Tag Archives: Profile

Is It Time to Hire a Marketing Manager? Five Considerations

Situation: A small company has always used guerilla marketing as its marketing modus operandi – trade shows, etc. Their VP Sales recently left. They feel a need for a marketing plan and hired a company to assist them in understanding how they are perceived by their customers.  Should they continue to outsource, or is it preferable to bring marketing expertise in-house? Is it time to hire a marketing manager?

Advice from the CEOs:

  • How well do you understand your customer profiles? It is important to characterize, segment and understand your customers before you can understand your marketing.
    • What is the company size of your typical customer? Small companies don’t spend a lot on big trade shows, other than perhaps sending a couple of people as attendees. Event marketing may be a more effective way to reach small customers.
    • The company that you hired should be answering these questions for you.
  • Marketing is about creating an environment in which people are aware of you and find you versus your having to go out and find them. Social media have fundamentally changed the marketing challenge, emphasizing pull versus push marketing – commercials, ads, billboards, etc.
  • An important role of marketing is perception management so that when a lead or need arises, your company is a natural answer.
  • Whether or not you hire a person, you need a marketing plan. Once you have a plan, you need a marketing budget.
  • The company is now at 35+ employees. Fischer’s growth curve research indicates that at this size you need a professional in the marketing position – someone with experience who knows the ropes. This person could be inside or outside.

How Do You Communicate Your Value Proposition? Four Methods

Situation: A company offers a service that can potentially boost clients’ revenues by 50% or more. However, the CEO has found it difficult to communicate this value proposition to potential clients. While some clients understand and have bought the company’s service, too many others have not. How do you communicate your value proposition?

Advice from the CEOs:

  • Not everybody will buy any service, no matter what advantages it offers. Here are steps to take:
    • Make a list of clients that you have closed, and those that you have not.
    • Identify whether there is a difference in the profile of the clients that you’ve closed and those that you didn’t.
    • From the commonalities among those clients that have accepted your value proposition, create an ideal customer profile.
    • Use this profile to pre-qualify potential new clients and assure that they meet this profile before investing in sales efforts.

By focusing sales efforts on those clients that you are most likely to close, you will improve your close rate and also reduce your sales cost to revenue ratio.

  • As you cultivate a new prospect, identify those individuals within the client company who can block your sale. Make these individuals heroes for supporting your offering. Offer them appealing learning retreats. Offer augmentations that appeal to the unique needs of the client. Raise your prices to fund these augmentations, but more than cover these costs with boosted revenues to the client.
  • Focus on the key WIIFM – “What’s in it for me” – that will appeal to key purchase influencers. Enlist these people as your evangelists within the client.
  • Emphasize not just financial benefits, but quality of life benefits that will accrue to clients through your service. Back this with a guarantee that you feel comfortable making.

How Do You Generate High Quality Leads? Six Suggestions

Situation: A CEO wants the sales and marketing ream to generate higher quality leads. The company already uses referrals and networking. The CEO wants to know how other companies qualify leads before passing them on to sales. How do you generate high quality leads?

Advice from the CEOs:

  • The first step in a good lead generation campaign is to have a clear idea of who your customers and prospects are. Who are the current customers? How do you categorize them? Can you divide them into distinct groups?
  • Once you have divided your customers into distinct groups, develop a detailed profile for each group, concentrating on the most promising groups first. The profile will include demographics, potential purchase value, buying behavior, social media usage and preferred social media channels. Envision each group. Create a picture that represents the buyer and their personality profile. This is an important exercise because it shifts your focus from customers as lists to customers as people, and will boost the effectiveness of both your marketing and sales efforts.
  • After you develop customer profiles, rank them in terms of revenue potential to the company. Pre-qualify the high end buyer, not the low end. Target the decision-makers who can make a significant purchase.
  • Within each profile group, establish your own criteria for a good customer. Create questions which will help you to identify this customer.
  • Through social media and email campaigns, develop brief questionnaires and simple contests to help you to identify potential customers based on the criteria which you have developed. Develop a more detailed questionnaire turn leads into prospects.
    • Once a lead responds to your social media or email outreach have a sales person go through the detailed questionnaire with the lead prior to scheduling or going out on a face-to-face call.
    • You want to have well-qualified people making these calls.

How Does a Founder Hire His Replacement? Four Thoughts

Situation: A founder CEO, after many years building a business, has lost the passion that he had early on. He needs to hire someone to succeed him, assuring the ongoing growth and value of the company while minimizing ongoing personal involvement. How does a founder hire his (or her) replacement?

Advice from the CEOs:

  • When a founder has lost the passion to continue running a business it is time to move on. Passion is critical to meet the day-to-day demands of a business.
  • Before you start looking, decide whether you will continue to have a role in the business, and what that role will be. Will you remain Chairman of the Board and give up the CEO role? If so, are you ready to let go of the CEO role so that the right person can take it on? Typical company structures for Chairman/Top Manager roles are:
    • Chairman focuses on growth strategy, select PR and critical relationships.
    • CEO/COO/GM handles operational planning and day-to-day management.
  • The candidate that you seek will have the following profile:
    • Good energy, loves the business, but not ready for the risk of building a company.
    • When the right person has run the business for you for a few years that person may become your exit strategy.
  • Go to your next trade show with the mindset to find the right person. Many of the best candidates will be on the trade show floor – now working for someone else, but inwardly looking for their next opportunity.
    • Spread the news ahead of time that you’re looking. See who seeks you out.

What Are Best Practices Hiring Out of College? Four Thoughts

Situation: A Silicon Valley company finds it difficult to find good candidates locally, and also to attract qualified distant candidates to the Bay Area. They want to explore hiring talented individuals out of local colleges and developing them within the company. What are best practices hiring right out of college?

Advice from the CEOs:

  • Hiring out of college or graduate school is a good way to find long-term hires who can grow into positions. It is less useful if your need is for experienced and tenured individuals who can immediately get up to speed in a position of significant responsibility.
  • As in any hiring situation, you should review your hiring process before you start to hire. Many companies hire locally based on who applies or who’s a friend of a friend, rather than making an effort to recruit the best candidates.
    • What is your infrastructure? Do you have a system for identifying candidates who best fit your culture and needs? Do you have personnel who can mentor a new college hire, or are you willing to devote significant time to this?
    • An alternative is to hire consultants to develop a recruiting process or to mentor the new hire in specific areas of development during their first year or two on the job.
  • One CEO sponsors an annual competition at Santa Clara University for papers in his company’s field. This has won him considerable support at the school, and gives him access to promising students, several of whom he has hired. An advantage of this program is that the company gets to know the individuals and the quality of their work before making a commitment to offer them either an internship or a full-time position.
  • Be cautious using candidate assessment tools with college hires. An individual’s profile may shift significantly once they start working because there is a significant shift in priorities once an individual leaves student life.

How Does Social Media Aid Sales Efforts? Three Factors

Interview with John Lima, CEO, Coffee Bean Technology

Situation: As with anything new, there are varying adoption rates for social media. Many top executives aren’t sure  how social media can improve their sales. How can social media effectively enhance sale efforts?

Advice from John Lima:

  • Business is about people, and people are increasingly using social media to connect with others and to express themselves. Social media platforms encourage us to be ourselves – to take off the business mask that we normally present to the world. This enables the savvy company to better know their customers.
  • First, social media enable you to find customers more quickly. Almost everyone is somehow connected to social media. The problem is the inefficiency of searching for them through LinkedIn, Facebook Twitter, etc. Software-assisted search makes this more efficient. Develop a customer Social ID: a profile of what you believe your customers interests and buying behavior to be to serve as your social media connector.
  • Second, find people who fit this profile and engage with them in social media. Let them bring their conversations and interest to you, and refine your Social ID as you gain additional information. This gives you insight into the person – who they interact with and what interests them – and enables you to approach them as a human being. Envision an open marketplace where people connect first and then tell their stories. This allows salespeople to quickly build empathy and smooths the sales process.
  • Third, your evolving customer Social ID can help generate new leads. As the Social ID becomes more sophisticated you can develop key words to find similar customers. Software robots use these key words to find relevant conversations in Twitter or Facebook and flag then for a sales person who can then dig deeper to determine whether the individual identified is a competitor or a prospect.
  • To make this work efficiently, you want to have an integrated system with a set of tools that allows you to cost-effectively sift through the millions of daily entries logged through social media.

You can contact John Lima at john.lima@coffeebeantech.com

Key Words:  Sales, Marketing, Technology, Social Media, People, Mask, Customer, Connect, LinkedIn, Facebook, Twitter, Software, Social ID, Follow, Profile, Empathy, Relationship, Trust, Leads, System

What Is Changing The Game in Network Security?

Interview with Philippe Courtot, CEO, Qualys

Situation: Companies experiencing security breaches and data theft are regularly in the headlines. Those launching these attacks are increasingly well organized and very creative. What is changing the game in network security and how can you respond?

Advice from Philippe Courtot:

  • The movements from enterprise software to Software as a Service (SaaS), and from mainframes to PCs to mobile devices increase the challenges of protecting enterprise environments. Therefore, a cohesive technology platform is imperative.
  • Companies are sensitive to the possibility of attack at any time. There are three principal attack vectors: breach through web applications, breach through email and browsers, and breach by device. Between PCs, iPhones and Android devices, the PC is the most closely linked to the corporate intranet while often the most vulnerable because users are lax about updating their systems and applications.
  • Attackers often target a company executive or high level administrative assistant to access the user’s profile and passwords.  In one type of attack called spear fishing, the attacker creates emails tailored to the person targeted appearing to come from a colleague or friend. When the target clicks on the email, a small piece of code is inserted in the computer, which can give control to the attacker. Another way to gain control of a computer is through physical access. An attacker can learn about a pending vacation via Facebook or twitter, providing an opportunity for home invasion. Once the attacker has access to the computer, they can plant a control program on the system. When the user returns, the attackers can make fast, brief forays inserting additional code or taking data from the enterprise network. They may use the information themselves, or sell it to others.

Given these new realities, how does a company prevent attack?

  • First, the company must thoroughly analyze and understand their vulnerabilities which are all potential entry points for an attacker. Once vulnerabilities are mapped, work on a schedule to remediate them.
  • Second, you must educate all users about the threats. This is especially critical for any personnel who have access to secure company data.
  • Third, invest in and build additional defenses to shield all remaining vulnerabilities. Make sure that employees are drilled on the defenses and that they are used. One growing trend is the use of two factor authentication, requiring employees to carry token generation devices with them to use in addition to their password. These tokens can be delivered by smart phone.

You can contact Philippe Courtot at pcourtot@qualys.com

Key Words:  Network, Security, Breach, Data, Theft, Response, Mainframe, PC, Mobile, Enterprise, Environment, Criminal, Government, Attack, Vector, Social Network, Email, Browser, Web, Application, Device, Spear Fishing, Executive, Assistant, Profile, Password, Vulnerability, Educate, Defense, ID

What are Best Practices to Open New Markets? Five Thought Starters

Interview with Greg Curhan, CEO, Clickworker, Inc.

Situation: Clickworker was founded and has gained nice traction in Europe. Focusing first on Silicon Valley, they want to expand into the US. This means identifying companies that could use their service, as well as appropriate contacts within those companies. What are best practices to open new markets for a product or service?

Advice:

  • Start with a set of profiles of possible customers and contacts.
    • If you have a history of success, look for companies in similar industries, and with similar profiles as your current customers. Build a set of profiles of customer companies, and use these profiles against the lists that you develop to identify and prioritize prospects.
  • Develop a list of who’s in your addressable market and narrow this list to prospects.
    • Work with your staff and systematically review past jobs and companies that you’ve been associated with, including vendors and suppliers. Identify a list of possible target customers, and use LinkedIn, Link Silicon Valley and other social networking sites to confirm and develop your contact list.
    • Also work with companies that develop and update databases of local companies including contact lists, web sites, telephone numbers, revenue data and SIC codes. For example, Rich’s Business Information develops searchable lists of companies Northern and Southern California. Dunn and Bradstreet and others also sell searchable lists of companies and positions.
    • Subscribe to the locally published Business Journals in your target markets. These Journals generate Books of Lists of local companies and contact information.
    • Network with those you know and ask who they know. This is more effective once you’ve developed a set of profiles, so that you can clearly characterize what kinds of companies you seek.
  • This is an initial set of ideas. What has worked for you as you opened new markets?

You can contact Greg Curhan at greg.curhan@clickworker.com

Key Words: Customer, Profile, Contacts, Suspects, Prospects, LinkedIn, LinkSV, Social Networking, Rich’s, D&B, Business Journal, Network