Category Archives: Marketing

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ID Your Target Customers

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Step One in evaluating the prospects of a business venture requires that you know who is likely to become a customer.  Here are 8 smart questions that will help you gauge whether you have a viable target market for your enterprise:

1.  Who will pay a premium price for my products or services?

  • Investigate how much business those who would be your closest competitors are doing and learn what motivates their customers to do business with them and find also pricing info,  if possible.
  • Assess your competitive advantages: do you possess a  “secret sauce”  that will make customers do business regularly and pay a little more?
  • Assess the value of your personal brand: who will do business with you because they value what you represent and do?

2.  Who has already done business with me?

  •  If your business is up and running,  growing your business often means persuading those who are already customers to do more business with you.  Which upgrades and extras to your service line might your current customers buy?
  • Speak with customers you know well and ask what adjustments in service,  features or delivery system would make their lives easier.
  • Design a survey and send it out to your mailing list and also add to your website and social media,  so that you can get more opinions and validate the findings of the customer Q & A.
  • Beta test new products and services with current customers,  to gauge their acceptance and refine the concept,  packaging,  marketing message,  delivery system,  price point, etc.

3.  Am I overestimating potential demand for my products and services?

  • Hire a marketing research firm to run a focus group to estimate the size of the market for your product or service.
  • Smaller budget holders should refer to numbers 1 and 2 and figure out how much business competitors are doing and if applicable,   ask current customers which new offerings would be useful to their organizations.

4.  Am I assuming that everyone values what I value?

  • Reality test your take on the priorities of your target market by asking them,  in face to face meetings or via surveys.  Read industry blogs to confirm how customers use similar products and services.
  • Find the thought leaders and listen to what they say about the need for what you plan to sell.  Without revealing your motive,  you can write in and ask questions.

5.  Does my business model match my target customers?

  • The business model is the blueprint for positioning your venture to make a profit.
  •  The ideal customer groups for your products and services must receive the right marketing message in the right way.  Products and services must be sold in the right way at the right price,  using the method of payment that customers expect.
  •  Design a business model that inspires trust and confidence and is user-friendly convenient.

6.  Who are my main competitors and how did they get started?

  • Study three or four close competitors and learn the back story of the founders.  What competitive advantages do they possess?
  • How long have those competitors been in business and what may have changed,  or remained constant,  in the business environment that allowed them to find success?
  • Define critical success factors for your venture.

7.  How will potential customers and I find each other?

  • Hair dressers,  manicurists and employees of consulting firms have the great advantage of being able to steal future clients from their former employers.  If you are employed in the industry in which you plan to open a business,  start now to strengthen relationships with those customers who might jump ship and go with you.
  • Learn how to reach your target customers.  Which organizations do they join,   which conferences do they attend,  which blogs or newsletters do they read,  does social media for business resonate with them and where should you advertise.

8.  Do you see opportunities to expand your target market?

  •  Eventually, it will become necessary to find ways to expand your business either vertically or horizontally. Stay abreast of happenings in the industry and maintain good communications with your customers to understand what you might offer in the future.
  • Can you create a niche market or two by tweaking what you have,  or offering it under another name and advertising in different media?

Thanks for reading,

Kim

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Highlights of The Social Business Benchmark Study of 2013

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Last year Leader Networks,  a Boston area consulting firm that specializes in B2B social media and the global not-for-profit think tank Society for New Communications Research,  teamed up to conduct a comprehensive and global study of the usage of social media for B2B interaction.  Fifty-five mostly for-profit organizations of various sizes participated.  The study examined the following topics:

  • How organizations are currently leveraging social business efforts
  • The use of social media tools,  internally and externally
  • The readiness of organizations to utilize social media tools
  • Intentions of social business strategy
  • Social media marketing strategy and the ability to leverage and operate same as social business initiatives

Companies studied were mostly present on LinkedIn,  Twitter,  YouTube,  Facebook,  Google+ and their company-sponsored blog,  in that order.  The study distinguished between social media marketing,  which it defined as the use of social media platforms for marketing and social business,  defined as using customer information gleaned from social media marketing to enable more efficient and effective decisions,  actions and outcomes within the organization.  The study also developed a continuum of social media use:

  • Socially Familiar- organization is present on at least one platform and has policy guidelines;  the organization is experimenting to learn what works
  • Socially Present- organization has minimal or limited social media staffing, strategies,  or policy guidelines;  brand advancement forms the core of information communicated
  • Socially Enabled- social media platforms form the basis of customer outreach;  moderate to significant levels of budget,  staffing,  policy guidelines and strategies are in place and utilized optimally
  • Socially Integrated- organization has significant use of the above indicators;  communication is two-way,  with much customer engagement;  information gleaned is incorporated across the organization

Companies usually approach social media involvement through a few Socially Familiar staff members who experiment with various platforms to figure out what works best for company objectives.  After about 3 – 6 months,  those staff members will present their findings to direct-report management and request approval to advance to the next level.   At the Socially Present stage,  selected social media platforms are used to broadcast brand awareness messages and marketing campaign information.  Communication is primarily one-way.   This period usually lasts 6 – 24 months.

At the Socially Enabled stage,  communication is primarily two-way and information is deemed actionable.  Social media staff gather and disseminate information from social media communications deep within the organization,  where it impacts R & D,  customer service,  technical support,  marketing campaign strategies,  sales distribution choices and other functions.   Social media may play a role in nurturing relationships with organizational partners and suppliers.  Tangible social media ROI is recognized.  The final stage,  Socially Integrated,  is only rarely achieved at this point.  In fact,  this stage may not fit the objectives of most businesses.

Insights brought forth from the study were what one would expect.  C-suites executives are rapidly accepting the inevitability of social media and budgets are being made available to support staffing,  which is based in marketing departments.  Social media strategies are being developed and social media guidelines are being drafted (by legal departments).  Brand reinforcement,  rather than customer engagement,  is the primary goal of B2B social media strategies at this time,  but lead generation (sales departments),  R & D and customer service (operations departments) are emerging as important players.  Linking the social media strategy to business needs and performance metrics to measure ROI is becoming more common.

Nevertheless,   in most cases,  funding for social media initiatives remains low.   More than 50%  of respondents reported that their companies spent 5%  or less of their IT budgets on enabling social media platform tools.  23%  reported that their organizations had no plans to spend on social media.

Thanks for reading,

Kim

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Big Data and Small Business Marketing

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Let’s start with the definition.  When the term  “big data”  is used,  what does it really mean?  Jon Miller,  co-founder and CEO of Marketo,  calls big data a catch-all term for very large and complex data sets that exceed the processing capabilities of the typical available computer software.  In general,  big data refers to the compilation of everything that takes place over the internet: transcripts from Twitter comments or call center conversations,  online videos,  podcast uploads and visits,  webinar broadcasts,   all blog postings,   all website visits,  all credit card transactions,  all ATM activity,  all online purchases,  online advertisements,   downloads of music and uploads of photos.

As regards marketing,  big data refers to all information that details retail sales,  online sales,  market share,  website visits,  blog reads from your website,  newsletter reads from your website,  responses to online customer surveys,  online response to special offers and online advertising,  plus all marketplace and industry data about global,  national and regional  business conditions.

Whatever it is you need to know about customers,  the industry and the business conditions in which you operate is buried within big data.  But in the avalanche of information,   deciding which data to access and interpreting what is brought forth is the marketer’s challenge.  Determining the right questions to ask is the primary imperative,   as the late great management guru Peter Drucker pointed out.

If you want to use big data in your marketing plan,  then  propose questions that will elicit the answers you need to fine-tune your marketing mix.  Maybe you’d like to become more effective in converting website visitors into customers?  A list of the names of prospects who visited your website,  spent more than one minute reading your blog or newsletter,  forwarded the post to someone and and then tweeted some content about what he/she found to others would indicate a serious shopper for your products or services.  Big data can help predict which marketing activities are most likely to convert a prospect who has reached that level of engagement.

Google Analytics can reveal part of the game plan,  but only big data can get seriously granular.  For example,  algorithm-based predictions can forecast the expected impact of marketing campaign activity on those who surf your website,  indicating who should receive special offers via email or who should be invited to join a focus group.  Algorithm-based predictions can also forecast the likely impact of marketing activity on the next quarter’s,  or next four quarters’ revenue.

Based on what is learned through big data,  the marketer can make much more specific and informed decisions about target or niche markets that have the most sales potential,  strategies to build brand awareness and loyalty,  advertising choices and budgets for targeted media outlets,   social media choices that create the most buzz and the ROI of that buzz and the marketing message that drives sales.  Who will be your best customers,   why will they be your best customers,   what is the average amount of money the customer will spend in your business,  how loyal is the customer to your brand,  what types of advertising does the customer respond to best,  what kind of social media does the customer respond to best and will those customers create good word of mouth  (still the best form of advertising)  for your business?

So how can small businesses and Freelance solopreneurs access big data?  It can be done by hiring a marketing firm that we most likely cannot afford.  At this time,  big data usage will be the playground of big businesses.   If it’s any consolation,  marketing firms are still trying to get arms around big data themselves.  For now,  traditional marketing analytics will have to suffice for the 99%.

Traditional marketing analytics are useful and certain data we already own: bricks & mortar sales data,  online sales data,  seasonal sales variations,  customer zip codes,  popular service packages,  pricing and the number of Foursquare,  Facebook,  LinkedIn and Twitter followers,  for example.  Market testing is expected to remain a vital part of developing a marketing strategy,   even when big data is used.  Business owners and marketers will continue to measure the impact of promotional strategies employed.  Finally, whether big data or marketing analytics are used when devising a marketing plan,  proposing the right questions,   as Peter Drucker advised,  is where one starts.

Thanks for reading,

Kim

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The Price Is Right

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Pricing is an art and a science and pricing intangible services is especially challenging.  Setting the right price for a product or service is a critical step in building a profitable business.  Quite simply,  you must charge enough money to not only cover your production or procurement costs,  but also reflect the value of the product or service provided and the value of your brand,  i.e.,  what clients will pay for the confidence derived from doing business with you.

But pricing a service is tricky and unless you are for some reason privy to what others may charge for similar services,  you are in the dark.  You probably do not know what competitors are charging,  so benchmarking is impossible.  The price that clients will pay you hinges on what they feel the job is worth and what they feel that you are worth.  Your mission is to avoid being perceived as a commodity,  vulnerable to the cynical bargaining down of your price points.  There are guidelines to follow when creating a pricing strategy.

Step One is understanding how clients perceive the value of your services and of your brand (reputation).  A “cost-plus” pricing strategy,  which is tied to what it costs to produce or purchase at wholesale the product or service to be sold is inadvisable,  according to pricing experts.  If customers are willing to pay $100.00 for a product or service that costs $10.00 to provide,  then charge what the market allows.

Step Two is understanding how the client wants to purchase your service.  Much will depend upon the type of services you provide and whether this is a one-off project,  or an ongoing retainer arrangement.  Whenever possible,  avoid charging an hourly rate and instead  “bundle” products and services into a project fee.  Do not give clients who are so inclined the ammunition to nickel and dime you by scrutinizing duties that you invoice and arguing over how long it should have taken to perform them.

Step Three is establishing different levels of service available: basic,  upgraded and premium.  Jean-Manuel Izaret,  a partner at the management consulting firm Boston Consulting Group,  insists that it is always best to give clients a choice,  whenever possible.

Step Four is targeting clients who value your brand and your services and are willing to pay a premium to do business with you.  The size of your available market will shrink, but each client will be worth more money to you.  It will also be easier to make the sale,  because this group of prospective clients values you and what you can do.  Access this group through networking and self-promotional activities: those who have heard your webinar,  read your blog or newsletter,   have received a recommendation from a trusted referral source,  have read a favorable article about you in the press—here is where your PR and relationship building activities can pay off.  This group of clients will have faith in your expertise and will agree to pay premium (but fair) prices at contract signing time.

Step Five is knowing your competitors.  It may be impossible to learn what they charge,   but you can learn the value of their brand.  Are you swimming with powerful fish,  or those about your size and strength?  That could impact your pricing strategy,  but only if clients are familiar with what the big fish charges.  It is unwise to price your services low in the presence of a competitor with a strong and well-regarded reputation.

Step Six is to benchmark against competitors in different parts of the country by checking the MOBIS contract prices offered to the federal government.  This is a useful way to get a credible ballpark number for setting prices.  Further,  you will see what types of services are being offered and how they are bundled.  http://www.gsa.gov/portal/content/245439

Thanks for reading,

Kim

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Press Kit Recipe

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Public Relations experts say that creating a good press kit is as essential as creating a good website.  Both items reflect your brand and are important marketing tools for your business.  Make your press kit one-stop shopping for a busy journalist,  prospective customer or potential referral source who would like information about you and the products and services that your business provides.  PR pros say that a useful press kit contains the following ingredients:

Company overview    AKA the “one sheet” gives a thumbnail sketch of your business: company name,  year formed,  contact info,  name and contact info of the company’s media spokesperson if the business is not a single person entity,  a succinct description of the products and services provided and two or three key benefits,  value addeds or outcomes derived.

FAQs    Differentiate your company from the competition and provide helpful information with a Frequently Asked Questions page,  if you desire.  Use as a guide questions that prospective clients ask when you meet to discuss doing business.

Bio   The founders,  principals,  C-level executives and major investors should submit a one page bio for the press kit.  The qualifications of the leadership team should be made known.  Lou Hammond,  of the public relations firm Hammond and Associates,  recommends that three paragraphs is the ideal length of a bio.

Testimonials    Customer testimonials allow those who have done business with you to sing your praises and add loads of credibility to your professional capability.  Invite your three best customers to write a sentence or two and extol your virtues.  Again,  keep the testimonial segment to one page.

Press releases    Include three or four recent press releases,  so that the press kit recipient will know what you are saying about your business activity: new product or service launches,  business partnership,  speaking engagements,  webinar presentations or participation in a local charity event,  for example.

Article links     Formerly known as press clippings,  include links to articles in which your business has been mentioned to let interested parties know that you’ve garnered press coverage.

Photos    Invest in a session with a professional photographer and get an attractive head shot of yourself and each leadership team member.

Audiovisuals    A link to a short video clip of you or a leadership team member speaking at a prestige event,  accepting an award and/or demonstrating a product can be included.  Customer testimonials can also be presented in this format.

Press kits are usually compiled and distributed electronically.  Nevertheless,  there can be reasons to have ready hard copy to present to select individuals on the spot.   A physical press kit represents another opportunity to communicate good things about your brand.  Create an attractive and informative package.  Enclose the information in a portfolio folder in your company’s signature color.  Attach a pre-printed label that contains your company name and logo.  Print documents on good quality paper stock.  Remember to include your business card.

Despite the rise of social media,  the relevance of traditional media outlets,  whether print or online,  has not diminished.  No matter how many social media followers you may have,  mention of your name in the business section of a legitimate publication gives real credibility to you and your business.  Invest the time and money necessary to create an informative and attractive press kit and update its contents each year.

Thanks for reading,

Kim

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The 21st Century Business Card

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I’ve become a lot more selective about who receives my business card.   I never hand over my card unsolicited,  unless I feel that follow-up with the intended receiver is a must and that the feeling appears to be mutual.   I’ve found that the traditionally employed are annoyingly promiscuous with business cards.   They hand them out at a furious pace,  mostly to folks they have no intention to interact with ever again.   Maybe it’s because they don’t pay for their cards?  Or maybe it’s because they are often not deal-makers or sales professionals,  so follow-up and relationship building are not tied to their success at work?

Over the years,  I’ve come to respect my business card.   I now realize that my business card is much more than a 2″ x 3 1/2″ piece of paper.   My card is my most ubiquitous marketing tool.  My card represents my brand when its recipient and I are no longer face to face.   My business card portrays me as a trustworthy and competent professional who will meet and exceed expectations through its text,  font style,  color scheme,   printing process and card stock.

The business card is a communication tool and is therefore part of your marketing plan.  See to it that its message aligns with all other marketing materials,  including the look of your website.  There is room for some creativity in its design,  so be authentic and allow your card to reflect your personality.

You may choose a vertical,  rather than the standard horizontal,  lay-out.  You may have a two-sided card,  or a 4″ x 7″ folded card,  both of which will allow you to include more information.  Real estate professionals have for several years included a photo of themselves on their card and you may choose that option as well.

Whatever style you choose,  take care not to overload your card with text.  Keep it simple and easy to read.  Include your name,  business name,  title,  telephone number,  email address and web address.   Providing your physical address is in many instances no longer necessary.   If you have a company logo,  absolutely include it and if there is space,  you may include social media contact info.

I was excited to learn that my little card can now become a 21st century interactive mobile marketing tool and include a Quick Response  (QR)  code.  Card recipients can scan the QR code with an Android,  iPhone or other camera-enabled smart phones  and be taken to my website,  LinkedIn profile,  or a specially formatted landing page.

Be mindful that whatever data is linked to the QR code must be optimized for smart phones and enable a friction-less experience for the user.   Add value to the mobile marketing experience by creating a special landing page as a one-sheet that describes three or four of your primary services and offers a free 30 minute consultation to prospective clients.  It is possible to get a free QR code through sites like http://delivr.com and http://qrstuff.com and as far as I know,  they work.

There are numerous reasonably priced options available to produce good quality cards for you.   Business card templates are available through companies such as Vista Print.  I hired a Freelance graphic artist friend to design my card.   Sir Speedy did the printing and recommended just the right card stock  (Sir Speedy also has business card templates available).

Your business card is the on-the-ground embodiment of your marketing plan.  It reflects your personal brand and makes as much of an impression as the suits you wear and the brief case you carry.  Design a card that is appropriate for your business,  industry and personal style and communicate to prospects and colleagues that doing business with you is good business.

Thanks for reading,

Kim

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Social Media Strategy for Solopreneurs

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Participation in one or more social media platforms is now a given in both the professional and personal spheres.  Nearly every Freelance solopreneur has a presence on at least one social media platform,  even if participation is not active.  Social media have the potential to provide benefits to business owners,  the self-employed and the traditionally employed,  but in order to reap those benefits,  one needs to understand how social media can best function for you.

The first question to consider is,  who’s listening? Do those you want to reach participate in social media for their organization’s needs or just for their own career? That answer will determine which platform you choose.  The second question is,  what is your business?  The third question is,  will social media function for you as a sales tool,  a marketing tool,  or PR?

If you produce a product that potential customers want to see, e.g.,  landscaping,  photography or fancy cakes,  then Facebook Fan Page,  Google + Business and maybe Pinterest are your social media best bets.  These platforms give you a place to post photos of your lovely creations.  Musicians,  artists and dancers use these platforms to display performance photos and videos.  LinkedIn Professional Portfolio also allows photos,  slide shows  and videos to be posted to the profile.  However,  LinkedIn has a “corporate”  image and prospective customers will not automatically search that platform when checking you out.

Foursquare is ideal for a bricks and mortar business.  First,  the platform specializes in geolocation,  so you’ll ensure that potential customers will find your business and second,  you can initiate dialogue between your business and customers.  Your customers may have already entered your business and created a page for you.  Links to Facebook and Twitter are available.  To track your advertising reach and evaluate the platform’s ROI,  offer exclusive  Foursquare specials and product updates.

Regarding dialogue,  Twitter is the king of all social media when having conversations about your business or industry is the goal.  Tweet the announcement of the class you’ll teach,  the conference you’ll attend and your thoughts on the presentation you just heard at that conference.   Store owners tweet the arrival of new merchandise;  restaurant owners tweet the daily specials;  musicians tweet the dates of upcoming performances.

LinkedIn is the social media platform of choice for the traditionally employed and Freelancers who offer business services.  I think of LinkedIn as my adjunct website,  where I can announce professional victories,  post a Power Point presentation that gives an overview of my services on Slide Share and link this blog and supply updates of new posts to my connections.  LinkedIn Groups lets me interact with peers in my industry by reading and participating in discussion threads.  Recruiters looking to fill jobs troll this platform in search of qualified candidates to interview.

Finally,  define how social media can function for you,  based on the business you’re in and the way your customers use social media.  If prospective customers like the look of the landscapes you design or the sound of your jazz combo and feel comfortable judging the value you provide online,  then social media directly impacts the sales process and is for you a sales tool .

If potential customers use Twitter memes to discuss industry developments,  then marketing is your social media strategy.  Use the platform to establish your bona fides as an up-to-date,  in-the-know thought leader.  Promote your expertise and develop a following by sharing a steady stream of relevant information  (content)  that will benefit prospects.  Tell,  don’t sell.

Google + Business Hang Outs,  which allow you to conduct a video call with up to 10 customers who may be located anywhere in the world,  make it possible to have an online face-to-face meet-up or meeting,  depending on your agenda.  Marketing as expressed through customer engagement,  market research and customer service is the social media function.

Peer-to-peer PR is the function of LinkedIn.  Stay abreast with what colleagues are doing professionally and announce your achievements.  Make recommendations and endorsements for those with whom you’ve worked,  in either a paid or volunteer position and receive commendations in return.  Those looking to hire employees or Freelance consultants always peruse the LinkedIn profiles of candidates,  so keep your profile current and complete.

Thanks for reading,

Kim

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Case Study and Client Success Story

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It is cause for celebration when your Freelance consulting expertise helps a client to achieve important objectives.  In previous postings I’ve recommended that you add to your website,  LinkedIn or Google +  sites case studies,  which are client success stories,  to demonstrate how you work with clients and the excellent outcomes that are realized when you arrive on the scene.

Business strategy development,  facilitation of business strategy meetings and marketing campaign development  (that is sometimes the result of a business strategy meeting that I’ve facilitated)  are my consulting specialties.  Special event and conference planning,  along with event marketing PR,  is an important niche market.  Also,  I develop curriculum and present workshops in business plan writing,  sales skills training and networking skills training.   My client list consists of small and medium-sized for-profit and not-for-profit organizations and except for teaching,  I connect with clients through referrals and personal introductions.

"Cooling Water"

“Cooling Water”

In November 2011,  a friend introduced me to the artist.  She is mixed-media collage painter and occasionally,  she sculpts brightly colored decorative bowls.  Her work had been featured in a small local museum that is far from the tourist areas and in solo or group shows in modest art galleries.  Over the years,  the artist had received several opportunities to enhance her career,  but she was often unable to follow-up and many slipped through her fingers.  Members of the creative class tend to have little energy available for business strategy and marketing.

She sold a few original paintings and her prints and decorative bowls sold reasonably well,  as did the greeting cards that featured images of her paintings.  The artist had recently earned a career victory,  when she was named the coordinator for a community arts initiative that is based at her alma mater.  She asked to meet with me.

We discussed her primary goal,  identified potentially promising opportunities and made a list of objectives that would serve as milestones.  Solo and group shows at more prestigious galleries,  an exciting offer to illustrate a children’s book published by a small local house and the formal launch of the arts project of which is coordinator were the defining objectives.

A business strategy and marketing campaign that would guide her choice of projects to accept or pursue,  to advance the primary goal of upgrading her brand and attracting higher-end collectors,  was developed and implemented.  Integral to the campaign was a revised marketing message and PR communications strategy.

The ArtMobile encourages local children to be creative

The ArtMobile encourages children’s creativity

Good results came quickly and serendipitous fortune appeared.  The university agreed to sponsor a big launch party for the arts project.  Outreach to the local cable television network led to the artist’s appearance on a talk show.  Two gallery shows were scheduled and offers for two more came in,  when gallerists who had been acquainted with her work,  but had not been moved to offer her a show,  learned of her affiliation with the community arts project.

One of those galleries is located in Martha’s Vineyard,  in the town where the President and First Lady,  who are known to be art lovers,  vacation.  The artist’s paintings sold well in Summer 2012 and she was invited to show her work there again this summer.  We have our fingers crossed and hope that the Obamas visit the gallery.

To review and evaluate the book illustration contract,  I referred to the artist an acquaintance of mine who is an intellectual property attorney and he gave the thumbs-up.  Because the book is based on a historical figure,  the artist felt that period research would be essential to her creative process.

I contacted a local college that has a well-regarded library and information science master’s degree program.  Within two weeks,  I was able to speak with four potential candidates who both concentrate on that period and have an interest in art.  I sent them to the artist for interviews and she hired two: one to perform research for the book and the other to catalogue her archive of paintings.

On the evening of July 3,  the artist hosted a large opening reception and birthday party at a restaurant that is now displaying several of her prints.  I contacted a pastry chef and asked him to create a special cake for the occasion,  a cake that depicted one of the artist’s paintings in butter cream frosting.  He chose to portray  “Never Walk Alone”.  A local newspaper was contacted and the editor sent a photographer.  Guests were wowed by the cake.  It was beautiful to behold and delicious!

The artist and the pastry chef

The artist, the pastry chef and the cake

The crowning milestone achievement was reached on July 16, 2013,  when the artist was sworn in as a committee member of the Boston Arts Commission,  a 123-year-old agency that chooses the art that will be displayed on City of Boston property.  This prestigious honor is a 5 year appointment.  The artist was nominated for the appointment by the arts association in the neighborhood where she has lived since childhood.  She leads art walk tours that highlight the distinctive architecture,  cultural institutions and public art in her neighborhood.

Swearing-in at the Boston Arts Commission

Swearing-in at the Boston Arts Commission

Signing appointment documents

Signing her appointment documents

Thanks for reading,

Kim

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Plan Now to Make More Money

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At last,  Summer is officially here.  Bright sunshine and abundant flowers do wonders for my mood,  yet the season does my wallet no favors.  Clients wrap up projects by June 30 and teaching opportunities grow scarce.  When it comes to paying bills, well…..But rather than grind my teeth,  I’ve learned that it is far more productive to make use of the down time.  Two activities headline my Summer to-do list:

1.  Professional development:  Sign up for a course or webinar,  attend a symposium,  read a business book or two

2.  Position myself to make more money:  Examine my client list,  marketing strategies and pricing structure and figure out which of those factors needs tweaking.  Meet with a prospect I’ve had my eye on over the past few months.

If you’ve been trying to meet up with a certain prospect,  Summer is usually the time to try to get to him/her,  because so many of us are less busy at this time of year.  Do what you can to make contact with that person.  If you have identified this person as a good prospect but you haven’t met,  you may know or surmise where he/she goes for business networking.  Get on the list and get your body in the door.  If possible,  recruit someone who commands respect to make an introduction,  so you will have a good endorsement and look more trustworthy.  If you’ve already made contact,  ring up your prospect and schedule lunch or coffee.  People are often more relaxed in Summer,  so you’re likely to have your best opportunity to build a relationship that leads to doing business.

While you’re thinking about prospective clients,  revisit your marketing strategy and confirm that you are reaching those who have both motive and money to hire you.  The essence of your marketing strategy is to know how to portray yourself favorably to the clients on your wish list.  That sounds so obvious it’s ridiculous,  but many Freelancers do not know who has the greatest potential to become their best clients or how to make themselves known to those in that group.  According to the 2012 Freelance Industry Report,  only 28%  of Freelancers who spend less than 2 hours/week on marketing bill at $70.00 + per hour,  while 41%  of Freelancers who spend 20+ hours/week on marketing bill at $70.00 + per hour.

Considering that a 2010 survey by the Freelancers Union revealed that 29%  of Freelance consultants earned less than $25,000.00 a year and 58%  earned less than $50.000.00 a year,  one can assume that not many are billing at $70.00 + per hour and if they are,  they’re receiving rather few hours.  Therefore,  consistently spending even two hours/week on marketing can reap tangible benefits,  since it has been demonstrated to have a direct correlation to your billable hourly rate,  if not the number of hours one is able to bill out.  (I wonder who has 20 hours/week to spend on marketing? )

Furthermore the busier you become,  the less attractive it is to keep low-paying and/or difficult clients on your roster,  because you will be unable to afford to keep them there.  Scarce time will also make you feel confident enough to ask current clients for a price increase as well.  Make time to do more marketing by dropping any difficult or low-rent clients and use that space to perfect and execute your marketing strategy.

To give yourself some inspiration check out free webinars,  if you’re unable to afford a course or a conference.  Those of you with teaching or speaking experience might even be invited to become a presenter.  I presented the webinar  “A Business Plan for Your Nonprofit”  on April 24 through Nonprofit Webinars  http://nonprofitwebinars.com/past_webinars/a-business-plan-for-your-nonprofit  .  Marketing strategies will be different for every category of service,  but robust marketing must be on the calendar of every Freelancer if we expect to connect with clients who are willing to pay us what we are worth.

Thanks for reading.  Have a happy 4th of July holiday.

Kim

 

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The Millennial Client

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The Millennial Generation has arrived and they are hotly pursued.  Millennials represent the future and everyone wants a piece of the 21 – 35 year-old market segment.  While prospecting,  you may have encountered a Millennial gatekeeper,  the boss’s young assistant.  Those in their early thirties will also be decision-makers,  so it’s time to make sure that your marketing message and sales strategy are appropriately tailored.

Millennials have been even more heavily chased by Corporate America than Baby Boomers.  They grew up in the age of product tie-ins to books and movies,  video games,  24 hour television,  music videos,  social media and cell phones.  They have been on the receiving end of 360 degree media bombardment for their entire lives.  As a result,  they excel at picking apart a marketing message.  They respond to what they feel is an authentic story about a product and they do not want a slick marketing message.

Michele Serro,  former associate partner at IDEO,  a design and innovation firm and founder of Doorsteps,  a New York City-based online tool for prospective homeowners that targets Millennials,  has done extensive research on this generation.  Serro found that for Millennials,  the marketing message is nearly inseparable from the product itself.

She found that to influence this cohort,  a holistic marketing approach is necessary and authenticity is essential.  “Millennials can sense when they’re being marketed to or told a story”,  Serro says,  “and they are extremely impatient with irrelevant information.”  A  “canned”  sales spiel will get you nowhere with Millennial decision-makers.  If they feel that your message is false,  you will be labeled as untrustworthy and that will be a deal breaker.

Your sales pitch should be the story of your product: a believable narrative that explains what your product does,  who your service is meant to benefit and how what you’re selling will help your Millennial decision-maker resolve or avoid a problem,  make the organization look good,  or service their organizations’ customers more effectively.

Because they’ve been forever immersed in social media,  Millennials are accustomed to interacting directly with the purveyors of the products and services that they use.  Facilitate that expectation of engagement:

1.  Make the text on your website read like a conversation and design your ads to reflect the content marketing style,  which is also conversational in tone.  Your message will be somewhat personal and casual.  It will allow your Millennial client to connect with,  understand and trust what you’re selling.

2.  Respect their intelligence and never dumb-down your message.  Millennials are ambitious,  as evidenced by their heroes Steve Jobs and Mark Zuckerberg.  Present your information in a fast-paced way that has some whimsy.  You can be sincere or you can be clever.

3.  Work with their short attention spans and spread your message via tweets,  a constantly updated interactive website,  regularly updated blog posts,  YouTube and podcasts and content marketing type ads.  Make all postings smart phone friendly.

4.  Give them the opportunity to engage with your brand.  Start a dialogue that facilitates a conversation and set the stage for product loyalty.  Ask questions they’ll want to answer.  Create meaningful content that focuses on building community.  Not everything should be a sales pitch.

Nancy Robinson,  Vice President at Iconoculture,  a Minneapolis consumer research and advisory firm,  says that Millennials can become your loyal clients. “They’re loyal,  but that loyalty has to be earned and renewed.  They expect customer service,  they expect the product to be good,  they expect the product to work.”

Thanks for reading,

Kim