Tag Archives: client

Business Strategy , Leave a comment

Be a First Class Freelancer

by

What do clients want when they look to hire a Freelance contractor?  On a conscious level they know that a job must be done and that the time and/or expertise to do the job does not reside within the organization and so outside help must be brought in.  They know certain deliverables must be produced within a particular time frame and they know what can be spent to achieve their objectives.  But what makes a client hire one Freelancer over others who may be interviewed?  What is the secret sauce that can make you be The One?

Be creative,  perceptive and adaptable

During the first meeting,  First Class Freelancers can quickly and accurately assess client needs.  Failing that,  s/he will know the right questions to ask that draw out and clarify objectives and priorities.  The First Class Freelancer will know whether and how their own skill set will match with client needs and will be able to articulate that assessment in language that is readily understood.   As a result,  trust and confidence in your abilities are quickly established and the foundation for rapport-building and a productive working relationship is set.

An experienced pro

If you nail Step One,  the client will know that you have the goods to meet and very likely exceed expectations and that there is no doubt that you will get the job done and make him/her look good to both superiors and subordinates.  First Class Freelancers let it be known through their grasp of the client’s big picture needs that the ROI of bringing them in will be substantial.  Deadlines will be met and work will be of the highest quality.  This allows the first class crew to command  premium prices and the client doesn’t quibble,  because his/her reputation is about to be enhanced.  If necessary,  s/he’ll go to bat for you and get more money appropriated for the project to cover your fee.

Operate like a business

Be highly professional in client interactions and all forms of business communication.  Follow-up promptly,  invoice at the appropriate times and write good proposals  (that are really confirmations,  because you’ve impressed the decision-maker and pretty much know you’ll win the contract).  Present yourself as an equal and a peer,  but respect boundaries and remember that you have a green card but you’re not a citizen.  Radiate confidence and success  (but never smugness or arrogance).  Create the impression that although times are tough,  you have a viable client roster because you have credibility and competence.

After you’ve been out on your own for a while and identified the types of projects that you like and the types of clients that tend to hire you,  carve out a specialty niche where you can excel.  Resist the temptation to take any and every project that comes your way  (unless the cupboard is bare).  Develop the corresponding verbal packaging that will be your business introduction and elevator pitch,  as well as online and print collaterals that effectively represent and communicate your brand.

Smart negotiator

It’s during contract negotiation that your prospective client will know what you think your time and talent are worth,  how experienced you really are and the prestige level of the projects you’ve previously worked on.  If you accept the first offer that’s given and consequently sign for noticeably less than expected,  they’ll know you’re wet behind the ears or you’ve only done low-budget projects.  They’ll know you’re not in the big-time.  This information will also be telegraphed if you fail to discuss payment terms during contract negotiations and ask for some percentage of up-front money before you start work.

Get busy and write yourself a fist class ticket so you can get paid to travel in style!

Thanks for reading,

Kim

Professional Development , , , Leave a comment

The Road to Freelance

by

Many established professionals consider leaving the world of traditional employment and launching a Freelance consulting career.  The growing lack of job security,  as evidenced by the unemployment rate,  along with the increasing occurrence of toxic work environments endured by those who are working,  have caused many people to give serious thought to self-employment.

I’ve found much personal and professional satisfaction in Freelance nation but there are challenges.  Preparation is key and if you’re still on the job,  begin now to build the infrastructure that will support your transition.   Take the steps while on the corporate dime to sock away some cash and learn how to approach your business clients and contacts as an independent professional.  Learn how to package and sell your services and determine and negotiate fees for the scope of work you will perform.  Visit professional associations and meet Freelancers who do what you aspire to do and ask some questions,  especially on how to build visibility and credibility as an independent consultant in your industry.

Build your savings account

Aim to have savings that will allow you to cover your living expenses for 12 months.  You don’t know how long it will take to sign your first client,  or the one after that.  Freelancers,  especially in the beginning,  will need cash to float themselves,  especially if one is the sole or primary breadwinner.  Furthermore,  scheduled  projects have a nasty habit of being delayed or even canceled.

Start saving money now by eliminating those $5.00 coffee drinks.  Brown bag your lunch whenever possible and cut back on nights out eating and drinking by 75%.  Do not buy any clothing you don’t absolutely need and cancel any vacation plans.  Remember that in addition to paying for living expenses,  you may need to buy or upgrade technology hardware and/or software and will also need to pay for marketing materials  (business cards, website, etc.)  so that you can effectively operate and promote your business.

Business plan and business model

You must figure out how you will get clients,  select the services you will offer and how to determine your fees.  You must choose the marketing materials you will use and decide what they will look like.  You must define the best target client groups and know how to approach them and convince them to hire you for Freelance work—even if you’ve worked with them as an employee of you current organization.  Do you need to be accepted onto an approved vendor list in order to be considered for hire?  Discreetly ask questions of those you can trust to not rat you out to your boss.   Also get an understanding of the typical length of the sales cycle.

Additionally,  it is necessary that you assess the competitive landscape.  The presence of competition is good,  as it demonstrates the need for services you provide and shows that Freelancers are hired to fulfill those needs.  However,  you don’t want to be in an over-crowded marketplace,  unless you are a very heavy-hitter.

Finally,  summon the discipline to write a business plan.  A mission statement,  comprehensive marketing plan and basic cash flow and profit and loss statements will provide a useful road map to get you started and encourage you to examine what will be required to make your Freelance venture successful.  I wish you the best of luck.

Thanks for reading,

Kim

Survival Strategies , , 6 Comments

Pick the Right Clients

by

As a coda to last week’s post about understanding,  communicating and being rewarded with money and respect for your value, I add thoughts about how to recognize good and bad prospective clients so that you will be positioned to sell on value and avoid being treated as a mere commodity.

As mentioned last week,  it’s important to develop the confidence to understand and accept that your services are not meant for every possible prospect.  Those who intend to exploit and devalue Freelancers will get us nothing but a knot in the stomach and lousy pay.

I know all too well,  however,  that sometimes it’s about paying the rent and keeping the phone on.  Who among us has not worked with a client who was a complete jerk early in the game,  but we kept telling ourselves that we’re pros,  we’ll make it work,  just get the frigging money and pay the g-d bills?

Other times,  it’s about getting the right name on the client list and catapulting yourself to the next level.  So you roll with the punches and vow never to work with the SOB ever again.  Even billionaires wind up doing business with those they’d rather not, so they can stay billionaires.  Business is like that.

Yet we do have some measure of control over the clients we work with,  no matter how dismal the economy.  It starts with our very own business model and whom we envision as our target clients: Fortune 1000s and large not-for-profits,  arts or social service organizations,  medical device and biotech.  Perhaps you decline to pursue chemical companies that create seeds for genetically engineered crops,  or tobacco companies,  or start-ups of any kind.

Whoever your target clients,  you must avoid like the plague those who display disrespectful or unethical behavior.  The sorting process takes place in the initial meetings.  First,  pay attention to how the particulars of the project and its scope are presented.  There should be attainable goals,  specific deliverables,  a clear idea of what your role will be and a reasonable project time-table.

The client should probably do 70% of the talking in your first meeting,  but there should be space for you to add your insights to the discussion as well.  Your second clue is,  have you been invited to add your thoughts about possible solutions and strategies,  or is your prospective client the supreme expert who casts you in the role of supplicant?

Several months ago,  I spoke with a prospect who had one set of goals during a phone meeting and our first face to face and a rather different set of goals in our second meeting.  Our first meeting was great,  our second meeting was revealing.  The prospect did all the talking and blocked a true dialogue.  Goals had changed and they seemed unattainable to me.  My perspective was not sought and my value seemed unappreciated.  Further talks were postponed as the prospect decided to take a vacation.  Eventually,  she opted to shelve the project. I was furious at the time but  now realize that she did me a favor.

As you get to know your prospective client do not ignore how he/she speaks in reference to other Freelancers with whom he/she may have worked.  Very early in Freelancing,  I met a prospect who was oh,  so charming in meeting #1.  But in the second meeting,  he showed his true colors by making frequent references to how he was reliably able to hire Freelancers to work  “cheap”.  Also,  as he described the project,  my role and the deliverable,  he stipulated ridiculously scant hours and short time frame for project completion.

Definitely,  I should have walked right out of that clown’s office after politely suggesting that it might be best if he contacted one of his  “cheap”  Freelancers for that assignment  (I wanted to, believe me).  But I was needy and desperate for both money and a better client list,  so I meekly sat there and sucked up the attack on my professional value,  signed the contract and began work.

The whole impossible task was going nowhere and I was not even close to producing the deliverable as scheduled when lucky for me,  a ranking staff member realized the whole thing was untenable and stepped in to work with me.  That staff member understood my value and appreciated the contributions that I made to setting the stage for the project’s eventual successful completion (and also ensured that I was paid on time).

So what is the moral of this story?  As always,  learn to appreciate and communicate your value as a competent professional and insist that all who aspire to work with you do so as well.  It’s the only way to be a successful Freelancer.

Thanks for reading,

Kim

Sales , , 1 Comment

Sell on Value

by

According to business experts,  it costs 5x more in resources to acquire a new client than it does to retain an existing client.  That cost is probably greater for those of us who specialize in providing intangible services,  where relationships and reputation exert a huge influence on the ability to attract clients and generate billable hours.

It is therefore imperative to 1.) Expertly communicate a strong value proposition and 2.) Unfailingly meet client expectations,  even when the client doesn’t really know what the expectations could or should be.  Those of us in the service business,  tangible and intangible,  must learn how to make the customer feel as though he/she has won by doing business with us.

To successfully compete as a service provider involves confidence,  reputation,  personality and selling skills.  Have the confidence to believe in your value as a highly qualified expert in your field.  Develop the selling skills to communicate your value with self-assurance  (but never arrogance)  in a way that is easily understood and targets the needs of your prospective clients.  Make clients and prospects feel as if doing business with you is a very smart decision.

Accept that you are not mass market and that your services are not a fit for every potential client.  It’s been estimated that 1/3 of customers are focused primarily on price.  Do not waste your time with such individuals because they are not for you.  Most are negative and difficult to work with,  because they know the price of everything and the value of nothing.

Sell your unique value by building a portfolio of success stories to trot out and demonstrate the excellent results that you reliably deliver.  Use those stories to inspire confidence in your abilities  (in both the client and yourself).  Turn your client list into your sales force by obtaining word-of-mouth endorsements whenever possible.  Build trust in your professional capabilities.

Continue to demonstrate your value by fine tuning your listening skills,  so you will hear and understand both what your client wants and also what he/she really needs  (and that may not be the same thing)  and how you can best apply your talents to the project in a way that the client will come out feeling like a winner,  believing that hiring you was a smart decision.  Express your answers by using the client’s own words and phrases when possible,  using language that the client will relate to and appreciate.

Emphasize the customer service that you are known to provide,  the prompt response to client questions and needs and also your sensitivity to costs  (despite your premium pricing).  Let clients know that it’s actually less costly to travel first class.

Thanks for reading,

Kim

Sales , , Leave a comment

More Smart Responses to Common Objections

by

You’re a smart,  ambitious Freelance cookie and you’ve set up appointments this Summer with prospective clients who could award contracts that will pay you in fourth quarter and perhaps beyond.  You’ve thanked the saints for finally allowing you to sit down with a much sought-after prospect and the last thing you need is an objection slithering into your Garden of Eden,  ready to poison the victory.  Here are more smart approaches to common categories of objections that will help you put them to rest and start building a lucrative client list.

I.    Too Small

Your prospective client may be impressed with your insights and proposed solutions,  yet fear that your consultancy lacks the capacity to successfully execute complex projects.  There is a fear that the job you’re discussing is too big for your plate.  To counter,  reassure your prospect by emphasizing that his/her needs and priorities will always receive prompt and meticulous attention because all aspects of the project will be personally overseen by the principal—you.  Stress that you are always immediately responsive and able to elegantly customize all required services.  Furthermore,  should more hands be needed,  you have a carefully curated group of associates to call upon to handle specific tasks,  when necessary.

II.   No Money

Especially when looking to perform consulting services at not-for-profit organizations,  remember that meager budgets are an issue and the problem will continue to bedevil NFPs for the foreseeable future.  I’ve been burned by NFPs who’ve invited me in to discuss projects for which  (unknown to me)  there is no extant budget.  Getting reliable information about the financial reality may be difficult; even executive directors and board chairs can be evasive and coy about money.  They are not afraid to waste your time.

The game most often will be played by a small organization that has fingers crossed about receiving grant money.  However,  the hoped-for grant may not arrive and the client could disappear on you.  Protect yourself by trying to encourage transparency by breaking the project down into smaller bites.  Start by asking the NFP prospect what he/she would like to achieve and clarify what your role will be.  Diplomatically inquire as to whether a budget has been established for the project.

Next,  ask for project needs to be prioritized:  the  “must-do”,  the  “would be helpful” and “this too, if we can afford”.  In your written proposal,  package and price your services in ascending tiers,  thus scaling the project in accordance to client priorities and budget.  Clearly emphasize the ROI of the project and how it is an investment in furthering organization objectives and its future.

Thanks for reading,

Kim

Sales , , Leave a comment

Pareto’s Principle, or the 80/20 Rule

by

In 1906,  the economist and sociologist Vilfredo Pareto examined wealth distribution in Italy and found that 80 % of that nation’s wealth was controlled by 20 % of the population.  (In the U.S. as of 2009,  the top 5 % of the population controlled 63.5 % of the wealth and the bottom 80 % controlled 12.8 %.  Source: The Economic Policy Institute Briefing Paper # 292,  March 23, 2011)  Pareto dedicated his career to exploring the nature of individual and group social action,  along with studying the distribution of wealth in society.  Pareto’s discovery came to be known as Pareto’s Principle,  colloquially known today as the 80/20 Rule. 

Pareto determined mathematically that while numerous factors are connected to any given outcome,  only a select few are able to impact that outcome in a significant way.  Anecdotally,  I think most would agree that the principle holds up in real life.  The 80/20 Rule has been widely applied in business and several truisms have been noted, including:

  • 80 % of your sales are generated by 20 % of your customers
  • 80 % of your profits grow from 20 % of your working hours
  • 80 % of your sales come from 20 % of your product/service line
  • 80 % of customer complaints emanate from 20 % of your customers

Are you trying to get in the door with certain clients who will award to you the projects and billable hours that will allow you to achieve your profitability goals?  Of course you are!  Maybe it’s time to apply the science of Pareto’s Principle to the pursuit of an expanded client list and limit the randomness of networking and prospecting.  As Pareto discovered,  it’s vital to identify those critical few variables that provide the majority of leverage,  or problem-solving power,  when trying to achieve objectives.  In this assignment certain assumptions will be made,  such as the strength of your value proposition and your understanding of who would be an ideal client.

Get the critical few variable identification process started by listing all possible factors that influence your ability to sign a client.  Next,  pare the list down by filtering out the “trivial many”,  as Pareto termed factors that will have minimal impact on the desired outcome.  You’ll end up with about a half dozen critical variables,  powerful factors  that when impacted,  i.e. leveraged,  in the right fashion by the right person will influence the outcome and get you an audience with the decision maker who can award you a plum contract.

Ponder the critical variables on your priority list.  They have the power to either clear your path or block your success indefinitely.   Which critical variables,  if any,  might you be able to leverage on your own?  Which are beyond your reach and require the intervention of an ally?  Are any variables likely beyond the control of anyone save the client?  When you’ve determined which critical variables might possibly be leveraged by either yourself or an ally,  then consider carefully which of those factors will be most easily leveraged and how you should proceed.  You’re looking to leverage 20 % of the critical 20 %,  if you know what I mean.

On my priority list,  there are seven items.   Three critical variables appear to be within my control or that of an ally and four appear to be outside of my ability to impact  (including budget limitations).  Introductions and endorsements to the right people are both my barriers and critical success factors and I see a possibility for leverage.

Over the past 6-8 weeks I’ve had two endorsement/introductions to potential clients,  plus a promise from an influential advocate to try to help me resuscitate a client relationship that derailed because of competing organizational priorities and budget limitations.  At the end of July,  I will attend a conference where I hope to meet a certain prospect and I hope that the right person introduces us,  i.e. someone my prospect knows well and who will provide an endorsement for me.   I am working the 80/20  Rule,  planning to leverage critical variables wherever possible.  Wish me good luck!

Thanks for reading,

Kim

Marketing , , , , Leave a comment

What Consulting Companies Know

by

There are certain similarities between consulting companies and Freelancers.  The firms work on a project basis, as we do. They submit proposals and compete for clients, as we do.  Like us, the firm’s consultant comes to the client’s organization as a hired gun, takes on the assignment, produces the deliverables and gets paid.  The similarities seem to end there, however.

The fact is,  consulting companies get a lot more respect and a lot more money than Freelancers.  The consulting company’s value-added is perceived as more valuable than the Freelancer’s value-added.  Most clients have a great deal of trust and confidence in consulting companies (well, at least the person who hired them does).  As a result,  consulting companies are awarded the most lucrative projects.  Their calls and emails are always returned.

Likewise,  Freelancers who have worked for consulting companies are held in higher regard by clients and prospects.  Anecdotal evidence leads me to believe that they receive more lucrative contracts,  billing more hours and commanding a higher rate. Freelancers with a consulting company background appear to know a secret code,  know all the right moves.  I came to realize my knowledge gap through a series of casual meetings with an acquaintance of mine named Erika.

Erika once worked for a mid-size consulting company,  first in their LA office,  then in NYC.  Like me,  she facilitates strategy meetings in the for-profit and nonprofit sectors,  but we cannot call each other competitors.  Erika stands head and shoulders above me in terms of consulting savoir-faire and client list.  Next to her,  I am the country cousin!  Erika is a very cool girl and over time she took pity on my poor, untutored self and shared a few consulting company secrets.

Primarily,  the advantage gained from consulting company experience is that one learns how to build value into all client interactions.  The perception of adding value starts with the very first client meeting.  A consultant’s job is to deliver comprehensive,  data driven analysis,  insights and answers that produce the desired results. Those analyses,  answers and insights form the basis of the strategies that the client will be advised to implement,  so that key goals and objectives will be reached.

Erika lets it be known that she will deliver the goods.  In the client meeting,  she asks questions that reveal what the client wants and help her discover what the client needs–that information forms the essence of Erika’s value-added.  Next,  she confirms with the client that she’s accurately grasped the project scope and understands all priorities and timetables.  She follows up in writing and in fact boasts that she does not so much submit proposals as send confirmation letters.

Erika isn’t awarded every assignment she’s invited to discuss,  but her track record is very good.  Before she starts work on a project,  she also takes a few important actions to keep her value-added rolling:

I.  Recognize,  and if possible meet,  the organization’s senior management team: the CEO, ED and other key staff.  Their names and sometimes also photos are probably listed on the company website.

II.  Learn the thought process that led to the project’s initiation and approval.  If possible,  read the project proposal and review any preliminary work that may have been done.  Find out who supports the project and who opposes it if you are able, to learn who your friends and detractors will be.

III. Know the organizations’ basic financial data.  Read the most recent annual report and examine the P & L to learn the annual operating budget,  total annual revenue,  gross profits,  profit margin and operating margin.

IV.  Know your client’s top five competitors: key products and services,  annual operating budget,  total annual revenue and gross profits.  Know what differentiates each main competitor from your client and know each main competitor’s strengths and weaknesses.

V.   For nonprofit organization clients, know which agencies within a 10-20 mile radius deliver similar services or compete for a similar constituency.  Know where and how those agencies offer services that complement or compete with your client’s mission.

VI.   Cultivate good relationships with your project sponsor and other key project supporters.  Identify a couple of good restaurants near your client’s geography and invite your sponsor and/or those with whom you work most closely out for coffee or lunch,  as applicable.

VII.  Become a resource for useful information to your client.  Sign up for Google Alerts and stay current with industry news and competitor’s activities.  If an item looks particularly intriguing or urgent,  send the link to the right people.  This practice can continue after project completion,  as can the above strategy, to extend relationship building and value-added.  Your objective is to entice the client to engage you for repeat business and to refer you to others.

Thanks for reading,
Kim

Sales , , , 6 Comments

What’s Your Selling Style?

by

I will teach  “Become Your Own Boss:  Effective Business Plan Writing”,  a three part workshop  (total 6 hours)  held at Boston Center for Adult Education 122 Arlington Street Boston MA on three consecutive Thursdays 5:30 PM – 7:30 PM February 17 – March 3.  Register at http://bcae.org, course #420174 or use the direct link:

http://tinyurl.com/BCAE-business-plan

Like it or not,  every business owner and self-employed professional is in sales.  Selling skills are survival skills and they play a pivotal role in keeping one in business.

A Freelancer’s sale has two discrete parts.  In the first part of the sale,  it is necessary to sell oneself: credibility,  expertise,  dependability and agreeability.  We must convince prospects that we are capable professionals who are trustworthy and therefore eligible to be considered for hire.  In the second part of the sale,  our objective is to persuade said prospect to actually hire us for a specific project and award the contract (and pay on time, too!).

Selling skills are quite individual and each of us has a signature style.  Experts claim that only three selling styles consistently produce successful sales.  In fact,  based on observations of 800 sales professionals engaged in various types of selling situations,  63% of selling styles are prone to undermine the sales process and result in fewer successful sales.  Ouch!  Let’s take a look at some typical sales approaches,  some top-notch and some deadly:

THE BEST

The Expert

These pros know how to make selling seem effortless.  They have superior product knowledge.  They are on top of what is happening in the marketplace.  They know how their product stacks up against the competition.  They know the customer they’re selling to and they understand that customer’s objectives and concerns when using their product.  As a result,  they know which features and benefits to highlight,  how to best answer questions and objections and how to generate more sales.

The Closer

Depend on the Closer to snatch victory from the jaws of defeat.  They’ve got the magic words that can salvage a sale that is in danger of going down the tubes,  because they are particularly adept at finessing objections.  On the flip side,  their smooth-talking style can sometimes turn off clients.

The Consultant

Salespeople who employ this style are known for their superior listening and problem solving skills.  Consultants excel at positioning their product as a solution that will meet client needs.  Their shortcoming is that they tend to neglect valuable case studies and client success stories that can help clinch still more sales.  This type has the greatest potential to ascend to the Expert group.

THE REST

The Storyteller

Storytellers love to provide case studies because they are talkers and they love a good story!  Problem is,  they often talk past the sale and waste much valuable time in unproductive sales calls.

The Focuser

Members of this group are earnest,  enthusiastic,  know their product inside-out and believe in it deeply.  Typically,  Focusers are new to sales and therefore lack the experience that promotes confidence.  Focusers often exhaustively detail every product feature and benefit,  because they haven’ t yet learned to ask the customer questions about his/her priorities.

The Narrator

Narrators know the product cold and they’re well-versed in the nuances of the competitive landscape,  but they are overly dependent upon a sales  script,  so they deliver  the dreaded  “canned”  presentation.  Many (but by no means all) Narrators are new to sales.  They,  too,  lack confidence and cling tenaciously to marketing materials as they present.  Members of this group do not respond well to challenging questions or objections.

The Socializer

Socializers may initially charm clients with friendly banter about various interesting and amusing subjects,  but these folks forget their objective and don’t know how to get down to business.  They make few sales.

The Aggressor

As far as practitioners of this selling style are concerned,  a sales call is primarily a price negotiation.  They are sometimes able to score big wins and they rarely concede much.  Unsurprisingly,  clients can be turned off  by their often combative approach.

So how can you join the Best Salesperson group?  Incorporate these strategies into your next sales presentation:

  • Stay on message.  Every sales presentation should convey a single major theme.
  • While conveying that key product message,  limit yourself to three main points that focus on customer priorities and preferences.  Let your words paint the picture of how your product/service can deliver what the client values most.
  • Use case studies or a story that illustrates how a client with a similar profile and objectives successfully uses your product/service.  Present a case study that is clear,  concise and compelling.  Use the story to encourage the client to envision building a successful business relationship with you.

Thanks for reading,

Kim

Business Strategy , , , Leave a comment

Go to the Front of the Pack

by

I’m a little bit of an egghead and every once in a while I like to read a good study,  to keep myself current,  or even ahead of the curve,  on matters of health,  business or anything else that catches my eye.  Recently,  I read an interesting study on strategic competitive positioning,  a survey study done this year at Babson College’s Babson Executive Education.

Lead author H. James Wilson competes in triathlons and he used those competitions and their participants as the study framework.  Triathletes assess competitors in a clean and simple fashion:  who is Front of the Pack,  Middle of the Pack or Back of the Pack?  The first two groups are ranked as actual competitors and the latter is seen primarily as new to the triathlon scene and nothing to worry about.  MOPs and BOPs have one goal and that is to improve their time in every event they enter and move up to the FOP.

Wilson applied the FOP,  MOP and BOP classifications to 300+  global companies that had recently reported facing intense competition within their respective industries.  He segmented the companies as follows

  • FOP if they achieved greater than 15%  annual revenue growth in FY09  (5%,  16 companies)
  • MOP if they achieved 1-15%  annual revenue growth in FY09 (48%,  145 companies)
  • BOP if they showed flat or declining revenues in FY09 (47%,  144 companies)

The essential question of strategy is,  are you heading in the right direction?  Wilson knew that the FOPs were doing more than a few things right and to get to the heart of it,  he analyzed the FOPs and identified three ways in which they outpace the also-rans.  He then developed the following survey questions based on those strengths.

Wilson’s data indicate that if you can answer yes to each of the survey questions,  you’re on your way to the FOP.  How do you stack up?  Something to think about.

1.  Are you/is your company becoming more effective at meeting the needs of clients/customers?

Despite the economic downturn that spawned the planet-wide recession (depression?),  FOPs have maintained the trust,  confidence,  loyalty and dollars of their customers.  FOPs understand what customers want and they are better at anticipating future needs and trends.  They put resources into keeping a finger on the pulse of the customer and they know what resonates.  FOPs are proactive in market research and customer outreach.

2.  Have you/has your company recently implemented a significant innovation campaign or launched numerous small-scale innovation pilots?

Brainstorming ideas for new services,  fresh approaches,  an innovative marketing campaign or self-development plans is an important beginning.  It is always necessary to think things through,  examine the big picture and weigh the possible outcomes of your actions.  Just remember that  “implement”  and  “launch”  are the key words.  How many good plans have you left to languish on the drawing board?  FOPs understand that results come from deeds,  not words.

3.  Are you/is your company becoming more collaborative with other Freelancer colleagues/other organizations?

High levels of cross-company interactions distinguish FOPs more than any other factor studied.  FOPs are also more likely to inform those in their network about business opportunities.  As a result,  FOPs receive the benefits of reciprocity more than most,  when referrals come their way.  Think of  how you might include selected non-competing colleagues in business opportunities that would be mutually beneficial.  Perhaps this is the smartest way to scoop bigger contracts for both?  Plus,  you’ll gain exposure to another’s business methods and perspectives and that information will make you even more savvy and competitive.

Thanks for reading and Happy Thanksgiving,

Kim

Marketing , , , Leave a comment

Build Your Self-Promotion Strategy

by

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