Category Archives: Marketing

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Notes on Networking

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I’ve been thinking about networking lately.  Last week,  I had a great meeting with a young lady I met maybe 5 years ago,  when I revived a volunteer relationship with her organization.  I found the volunteer activity personally rewarding and I took it seriously.  I sharpened a seldom-used skill that I find highly desirable and I saw to it that my work met or exceeded expectations.  Scheduling prevented me from donating services for a couple of years,  but I always responded to her outreach. When she asked to pick my brain about a program-related matter,  which turned into a request for a face-to-face,  I was happy to say yes.

Little did I know that the volunteer service,  that is pro bono consulting work,  will now pay a stipend.  There is also an effort to grow the program.  The organization has had trouble selling to the new target market and I was happy to suggest some talking points that should produce results.  She took lots of notes.  Sometime over the next few months,  I expect that I will be invited to provide more pro bono work,  this time with a very helpful stipend and a chance to gain access to individuals that I would like to add to my client list.

What’s the moral of this networking story? One,  strategic volunteering can pay dividends.  Two,  selectively network at both ends the organization chart.  Don’t assume that lower ranking people are never in a position to help you.  This young lady was the program coordinator,  not a decision-maker and she’s half my age.  Nevertheless,  I treated her with respect and always enjoyed working with her.  When asked,  I offered to give her some much-needed insights,  without knowing that she is now in a position to help me make money.

Of course,  we all dream of meeting a powerful person who will miraculously agree to become our sponsor and shepherd us into a fabulous career.  That happens for some people,  but it has yet to happen to me.  For example,  for more than a decade I regularly attended Mass and sat at coffee hour with a very wealthy and well-connected lady who frequently discussed the professional success she had had before her retirement.

The lady was well aware of my need for clients and yet she never lifted a finger to help.  She who had never walked through a door that was not opened for her,  deliberately withheld from me.  Yet,  she never failed to enlist my help with her Sunday amusement—the New York Times crossword puzzle.  It is interesting,  because she sought me out for conversation and volunteered information about her career and connections.  I should have been golden.  Oh, well.

But how does one network successfully at the top of the organizational chart?  As detailed above,  interacting with someone who is inclined to respect you is rule #1.  Remaining aware of the difference in power and status is rule #2.  Understanding how you can be a valuable asset to an individual who has many resources and most likely doesn’t need anything from you is rule #3 and effectively communicating to Mr. or Ms. High-and-Mighty whatever value proposition that you think might be appreciated is rule #4.

There are no hard-and-fast rules for networking up the food chain,  but despite my fruitless experience,  which I will say is unusual,  networking with the higher-ups is best done at volunteer board meetings,  houses of worship,  at the fitness center,  or in other non-work related venues.  There are many people tugging at the sleeves of the well-connected.  It’s probably best to get to know them in a social situation that facilitates participating in a shared experience that can lead to organic relationship-building.

Thanks for reading,

Kim

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10 Ways To Reboot Your Email Marketing List

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E-newsletters,  webinars,  Slide Share info-graphics and other email marketing content can go as flat as an open bottle of champagne after a while.  Business in the 21st century is sort of like show business,  folks.  Gypsy Rose Lee said it best,  “You’ve gotta have a gimmick”.  You need to know how to hold your audience.  For that matter,   you’d better know your audience well enough to recognize when they stop paying attention.

Assuming that the content you provide is relevant to potential readers and not just a 3 page sales pitch about you,  wonderful you,  there may eventually be a drop-off in the email open rate.  Attention spans are short and email in-boxes are filled to the brim with all manner of messages.  But you can’t afford to lose control of your “room”,  your list members.  Presumably,  that list is populated with clients,  prospects and referral sources.  They are the life blood of your business.  How do you win them back? Try these tactics:

1.   Examine your stats and identify who is not opening your emails.  Studies show that 60% of email marketing communications are never opened.

2.   Prune the list.  Facing up to audience members who have fallen out of love with you takes courage but like any love affair that’s over,  it is best to move on.  Resolve to remove the non-readers.  Carol Tice, who founded the Freelance Writer’s Den and maintains a formidable email list,  sends her non-readers an email and asks if they would like to remain on the list.  The overwhelming majority do not respond and their names are removed.  A handful ask to continue.  You will feel better when you do the purge.  You’ll have an open rate that makes you smile.  You will know that the creative energy and hard work invested in your content marketing will be appreciated.

3.   Ask list members to update their email information.  Your open rate could improve just by allowing readers to have communications sent to an alternate email address.  Those who don’t respond after a second or third reminder to update their info are clearly not interested and can be removed from the list.

4.   To maintain the interest of readers who remain,  especially if your open rate is dropping,  take a look at your subject line.  A well-written subject line is a siren song to potential readers.  See  headline hooks that reel in readers

5.   Include a tempting call to action and name it in the subject line.   A Survey,  free webinar (hosted by you or someone whose expertise you trust),  or a white paper on a subject of interest to your readers re-establishes your relevance and will persuade a certain percentage of non-readers and infrequent readers to click and engage.

6.   Think mobile.  In July 2014,  Forrester Research reported that 42% of emails from B2C retailers are opened on smartphones and 17% are opened on tablets.  Customize your email communications for responsive design,  so that reading will be easy on mobile devices.  Make it convenient for all potential readers to open your communications.

7.   Send on a regular schedule.  Frequent readers of this blog know that Tuesday is publish day,  even if Christmas or the 4th of July fall on that day of the week.  You may prefer to publish on a given date.   Whatever you do,  establish and adhere to a predictable publishing schedule.  Readers appreciate it more than you may realize.  Make readers anticipate receiving and reading your communications.

8.   Build your list.  Organically and with permission,  build your email marketing list.  You should have met each person on your list at least once.   At the email campaign launch,  send to all business contacts along with an introductory message that announces the debut,  explains the benefits to readers,  reveals the frequency (weekly or monthly)  and provides an easy and effective opt-out.  Resist the temptation to add to your list the names of everyone who hands you a business card.  When speaking with people,  do mention your email marketing campaign,  give examples of the subjects covered and how often you send.  Ask if they would like to receive at least one and let them know that if they choose to opt out,  that can be easily and quickly done.

9.   Personalize.  Whatever service sends out your emails should include a greeting to the individual recipient.

10.  Sign me up!  On your website and social media,  allow interested parties to sign up to receive selected email marketing communications,  register for webinars or receive a copy of any white papers.

Content marketing is the new advertising and emailing your content is the best way to reach clients and prospects who no longer answer the phone.  Create a viable list by continually adding and purging members to enable your campaigns to deliver optimal ROI.  Draw in readers with relevant content and intriguing subject lines.  Format in responsive design to include those who prefer to read on mobile device.  Fulfill expectations by publishing on a regular schedule.

Thanks for reading,

Kim

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Customer Data: Collecting and Utilizing

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Big data and data mining are buzzwords that have echoed frequently in the business press during the past three or four  years.   The noise level has caused business leaders to feel obligated to collect data from as many customer interactions as possible.   OK,  that’s very ambitious of them,  but now what? There is a lot of talk about big data and data mining and increasingly there is some action,  but the dust has not yet settled.  Many organizations are struggling with how to interpret,  utilize and store the copious amounts of customer data now in their possession.

Customer information is always useful,  but does data collection have meaning for small businesses and Freelance solopreneurs?  What information should a Freelancer collect and what do we do with it once we have it?  Do big data and data mining have any use for the little people?  The answer is yes,  but no.  Big data and data mining are of most use to the bigger players,  who use the costly to acquire information to fine-tune product offers to millions of current and potential customers.

Freelancers and small business owners can start with their client list.  Who has done business with you over the past five years? Who are your repeat customers?  What do they buy from you and when do they buy it?  If you have not done business with a B2B or B2G client in the past two years,  is your contact still at the organization and is s/he still in the same position? Are B2C physical and email addresses current?  Visit company websites and view the staff lists to confirm email addresses,  telephone numbers and job titles.

Customer data might give you ideas on how to improve customer service,  cause you to re-think your pricing strategy,  or help you to discover unexpected talking points for your next email marketing campaign or monthly newsletter.  Your customer data might prompt you to reconsider good customers of years past and get you thinking about how to win them back.  Updated customer information will make it easy for you to send out holiday cards in December to your B2B and B2G clients and do some relationship-building,  an important element of customer retention.

Online customer surveys that are accessible on your website and also emailed to your customer list have the potential to bring in still more useful customer data.  Learn how to devise a survey that makes it easy for customers to share the information that you want.  Keep the questions simple and don’t ask more than 10 to achieve the highest rate of participation.  Freelancers may also want to send out post-project surveys with the final invoice.

Social media outlets are another excellent source of customer data.  Social media have a way of bringing out uncensored thoughts and you might be surprised by what you learn.  Are your customers willing to engage with you on Facebook,  Instagram,  LinkedIn or Twitter?  Will any join in a Google + Hangout and join in a voice and video live chat?

Collecting data from many touch points is potentially very useful for every business entity,  but what you make of it and do with it are what matters.  Freelancers and small business owners can use customer info to improve revenue by way of expanding billable hours or sales of current customers;  re-establishing business with lapsed customers;  new customer acquisition and relationship-building.  Small data can yield big results when properly interpreted and utilized.

Thanks for reading,

Kim

 

 

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The Buying Process Is In Effect

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In 2012,  the global research and advisory firm Forrester Research reported that clients are as totally in the driver’s seat as we all knew anecdotally and that product and service providers have much less influence over purchasing behaviors than we enjoyed a decade or two ago.  We have left the era of the sales process and entered the realm of the buying process.  It is time to readjust your approach to marketing and sales in response to the new reality,  because what was will never be again.  Our clients are making decisions largely without our input.  Many sales professionals and consulting specialists aim to present ourselves as  “trusted advisers”  who guide the sales process and influence customer choices,  ideally for the good.  Say goodbye to all that.

According to the Forrester report,  clients now discuss product and service needs and options with their own team of trusted advisers,  which may include unknown third-party  “experts”  they find on websites like Yelp and Angie’s List.  How far along in the buying process that clients proceed without us varies by industry,  but the report indicates that 65% -90%  of the research process is often completed without assistance from sales professionals or consulting service providers.  By the time the client is ready to make a purchase,  much up-front research has usually been done and only vendor price quotes are needed.

Clients like the control of being in the driver’s seat.  A mistrust of sales practices perceived as unsavory,  combined with access to technologies that allow clients to rather easily research product and service needs once they’ve been identified,  are the driving forces behind the client independence.  Many are leery of being manipulated into paying for upgrades and add-ons that do nothing for their objectives.

In the flip from sales process to buying process,  your marketing strategy will become more prominent and your approach to sales will change.  Your marketing must first create visibility and awareness,  so that prospective clients will find your firm’s offerings and second,  create and sustain demand through exquisitely targeted messages and narratives dispensed through channels that clients trust and follow.  Content marketing will continue to grow in influence as it is distributed through your website and all social media outlets that clients trust.

Develop your content marketing to explore and discuss motivating factors that compel prospective clients to research your products and services,  solutions that you provide and benefits that clients receive,  frequently asked questions and how to buy from you.  As has long been said in academic circles,  publish or perish.  When not generating content,  do what you can to get in front of an audience and teach a workshop,  moderate a panel,  or give a presentation and further your brand as a source of expertise.  Remember also that traditional media outlets may still be important to your clients,  so the art of the press release should not be forgotten.

Whither the role of sales?  Rather than being reduced to mere order takers,  consulting service providers and sales professionals will apply their well-honed communications expertise to identifying networking opportunities and building relationships.  Content is king and having lots of good things that demonstrate your expertise come up in a search is a wonderful thing,  but in my town,  no one hires anyone that they don’t know.  If a prospect does not already know you,  then an introduction made by someone whom the prospective client trusts is the next best thing.  No amount of artfully written content will convince anyone to hire an unknown.

Networking will be the queen,  as you meet potential clients and referral sources and take the time to build relationships,  taking an interest in others’ concerns and offering to give before you receive.  The B2B buying process is a tall order for a Freelance consultant,  but we are determined to succeed and we will rise to the challenge.

Thanks for reading,

Kim

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The Break-Even Analysis: Find the Pricing Sweet Spot

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To continue the topic of pricing,  in this case pricing a new product or service,  it is a must to know when fixed costs will be covered by unit sales at a given price and determine when in time the item or service breaks into profitability.  Performing a break-even analysis will reveal how many units must be sold,  or how many times the workshop must be delivered,  at a given price,  before production costs are behind you.  Integral to that question is unit selling price.  Costs are recouped faster when selling at $100.00 rather than $50.00.  Also related to pricing is what customers expect and agree to pay.  Appropriate pricing can increase profits faster than increasing sales volume.  One can sell fewer items and make more money per item.  Conducting a break-even analysis is Step 1 in locating your ideal price range.  Here’s the Break Even Volume (BEV) formula:

Fixed costs                                                      Fixed costs

BEV     = ______________________________        =         __________

Revenue per unit – Variable cost per unit                         Unit margin

Let’s add some numbers to the formula and assume that the fixed costs associated with delivery of your service is $5, 500.00: $1,700.00 went to the graphic artist for Power Point slides; $1,300.00 paid to the wordsmithing wizard for marketing collaterals used for promoting the service; and $2,500.00 for the wholesale value of your labor,  the time you spent crafting the intangible service.  These costs are fixed because they will not change,  no matter how many times the service will be delivered.  Variable costs associated with service delivery would be printing hand-outs for participants ($50.00) and the advertisement placed in an industry newsletter read by the target audience ($400.00),  meaning that the unit variable cost =$450.00.  If the service is priced at $750.00,  the profit,  or unit margin,  is $300.00 each time the service is delivered at that price.

$5,500.00

BEV     =        _________     =   18.33

$300.00/unit

At a per unit price of $750.00,  the service must be delivered 18+ times before a profit will be made.  From there,  a series of  “what if”  scenarios can be floated.  Chiefly,  what are competitors charging or is there a spike in demand that makes the product more valuable and can you increase the price?  Also,  can you lower fixed costs and obtain graphics services for a couple of hundred dollars less?  What if the marketing collaterals text was produced in-house by you and not outsourced?  How much will that increase the price of the time you spent developing the service,  another fixed cost?

Let’s say that you find graphics services for $1,500.00 and ask a marketing communications wizard to edit text that you write yourself for $800.00 (your personal labor increases: 6 hours writing at $50.00/hour = $300.00 + $2,500.00 = $2, 800.00).  Now,  the fixed cost is $5,100.00 and you think that $950.00 is a price that clients just might accept.  The variable costs will remain unchanged at $450.00,  because your printer is good,  his price is right and you’ll definitely need to advertise since you may want to charge more for the service.  At a unit price of $950.00,  the unit margin would be $500.00.   As shown,  by raising the price of the service by $200.00,  fixed costs are covered by delivering the goods 10+ times,  rather than 18+ times.

$5,100.00

BEV=             ________      =   10.2

$500.00/unit

As you can see,  the impact of other values such as increased advertising or higher quality materials or labor,  can also be assessed for impact on the pricing sweet spot and timeline for reaching BEV.  When bringing a new product or service to market,  take steps to identify the ideal pricing structure.

It is also useful to calculate the profit margin,  that is the percentage of sales revenues retained after all expenses are paid,  for each product and for the total line.  From the P & L Statement,  divide net profits by total sales revenues  (bottom line divided by top line).

 

Thanks for reading,

Kim

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Compelling Content Drives Inbound Marketing

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Reach out to potential customers by providing content,   the new tactic for advertising and demonstration of expertise,  and persuade those prospects to reach out to your business.  Traditional advertising,   email campaigns and PR,  better known as Outbound Marketing,  reach out to a broad audience that has been vetted for the presence of target customers,  yet still includes many that fall outside of that profile.

Outbound Marketing  “pushes”  information about your company out to an audience that has not necessarily demonstrated an interest in learning about the company and its products and services.  Moreover,  Outbound Marketing assigns to the intended audience a limited role: buy the product or attend the event.  Outbound Marketing usually costs more money than time to create and ROI can be difficult to measure.

Inbound Marketing is well-suited for the digital age and its use has grown tremendously as a result.  Inbound Marketing is driven by content that functions as a  “pull”,  drawing prospective customers who are interested in posted content to read,  learn and perhaps take action.  Inbound Marketing lives on the internet.  Slide Share,  Google +,  LinkedIn,  Twitter,  YouTube,  company websites and other social media platforms receive content and those in search of information choose to visit those sites.

Content production usually costs more time than money to create and ROI is much easier to measure.  Relevant white papers,  useful videos and podcasts,  research results,  surveys and your blog or newsletter form the basis of high-quality content that delivers your message and your professional acumen wrapped in a package that prospects want to open.  Prospects must take an active role and engage with Inbound Marketing content. They initiate and control the interaction.

When planning your Inbound Marketing campaign,  be advised that it is not necessary to either provide a wide variety of content or post content onto numerous venues.  The type of content provided,  frequency of postings and selected platforms will be guided by target market preferences.  Develop Inbound Marketing goals and devise an appropriate campaign strategy.  Brand awareness, customer acquisition / retention and lead generation will no doubt top your list.

Be mindful that Inbound Marketing content is based on giving and not receiving (despite your goals).  Prospective customers are hungry for knowledge and those who provide high-quality content will obtain trust,  respect and top-of-mind status that is reflected when decisions are made to purchase your category of product or service.

Thanks for reading,

Kim

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Marketing 2.0: How and Why You Measure Results

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Marketing is an essential function of every business.   Smart organization leaders understand that continually reaching out to current and potential customers,  with objectives to create loyalty and trust in the company,  its products and its services and building a brand,  are integral to sustaining a healthy enterprise.  Like all business initiatives,  marketing objectives and strategies must be periodically evaluated,  to monitor and measure results and determine how to adjust and optimize the program if results do not meet expectations.  Choose your marketing activities based on your knowledge of customer behavior.

The measurement of marketing results can be broken down according to a method recommended by Joseph Raymond Roy,  a marketing consultant based in Meredith, NH,  who gives us the acronym DATA:

1. Defining,  identify the result your marketing will promote (increasing the number of potential customers)

2. Assessing,  measure the dollar value of your marketing program (look at the number of customers and gross revenue)

3. Tracking,  determine if customers came to your business as a result of your marketing activities (ask new customers how they found you, or all customers in a survey)

4. Adjusting,  if it is obvious,  do more of what produces the desired result and less of what does not produce results.  In other words,  optimize your marketing activities.

Begin the measurement by calculating the amount of money invested in your marketing activities.  Obviously there is also time involved,  which should be taken into account,  but  it is usually difficult to attach an appropriate dollar figure to one’s time.  How much is the time you spend networking worth?  What is the time spent on social media worth,  or producing your monthly newsletter?

You may develop good relationships with potential referral sources,  but it may take 5 months or 5 years to receive a referral.  Speaking engagements and webinars  are easier to evaluate.  A well-respected venue always has value,  whether or not you receive referral business or meet a future client,  because the very act adds value to your curriculum vitae.  Calculate ROI by deducting the value of resources spent on marketing activities from revenues generated by customers who have come to you as a result of marketing activities.

Tracking  (i.e., forward tracking),  the process of building an identifying mechanism into each marketing activity before it is launched,  so that you can measure the results derived.  If you present a webinar,   the registration of participants,  which includes an email address for each listener,  is a most accurate tracking mechanism.  Responding to a product offer with a special code is another excellent tracking device.   The marketer will be able to identify which customer was not only impacted by a certain activity,  but also will know if that person eventually does business with the company.

There are various types of tracking methods,   including Point-of-sale tracking,  conducted when new customers arrive by asking them how they heard about you.  You will also use point-of-sale tracking when you tally up the sales results associated with the purpose of your marketing program,  be it bigger ticket items,  referrals,  or other customer actions.   Reverse tracking  is the process of going through your customer list and documenting how current customers became your customers.

If you write a blog or newsletter,  measure your reach by counting the number of subscribers,  email forwards and followers.  Point-of-sale tracking  will let you know if demonstration of your knowledge and expertise brings customers into the door.

The ROI of PR should be measured in at least two ways:  first,  through Media impressions,  in which the marketer counts how many media outlets wrote a story or made a radio or television announcement in response to a press release that was sent (a follow-up phone call will likely boost the response rate).   Second,  through Content analysis one can evaluate the accuracy of what was broadcast as a result of the press release and the prominence of item placements in the chosen media outlets.

Online data analytics systems  will track all visits to your website,  customized to your needs.  How many potential customers abandon your website and how many follow-up with inquiries or engage by clicking on your newsletter or blog? What is the impact of your social media outlets on your marketing objectives? Here is how you’ll know.

The ultimate marketing metric is the percentage of your customer base that result from marketing activities,  or Marketing Originated Customers.

It may take a service provider 6 – 12 months to have results to measure.  Obtaining a contract from a new or returning client is a longer sales cycle than selling ice cream cones.  Metrics make it possible to know which marketing activities yield the best results and that knowledge will give you the opportunity to optimize your marketing efforts.  You will do more of what works,  perhaps launching an advertising campaign during a particular season or increasing your participation in certain business or professional groups.  Other activities may be diminished or dropped altogether.  Gross sales will give a dollar value ROI to your marketing program when compared to the pre-marketing program value.

Marketing metrics ensure that you receive a solid ROI on your marketing activities.  Appropriately chosen and implemented marketing activities that are tracked and optimized will always pay for themselves.

Thanks for reading,

Kim

 

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Marketing 2.0 : How and Why You Do It

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All those with a product or service to sell must institute a marketing program that promotes those products and services to target customers.  Marketing programs consist of strategies and activities that derive from promotional objectives you would like to achieve for your products,  services,  or the company overall.  Advertising;  writing a blog, newsletter, or book;  speaking at business associations;  teaching a subject that showcases your expertise;  making an in-kind donation to a local charity event;  presenting a webinar;  nominating yourself for (and winning!) a business award;  writing a press release to announce to local media that you are presenting a webinar,  have won a business award or published a book;  networking to meet new colleagues or reconnect and build relationships; and presence on social media are examples of activities that carry out your marketing strategies and have the potential to ensure the achievement of marketing objectives.

For most,  the goal of marketing is to increase sales  (that is, revenue)  by increasing awareness and trust in the company and its products and services and in that way increasing the number of its potential customers.  Marketing is a way to fill the sales pipeline,  as is prospecting for potential customers  (wear your sales hat when prospecting,  although prospecting is not quite selling in the same way that marketing is not exactly selling).  Generally,  marketing strategies are created to produce one or more of these results:

1. Awareness,  so that target customer groups will learn of the existence of your company and its products and services.

2. Perception,  so that target customer groups will think of your company and its offerings in a certain way.  This is the core of brand development; trust and confidence are the primary attributes that you must persuade customers to associate with your company and its products and services.  Depending on your business,  other attributes you may want to attach to the brand are luxury,  practicality,  innovativation or quirkiness.  Reputation management and crisis PR are under this heading.

3. Behavior,  so that target customers will be persuaded to take action.  Your objectives may include attracting new customers;  encouraging repeat business from existing customers;  encouraging sales of higher-ticket items or premium services;  or stimulating referrals by persuading customers to recommend your products and services to others.

Because time and money are limited resources for business ventures large and small,  it is a big advantage to know which of your marketing activities works and if possible,  to also know which activities are effective for certain customers.  Further, it is essential to know how many customers come to your business as a result of marketing activities.

To measure the return on investment ROI of your marketing program,  one must venture into the realm of marketing metrics,  from data analytics to Big Data.  Next week,  we will look at simple yet revealing marketing metrics that will evaluate the effectiveness of your marketing and guide your future marketing activities.

Thanks for reading,

Kim

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12 Sample Customer Survey Questions

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In numerous posts over the years,  I’ve recommended that you conduct customer service surveys to guide your decision-making as you refresh your brand,  update your business model,  promote client retention,  stimulate referrals or initiate any other changes in your business practices.  Customer surveys can unearth all sorts of interesting and actionable data.  A dozen well-written questions can  give revealing insights into what drives the need for your services,  what persuades decision-makers to choose you instead of a competitor and customer expectations that may not be immediately apparent.  Surveys help you learn how your operation stacks up against the competition and can identify business strengths and weaknesses.

To give you inspiration,  I hereby provide a few sample questions.  Send your customer survey along with the final invoice of a project.  Include it on your website,  Facebook, Google + or LinkedIn page.  Announce it on your Twitter feed.

  1. What service did (the company) provide for you?
  2. What factors made you decide to hire (the company) for this project?
  3. Do you feel that your project contact/manager acted in your best interests and your organization’s?
  4. How closely did (the company) adhere to the agreed-upon project timeline?
  5. Do you feel that your project contact/manager responded to your requests for information and other inquiries in a timely fashion?
  6. Considering the value of this project to your organization,  how do you feel about the amount paid as compared to the value received?
  7. If you feel that you received poor value,  please describe the problem (s).  How do you feel about the process of providing resolution?
  8. Would you be willing to invite (the company) to work with you on another project?
  9. Are there additional services that you wish (the company) would provide?
  10. How often do you typically hire outside project-specific workers?
  11. Based on the experience of working with (the company) would you be willing to recommend to a friend or colleague?
  12. Do you have any suggestions for improving the services provided,  or related administrative matters?

Thank you for your feedback. Your honest opinions are sincerely appreciated.

A big part of growing a successful business is through referrals and repeat business.  Clients only return to you or recommend your services when they are extremely satisfied with your performance and have a high degree of confidence in your operation.  Your clients possess a wealth of information that may not only give you the opportunity to bring solutions to their problems and increase your revenues as a result,  but may also give you ideas about how you might attract new business.  The only way to access this information is to ask your clients and listen to their answers.

Thanks for reading,

Kim

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What Business Are You Really In?

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Every business starts with a proposal to deliver certain products or services to those would be their customers.  The business model encompasses operations processes,  sales distribution and early stage marketing messages.  But over time,  the business owner or marketing team must achieve a more sophisticated knowledge of target customers and use that understanding to advance from exclusively dwelling on the functional aspects of items sold and the obvious benefits.

Successful products or services become  “brands”  by marketing the intangible essence that is associated with what they sell.  Brands connect with an unspoken motive of the customer and promote reputation,  image and aspirations.  Luxury brands like Neiman Marcus,  Chanel and Jaguar sell the image of wealth and status.  Nike sells the image of the focused,  independent,  athletic ideal self.  Puma,  another athletic shoe company,  avoids the athletic angle and sells urban cool along with their sneakers and other apparel.  Harvard Business School professor Theodore Levitt  (1925 – 2006)  described this phenomenon and its implications in  “Marketing Myopia” ,  his seminal article that in 1960 appeared in the Harvard Business Review.

Brands rise above being mere purveyors of products and services,  otherwise known as commodities.   Getting a handle on the  “je ne sais quoi”  unspoken  mission of your products or services as perceived by customers is the only way to achieve break-out success.  Delivering high-quality products and services via the optimal business model is how to build a following and earn a good reputation.  Being known as trustworthy and dependable are integral elements of building a brand.  But it is only the beginning.  Consider this: a film studio does not function to merely make and promote movies.  A film studio’s real business is entertainment.

So let’s figure out how to learn what business you are really in.  Why not start by teasing out the motives for doing business with you rather than a competitor?  Were you lucky or well-connected enough to persuade a powerful person to do business with you?  Does the coolest kid in class wear the clothing you sell?  The recommendations of thought leaders and other trusted sources are worth their weight in gold.  If a VIP gives you an assignment,  others will want to emulate that VIP and do business with you,  too.  Overwhelmingly,  people are followers and want to be seen where the  “in” crowd goes.

Keep that tendency in mind as you peel back another layer and decode the self-identity of your target customer and the image that your archetypal customer wants to project.  Get your arms around the social or professional impact of your products or services.  Who do your customers aspire to be,  whom do they emulate or identify with?  What is the underlying purpose of your product or service?

When you can decipher and describe the above,  you will discover the business you are really in.   Apply that knowledge and create marketing messages that resonate;  advertising choices that deliver the desired ROI;  design product packaging that customers respond to;  institute a pricing strategy that reflects the perceived value of your products and services;  and write a tag line that reflects the self-image,  aspirations and/or unspoken motives of your archetypal customers.

FYI here is a 1975 version of Theodore Levitt’s classic article  “Marketing Myopia”  http://www.sitesuite.com.au/files/marketingmyopia.pdf

Thanks for reading,

Kim