express concerns that will damage your credibility and the potential for future business and referrals.  Your in-house advocate will be found in this department  (try to cultivate a team member with a title that confers authority) and if you cannot convince the right person to step forward and take on the role of champion, then your sale or contract will most likely suffer diminished prospects for approval by the ultimate judges in the C-Suite.

Thanks for reading. May many billable hours find their way to your door in the New Year!

Kim