Tag Archives: Create

How Well Do You Know Your Target Audience? Five Points

Situation: A CEO and her team manage a growing and profitable company. She is interested in what others have done to expand their market presence and penetration. In discussion, other CEOs have been curious about her company’s marketing capabilities, and how well her team knows their customer base. The essential question that they ask is “How well do you know your target audience?”

Advice from the CEOs:

  • Become a thought leader:
    • This is Inexpensive because the company is already a leader in its field.
    • Marketing through thought leadership allows the company to get its message out with fewer resources than push marketing efforts.
    • Thought leadership adds credibility and educates the customer.
  • Qualify the need and/or the perception of the need. If there is no need, there is no sale.
    • It’s perfectly acceptable to ask clients about their challenges and needs.
    • Ask them to measure the need on a 1-10 scale.
    • Ask the client to play out the scenario without an adequate solution.
    • Ask the prospect how they have worked with others offering similar services to your company’s and how did that go?
  • Ask your customers to help.
    • Develop a Customer Advisory Board to test a new product or concept – a “Blue Ribbon Panel”.
    • Write a paper together with them to highlight the findings.
  • Use common sense, but:
    • Set measurable goals and listen to enough people to get more directed feedback.
  • The company’s internal staff is also a target audience.
    • Integrate departmental cultures to assure that they don’t clash.
    • Conduct collaborative off-sites to encourage cooperation and support.
    • Create processes for all departments and staff.

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How Do You Maximize Relationships on a Limited Budget? Three Approaches

Situation: A CEO is looking for cost-effective ways to boost her company’s marketing. They currently focus on trade shows where they can set up as many as 15 meetings per day. Their cycle for creating new relationships is typically 3-6 months. What can they do to increase client acquisition? How do you maximize relationships on a limited budget?

Advice from the CEOs:

  • Create a public relations campaign around your star designers.
    • An example is a successful campaign created by a well-known creative director with the theme “Ads I Wish I Had Done.” Given the prevalence of social media, programs like this can attract large audiences, particularly if there is wit and humor involved.
    • Consider analogous promotion for the company along the lines of: “Our designer’s favorite products.”  In a promotion like this company designers would “review” good industrial or commercial designs that other designers have done.
    • This is a thought leadership approach designed to compensate for the fact that the company designs for some heavy hitter brand names but is not allowed to reveal that information.
  • Given limitations in using referrals due to agreement with certain clients, how can these be avoided?
    • While the company is limited by agreements in place with certain clients, these agreements do not forbid subtle mention of these clients in 1:1 meetings.
    • Just take care that strict client confidentiality agreements are not voided. Instead of using specific company names, refer to them by industry or commercial sector.
  • Create and conduct your own design conference.
    • Start locally to test the waters and develop a successful program and format.
    • Once an effective format is developed, gradually expand the geographic reach to attract more attention and additional new clients.

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How Do You Improve Your Company’s Website and Internet Presence? Seven Suggestions

Situation: A company has not updated their website for some time. As it considers making changes, how can the company optimize their web site for marketing purposes? What have others found to be most effective? How do you improve your company’s website and Internet presence?

Advice from the CEOs:

  • Look at how the company is currently using their website and Internet to reach clients.
    • The company currently has email addresses for 80% of their clients.
    • They have been sending an annual survey clients through either mail or email and get a 40% response rate. The best response comes from email. Assure that the survey can be completed in 5 minutes or less unless the respondent wishes to provide more detail as an option.
    • The company has a web page that comes up prominently on Google.
    • They mail or email a quarterly commentary on company performance and initiatives to clients.
  • What are the advantages of print media and mailings versus email blasts.?
    • Does the company have the capacity to automate both envelope addresses and letters for clients without email addresses? If mailings are created manually it makes sense to invest in software to create automated mailings.
    • For more personalization, use stamps instead of meters.
    • Both factors make mailings expensive to prepare versus email communications.
  • The home page of the company website should focus on:
    • Who you are.
    • What you do.
    • Who you serve.
    • Why you do it better than others – what significantly differentiates the company?
  • Invite and include clients in volunteer work to deepen relationships.
    • The company is dedicated to volunteer work.
    • Extend volunteer work opportunities beyond employees to clients who are interested in the particular project.
    • Publicize this on the company website, and send personalized thank you letters – “We built it together as a family.”
  • Create forums on the site for individuals with interest in particular topics related to the company’s offerings and activities.
    • The value of honest discussion is better than no discussion at all.
    • This also keeps the company abreast of changing attitudes and priorities of clients.
  • Create resource lists on the company web site of firms or individuals offering services which complement the company’s offerings.

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How Do You Generate Buy-in as You Change the Business Model? Six Points

Situation: A company is changing its business model from fee for service, driven by individual contributors, to a contracted project model with teams delivering service. The driver for the new model is to deliver full solutions to meet client needs. The CEO is struggling to obtain buy-in to the new model from all stakeholders – employees, managers and shareholders. How do you generate buy-in as you change the business model?

Advice from the CEOs:

  • The objective is to obtain agreement on vision and direction as the company adapts over a 3-5 year horizon.
    • Benefits include: product vs. service sales, a growing annuity revenue base, increased stability for the company and improved career paths for all members of the team.
    • Risks include: massive change, fear accompanying any change, too rapid growth, and the changes to company culture that will accompany this
  • Acknowledge and celebrate what the company and team have done well and the success that this has generated. In addition, share the lessons learned from experience to date, as well as the new opportunities that these lessons have created and the reasons to change to take advantage of these opportunities.
  • Create an exciting vision that expresses the new opportunities. Consider an off-site “WOW” event to announce your vision.
    • Focus on what’s in it for them as stakeholders. Address how they can participate in the change.
    • Where are the opportunities? Do they include investment and ownership?
    • Focus on the next major steps and the doable objectives associated with each step.
  • The new direction will require a different type of manager – with skills and experience managing teams. This is a growth opportunity for all involved. Provide training to assist the transition.
  • Employee and manager skill sets (including the CEO’s) will need to adapt – identify what skills will be needed and how they can be found or developed.
  • The past culture has been highly entrepreneurial with little middle management. The new model may be different from the current model, but it can still be entrepreneurial in a different way.

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How Do You Create a Professional Development Plan for Employees? Four Points

Situation: A CEO wants to develop employment growth/professional development plans to help individual employees reach their next level of skill and/or responsibility. This includes determining company needs, skill sets requirements, etc., and a plan to fulfill these.  How do you create a professional development plan for employees?

Advice from the CEOs:

  • Start by defining company needs and the skills required to meet these needs. Ask:
    • Do we currently have staff in place with the requisite skills? How deep is our resource base?
    • Do we have individuals who desire to acquire skills where we are not deep?
    • Do we need to be looking outside for these skills?
  • Create a mechanism to enable employees to express their expectations and aspirations.
    • Ask about individual employee’s aspirations during quarterly manager / employee 1-on-1s.
    • Look for alignment between employee aspirations and company needs. If there is alignment draft a training plan to meet both the employee’s and the company’s needs.
    • Explore alternative options for them available within company. List skill sets needed. Develop a growth plan.
    • Ask employees to set three objectives for next 12 months. This is best done with a standard self-evaluation and aspiration form.
  • How often is the plan reviewed with each employee?
    • For specific action items – track follow-up to milestone dates.
    • Manager one-on-ones – monthly.
    • Quarterly or semi-annual evaluations.
    • Annual formal performance reviews.
  • How does the company, demonstrate that they are paying staff more than fairly?
    • Research salary surveys to determine how the company’s salaries measure up to typical local or regional salaries for comparable companies in the industry. Plan adjustments if necessary.
    • On the company level, produce data that shows overall company salary levels vs. industry averages in the company’s locale.
    • In individual salary discussions, let the employee know how their salary measures up against area averages for their position.

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How Do You Move from Informal to Formal Processes? Five Keys

Situation: A company is growing its sales capabilities and adding staff. The CEO wants to improve the company’s ability to generate new business. To date they have relied on informal channels to generate referrals. How do move from informal to formal processes?

Advice from the CEOs:

  • Establish as standard practice that all personnel ask for referrals in normal communications with:
    • Clients
    • Sales associates of partner firms
    • Individuals who are trusted advisors of potential clients – lawyers, CPAs, financial advisors.
  • Different groups – CPAs, lawyers, financial advisors, etc. – have different interests and potential fears about making referrals. In conversations with individuals from each group, ask why they make referrals, how they are serving their own clients, and what potentially concerns them the most about making a referral.
    • Once this data has been collected, develop proof statements for each audience that address their needs and concerns. These may be different between different audiences.
  • Do the same with new clients, as they become clients. Ask why they chose your firm, and what most appealed to them about the firm. Make this part of the initial client services interview. Collect this data and create proof statements about company performance that will appeal to other potential clients.
    • Note that the responses from brand new clients may be significantly different from those of clients who have been with the company for a year or more. The latter group knows the company, and this will color their vision. Responses of new clients will be more germane to the needs of prospects.
  • Create a system to track frequency of contact with key referral sources. This system will identify, among other things:
    • Contact name, contact information
    • Contact history (contacts to the individual by the firm)
    • Referrals received from the contact
  • After contacting an individual who has been referred, always communicate promptly back to the referrer that the company has made the contact and the results. Always say thanks. Provide the referrer comfort that they will not be shut out.

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How Do You Raise the Bar on Personal Performance? Five Suggestions

Situation: A CEO is constantly striving to increase her skills, both personal and professional. She has sought and participated in a number of workshops to facilitate ongoing improvement. Some have been helpful but others less so. What have others done to sharpen their professional skills? What about their personal skills – the human side? How do you raise the bar on personal performance?

Advice from the CEOs:

  • Focus on improving and sharpening your strengths, not on overcoming or improving areas that are not so strong. Look for ways that existing strengths complement each other and build on these combinations. This will naturally yield two benefits: raising performance and bringing greater satisfaction.
  • Create personal objectives that will help to sharpen existing strengths.
  • Conversely, develop workarounds for those areas which are not as strong. Look for talents among the others within the company that address the areas which are not as strong. Have them assist in work pertaining to these areas. They will enjoy this work because it complements their strengths, and you and the company will gain the desired results.
  • Take time to reflect and to recharge the batteries. Check current objectives and assure that these objectives compliment your long-term goals. Assure that you are focusing on the right priorities for YOU.
  • Find a mentor – in or outside of your industry. This will be an individual with experience who can provide you with guidance and clarity as you address both day-to-day and long-term challenges.

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Do You Need a Formal Marketing Function? Four Points

Situation: A small company serves a specialized, targeted group of customers. The founder/CEO seeks advice from the group on whether it is time for the company to create and staff a formal marketing function or can this be outsourced. Do you need a formal marketing function?

Advice from the CEOs:

  • The company services a specialized and targeted group of customers. However, they target the high end of this market, so the target market is smaller.
    • A highly targeted promotional and marketing strategy will work best.
  • There are two principal functions within marketing: providing direction to guide product development efforts and creating awareness of the company’s products through promotions and advertisements.
    • To serve a narrow market, the information and insight gathered from trade shows, technical meetings, the company’s sales and design engineers may be sufficient to drive product development efforts.
    • It may not be necessary to do more than this unless the company is planning for substantial growth and wishes to diversify the product offering in a short period of time.
  • To handle promotions and advertising there are two options: hire an individual to do this or utilize the resources of an outside agency.
    • The marketing plan should be refreshed and updated on a regular basis – at least annually.
    • A good task for the company’s marketing committee is to become aware of local resources that could help.
    • Identify marketing themes to guide advertising in specialty magazines, supported by trade shows, technical conferences, and on-site training session for key customers.
    • Create and maintain a calendar of marketing activities and assure that that messaging is consistent across promotional events.
  • If the strategic plan calls for substantially increasing the revenue base or broadening the product offering, consider a merger with a competitor that already has the ability and resources to meet these needs.
    • Just the planning exercise for a merger will help the company to evaluate the issues involved in market expansion.

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How Do You Create Values, Mission and Vision? Four Ideas

Situation: An early stage company wants to create core values, vision, mission, and a BHAG (Big Hairy Audacious Goal) to guide the company and inspire employees for the next five years. What are the most important aspects of this process? How have other companies done it? How do you create core values, mission and vision?

Advice from the CEOs:

  • As the founding CEO of an early stage company, define yourself first. What are your skill sets and talents? Start from the beginning: why did you start your company? What motivates you and what do you want to build or accomplish? What are you passionate about? What really turns you on? You are the individual who, in an early stage company, must inspire your employees. What inspires you and what has attracted your employees to the opportunity presented by your company?
  • Create your business plan around your dream. If creating something exciting and new or making money is important, how can you make creating something exciting or making money living your dream? If the most important factor is something else, how can you achieve this living your dream?
  • The US Government is desperate for export opportunities involving high tech products which will employ Americans. The opportunities are in new innovations, not commodities. For example, solar panels are high tech but they have become commodities at least in their current configurations. Look for something that is unique and new – for example software that helps to increase the efficiency and security of the grid.
  • Entrepreneurship is not about having a steady income. It’s about creating something new. If what you develop works, you will make money. However, if you want a steady income – go get a job.

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How Do You Optimize Your Buy/Sell Funnels? Three Strategies

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.

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