Situation: The head of a small service company wants to become more strategic – more like a CEO. Ideally, he wants to create a small samurai team to help him expand. He prefers working with a range of clients to develop creative, out of the box solutions. How do you transition from boss to CEO?
Advice from the CEOs:
The eMyth Revisited by Michael Gerber is a valuable primer on how to bring in more clients and revenue. The critical question that this book helps to answer is “what do I want to build?”
The book walks you through the critical questions that will help to answer whether your true ambition is to be a Picasso with helpers or a company. The answer may be either, but how you build each is different.
The more that skills can tied to a tangible outcome the easier it is for clients to hire a company. Quantify past successes. Make it easy to justify hiring your team.
To add to your pipeline:
Help friends help you. Make it easy for them to refer you. This can be simple: YouTube videos or improving the company website to highlight past successes.
The company web site can’t be just OK – it must be the all-important credibility builder that the company needs. Recreate the site to wow the visitor and tell the company’s story. Make it fun and compelling.
Participate in groups or forums that your targets attend. Create presentations, webinars, etc. Establish the company as an expert with the answer and as a trusted resource.
Also present to professional organizations to establish expertise and credibility.
Testimonials are powerful – particularly if backed by metrics.
Collaborate with people with similar depth of experience who can help develop the pipeline. Offer them a cut of total job revenue.
Situation: A CEO is concerned that his company’s sales and marketing efforts are not effective. Too often the sales team finds a good prospect, but fails to convert them to the company’s offering. How can the company improve its sales conversion rate? How do you optimize your buy/sell funnels?
Advice from the CEOs:
To improve both your marketing and sales functions, it is essential to move the company’s perspective from the Sales side of the Seller’s Funnel to the Marketing side of the Buyer’s Funnel. Only by understanding your customers can you:
Create awareness of their needs,
Acknowledge interest in a solution to their needs,
Consider options and develop preferences among the possible solutions, and
Determine how to effectively communicate with them through your marketing and sales efforts.
In today’s world, a quality web site is essential to your business. The objective of the web site is to convince the customer that they want to talk to or do business with you. Your web site must tell them:
Who you are.
What your values are.
Why you are special.
And it must include a “call to action” – a convincing reason for them to call you.
To better qualify your prospective clients:
Develop a scripted telephone interview that can be conducted by your sales people or less expensive inside sales/marketing people to qualify prospects before you spend the time and effort for an in-person sales call.
Use targeted marketing programs to leverage references to prospective customers.
Have lots of conversations with potential customers to understand their needs. Tailor your value creation process to address these needs.
Special Thanks to Craig Olson of MXL Partners for his contribution to this discussion.
Situation: A company wants to revamp its marketing materials and web site. They have no in-house resources, and no specific direction has been set. What are the best ways to revamp your brand and marketing materials?
Advice from the CEOs:
The first thing to consider is whether this Is just an adjustment to your current marketing, or whether you really need a broader in-depth analysis of branding, positioning and how well this is communicated by your marketing materials and web site. If it has been several years since your last revision of materials and web site, these may no longer be in step with current needs.
If you are located near a major metropolitan area there are many marketing consultants who can bring both a professional approach and a fresh vision to the task.
Work with your Chamber of Commerce, industry organizations, and your vendors, suppliers and distributors to find companies who have recently revamped their marketing. Check out the web sites of these companies and see which appeal to you. Ask the ones that you like what consultants they used.
If your company sells to consumers, or sells to consumers through outside channels, you should consider social media as a part of both your marketing mix. Even B2B companies now see see value in social media. Choose a consultant with expertise in social media as well as traditional marketing.
Interview several consultants before you make your final choice.
Many small companies are financially stretched and don’t have the dollars to support a major market revamp. Are there ways to reduce the cost?
Consider semester or summer interns for some of the analysis, data gathering and perhaps some of the design or social media work. Students at colleges and universities are hungry for intern positions – both paid and unpaid – to satisfy college course and graduation requirements as well as to get an inside track on future jobs.
Key Words: Collateral, Web Site, Branding, Budget, Intern, Consultant, Vendor, Supplier, Chamber, B2B, B2C, Social Media