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Work Your Email List

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 I descend from a long line of New Englanders and we are known for our thrift.  When the collars of his dress shirts frayed with age,  my father (who was actually a New Yorker,  but knew how to squeeze a penny until Abe Lincoln yelped) would have the dry cleaner turn them.  Presto,  add a few more good years to a useful item.

Mom served any leftovers from the big Sunday dinner for Monday night’s supper.  If we didn’t finish them off at that sitting,  she was not ashamed to throw them at us again on Wednesday or Thursday.   Mom and Dad were born during the Depression and they did not believe in wasting valuable resources.  Use it up,  wear it out,  make it do.  As we slog through our recession,  I suggest that a revival of that credo is in order.  It is time to make the most of what you’ve got.

One valuable resource that we all have is our list of email addresses.  Consider putting them to work in an email marketing campaign that will enhance your other promotional activities.  The practice of email marketing continues to grow.   When executed properly,  it can be an effective way to communicate with your target audience.

The conversion rate will probably not exceed 2% ,  but that matches the results of  a typical direct mail campaign.  Moreover,  email marketing is both less expensive and much more environmentally friendly than direct mail.

An email marketing campaign provides yet another way to keep your name in front of  the right people,  serving as a reminder that you remain a viable player with valuable services to offer.  Email marketing keeps your brand visible and that is utmost for every Freelancer.

How to ensure a mailing list with money-making potential?  Use an opt-in approach,  to avoid annoying people.  You only want to contact those who want to hear from you.  Hire a web developer to add a sign-up function to your website home page.  When exchanging cards with new colleagues,  request permission to add them to your mailing list.

Add your LinkedIn connections,  clients and colleagues,  plus selected friends and family members.  Always include an unsubscribe feature in your communications,  so that those who choose to opt-out can easily do so.  Purchased email lists are not recommended,  since those people do not know you.  Organic growth of your list is best,  so take the time to cultivate it.

 As you build your list  (and before  you add a sign-up to your website),  think about what you should communicate and the best delivery system for your message.  Put yourself in the place of the recipient.  What timely and useful information will best serve their needs?  What  “call to action”  might pique their interest?

Engagement is king in email marketing.  Take the time to carefully consider what you would like to achieve and how to communicate your message most favorably.  Is  a monthly or quarterly newsletter something you have the time and talent to produce?  Perhaps handy factoids plus links to relevant articles,  doled out every six weeks,  will be a better fit for both you and your target audience?  Give it some thought.  Whatever you do,  just remember to always include a link to your website…

…because that is one way to measure the response to your campaign.   Google Analytics,  e.g.,  will report the stats on the campaign’s impact on visits to your website,  pages that get the most viewing,  etc.  Receiving an inquiry about your services from a prospect is another sure-enough good sign that you’re doing the right thing and signing a client is,  needless to say,  the ultimate validation of your genius!

You are perhaps now intrigued by the email marketing concept,  but wonder if you can handle it by yourself.  It is possible to outsource the project,  for a more or less reasonable fee.  I recently heard about a company called EyeMail http://eyemailinc.com  that’s gaining a good reputation for creating smart email marketing campaigns. 

If you’d like to create a real splash,  EyeMail will even add audio and video clips to what you send out.  Most of all,  I’ve heard that they’ll work with you to create the content and delivery system that will best support the rest of your promotional activities.   Other options are Constant Contact and HubSpot,  both of  whom have great track records for devising savvy email marketing campaigns.

I’ve only used email marketing sporadically,  primarily to broadcast public courses that I’m scheduled to teach or speaking engagements.  I’m kicking around the idea of establishing a  consistent presence,  whether I do it myself or hire a specialist.  To those of you on my list,  stay tuned.

Thanks for reading,

Kim

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Building Credibility: A Brand Advancement Ad Campaign

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Freelancers know that silence = death and visibility promotes business viability.  To that end,  we craft an expert elevator pitch to serve as our verbal package and take that on the road,  hoping it will open doors for us.  We position ourselves as experts by speaking,  teaching,  attending conferences and writing a newsletter or blog.  We attend selected networking events and business association meetings so that we can connect with prospective clients and colleagues.

The next step in this process is to upgrade visibility to credibility,  for that is the way to convert prospects into clients.  As you brainstorm strategies that might advance your  brand and build credibility,  examine the benefits that a print media campaign can deliver. 

Print media are still very much with us and I would argue,  still effective,  despite significant inroads by the various (and sometimes free) online media.  Print ads can be costly,  but if you can find the budget,  this option can be worth your while.  Begin to assess your priorities:

1.  The objective.  Decide what you would like to accomplish.  Do you want to establish credibility among clients and B2B peer referral sources?  Are you announcing a new product or service?  Do you want to stimulate business within a new target market?

2.  The audience.  Who must you reach to accomplish your objectives? Which publications are read and respected by that audience?

3.  The budget.  Visit publication websites and peruse the rate cards.  See also the demographic data:  circulation,  distribution,  special issues that might benefit your  objectives,  etc.  What size ad can you afford to place for how many times during the year?

Additionally,  you may decide to mail a postcard to a professional group to which important clients belong—if you can obtain an address list.  Mailings are expensive,  although printing costs have dropped dramatically over the years.  It is possible to mail at bulk rate,  which is much slower but much cheaper.

Placement

If you belong to a chamber of commerce or similar business association,  consider advertising in its newsletter (whether print or online), which will be published at least quarterly.  Ad rates are typically reasonable and it’s usually read by members.

If your objective is to build your credibility among colleagues and therefore stimulate B2B referrals,  and/or to announce a new product or service,  this will be an excellent ad placement choice.  Newsletter advertisements are a great way to remind fellow members of who you are and what you do.  When you attend association events,  it is likely that colleagues will mention your ad and ask questions about your business.  Referrals could follow. 

It may also be possible to place ads in the newsletters of professional associations to which clients belong.  Whether your objective is to enter a new market,  announce new products /services or build credibility,  these publications likewise make excellent ad placement choices.

Depending upon your target market and budget,  neighborhood newspapers or the local business newspaper will also provide excellent ad placement options that will help you to achieve your brand advancement and credibility building objectives.

Message

Whatever your objective,  remember that there is power and elegance in simplicity.  Express your product and service features,  benefits and tagline (if you have one) using terminology that will grab your audience.  Use clear and compelling language that sells your core services and portrays you as a competent and reliable professional.  Use that refrain in all ad placements.

Design

Hire a professional (or a student) to devise a good visual concept,  even if your ad will be text-only and business card size.  Your ad must look sleek and professional—just like you!  The style of your business card will be the starting point for the development of a graphic style for your ad.  Use the colors,  logo (if you have one) and graphic look in all  ad placements.

Frequency

Consistency is key in advertising:  the message,  graphic style and frequency of the ad must be repeated again and again.  Studies have shown that ads don’t register with the target audience until they have been seen at least three times.  Budget your ad placements to appear several times throughout the year,  at least bi-monthly.  One time only ads are a waste of money.  It is better to appear in one publication 4-6 times a year than in two publications 2-3 times a year.

Thanks for reading,

Kim

  

 

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Keep Your Competitors Closer

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Freelancers get business by three methods:

1). Proposals, ideally submitted by invitation and not “cold”

2.) Referrals, made on our behalf  by a source the client trusts

3). Reputation, meaning repeat business from our client roster

The most successful Freelancers skillfully promote the urban legend that we provide exceptional services, solutions and expertise that clients can absolutely depend upon. That perception creates trust and  gives our clients the confidence to bring us in when a project is approved for outsourcing.  Your client is convinced that when you are on the scene, an excellent job will be done and with a  minimum of fuss.  You will make them look good.

Competitive intelligence will provide important building blocks for your story.  One must periodically assess the strengths and weaknesses of  major competitors:  compare and contrast products and services offered, observe how they market themselves,  make note of selling points that are emphasized  and learn how you stack up.  It helps us to look from “outside in”  at how our services and business practices might be perceived by clients.

Analyze and benchmark

  • Compare your services to those of competitors:  what do they do sufficiently well that  motivates clients to hire them?
  • What do they do incompletely or perhaps poorly?
  • Who is on their client roster and which are their target markets?
  • Who are the front runners among your competitors and how did they get there?
  • What relationships and/or competitive advantages do they leverage to get business?
  • What is showcased on their websites and in other marketing materials?
  • Where do they advertise?
  • Does an internet search bring up good PR or anything noteworthy?
  • With whom do they collaborate or partner?

Define your competitive advantages

  • Catalogue what you do that clients  value
  • What services do you offer that your competitors do not and what value do your clients place on those services?
  • Audit your customer groups—have you ignored a possible niche market?
  • What relationships might you leverage to give you the edge when submitting  bids and obtaining referrals?

Create the spin

  • What common themes do you see in the marketing messages of your competitors? What do the front runners say to clients?
  • Where do you see yourself as offering the better value proposition? How can you most effectively communicate that to clients?
  • How can you  retool your message to highlight services or buzzwords that grab the clients? Reflect those in your marketing materials, advertisements and on your website.  Incorporate into your elevator pitch and sales talking points.
  • Build a PR campaign around an event that features you—a speaking engagement,  a workshop you will present, the relaunch of a service.  Send out press releases and follow up with phone calls.  Develop relationships with the business press by taking the right person to lunch or coffee and talk over ways to get your name mentioned.
  • Advertise,  however modestly,  in publications that your target audience follows.  Advertisements should lead to editorial,  however brief,  being written about you.
  • Cultivate relationships within the industries that you service,  either directly with those who may hire you,  or with those who can influence decision makers.

Keeping an occasional eye on competitors will yield many benefits.  Competitive intelligence  keeps us in the loop about which clients are hiring and the demand for workers within our field,  keeps us abreast of the activities of our professional peers,  makes benchmarking possible and helps us to sell our services more effectively.  Competitors help us to sharpen and clarify our approach to business.  They make us better.

Competitors need not be sworn enemies, despite the adversarial position that must be assumed when vying for market share.  Competitors have much to teach us about doing business.  In fact,  judiciously cooperating with competitors is good business.  There may even be occasions when competitors will collaborate.  Frenemy is perhaps the best way to describe the ideal relationship to our competitors.  Use them as you strategize to grow your client list.

Thanks for reading,

Kim

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Keep Your Customers Close

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Adopting customer-centric business practices is now  THE  survival mechanism of necessity for Freelancers,  as well as businesses large and small.  Particularly for service providers,  the battle to escape the dreaded label  “commodity”  is on.  No one can afford to be just another replaceable face in the crowd.  The “me, too”  era  is over.

In order to keep customers coming back for more,  Freelancers are compelled to demonstrate unique value to those with whom we do business.  It’s the best way to stay ahead of the competition and make your name come to mind when a project needs to be done or a referral made.

While providing top quality products and services that meet or exceed customer expectations is our number one mission,  another important mission is to take  a  look at our business practices from the sight lines of our customers—from the outside,  looking in.  Assess the experience that customers have when doing business with you.

To make that happen,  find out all that you can about what really brings them to your door,  or to the door of competitors.  What assumed but unspoken set of objectives and expectations do they have? What alternatives exist that might possibly allow them to achieve those objectives without you? How easy, or cumbersome,  is it to do business with you?

Your website plays a role in this process,  especially if yours is an online business,  or customers typically search the web for your category of business.  List with GoogleMaps and Yahoo Local to help customers and prospects find you.  SEO friendly algorithms and key words will also give your website presence  a boost.

Furthermore,  your website should promote and reflect your brand very well.  Display core products and services prominently,  along with information that will answer frequently asked questions and get customers on the road to doing business with you.

If anything on your site is time sensitive,  e.g. your list of speaking engagements,  keep that updated.  Present  a website that is easy to read,  conveys relevant information in clear and simple language,  is not overly text heavy,  contains an appealing  “call to action”  and is easy to navigate.

Wherever appropriate,  leverage social media tools to provide additional communication channels for your customers.  2.0 is not only for communicating your brand and  message,  but also for letting people holler back.  Another method to get the heads up on customer priorities is through the online service,  Survey Monkey.  A brief  survey that contains well designed questions will elicit useful information and may shatter a few illusions.

A thriving business is built on the customer:  retention,  satisfaction and growth.  The products and services  we sell,  the way these are delivered and the prices  we charge are all based on what our customers need and accept.  To keep the cash flowing,  stay current with customer priorities and learn their thoughts about what your business does well,  what your competitors do poorly,  what you could offer that will make their lives easier  and what they are willing to pay to have it all.  If you can solve those mysteries  Freelancer friend, you will have yourself a nice little business!

Thanks for reading.  To those who are keeping score,  Freelance:  The Consultant’s Diary reached the one year milestone on June 16, 2010.

Kim

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Most of All, It’s Who Knows You

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Networking and other business promotional activities,  whether self-generated when you for example speak to the local Rotary Club,  or engineered by a PR specialist  who gets  you a quote in the New York Times,  serve to make you known to those who might use your services.  The next step in the continuum is to create conditions that encourage prospects to become clients.

Effective PR and self-promotion showcase you as an expert.  Mine the benefit by reinforcing  your position as a source of valuable and timely information.  Rather than just making the rounds at networking events as a way to cash in on your notoriety,  accumulating piles of business cards from random “contacts” as you go,  focus instead on developing meaningful relationships that have the potential to deliver billable hours.

Join a LinkedIn group and trade relevant information with peers who share a common  affiliation by starting discussions and/or commenting on others’ discussions.  Peruse the Answers Forum and weigh in on the sometimes compelling questions put forth by LinkedIn members from around the world.

Demonstrate that you are  a knowledgeable professional who is willing to dispense  information that could benefit others.  You may be invited to have an off-line discussion and that may lead you to a client.  It happened for me a couple of months ago.

When you step into the role of teacher/speaker, by all means meet and greet session attendees following the program.  Engage those whom you meet and aim to deepen interactions beyond the mere trading of business cards.

In order to reap the benefits that accrue from your PR / promotional strategy,  you must work for your network so that your network will work for you.  Ivan Misner, chairman of the networking organization BNI International,  recommends that while in conversation with a new contact,  ask what business challenges he/she is confronting right now.  This communicates genuine interest and guides your  follow-up with that individual,  with either an introduction or information.  It’s an excellent way to make people want to know you.

Help can be easy to give.  Forwarding the link to an article that addresses a subject  likely to be of interest  is a  savvy  way to demonstrate that others’  needs are important to you. The recipient is invariably flattered and will appreciate both the info and your thoughtfulness.  Selective,  individual forwarding of online resources  adds value and elevates networking to relationship building.  Post links to articles that address  subjects of interest to a wider audience onto  FaceBook and Twitter.

Seek to build a diverse network of relationships,  professional and personal.  Be available to connect with people in fields where you may not expect to find clients,  with people of different socio-economic or educational backgrounds and from various ethnic,  religious or racial backgrounds.

Not only do we not know where or under what circumstances we will meet our next client,  but a diverse network of relationships  exposes us to different ways of evaluating and tackling  our challenges and may also help us to discover unexpected opportunities. Reaching  out  and extending oneself  beyond the usual parameters is good for business.

Thanks for reading,
Kim

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On The Cover Of The Rolling Stone

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There’s no doubt about it—your business will benefit from well timed and placed media exposure in outlets that your clients trust and follow.  If you’ve come to the realization that you want fast,  effective action and you lack the time and the connections necessary to generate the kind of publicity that will raise your profile, then it’s time to hire a professional.

Buying advertising is usually a good move, but PR looks more objective and hence,  is more credible in the eyes of many.  But what should you expect from a PR firm? How do you make sure they do what you pay them to do?

Unfortunately,  many PR specialists are experts in taking client money and little else.  You must do your homework and interview 3-4 firms before signing a contract.  Contracts usually run for 6 months,  with a review at 3 months that will allow you to cancel if not satisfied.

Your objectives and budget

First,  consider what you would like to achieve in your PR campaign.  Are you launching a new product/service,  selling a book,  seeking lucrative or prestigious speaking engagements,  positioning to land important clients,  enhancing your page placement on search engines or communicating your brand?  Plan to spend from $500 – $2000 /month for an average  small business campaign.

Which firm for you?

You’ll have the choice of hiring a large firm,  small firm or Freelancer,  an industry specific firm or generalist.  Each option carries advantages and disadvantages.  I recommend that Freelancers and small business owners  avoid big PR firms because they are not designed for us.  Big firms cost more money and may not give appropriate attention to smaller clients.  Smaller firms and Freelancers are likely to be within your budget and more sensitive to your needs (in theory, at least).

Industry specific PR specialists  are known by the media players in that industry and are more likely to have calls returned and requests for clients  reviewed.  The downside is,  they may simultaneously work for your competitors. They may also run a one size fits all,  cookie cutter promotional campaign.

When interviewing PR agencies,  ask to  speak with the person who will work on your account.  That will not necessarily be the same person who shows up for the meeting.  Make sure that your agency contact will give your account the personal attention that you will pay for.

In the interview,  highlights of a strategy that was devised for a client similar to you in budget and needs should be presented.  Be very clear about your objectives and listen well,  take notes,  ask questions and get specific answers.  Do not be fooled by anyone who promises you x number of exposures per month or quarter.  That is the promise of a scam artist.

References and results

When an interview goes well,  ask to speak with 2-3 clients like yourself,  who are willing to discuss their experience with the firm.  What kind of media placements and exposure were achieved for clients with a similar  profile and objectives? How long was the campaign,  how long to achieve the desired results,  which agent managed the account, what  would they change about the process if done  again,  which additional services or quality controls might be written into the contract?

You will speak only with the firm’s most satisfied customers,  but the conversations will help you to form  expectations and learn what it’s like to work with a PR specialist.  You will also  confirm whether you should launch a campaign at this time.

Your story

Once you’ve signed on,  adequate time should be devoted to learning more about you and your business,  so that  story angles can be perfected and a strategy developed.  This is the REAL  reason to hire a PR specialist. Your story might focus on personal or business challenges you overcame,  your exceptional or innovative products /services/expertise, or your tenure and activity in a community that is meaningful to your clients.  You do not hire a PR specialist to merely blast press  releases all over the place.  You can  do that yourself.

A star is born

Events you might sponsor,  awards and special recognition for you to receive,  community and charity events you would be wise to attend,  television and radio appearances and articles in blogs, magazines and newspapers are all potentially part of  a promotional strategy that can be developed for you,  at a price.  Whatever it takes to position you well and generate  interest, confidence and excitement in you and your business should be done,  limited only by your budget.

ROI

Finally, you must understand how your PR firm demonstrates the work done for your account.  Make sure that you receive weekly or monthly activity reports.  Which organizations or media outlets were contacted,  for what purpose and what was the outcome? Compare the achievements of  your PR specialist  to your objectives  and make sure there is alignment.  You are paying for results and not excuses.

Thanks for reading,

Kim

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Build Your Self-Promotion Strategy

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I modestly propose several tactics that you might use to build a subtle,  yet effective, self-promotion strategy that will deliver not only name recognition and hits on your web site,  but also paying clients and enthusiastic referral sources.

Online Tactics

  • Set up a website that describes your services in language that clicks with your clients.  Demonstrate your understanding of what clients need when hiring for your category of services  by highlighting the solutions  you offer and problems that will be solved or avoided through your expertise.
  • Include website features at your discretion.  If a  ‘call to action’  that clients value can be devised, then use it.  If you are a public  speaker and can pinpoint what clients typically want to see and hear when a hiring decision about speaking or teaching is made,  then add a video of you meeting those expectations.  If you’ve written  ‘white papers’  that address topics known to be of interest to clients, then add them.  If you want to add your public appearances calendar to demonstrate that you are in demand by reputable organizations,  by all means add and keep it updated.
  • Establish a LinkedIn profile and use it as your adjunct web site.  Complete your profile and periodically add updates to showcase special achievements,  good business books you’ve read and professional events you will attend.   Join a group or two and stay up to date with what is happening in communities that impact or interest you,  whether alumni or professional.
  • Start thoughtful discussions in your groups and add comments to others’ discussions to build a reputation as a good resource. Visibility in your groups may lead to online relationships that can yield off line results like referrals or maybe even a client.
  • Set up a subgroup in Huddle Workspace for more specific  in-group discussions.   When it seems appropriate,  reply privately to a discussion and invite that person for coffee if the geography is convenient and it seems like a face to face could be mutually beneficial.

Off-line Tactics

  • Join or visit networking organizations affiliated with your profession, where you can meet industry peers and stay current with industry trends, challenges and business growth opportunities.  Join/visit additional organizations where you can meet prospective clients,  referral sources and perhaps find speaking opportunities to showcase your expertise.
  • Prepare a short narrative about a recent achievement:  an interesting project,  a marquee  client,  how you solved a vexing problem that stymied others,  how you brought something to the next level.  Write down your story and practice and perfect the language,  so you will have instant recall and be able to trot it out when necessary.
  • Do some public  speaking and establish yourself as an expert in your field.  There are numerous (alas, often unpaid) speaking opportunities at business associations, professional groups, colleges, adult learning centers and nonprofit organizations. Figure out a topic or two that you can authoritatively address and put yourself on a couple of calendars.  Referral sources/potential clients may be in the audience.
  • Volunteer for a cause that has meaning to you.  This can present a golden opportunity to meet movers and shakers,  potential clients/referral sources, demonstrate leadership and expand your skill set into areas that enhance you professionally.   You might chair a committee  or even propose a high profile event (I’m in the midst of both) and benefit not only the organization but also spice your CV.
  • Become a mentor to someone who will receive a much needed career boost when you share  your knowledge, insights and relationships.  Not only will you receive great satisfaction from guiding someone along the path of professional growth and success,  you will also gain an ally and will learn from the person you mentor.  You’ll benefit from the perspectives of another,  perhaps younger,  person who can broaden your sights and could also  reveal new business avenues for you.  Important benefits accrue to mentors,  including expansion of one’s professional network and renewal of  managerial and coaching skills.
  • Maintain your personal life.  Stay in touch:  send Christmas cards,  remember birthdays and congratulate friends’ accomplishments.  Go to your school reunions.  Go to the flower show or go hear your favorite blues singer.  Go away for the weekend or a week.  Learn to dance the samba or resurrect some long neglected talent like playing the xylophone.  Have things to talk about besides business!

Thanks for reading,
Kim

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The Subtle Art of Self-Promotion

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There was a time,  not terribly long ago,

The Diarist

when one’s accomplishments pretty much spoke for themselves. If you performed well in your chosen profession and discreetly let a few of the right people know, you were often rewarded with the promotion you deserved or the clients you coveted.

The pay-off sometimes took longer than anticipated, but eventually many of us got there, or at least reasonably close. The adage about the rewards of hard work offered numerous confirming examples to back it up. But that was then, my Freelancer friend, and this is now.

Today, the sizzle is worth more than the steak and appearances count more than capability. Exposure is no longer something that you die of, but will die without. Everyone is out there putting on a show, from politicians to athletes, corporate leaders and entertainers, Supreme Court justices, organized crime figures and a platoon of self-created “celebrities” like Paris Hilton and her BFFs and frenemies.

Shameless and relentless self-promotion in the pursuit of visibility/attention/ branding and image enhancement is rampant and sadly, has become an expectation. Average citizens are not immune and have been dragged into the fray by MTV Real World, FaceBook and Twitter, enticed to divulge and disseminate personal information such as who one drank with on Thursday night.

The advent of first websites and then social media platforms have forced Freelancers and business owners to establish brands for our products that are as strong as those created for Proctor and Gamble soaps. The choice and management of promotional strategies can be exhausting and bewildering. Several of the typical options can also be a waste of time, because visibility and noise level do not necessarily yield billable hours.

“What, you don’t have a ‘call to action’ on your website?” “You really should write a blog. And a newsletter.” “I have 500 + LinkedIn connections!” “I have over 2000 names on my mailing list.” “Absolutely, you should be tweeting about your business and letting people know what you’re up to.” “I go to at least one networking event every day. It’s what I do.” Aaarrgghh!

I propose that it has become necessary for the savvy Freelancer to devise a self- promotion strategy that achieves the following:

1.) Showcases one’s expertise

2.) Resonates with clients and referral sources

3.) Delivers desirable tangible results

4.) Does not consume an inordinate amount of time

5.) Preserves one’s self-respect

Next week, I’ll suggest tactics that you may find useful to include in your self-promotion strategy.

Thanks for reading,
Kim

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Survive and Thrive—Price to Profit

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Let’s segue into the pricing thicket,  which is where accounts receivable begin,  if you think about it.  I confess that I struggled with pricing.  I offer an intangible service and I knew of no way to find out what my competitors charge for similar services.  Clients pay what they think we are “worth”, but how is that determined?

The received wisdom is that clients are very price sensitive  and that they are more so in this economy.  Fear drives many Freelancers to price conservatively,  yet experts advise against that practice.   Many of us need a smarter pricing strategy,  because we’re probably  leaving money on the table.  We  just don’t know how much.

Pricing that is based on what competitors charge,  hoping that number will allow  you to cover costs and turn a profit (“cost competition”),  is what almost everyone does when they can figure out their competitor’s prices.  However,  pricing specialists  warn that this is unwise,  because that price will not reflect your value to the client.  In fact,  prices that fall below a certain threshold can even steer prospects away from a business.

If prices are perceived as too low, clients will suspect that the service delivered must be inadequate.  In a service business,  delivering the service and meeting (or exceeding) expectations are the overriding factors— not money.  The money is always negotiable when it is demonstrated or perceived that the service will deliver the desired results.

What competitors charge is important,  but that should not overwhelm your pricing strategy.  Ideally,  price should accurately reflect the client’s perception of the value of  the deliverables.  But what might that be? Different customers can have very different ideas about what a service is worth,  sometimes based on their ability to pay.

It is therefore worthwhile to develop pricing strategies,  rates and service packages for different categories of clients,  e.g. corporate and nonprofit rates,  with service packages tailored to meet each group’s typical needs.

Think counter-intuitively.  People pay for what they value.  They pay a premium for what is perceived as high quality,  expert,  reliable and trustworthy.   A good reputation, excellent credentials,  impressive client list and referral from a trusted source also influence the price that clients will pay.  If you are holding several of these cards,  you can charge more and clients will be happy to pay.

A useful counter-punch for gaps in your bona fides is your marketing message.   Make your intangible service appear tangible to clients/prospects.  Describe your service as providing deliverables that will produce measurable outcomes.  Make it easy to understand what you do,  so that clients can relate your value to their business problem and can picture themselves as the beneficiary of your unique solutions.

When setting prices,  it is better to err on the premium side.  This will position you as higher quality and will support profitability.  Furthermore,  clients probably don’t know what your competitors charge unless they’ve hired for your category of service recently.

So what if you’re totally in the dark about your industry pricing norms?  If you have money to spend,  hire a pricing consultant.  If you don’t have money to spend, visit gsa.gov/mobis.   Click products & services,  choose a category,  find a vendor,  click terms & conditions and peruse price and service lists used by firms that bid on federal contracts.  Also, you can learn what clients think of your pricing,  scope of services and delivery of services with a follow-up evaluation survey.  You may be surprised to learn that if you tweak a couple of things,  clients would be willing to pay more for what you do.

Thanks for reading,
Kim

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Fishing At C- Level

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Gotta be a big game hunter like Teddy Roosevelt.  Gotta find high level decision makers who can green light projects and not string you along.  Gotta bait the hook and fish for C- level execs,  so you can close some deals and pay some bills.  Oh yeah!

OK,  so how to do it? Let’s start by looking at the size of your C-level’s  organization.  If your client sweet spot is companies with fewer than 100 people,  you are likely to find the CEO, CFO, Executive Director or Development Director at a Rotary Club or Chamber of Commerce event.  If you’re fishing in organizations with 100 – 1000 + employees,  you may also find C-levels at Rotary and Chamber meetings,  but you’ll have more luck at university sponsored business forums or prestigious networking association events.

In general, when looking to meet C-levels in larger organizations,  it is wise to attend marquis events:  special speaker programs,  awards luncheons and industry specific programs.  C-levels rarely attend holiday parties or networking breakfasts (except for those sponsored by their prestigious networking group and those are usually private).

What if you need contact names and titles? Sometimes,  you can find company leaders on the website.  Other times,  you can call the main number and ask to be transferred to the head of a certain department.  You can also try to meet someone from the organization at a conference or  networking event and chat them up.  Such encounters may or may not pay off.  Employees may fear pissing off a C-level by revealing the name.

You can also use  ZoomInfo, which is a resource discussed in The ROI on 2.0 posting of December 8, 2009.   For a fee,  ZoomInfo will allow you to basically access a company organization chart and find out who leads which business unit.

Once you get specific names and titles,  then internet search,  read the ZoomInfo profile,  LinkedIn profile and anything else you can locate to determine where you might find those people and what their hot buttons could be.  Where might they go to meet peers and network or stay current on industry and business issues?

When you attend programs where targeted C-levels might be found,  skillfully devise the set-up.  Arrive early.  At the check-in desk,  scan name tags to learn who will be in the house.  If you see a name tag that’s on your wish list,  prepare an ice breaker.

I’ve found that comments about the speakers and program focus are excellent conversation openers.  Also, take notes at the program.  This will allow you to 1).  pose an intelligent question during Q & A,  which is wonderful for visibility as it encourages conversation with others,  including the speaker;  and 2).  can segue into a conversation with your C-level at the break.  Oh, and try to sit with this person at lunch.  However,  I caution you to not be too obvious.  Do not appear to stalk.

Remember that your C-level is also there to network and has an agenda.  If you are lucky enough to sit at the right lunch table,  relax and join the conversation.  Everyone will introduce themselves and there will be some mild talk of business.  You will meet a few more C-levels who may be good prospects.  Think relationship building and not selling.

Now for the ask. You need follow-up with your C-level.  Follow your instincts on the flow of your interaction.  If the program is short,  you’ll have to act fast.  In a day long program,  you may want to approach at the afternoon break.  Whatever the timing,  tell  C-level that your product/service has the capability to impact specific success factors or other business concerns that he/she is likely to have.   Ask if the need is being addressed and who might your competition be?  Request an appointment in or out of their office to discuss mutual alignments.

Be calm and professional,  get your point across and don’t arm twist.   No matter what happens,  you’ll learn whether you have a chance with this person and organization or not.  If not,  well,  you’ll know and will waste no further time on pursuit.  In 6-12 months,  you may cross paths again and maybe get another chance.  If yes,  you are on your way—don’t blow it! Focus on big picture outcomes and benefits and make your best pitch.

Thanks for reading,
Kim