January 27th, 2008
By: Shama Hyder
Another article inspired by the Godin-Meister.
The old way of doing business went something like this-
Come up with Idea–>Edit–>Launch Business
This is the NEW model-
Come up with Idea–>Launch—>Edit—>Launch–>Tweak—>Relaunch
The new paradigm of doing business requires you to be an editor. And not just any editor-but a masterful editor. You have to be able to add to your business on a minute’s notice. How flexible is your business? How flexible are you when it comes to implementing changes and improving your business?
A recent client of mine (a very talented HR Consultant) came to me because no one seemed to be contacting him for his services. He did get a few calls asking if he could find people jobs. He wasn’t too happy because he isn’t a head hunter. I took a look at all his marketing materials (particularly his website) and suggested an overhaul. His website didn’t adequately convey his talents or speak to his target market. I braced myself for the usual "but, I can’t just change everything…can I?" It didn’t come. Instead he said, "You know, I am looking to build this into a million dollar business. If that means I have to rebuild a few things I am in."
I knew at that moment that he would indeed make this into a million dollar business. He was open to change.
How open is your business or organization to change? Is it fluid? If today a client told you that they couldn’t understand how to navigate your website, could you change it? And how fast?
On that note, you may notice that our site has also undergone some changes. Let me know what you think!
Posted in Managing Your Business, Marketing Your Business | 9 Comments »
January 21st, 2008
By: Shama Hyder
This post has been inspired by Seth Godin’s recent take on gimmicks. So, what’s a gimmick really? It’s a stunt that gets (or is supposed to get) people talking. It’s red apple sales, sweepstakes galore, and more recently-Starbucks driving cars around major cities with magnetic coffee cups that look like they are falling. People see the cup and come rushing to warn the driver. In return, they get a gift certificate for 5 bucks …and the truth.
While gimmicks may work well in the retail world, they seldom fly when it comes to service firms. Service is built on reputation, and gimmicks hurt that to some extent. So what can service providers do to get people talking but not be seen as "gimmicky" at the same time?
Seth mentions how toll free numbers in the 60’s were considered gimmicks. So were banks being open on Sundays. What were initially seen as ways to inflate customer base, actually turned out to serve customers. That’s the first way to pull of a gimmick…
1) Do something to IMPROVE service- Sure, people may brand it a gimmick at first glance. But eventually it will be seen as an improvement in service. One good example is Dr. Jay Parkinson. He calls himself a small town doctor with the newest technology. He only makes house calls, and you have to apply to be his patient. What a gimmick! Or…is it?
2) It must be a win-win- You have to increase profits and your clients have to be happier/better served. If either side looses, it’s not a gimmick. It’s a loss. Many Attorneys and law firms are now making the switch from a hourly rate to flat fees. Some may say it’s a complete gimmick to gain clients during a faltering economy. But clients of these firms are seeming to say otherwise. Here is one firm going this route.
3) It has to be different- It’s not really a gimmick if people expect it already. Adding a 1800 number is no longer a gimmick, neither is replying to clients within a 24 hour time frame. It has to be an unique attention getter. A couple of years ago I read about a firm who hired a "Chief Happiness Officer" to make sure their employees were happy. A gimmick to get publicity? Perhaps. But last I heard, the company didn’t have any vacancies.
Posted in Marketing Your Business | 6 Comments »
January 15th, 2008
By: Shama Hyder
The US economy is not booming at the moment, and according to many experts we are somewhat on the brink of a recession. This is definitely affecting some industries more than others. Often professional services (the intangible) are the first to get cut during tight economic periods. But, there is a way to keep your business thriving in uncertain or stormy economic environments.
Here are 5 strategies to keep your business profitable during rough times:
1) Come up with a new way to attract leads: Think about what your target market needs NOW more than ever before. Is it a faster way to do business and close deals? Is it a way to cut supply costs? Perhaps they need some way to reduce turnover rates? As the economy changes, you can bet that your clients’ priorities will change as well. What is your target market’s greatest priority at the moment…and most importantly, how can you help them with it?
Example: Sally is a coach for real estate agents. As the housing market tumbles, her target market is feeling the pressure because they can’t close deals like they used to. Ideally, they would go running to Sally for help. But most people do the opposite. They feel they can’t afford to hire her services, so they go at it alone. Sally realizes that what her agents really need is some encouragement and solid advice. So, she puts together a panel of marketing experts and motivational speakers. She then grills them with solid questions, records the session, and distributes it online for free. Soon, the recorded session gets downloaded by thousands of agents all over the country, and Sally’s inbox is full of leads who are grateful for her support.
2) Establish yourself as the go-to person for your clients: Write helpful articles, provide complimentary consultations, and offer free tips and tools. Create a space (online or offline) that serves to guide and inform clients. Instead of turning to Google for generic advice, they should be able to call on you with their questions. This requires you to build a level of trust and credibility, and the fastest way to do this is by providing solid content.
Example: Joe is an accountant, and realizes that tax time is stressful for many of his clients. So he decides to start a monthly newsletter with the latest updates and tax saving tips for his clients. His newsletter catches on so well that people start forwarding it to their friends, and soon his practice is overflowing with new clients.
3) Redesign your marketing materials: As the economy tenses, people have less patience for riff-raff. Make sure your marketing materials are sharp and can cut to the chase. Your marketing materials should make it crystal clear to your market that you can help. Emphasize benefits over process.
Example: Diane is an HR Consultant who specializes in helping businesses retain good talent. However, people keep mistaking her for a head hunter. Diane realizes that her marketing materials need a major makeover. She invests in a professional copywriter and web designer to re-do her materials. She attracts 2 new clients within the month.
4) Increase your marketing channels: In tough times, you have to do more to reach more. If before you were using just email to keep in touch, you may now have to consider following up the emails with a call. Lead generation in tough times requires more reaching out. This also means you cannot simply rely on word of mouth marketing.
Example: Shelby is a psychologist who used to get all her clients through word of mouth. Now, her pipeline of prospects is drying out. She decides she needs to use more marketing channels, and she starts her own weekly podcast. She then distributes the podcasts online. In two months, she is approached by a radio station who is willing to pay her for the use of her podcasts (free publicity!). Shelby is no longer dependent on word of mouth marketing. She regularly attracts clients from her online podcasts and through the radio broadcasts.
5) Team up: Find another independent professional or company that offers services complementary to yours and team up. You can both cross-promote and reap the benefits.
Example: Rita is a small business consultant who works with start-up companies. She finds that a local accounting firm also works with start-up companies. She approaches them with the idea of teaming up. They will recommend her to their clients, and she will recommend the accounting firm through her blog. It’s a great deal for both of them. Within months, they are both adding new clients to their roster.
The bottom line here is that tough times call for a more service-oriented approach than ever before. Furthermore, you have to be willing to try many new angles to generate new leads.
Posted in Marketing Your Business | 6 Comments »
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