Category Archives: Marketing

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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

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A 5 Step Value Proposition Plan, Steps 3, 4 & 5

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We continue to build the value proposition that will convince clients and prospects that doing business with you helps to make them more successful in their own jobs or businesses.  Let the important customers know that they are important by soliciting their thoughts and opinions about your products and services;  let them tell you what you do that makes their work easier or more productive;  and let them tell you what else you might do that would make their work still more productive or less problematic.

Step Three is to motivate customers to sell for you.  When you demonstrate to customers that they’re on the VIP list,  they will love that feeling of importance.  They will feel even better about doing business with you and will be inclined to talk you up and make good referrals for you.  Word of mouth is the most powerful form of advertising,  make no mistake about it.  It will give your business tremendous credibility.

Bring your top clients behind the velvet rope and into the VIP section.  Oh, and make sure you devise a “rewards program”  for this advisory board.  Pass along a few perks to those who help you upgrade your game.  Perhaps you also can make a referral or two?

So Steps One and Two set the stage for Step Three,  when top customers deliver to you prospects who are ready to spend money.  Personally referred prospects are likely to be pleased with your services, because they will have heard about you from one whom they trust.  An expectation of success will be established.

In Step four,  incorporate what you’ve learned in the interviews done in Step Two. Implement those suggestions that make good business sense.  Make the necessary adjustments if  you get the heads up on competitive activity or changing conditions of some sort.  Don’t let your good  work go to waste.

In conversations with your customers,  what common themes emerge? Be sure to respect and value in your business practices what your customers respect and value.  For example,  let’s say you’re about ready to trim certain costs in order to stay within a particular price range—yet the VIP crowd indicates otherwise.

If leading customers crave a certain level of service,  quality of merchandise,  or style of packaging and they are willing to keep paying for it,  don’t take it away and disappoint them! Stay the course and give them what they want.  They will love you for it and show that love by handing over more money to you.

Lastly,  in Step Five acknowledge your strengths and apply them to running your business. View your strengths through the prism of a restaurant.   Are you front of the house—excelling at customer contact and relationship building,   making sales calls, networking and schmoozing,  forming strategic partnerships?  Or are you back of the house—most comfortable and effective while overseeing operations,  crunching numbers, devising long term strategies,  negotiating a lease?

Recognize where you excel.  If you work solo,  perhaps outsource what can be comfortably handed over to another party (like PR or bookkeeping).  If you are going into business with partners,  make sure that skill sets are complementary and not competing. This will make roles and  responsibilities  easier to delineate and ensure that the important bases are covered, thus improving the venture’s chances for success.

So there you have it,  5 easy pieces that will help you re-examine and re-focus your business practices,  optimize client loyalty and goodwill,  encourage referrals and the right kind of buzz and build up your bottom line.  If you can convince yourself to try the first two steps,  I guarantee that you will be impressed with the results and sold on working through the entire program.

Good luck to you,
Kim

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A 5 Step Value Proposition Plan, Steps 1 & 2

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No matter what,  human beings must do business.  In feudal societies and capitalist dictatorships;  in flush times and depressions;  in war and in peace;  there will always be traders,  sellers and buyers.  Where there is a need (real or perceived),  there will be a product or service available to provide some level of fulfillment.  Someone always makes money.

The most successful sellers present the most compelling case,  i.e. the strongest value proposition,  for their product or service and  they become  market leaders.  Maybe you’d like  to position your business for that kind of success?  There will be work involved,  but nothing that is insurmountable. The process can be broken down into 5 manageable steps and implemented according to a timetable convenient for you.

Getting started is easy— ask your customers! They may know more about your business than you do.  They certainly know the market place in which your business operates,  because they navigate those waters as purchasers and consumers of the products and services offered therein.  Your customers have done their homework and they have chosen you.

Above all,  we must  value our customers and communicate that to them.  Big spenders, the VIP customers,  deserve to receive the most value.  Important customers can benefit a business in more ways than one.  They are able to become our opinion leaders,  our advisory board. These customers can play a key role in helping to grow the business. Understanding this is Step One.  Next, demonstrate your trust and respect by implementing  Step Two:  interview the VIP customers.

Identify your three biggest billable hour clients and invite those with whom you interact the most out to eat at whatever meal you can afford to buy.  Client priorities can change as their organization and business environment changes.  Organizations will change in response to economic,  leadership,  competitive and consumer preference changes.

Stay on top of things by asking your VIPs what you can do to better serve them,  help them to do business better or make their jobs easier.  You can also ask what the competition is doing,  what changes may be on the drawing board within their company, etc.  You get the idea.  You may even find out about new markets for your services.

If you can access your competitors’ customers,  take them out to coffee,  too and see what you can find out about that scene as well.  What next big thing (or old school remix) is winning the hearts and wallets of customers?

Strengthen relationships,  make important customers feel even more so,  find new business opportunities,  tweak your business model or your advertising choices and maybe even get your foot in the door with a competitor’s client. Talk less,  listen more, take notes and be humble.

Next week,  we’ll examine the remaining three steps that will help you to create a winning  value proposition for your business.

Thanks for reading,

Kim