Category Archives: Marketing

Branding, networking & promoting your business

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Pricing Primer for Freelance Service Providers

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“The business world is driven by the desire to increase three elements: market shares, sales revenues and of course, profitability. Pricing is the key player in any strategy concerning the growth of these three goals.”   Mohammed Nosseir, Senior Marketing Adviser, Simon-Kucher & Partners, Middle East

Determining the pricing structure for intangible services provided is a real challenge for Freelance consultants. What is the value of our time and expertise in the open market? What if we promote our services, set the price and no one hires us? Should we lower our project fees? Can we ever raise prices?

Clients are motivated to spend as little as possible for the products and services that they require. However, they are known to pay premium prices when they “feel” that a particular product or service delivers exceptional value. That value can mean an expert solution to a business challenge; a long-lasting product that performs very well with little maintenance; the ability to meet a deadline; or other factors that have meaning to the decision-makers.

Often as not, different clients will have different priorities that define what is valued. It is the Freelancer’s job in the initial face-to-face client meeting to figure out what the client feels is important. That knowledge will achieve two objectives:

  • You will know the expectations that must be met (or preferably, exceeded) to justify a premium price.
  • You will know how to price, based on the time or other resources that will be devoted to meeting and exceeding client expectations and you will grasp the urgency of client needs, which impact your price.

Most likely, there are standard benchmarks and signifiers of high-value service in your industry and they should be incorporated into your marketing and operations, along with other value-addeds layered on as necessary. Knowledge of what competitors do would be most helpful as well, but it is very difficult to learn how competitors deliver their services or price them. Nevertheless, it is advisable to choose three or four to research. Visit websites to learn what services your competitors offer and how those services are described and packaged. Then, you can better identify potential competitive advantages for what you have and find a way to describe your goods.

It may sound like an obvious no-brainer, but part of your premium value-added that will be reflected in your pricing strategy should be your positive attitude and willingness to help prospective clients find the best solution to their business needs. Friendliness and the aim to genuinely want to offer good service go a long way in life and in business. Showing a good work ethic is likewise important.

For example when on an assignment, pay attention to emails. While I don’t recommend that one should be obligated to answer emails that a client dashes off at 3:00 AM (unless this is an urgent and high-revenue project), check emails through 10:00 PM and resume at 7:00 AM. If you can anticipate client needs, so much the better, They’ll think you’re a hero and will be happy to pay for the pleasure of doing business with you.

Step by step, client by client, focus on exceeding expectations on every project, building the trust and confidence that lead to a respected brand (reputation) as you do. You will receive referrals from satisfied clients (and you can also make referrals to your clients, enhancing your brand each time you do). Good brands create good word of mouth and that supports and justifies premium pricing.

As Mohammed Nosseir concludes, “Pricing has been, and will continue to be, the most complicated element in the marketing mix family…A proactive pricing structure will help companies…to maximize their profitability.”

Thanks for reading,

Kim

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Marketing Metrics That Matter

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Every business that aims to be sustainable must engage in some level of marketing activity, whether traditional marketing that utilizes retro resources such as press releases and print ads or content marketing, that makes use of social media, blogging and the like. But the benefits and ROI of marketing campaigns are often devilishly difficult to evaluate. How does anyone know what the organization is really getting from the marketing campaigns (and budget) and what is the value of whatever that might be? Furthermore, what are the outcomes that matter in marketing? Let’s ponder the benefits that marketing campaigns have the potential to generate.

Since recent data is available, we’ll focus on content marketing. According to the Content Marketing Institute, 85% of B2B and B2C organizations participate in content marketing, yet only 21% of those who devise content marketing strategies are able to measure the ROI. Among the elements that marketing execs usually design their strategies to influence are:

  • Brand awareness and loyalty
  • Customer engagement
  • Lead generation
  • Referrals
  • Sales
  • Up-selling

Before campaign focus decisions are made, it is advisable to select which of the above elements—may we call them objectives?—that your organization would like to impact. To make those calculations, one must understand the value and expected ROI of the chosen objectives. They are not of equal value.

Promoting brand awareness and loyalty is a wonderful objective and if yours is a B2C operation, it is much easier to achieve. Can a typical B2B Freelancer who sells a service ever build a brand that is truly distinctive? Rarely, I will guess. Usually the brand is a cult of personality that a well-connected person has been lucky to attain, typically through family or  industry connections. Or maybe it’s the home town high school football hero who goes into business and benefits from his playing field reputation, subsequently known as his brand.

My experience indicates that the average B2B Freelancer should approach (personal) branding activities and brand awareness with a grain of salt. Keeping one’s name in play is an admirable ideal, but business is mostly garnered through referrals and not through the number of times that potential clients see your name.

About customer engagement — do you have the staffing to seduce those with too much time on their hands into bonding with Pinterest, Twitter or Facebook feeds from your organization? Beware the Pandora’s Box that customer engagement can become. Giving information and getting uncensored feedback is great. Ongoing dialogues with the bored or self-important are a waste of time that you cannot afford.

Lead generation keeps the sales pipeline filled, but what is the most effective marketing strategy for a service-providing Freelancer to influence that objective? As far as I’ve seen, viable leads are created face-to-face. Potential clients may read your blog or newsletter, watch you on YouTube or read your case studies, but they are highly unlikely to hire or refer you unless they meet you in person and even then, they prefer a personal endorsement of your work from a trusted source. Content marketing is not so effective here. Get on the teaching and speaking circuits to allow potential clients or referral sources to hear what you know and develop trust that can lead to some business.

After all is said and done, encouraging referrals, sales and up-selling must be the prime objectives of any marketing campaign and they are the only metrics worth measuring. The number of social media followers, website page views, newsletter sign-ups and blog post comments are vanity metrics and meaningless, because they do not correlate with revenue. Those people are just a bunch of hangers-on.

Successful marketing campaigns pave the way to revenue generation, meaning sales. Savvy marketing makes your operation look desirable and trustworthy and persuades those with money and motive to take a second look. Marketing messages can be used in sales presentations to continue the theme. A well-conceived marketing message will also open the door to up-selling and add-ons.

Referrals are a different animal, though, and for both B2B and B2C ventures are most directly impacted by your organization exceeding expectations and creating a cadre of satisfied customers who sing your praises to other potential clients.

In sum, B2B Freelancers can forget the vanity marketing objectives and focus on creating campaigns that enhance the perception of your expertise, along with the services that you provide. Marketing messages that address the usual client hot-buttons and position your business as the solution are the most effective. Nevertheless, word-of-mouth referrals are the best way to bring in business and that process is independent of marketing.

Thanks for reading,

Kim

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So You Want To Write A Book?

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I was talking with a friend a couple of weeks ago and learned that she is in the process of writing her fourth book. She’s not a great writer and she addresses only one topic but she self-publishes, which guarantees that her books will always be available as long as she has the money to bring them to the page and she even sells a few, mostly to people who know her and likewise have an interest in that topic. I laughed and said that I would never write a book. And yet…..

For business owners, business executives and of course Freelance consultants, writing a business book is good business. A business book is a the ultimate self-marketing tool and it conveys much respect. If you’re looking to wear the crown of credibility, write a book. If your book addresses its topic cogently and is reasonably well-written, you can dine out on the self-promotional benefits for the rest of your life.

Business authors recommend that you treat your book like a new venture launch. A business book has the potential to broaden your audience, raise your stature and notoriety, help to get you quoted as an expert in business-themed articles, get you invited to give interviews and host webinars and best of all, generate leads that bring in more business. You probably assume that writing a book is a tremendous and all-consuming process and I’m told that is correct. However, business owners and executives only need to write one book and their reputations will be set.

Be prepared to work enormously hard to research, outline and write your book. If you have money consider hiring a ghost writer, who will interview you and put your insights and anecdotes on paper. Be prepared to spend several thousand dollars to self-publish, because unless you have a national or very strong local reputation, no publishing house will sign you.

Finally, brace yourself for low sales and expect to buy dozens of copies of the book yourself. Give signed copies to good friends, family members and clients. Here are a few items that will help you evaluate the decision to become an author:

Subject Your biggest challenge may be choosing the subject. Content matters and one is advised to have something relevant to say to potential readers. Moreover, you are advised to choose a subject that you enjoy and will not mind speaking about ad nauseum, because you must promote the book and its topic and when you use the book as a way to get speaking engagements, the topic will be the center of your talk. There are two basic subject options:

  • A creation story, an inspirational memoir that tells how you either overcame adversity or bounced along on good fortune and quick wit and used your competitive advantages to launch and sustain a successful enterprise. The first is sincere and compelling, the second ought to be humorous and fun.
  • A how-to book shares your special expertise and shows readers how they can become better marketers, sales people, customer relations managers, public speakers, business financial managers, Freelance consultants — you get the idea.

Publish Expect to self-publish your book. Hire an experienced copy editor, so that you won’t embarrass yourself with grammatical or continuity errors. Most self-publishing houses will offer these services at an additional cost. Hire a graphic artist to design the cover and a professional photographer and make-up artist to ensure that you look wonderful on the (front, back or inside) cover.

Promote Even if you manage to persuade a traditional publisher to accept your book proposal, do not expect the company to promote your book. You must develop a proactive marketing plan that will get your book noticed and validated as worthwhile. Consider hiring a public relations specialist to help with book promotion, if you have the budget. Create a website and/or a Facebook page for your book as well as a podcast that features you speaking about the book (maybe in an interview format). You or your PR specialist will approach the local cable access station and inquire about you appearing on a program that includes segments about local business people; ditto for radio stations (think Sunday morning radio); and local newspapers and magazines to interview you about your business and the book.

It is not an easy task but if you decide to move forward with the concept, becoming an author will emerge as one of the most significant achievements of your life. The book will become your ultimate business card and will give readers an impressive introduction to you and the enterprise that you created and lead. Publishing a book is an event known to bring prestige and momentum to your business and brand.

Thanks for reading,

Kim

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Approach the Podium: How To Get Speaking Engagements

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One of the best ways for a Freelance consultant to demonstrate and validate our bona fides as an expert in our chosen field is to get in front of an audience and deliver a talk to peers and prospects. As we all know, billable hours and referrals are built on confidence and trust and we must do everything possible to encourage and sustain their growth. If you would like to get on the speaker’s circuit but have not yet done so, begin by acquiring some public speaking experience and as you do, think about topics that you can convincingly address.

I’ve been teaching since 2006 and I’ve found it to be a learning experience for me, as well as for my students. Teaching is a wonderful place to start building your public speaking resume and you will be (modestly) paid as you and your students learn.  Absolute beginners are advised to approach an adult learning center to explore opportunities to teach a workshop that you propose.

As your teaching skills become more proficient, browse the catalogues of community colleges and four-year institutions and contact department heads to inquire about teaching for a semester. BTW, the workshop that you proposed and taught at the adult learning center represents curriculum development and in the world of teaching, that is a plus. You could be asked to expand your workshop into a semester-long course.

Step up your activity in local business or social organizations that offer professional development or even current affairs programs. Attend a program or two, get to know and build relationships with the program organizers and make it known that you are able to serve on a panel that will address a subject in which you have special knowledge.

Speaking on a panel is a great way to let program organizers see you in front of an audience. Do well and you may next be invited to moderate a panel and eventually, receive an offer to be a keynote speaker. If you know of a potential speaker, moderator or panelist who program organizers may want to feature, do not hesitate to make the referral. That will be a feather in your cap and increase your value to the organizers.

Give careful consideration to the topics you can speak to and the corresponding prime audience demographics. Should you approach organizations where you are not known, it will be very important to help program organizers understand where your topics and their audience needs intersect. Create a one page document for each of your talk titles.

List the your name and company name at the top, followed by your talk title in a bold and larger font. In five or six bullet points, describe the primary content of your talk and the benefits that audiences gain by attending. It is also useful to write a 60 second pitch for the talk that you personally make to program organizers and to those who can make referrals for you. Add your talk titles and those descriptive bullet points to your website, LinkedIn, Twitter and Facebook pages.

If you have presented a webinar, or recorded a podcast or video, upload these to your website and social media accounts, so that program organizers can see and hear you in action. Larger organizations may request that you send in a few of your Power Point slides for review.

Speaking of Power Point, if you are fortunate enough to land a speaking gig that gets you in front of potential clients, strongly consider paying an experienced graphics specialist to customize slides for you. it is so in your interest to present high-quality slides that represent you and your brand well. While you’re at it, have your graphics person embed your photo into your “one sheet” talk info documents,  so that they can be used by you and program organizers to promote your talk.

To make your goal to obtain speaking engagements a true marketing plan, commit your proposed actions to writing and make a list of organizations where your speaking talents as keynote, moderator and panelist are best suited. Ask clients and colleagues which conferences they attend as you make your choices. Then, visit the program websites and find out about previous speakers and topics.

Finally, be aware that the vast majority of speaking engagements are considered opportunities for exposure and are unpaid, but that should not discourage you from selectively and tactfully asking for an honorarium.  If you speak in a location that is more than an hour away, or where the parking cost is large, ask if expenses related to getting you to the venue will be covered. If you must take a hotel room, ask if the program organizers will reimburse the cost.

Generally speaking, lining up teaching or speaking engagements is a long-term project, since schedules and course catalogues are determined far in advance. Consider it something useful to do when business is slow.

Thanks for reading,

Kim

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Six Steps To A Successful Marketing Campaign

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Numerous times I’ve advised Freelance professionals to launch a marketing campaign to promote themselves and their services. How about we touch base regarding the core components of a successful marketing campaign?

I.   Identify your target audience

Step One, you must understand who you want your campaign to reach and influence and that would be those clients and prospects who are most inclined to use your product or service. It is possible that along the way others may become interested in what you have to offer and new or niche markets can be recruited, but target market groups must have the motive and money to use your category of product or service.

Step Two, decide the channels that you will use to reach current and prospective clients. Marketing campaigns are most effective when they broadcast the message through various media: print display ads, videos, testimonials on your website, or a case study. Social media can also be part of a well-designed marketing campaign, if you can engage current and prospective clients through those platforms. The members of your target audience could be reached more than once and that is a good thing.

There is also the indirect and ongoing marketing campaign that Freelancers are advised to conduct. Providers of B2B services especially should periodically attempt to line up an appearance on a webinar, a panel, or at a conference podium as a way to enhance the value of the intangible resources that you sell, that is, your expertise and judgment. Sponsorship of a local charity is also a good choice for some. Remember to send a press release to the local newspaper to try for yet another channel. A newspaper (or online) item is more believable than a print ad, because it is perceived as unbiased.

2.  Know the competition

As you create your marketing campaign message, keep direct competitors in mind. The marketing message should promote the expertise, experience, judgment and attributes that make you superior to others with whom clients and prospects might do business. Your message should be designed to overcome current or potential objections to you and persuade those with motive and money to choose you because hiring you will make them look good.

3.  Identify the key marketing message

What do you need to make known to current and potential clients that will help them to develop the trust and confidence needed to do business with you? Refer to your knowledge of the competition and also refer to client hot buttons and address those issues clearly and convincingly.

4.  Build the brand

In the marketing message and campaign, find ways to enhance your brand, that is, your reputation. Clients do business with those they know and like; they do even more business with those they trust and respect. Building up your image, or (tactfully) bragging about your already noteworthy image is a key element of your marketing message.

5.  Create a budget

Time and money are among our greatest resources. Once you have your version of the ideal marketing plan in draft form, calculate the financial cost and a roll-out timeline. Make sure that the campaign ROI makes sense for your venture. Tie your marketing efforts to expected sales, to the best of your ability and don’t squander your resources on fruitless strategies.

6. Track performance

I’m a little bit backward in that an important step in the campaign will be mentioned last. Establishing goals and objectives for your campaign are a must-do. This process will guide you in making decisions that shape what the campaign will consist of and furthermore, will help you understand what kind of influence you can wield through marketing. Decide what you want your marketing campaign to achieve and confirm the metrics that will measure and acknowledge its success or failure.

Thanks for reading,

Kim

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Trends That Will Drive B2B Going Forward in 2015

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July 1 carried us into the last half of the year and we are advised to take a few moments to think about what our June 30 financial statements indicated. Are you pleased with your company’s first half performance? Is your enterprise positioned to have a profitable second half? Forbes Magazine business experts predict that as we enter the last two quarters of 2015, the following strategies will drive business.

Make selling about education

High-pressure or slippery sales techniques are out of vogue and destined to fail. Solution selling is the smart choice and consultative sales skills must be honed. Successful sales pitches are those that are delivered as a discussion of how your services or products will solve or avoid a problem for the customer. Customers will value your grasp of their situation and your expertise in describing the best solution. It’s salesperson as physician, as you diagnose and prescribe the treatment. Articulate the outcomes very well.

Marketing & sales hand in glove

Recent research done by Google showed that the average customer is more than half way through the buying decision process before seeking out a vendor. In other words, customers window shop. They spend time considering possible solutions first and then think about where those solutions can be obtained.

Micro-targeted marketing strategies are recommended to not only attract your ideal client groups, but also to weed out those who are unlikely to buy. As always, one must know the customer to understand why that individual has become a customer and know how to encourage repeat business going forward. Design marketing campaigns that define, speak to and pull in excellent prospects and avoid broad-brush marketing strategies that only entangle you into engaging with those who will waste your precious time.

Appropriately written and distributed content marketing along with traditional marketing techniques are how you persuade prospective customers to picture your products and services as credible solution possibilities. Consultative selling approaches that educate the customer as you tactfully assume the role of expert and confirm or refine the initial diagnosis of the problem, that is the client’s need. Obtain client agreement on the extent of the need and then recommend treatment options, that is the solutions, that your product or services will provide. Do that well and you will generate revenue.

Price and value

According to Forbes, there are two competing forces at play in the 2015 marketplace. The first is increased downward pricing pressure on any product or service that is perceived to be a commodity. Those products and services are price dependent and will be acquired as cheaply as possible. The only ways to succeed when selling a commodity are to sell at the lowest price or deliver very efficiently to customers, that is make it convenient to buy.

Do whatever is possible to package and present your products and services in away that conveys their value to prospective customers. Additionally, Freelance purveyors of B2B services must demonstrate their expertise in a variety of ways: content marketing, case studies, webinars that feature you, teaching assignments, appearances on panels as speaker or moderator, or publishing a book. Demonstration of expertise is the number one marketing strategy in that it creates trust, enhances your perceived value and allows you to price accordingly.

An equally effective way to demonstrate your value is through customer testimonials and referrals. When those who have used your services or products recommend you to others, it is the highest compliment. Other than a 30 second ad during the Super Bowl, nothing is as effective as a personal recommendation or testimonial.

When customers consider you to be effective, knowledgeable, dependable and trustworthy, you can then command a premium (but not over-inflated) price for your products and services. Prospective customers must be assured that you will deliver the results, in full and on schedule. They must know that when they hire you, they’ll look smart to their boss and colleagues, because you are the very best.

Thanks for reading,

Kim

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Networking: Beyond the Golf Course

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Through the late 1980s, physicians typically did not have office hours on Wednesdays. On Wednesdays, doctors were at the golf course. There, they got to relax and know their colleagues better. No doubt they talked about upcoming vacation plans and the college graduations of their children. They talked about difficult patients and what therapies could be used to treat them. Referral relationships between General Practitioners and specialists like Cardiologists and Nephrologists were formed. In other words doctors, who for most of history were independent business men in charge of their own incorporated empires, used Wednesdays on the golf course to network.

The time-honored custom of networking on the golf course still thrives and it now includes a small percentage of women as well as men, who still predominate. In your Freelance consultancy, I suggest that you consider including a sport in your networking activities. You may prefer a sport that is less costly and time-consuming than 4 hours on a golf course.

Consider inviting current or prospective clients and referral sources to visit the tennis courts, drop into a spin, yoga or Pilates class or go out for a run or bike ride. Networking without the presence of food and drink can be very productive. Elisette Carlson, founder of SMACK! Media, a marketing and PR firm that focuses on the sports, health and fitness industries, recommends that we take advantage of the warm weather that has finally arrived and invite networking targets for what she calls “sweat-working”. Like the doctors on the golf course, connecting around an activity encourages the formation of much more meaningful relationships than what will grow out of a restaurant or office meeting. The trick is, getting a client to accept your invitation.

Inviting prospective clients for a round of golf is easy, because the practice is standard among businessmen and golfers love to find each other and get out on the links. Persuading someone to visit a Pilates class requires a strategy and not a small dose of good luck. Still, it’s worth a try and you will not be hurt if your offer is declined.

First, you must assess whether your prospect is the physical sort. Golfers can be in less than prime condition, but unless your prospect appears to be fit, you will have no success in persuading him/her to join you in a physical activity. Next, you must discover the activity that your prospect likes that you can also keep up with. Business owners can successfully use this approach as well, by inviting the employees of a B2B partner out for a group activity. It can take place on the golf course, but a level 1 hike or private beginner-level boot camp class can also be arranged at a local fitness center. What an excellent team-building activity can be designed!

If you know that your networking target bikes to work and you ride, too, then by all means suggest a bike ride, maybe with a riding group. A Pilates class is likely to be a safe bet also, because it’s cross-functional, does not require a sophisticated skill set and most classes are only an hour. Yoga may require a somewhat higher skill level and all classes seem to be 90 minutes, but it’s nonetheless work a try. Avoid “killer” classes, unless your prospect shows enthusiasm for high-level fitness. Your goal is to promote social interaction and a good feeling from a pleasant little workout and use that as a springboard to relationship-building.

The timing of the “sweat-working” session is also crucial. My vote is for early morning, but some may have no problem with either lunch time or evening. The preferred time of your networking target is the time you go with, obviously. Remember also to ask your prospect what a good location would be—near his/her home (for an early morning workout, in particular) or office and take into consideration where the post-workout shower can happen.

During the workout, watch your prospect and monitor whether s/he may want more or less activity. Do what is necessary to create a satisfying experience. If a contest is suggested, or if score is kept in the activity, the client must win, if only by a nose. If there are regularly scheduled games, then the client wins 65% of the time.

If you can set it up right, outdoor or indoor physical activities will provide a whole new dimension to your networking activities, becoming relationship-building vehicles that your business can monetize.

Thanks for reading,

Kim

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Media Training Gives You Media Savvy

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Journalists are constantly on the lookout for interesting and engaging stories that will become the relevant content that consumers of their visual, print or online outlets seek out. Freelance consultants must always encourage the existence of confidence in our abilities and media exposure may be employed to help us to achieve that aim. We must become adept at the art of selling ourselves, that is our capabilities, to target audiences through various media channels. When we make ourselves available for commentary tin the media, we position ourselves in a very powerful way and assume the mantle of authority in our subject.

To maximize the benefits derived from your media exposure, explore ways that you might receive some media training.  Media training will make you much more effective in your interactions with journalists and the technology and teach you how to get your message across succinctly and with impact.  You will be on your way to becoming an effective spokesperson and journalists will return to you again and again for expert commentary on issues in your field.

Speak in a way that builds confidence in your expertise

Our body language, tone of voice and vocabulary help us to deliver our message in a positive and powerful way. When speaking on television, facial expressions and body language can overtake the value of verbal content. As example, think of political debates, televised or not. Many politicians have been declared the winner of debates primarily on their communication style. That their action items were noticeably weaker than their less glib opponent gets lost in the shuffle.

Learn how to best define and communicate your key messages

Being savvy with body language and facial expressions and knowing how to look into the camera are all good, but it’s even better when we have a relevant message or information that is communicated clearly and concisely. Media training will teach you how to speak in “sound bites” : short, easy to remember statements that focus on outcomes and information that concerns the audience, spoken in language that resonates with the audience. Three points seems to be the magic number that audiences will recall in days that follow the interview.  Once you’ve enumerated your messages, you can loop back and reinforce them throughout the interview.

Anticipate difficult questions and learn to design a clear and credible response

Journalists often take a perverse pleasure in throwing interview subjects a question that might stop them cold or undermine their message. The journalists want to maintain credibility with their audience by showing that they’ve done their homework and demonstrating that don’t traffic in powder puff interviews. Media training will prepare you for challenging questions and help you learn how to anticipate the difficult questions that might be asked and to finesse your way out of tight spots, whether or not you expected that line of questioning. This skill above all others will help you to feel confident as you step into the interview.

Learn how to control your interview

The interview subject is always in control. Media training will teach you how to assert your dominant position, graciously. First, those who have clear answers that are communicated well are able to steer the interview in a direction that benefits them.  This is a subtle and yet hugely important skill. One can never stop practicing. A very close second is that through media training, one learns to maintain composure, which is a defining element of trust, the appearance of competence and professional stature. S/he who maintains composure can create the outcome that is desired.

Reduce the chance of being misquoted

Under no circumstances do you want your message to be misinterpreted in any way. Being unprepared for an interview leaves one in a very vulnerable position. Credibility and reputation are at risk. Learning, practicing and perfecting the skills of defining the most important points of your message; delivering the message in “sound bites” that help the journalist as well as the audience to understand your position; learning how to control the interview;  and learning how to finesse difficult questions, all the while maintaining your composure, will make you an in-demand media darling whose brand and billable hours will be greatly enhanced.

Thanks for reading,

Kim

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Marketing Commute: Inbound and Outbound Traffic

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It is now a given that every Freelance consultant and business owner will develop an inbound marketing strategy that will support sales and diminish the need for cold calling, which is getting increasingly difficult to do successfully in the face of the wall that prospects are able to build around themselves. Inbound marketing consists of quality content that is designed to  “pull in” prospective clients who will be able to understand how your products and services can be of use to them. Outbound marketing often refers to any print or online information and promotion about your business venture (and that includes your social media accounts), advertising, press releases sent, your speaking and teaching assignments, webinars you headline and local charity drives in which your business participates or sponsors.

Inbound marketing makes a more direct appeal to your target markets and has the potential to reduce the amount of cold calling that a Freelance consultant or small business owner must do. However, be aware that inbound marketing aims for the more distant future, whereas outbound marketing aims for a more immediate time frame. Inbound marketing tends to have the longer ROI cycle; most businesses would starve as they waited for sales generated primarily from inbound marketing. Consider it your lead generator. Outbound marketing has the potential to produce a noticeably shorter ROI cycle. Today, both marketing formats are synergistic and necessary.

When creating content for your inbound marketing choices, be mindful that you must periodically speak to potential clients as they travel through the various stages of the buying process—and be aware that it is the buying process and not the sales process that presently rules the day. Some prospects will have a low-level interest, more like window-shopping. Others are more seriously contemplating a transaction, to take place in the more-or-less near future. Still others will need your product or service right now, because proposals are being accepted, or there is an emergency and they need a remedy ASAP.

The types of inbound marketing content and the way you choose to broadcast it depends on what your potential clients respond to. Compelling information is what they value and nothing more. Trial and error may be the way to choose your channels: weekly blog or monthly newsletter emailed to contacts; Twitter, Facebook or Instagram posts; white papers posted to LinkedIn and your website; YouTube videos or SlideShare infograms uploaded to social media accounts.

Reaching out to the various segments of your audience in different ways matters. In a truly comprehensive inbound marketing campaign, text, audio and visual methods of outreach will be represented. Once you’ve figured out your inbound marketing channels, then decide on the content to present and how often you will do so. Relevant content is a must; consistency is required; over-exposure is not recommended.

So many business owners are vying for attention. The noise causes many potential clients to shut down. B2B clients are usually over-worked and have little time for what is not immediately necessary. Unfortunately, many operate on a short-term vision.

One thing marketers must do is master the call to action. Like a sales call, one must know how to ask for the business, or at least how to persuade the prospect to take another step on the path to buying from you or engagement with you. Your call to action may be as simple as providing visible contact info plus an offer to give 30 minutes of free consultation. Your newsletter or blog must allow for easy subscription sign-up or RSS feed.

All marketing campaigns have the same goal: to create awareness of you and your products and services; to provide information about you and your business; to help prospective clients understand how and when your products and services would fulfill their needs; to give demonstrations of the quality of what you sell and your expertise in delivering the goods.  Marketing is how to fill the sales pipeline and helps business owners become less dependent on cold-calling, which is increasingly a road to frustration. It is up to you as a business owner to implement inbound and outbound marketing strategies that will sustain your venture.

Thanks for reading,

Kim

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Market Research Matters

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“If you build it, they will come” is a myth. When evaluating the likely prospects of a business venture, new product or service, or entrance into a new market, good market research is your non-negotiable Step One.  The ability to create and sustain profitability must be demonstrated up front, in advance of committing time and money to its launch.  The only way to reliably predict whether your shiny new idea has broad appeal is to carefully research the marketplace and examine the story that emerges.  The good news is that if you are onto something, market research will help you define the size and potential of the market; decide how and when to enter it; reveal how target customers prefer the product or service to be described, packaged and delivered; the acceptable price range; and show you how to achieve market penetration and profitability goals faster.

Many decision-makers are uncertain as to the type of data that is relevant and the advent of big data has unfortunately complicated matters.  There is copious data available, but what will help your team to make the best decision?  Dionne McPhatter is a market research guru and co-founder of The Strategy Collective, a New York City and Los Angeles marketing firm that builds custom analytics that help clients better understand their customers and make more informed business decisions.  McPhatter  recommends that decision-makers identify what is called in market research circles the “path to purchase” and arrange for the product or service to touch as many “landmarks” as possible.

Some relevant data is free, or inexpensive.  Google Trends is free and a decent place to start your search and learn how many people in your city last year searched key words associated with the product or service (I found the now-defunct Google Wonder Wheel far superior, however).  Learning about competitors who provide your service, or something similar or complementary to it, is also revealing.  Tour a few of their websites and figure out business models and marketing messages.  If you are thinking about launching a business, you will write a business plan and do lots of research.  Contact your local library to learn about business reference material such as industry magazines and demographic information.

Further, there is value in spending some money and visiting professional organization meetings and attending conferences, so that you can meet prospective clients and learn the expectations and value they place on your product or service.  Listen and learn and discreetly take notes.

As you collect and examine data, a picture of the target customer groups,  competitors and the overall marketplace will begin to emerge.  The downside is, those who amass a large amount of data can become confused about what is relevant: the data threads may be too numerous to easily prioritize.  The challenge of decision-makers is to discover the relationships and triggers between the data points and eventually see what motivates clients along the path to purchase.  From there, you can confidently develop goals and objectives, strategies and action plans and a business model that will build and sustain a profitable launch.

Thanks for reading,

Kim