Posts Tagged ‘new business’

Getting Known By Those Who Matter. The Brand Of You.

Tuesday, August 24th, 2010

I’m fascinated by branding. Perhaps it’s because I worked for two large consumer goods companies, Pepsi & Kraft Foods, where brands are what they live and die for.

But, branding in the world of consumer goods is very different than what you or I should do to build the brand of “You”.

A good to place to start, if we’re going to create a branding strategy, is to define what we mean by “branding”.

Here’s how Entrepreneur.com defines it: “Your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from that of your competitors. Your brand is derived from who you are, who you want to be and who people perceive you to be.”

That last sentence is particularly important and underscores one of the primary reasons why so many branding strategies just don’t gain much momentum.

People focus on the wrong stuff.

Here’s what I mean.

If the goal of the branding strategy is to become very well known by those who can hire you or refer you business, then the name of your company, your logo, website banner, the colors you choose for your marketing materials, becomes secondary.

What? The name of my company is “Secondary”? Bear with me-I’m not saying it doesn’t have value, I’m merely suggesting that you need to focus your efforts elsewhere.

Quite frankly, you just don’t have the marketing muscle and the financial resources to imprint a new name, or a logo onto the consciousness of your market. The last company to do that was Accenture, and estimates are that they spent over $200 million to do so. (Plus they had you-know-who as their celebrity endorser.)

So does that mean that attempting to brand yourself and your company (and I’m using the separate terms “yourself” and “your company” deliberately) is a fool’s errand? Not at all.

Rather, what I’m suggesting is that you approach branding from a different perspective. Remember the last sentence of the definition: “Your brand is derived from who you are, who you want to be and who people perceive you to be.”

A branding strategy has two distinct components. The story about the company and the story about the person behind the company. It’s the stories that get remembered, not the logo, not the name, not the font…the stories.

It’s a two-pronged strategy.

First are the stories about your company. These would include the stories about the problems you solve. Your case studies. Your successes. IMPORTANT… Remember that these need to be actual stories. Not three paragraphs which give a bare bones problem/result summary. Nobody’s going to remember those. And that’s what branding is all about-getting remembered by those who matter.

Flesh them out. Tell them in an interesting way. Make the reader or listener want to know what happened. If you engage me, not only will I remember you, but I’m also likely to tell your story to others.

Ted Irwin is a financial planner in St. Louis. He told me that his referrals went from 3 a month, to over a dozen. For him, that’s a huge jump. What did he do differently?

First, I’ll tell you what wasn’t responsible.

It wasn’t any new system, software, social media or marketing method. Ted gets almost all his business from speaking.

The change was that Ted shifted from telling audiences what he did, to sharing stories about his clients. Their hopes. Fears. Frustrations. How he helped. That got him remembered. That got his name passed along. That’s what quintupled his referrals rate.

That’s branding.

But it’s only the first part.

Back once again to the definition, “Your brand is derived from who you are, who you want to be and who people perceive you to be”.

The second area (and personally I think that this is the most important) is creating a brand around you. How you got into the business, how you experienced the pain your clients face, what you’re like as a person.

Judy McDonald is a HR consultant outside of Los Angeles. She’s been in business for 12 years and had by her own admission a practice that was, “OK, but not great.”

Her best year was 2009.

2009? Wasn’t that the year all the financial implosion occurred? When the unemployment rate went through the roof? When companies cut back on spending on anything deemed non-essential?

That was her best year?

It turns out that Judy made a shift in her marketing and branding strategy. She says, “I remember one thing you told me that you can’t out-McKinsey, McKinsey. If you’re not a big firm there’s no point in trying to be perceived as something you’re not. So I decided to take the opposite approach. I embraced my ‘smallness’ which meant that I started telling the Judy McDonald story.”

“Turns out that it resonated with people. HR executives at some very large companies liked my eclectic background as a former troubled teen, social worker and eventual leadership coach. It’s a unique story, that only I can tell, and it breaks through the clutter of all the ‘me-too’ solution providers that I compete against.”

“You wouldn’t think that a multi-billion dollar aerospace company would select me and my programs when they had the pick of all the large mega-firms in my space. But they did. And when I asked them why, they simply responded, ‘At the end of the day, we hire a person not a company.’”

Branding doesn’t need to be complex nor does it have to be expensive. If we remember that ultimately it’s all about being remembered by those who matter, then the strategy shifts from logos, fonts and image; to stories.

Well told stories about both your company and yourself.

That’s what gets you known. That’s what builds your brand.

Food for thought.
Mark

Related Links
Coaching on Developing your Stories

The Best Self-Study Marketing Program in the Universe (seriously)

Want me to write your website landing page or a sales letter for you?

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Successful Networking Strategies For Getting New Clients

Friday, February 5th, 2010

Let’s spend some time on the subject of networking. With all that has been written about networking one would think that we are a nation of highly skilled networkers. Unfortunately, this is not the case.

“An important lesson in networking is that you have to keep at it. I made the mistake a few years back of thinking that I had built my network to the point where I thought I knew every one who could be of help.

What I forgot is that a network is a constantly changing group of people. People change jobs, move or die. If you do not keep building the network it will shrink and amazingly fast.” Douglas Cumberland, Shipping and Transportation Industry.

Unfortunately, many people approach networking from the perspective that the overarching goal is to meet as many people as possible. This follows the premise that everyone one meets might know someone who could be a customer.

In theory that makes a certain amount of sense.

The plumber might know an executive who might have a need for your services. While the scenario is not inconceivable, the larger question is where do you want to spend your time? With a group of plumbers or with people who are more likely to directly buy your products?

It is a matter of playing the odds and where you want to invest your time. The key to successful networking is not only working the meeting in a productive manner, but also making sure that you are going to the right events.

What constitutes the right events will vary enormously depending upon what you sell and who you sell to. Thus, success in networking is equal parts strategic-What meeting should I attend?-and tactical-What do I do once I am there?

Introducing Yourself: How to Prepare Your Log Line

In order to get the most out of the time you invest in networking you have got to be able to communicate what you do in a way that is short, concise and memorable.

Sounds simple, but it is amazing how many people aren’t able to do this. When people describe what they do it tends to be either way too technical for the average person to understand, or way too general.

A too technical description of what you do is especially harmful if you’re trying to sell to the top-level decision-maker.

Most top decision-makers are fairly far removed from the detailed technical aspects of their business. If they were once technologists, they have likely moved on and are now dealing with a myriad of issues including sales, production, finance and human resources. They have specialists on their staff who deal with the technical implementation issues.

Thus, if you approach them with a highly technical description of what you do, it’s very understandable for why they would immediately refer you to someone on their staff.

Conversely, if you’re too general, it’s difficult to visualize what you do and as a consequence the level of interest will be minimal. Thus, you have to strike a balance between being too specific or too general.

For example, I recently met a fellow at a networking event. I asked him, what did he do? “I make people productive.” What type of people? “Everyone” How do you do that? “Lots of different ways.”

As much as I might like to, I’m going to have difficulty being aware of situations that might call for his expertise. In a networking meeting you’ve got to be able to communicate what you do in a way that is short, concise and to the point.

This is what is called your Log Line.

The term log line has its roots in the motion picture industry in which a two-hour movie is summarized into a single sentence.

For example this is a log line: A South Carolina pacifist plantation owner joins the war for independence after a British officer murders his 15-year-old son. As you may have guessed, that is the log line for the movie, The Patriot.

Here is another: A fact-based sea yarn about a skipper of a Massachusetts swordfish boat that finds itself in the path of killer storms. That is the log line for the movie, The Perfect Storm.

What we need to do is to develop a log line that is specific enough, without being confusing to somebody who doesn’t have our level of technical expertise.

For example my log line is, “I specialize in working with sales teams helping them make prospecting for new business more productive and less frustrating.”

This is readily understandable and encourages people to ask me appropriate follow up questions. How do I do that? What types of clients do I work with? My log line is the first step in ensuring that the person I’m speaking with has a clear understanding about what I do.

To develop your log line write down answers to the follow two questions.

I specialize in working with…Who? What type of Industry? What types of people?

I help these people to… Do What? Satisfy what need? Achieve what goal? Avoid what consequence?

Your log line is now mostly complete. All you need to do is combine the two sentences together. “I specialize in working with (Who?) helping them (To do what?).”

You’ll notice that my log line follows this format; “I specialize in working with sales teams, helping them make prospecting for new business more productive and less frustrating.”

Remember that your goal is to strike a balance between being overly vague and mind-numbingly technical.

A too general log line such as, “We bring good things to life” is as unhelpful to your networking efforts as a too jargon laden one, “We optimize channel distribution strategies to develop linkages and enterprise performance.” (The person actually sold magazine advertising.)

Remember that your goal is to be able to describe what you do in a way that is both understandable and elicits further interest.

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How To Get Your Calls Returned By Becoming an Industry Expert

Monday, February 1st, 2010

Mary Haven, who is a top rainmaker for her company believes that she gets her calls returned because her clients know that she has a wealth of knowledge about what’s going on in her industry. She can discuss business trends as well as who’s been promoted, demoted or changed jobs. This type of industry knowledge, or gossip, is very enticing. Taking a telephone call from Mary is really an opportunity to get updated on trends and who’s doing what in her industry.

Mary supplements her reputation by writing frequently for an industry trade publication and speaking at conferences, meetings and symposiums. She uses her speeches as a tool for staying in touch by calling existing and prospective clients and encouraging them to attend. Writing articles both enhances Mary’s credibility and provides her with a variety of excuses for staying in touch with her clients, both when she is researching the article and after it is published.

Focus is an important component in developing your reputation for expertise. Most people define their focus by industry. Others define it by function or by what department typically buys their services. Finally, others may have a geographical focus. Naturally, focus can be some combination of these three. It’s important to have a focus, otherwise it’s very hard to become an expert. If you don’t, it’s a little like saying let’s go eat American food. It just doesn’t limit your choices significantly in order to target your efforts.

Joining What Your Prospects Join

Once you’ve determined where to focus the next step is to join the group that caters to that industry or function. If you’re unclear on what association serves these groups, the answer is as near as your computer. Go on-line and access Google. Type in the industry or function you want, followed by the word, association. In a matter of moments you’ll see a vast list of potential groups that cater to your search criteria. It will probably take you a little bit of time to investigate the various sites that are listed, and it’s likely you will run down a few blind alleys.

However, with a modicum of effort you should be able come up with multiple associations that are worth investigating. Another benefit of this search process is that you will uncover special, one-time events that you might want to attend. I’d encourage you to get on-line with Google right now and see what your research turns up!

Reading What Your Prospects Read

The second strategy of successful rainmakers was that they read what their targeted group of prospects read.

Now, in order to do this they first had to find out what their prospects were reading. Fortunately, this is pretty simple and straightforward. The easiest way to find out is to simply ask your clients what they read. This is a good excuse or reason to stay in touch with your clients and it sends a very positive message about your personal commitment to their industry. Also pay attention to what magazines are lying around in the reception area the next time you call on your client. This not only gives you information about what your clients read but who else sells to this group of prospects.

When you’re reading these magazines or trade journals you’ll want to make sure that you’re reading them from a marketer’s perspective. How can what I’m reading help me build my business? An interesting point of fact is that few people who are mentioned in the press are ever contacted by individuals seeking their business.

This point was driven home a few days ago. I was in a local bookstore and happened to browse the magazine rack. I picked up a copy of the Harvard Business Review and noticed that there was an article in it by an old colleague of mine. Of course I was thoroughly impressed to know someone who was published in such a prestigious magazine, and took it upon myself to give this person a call a few days later. I knew that the magazine had been on the racks for the better part of a month, so I was interested in how many other people had called the author to congratulate him or to seek his business. I wasn’t terribly surprised when in response to my question the author replied, “How many people have contacted me? You mean aside from my mother? Just you.” The point is that hardly anyone contacts people who appear in print, and that’s a shame. It’s easy to write the author of an article you’re impressed with a short note, and if you don’t know the address, you can send it to them in care of the publication. It’s an easy and highly productive method to establish contact with people who would be difficult to get in touch with by other means.

Along these same lines it’s helpful to establish relationships with the business reporters who cover your industry. For example, since a lot of my work is with technology companies and consulting firms, I’ve made it a point to get to know the reporters who cover these areas. By being a source to them I’ve been able to establish relationships that are mutually beneficial. They get quotes and insights into the goings-on in these industries, and I get tips about personnel changes, mergers and relocations. I’m a little surprised that none of my competitors have tried to strike up similar relationships with these reporters.

Something else you’ll want to pay attention to as you’re perusing the trade publications is who is advertising? Again this is an often-overlooked area of opportunity.

I do a fair amount of business with one of the largest technology consulting firms in the country largely because they happened to run an advertisement in a trade journal. This particular ad listed the name of the regional VP and gave his phone number. That prompted me to give this person a call in which I referenced the ad and how effective I thought it was. This initial call ultimately resulted in an introduction to their national head of training. Today, this consulting firm is a valued client of my firm.

I used to think that if I actually contacted people who were quoted in the press or wrote articles they would think I was a pest. I incorrectly assumed that they got bombarded with telephone calls. Ironically, the exact opposite is true. Moreover, when you introduce yourself and say that you really enjoyed their article, it’s a very positive way to begin a business relationship.

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Understanding the Buying Mindset

Wednesday, January 27th, 2010

Ask any highly successful sales or marketing professional and they’ll tell you that the more you understand the mindset of your prospective client, the more effective you’ll be in crafting sales and marketing messages that resonate positively.

One key component of your client’s mindset is their readiness to buy.

While we may not have a great amount of control over this, it’s important that we understand the client’s buying mindset. It can take four different forms.

The first is what’s called the Building Mindset. The client views their current situation as one in which there is opportunity for growth. When a client is in a building mindset they are ready to buy goods or services that can help them achieve the results they want. Prospects in this mindset tend to be most interested in hearing about specific features and benefits and are less concerned (although not oblivious) to how your product compares to the competition. The focus is on how specifically your services can help them achieve their particular goal.

The more you can focus on the specifics the more effective your proposal will be to a buyer in this buying mode.

Conversely, there are times when your client is in Pain. Again, the client is in the mode of needing to buy goods and services, but they will buy from the person who can eliminate the pain the quickest. Speedy removal of the pain is the primary objective of the client. Given a choice between building and pain, you can rest assured that alleviating pain will always take precedent over building.

Not being aware of whether your prospect is in a building or pain mindset is often a common problem. Although you may assume that the client is in one mindset you need to be prepared to quickly shift gears if it becomes apparent that your initial assumption is incorrect.

The advantages of having clients in either a pain or building mindset is that you know they’re going to be open to buying services that will help them grow their businesses or alleviate the pain. The most challenging buying mode is what we call Happy State. That’s when the needs of the customer are pretty well served by the products or services he’s currently using. When the client is in this happy state there are a couple of things we can try to reinvigorate the need to buy.

The first is to let them know about trouble or pain that may be headed their way. In order to be credible, the more you can discuss specific examples of the problems others are facing in their industry, the more attention you’re going to get. Naturally, in order for this strategy to be effective you’ve got to be completely up to speed on what’s going on in their industry. You’ve got to be reading what your customers are reading, attending the professional association meetings, and learning about the issues that that are of most importance to them.

While giving your clients insights about the future is one strategy to move them off the happy mindset, an alternative strategy is to readjust their thinking about their business performance. This is particularly effective when you know that your client’s competitors are achieving greater levels of success than your client is.

“Yes Ms. Client what you’re achieving is good, however I must tell you that Your Chief Competitor just reported earnings that are 15% greater. We’ve done some investigating about how they achieved those results and I think we could help you do the same or better.”

Either of these strategies gives you a fighting chance of getting your client out of the happy state and into a position where they are interested in learning more about your products or services. Think about it from your own company’s perspective. Even if you were satisfied and content, if I was to come to you with information about why your competitors were more successful, wouldn’t you want to know how they’re getting those results?

When a client is in the happy mindset it’s generally easier to sell growth than it is pain avoidance. Unfortunately, we are usually short sighted and hope that bad events won’t hit us directly. It’s far more fun and sexy to grow a business than it is to focus on problems. It’s one of those terrible ironies that it’s very difficult to sell pain unless the person is actually experiencing it. However, if you have an appreciation for both mindsets you can quickly switch gears and position your presentation in a way that is most likely to be received favorably.

The fourth mindset is Fantasy Land, and unfortunately there isn’t too much you can do when your client is in this mindset, except wait. In the fantasy land mode the client thinks they are doing wonderfully, when in fact their results are terrible. Reality just hasn’t hit them yet. They’re living in a dream world. Although there is nothing you can do short-term to change their mind, the good news is that sooner or later reality will hit and then the prospect will most likely fall into the pain mode.

From a strategic standpoint you want to know the buying mode of your clients since this will give you clues for your speeches, articles and other follow-up activities.

For example, one of the challenges people face when they prepare a presentation or begin to write an article is that they don’t know what to speak or write about. A helpful idea is to focus on the business issues your clients are facing and the kinds of results they’re looking for.

In other words, discuss the buying mode that they’re in.

If you follow this strategy it is likely that your article or speech will have a broad industry appeal, since if something pains one company, there’s a high probability that others are also impacted.

This is yet another advantage of making sure you understand the buying mindset of your prospective clients.

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