PRACTICE MARKETING blog

Several recent experiences, both personally and professionally, with my clients & others have deeply reinforced to me what I’ve held as an accurate & authentic formula for what it takes to be successful as a Practicing Professional. I assert it holds true regardless of the state of the economy, or almost any other forces we may encounter. In fact this (not so) secret formula seems to hold whether you are a practicing professional, a business owner or an employee. I assert that the (not so) secret formula, as it became more apparent to me a few years ago, is simply the following:

To be successful, you only really need to:

1 - BE People Centric

4 - Do Great Work

Here’s how I distinguish these four tenets of success: Click Here...For the rest of the story

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In an Advisory, Consulting, Coaching model, potential clients often start out skeptical, then get enthusiastic when you show them the results that are possible for them when they engage with you. Then the reality sets in - that they will have to do something & be in action in ways that they are not comfortable or familiar with, and certainly they are not in the habit of doing things the way that you propose.

This all leads to their concern (fear) over what it’s going to take from them to “get over the hump” in order to get the results they want. Ultimately many then become resigned, focusing on all the reasons they can’t do what you propose, and then come up with every conceivable “objection” (real or imagined) to engaging with you. Price is the most prevalent objection, even though it is rarely the “real reason”. The real reason is that they either don’t see the value, or more likely, that they are afraid they won’t be able or willing to do what they need to do (their part) to create the results they want.

I recently converted a prospect into a client that followed this path. They were originally a “yes for sure”, then canceled, then a “not now, but definitely later” and finally a “let’s get started now” confirmed new client.

As for the how – I went above & beyond in offering Business Coaching (I’m also an experienced Business Coach) to help them move past what was standing in the way (themselves). This was as simple as a no-fee coaching session, and a couple of phone calls & emails. More importantly I refused to just give up (I wouldn’t buy into their resignation in the matter), but I was also not “attached” to gaining their business or desperate in any way. I just committed myself to their success – and – committed to their becoming a client now vs. later and the value that I could provide for them if they did.

The question is – where can you go above and beyond for a potential client, adding value up-front, that shows your commitment to their success? Perhaps you could show them a path forward, a way that they can do what they don’t believe they can’t do, to get the results they want.

Mark V Bullock Partner / PMA www.PracticeMarketingAdvisors.com www.MBullock.com

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Now more than ever you need to differentiate yourself from your peers. Everyday you hear that times are tough and that money is tight. This may be the best news that you have heard.

What am I saying? Have I lost my mind? Just the opposite: read on. When times are tough and money is tight, one of the first budget items that practices and firms cut is marketing. Cutting back saves money doesn’t it? Actually, cutting back on marketing can create an even deeper problem called smaller market share.

Not investing in marketing is counter intuitive to good business thinking. When you promote yourself when many aren’t, prospective clients will consider you above others. This climate presents the opportunity that you have been waiting for and lends itself to a high ROI for your strategic marketing investment. Do not be one of the many who act counter-intuitively to good business sense. Grab as much of the market share as you can handle, while others cut back.

You can market yourself with little or no cost. Actively gather testimonials and referrals. Publish a blog and an e-newsletter. Attend targeted networking events. Set up speaking engagements. These are just a few ideas. For maximum efficiency and accountability, retain a marketing coach.

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Have you noticed that many professionals spend a great deal of time and money on collateral literature? They hire a graphic artist and a copywriter to put their masterpiece together. They spend hours discussing design and colors.

The finished product is this four color trifold brochure. It tells the history of the business with all the services and features provided. This truly conveys a professional image that one is proud to hand out.

Have you ever received one of these brochures? I am sure that you have. Did this piece of work motivate you to buy? Did you read it from cover to cover? Most likely the answer is no.

You accepted it graciously and wanted to know how this service or product would make you money or save you money. Somewhere in the brochure it was mentioned but it did not stand out, nor was it compelling. In fact you never even read it before putting it on your desk.

If this sounds familiar, what has been accomplished? I call it collateral damage. The objective to grab the interest of the prospect failed and you are told that it will be read. If there is interest they will get back to you.

Your objective should have been to uncover the needs of the prospect and demonstrate what is in it for him/her. The hot buttons can only be hit when the prospect tells you what they are. Literature, though nice, does not accomplish the objective unless it is uniquely customized for the prospect.

You would be better served spending more time on relationship building; more time on presentation and discovery skills; more time promoting your expertise and less money and time creating pretty brochures that are about you. The result would be less collateral damage.

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Many people today are frightened and misfocused. You may be one of them. Are you looking back and rehashing the things you did wrong or could have done differently. Well, none of us have the ability to change the past. What we do have control over are our actions going forward. Therefore you may want to focus your energy on the future.

You have the ability to stop wasting your energy on events that are beyond your control. Find a mentor or a coach who could help you get clear on the activities that would be in your best interest and the right actions you can take now. When you are in action good things usually happen. Not only will you have your focus properly directed, some positive results may come of it.

I hope that these words help you or someone you know who could benefit from a mental adjustment.

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Are you getting any comments from prospective customers like “our budgets being slashed”, or “It’s not in the budget”? I will paraphrase Jeffrey Gittomer: “Why are you selling to the person that has to go ask Daddy for the money, when you should be selling to Daddy in the first place?” It’s an abrasive, but I believe, valid point.

Here’s how it works; The principle or CEO sees a possibility & an idea or belief of what it will take to improve her/his business from YOU (salesperson/consultant/trusted advisor). He/she then delegates/introduces you to the Director of _______, with accompanying words of encouragement and/or direction to explore what you are suggesting & see if it will work for them. If there’s a strong potential fit/synergy/ROI, then surprise – surprise, money/budget that didn’t exist for the Director of _______, suddenly & almost magically becomes available.

I’ve personally sold millions in products & services by bypassing the entire decision chain, and speaking directly to the person that holds the proverbial purse strings. Most of which were never “in the budget”. Warning – it requires dedication to effective & creative marketing, not to mention strong & clear communication skills to get and keep the ear of the decision maker. Also, it’s not often you can even get there at all - through the “normal channels” of bureaucracies, management ego’s, and gate keepers that are so prevalent in mid-sized and larger organizations.

I assert that effectively reaching & engaging with the prime decision maker requires a whole new level of commitment, one beyond what most of us have ever experienced. A commitment to a cause, to making a difference for a client, their employee’s, and their customers. A commitment to add real and tangible value. This absolutely has to supersede your desire to “make the sale”. The $$ comes as an effect of your commitment to your cause and to your client, not the other way around. Take a stand (as in “stand out”) for something both you and your target markets prime decision makers both care deeply about. That’ll get you on their radar screen!

Lastly, it takes a commitment to leveraged, effective, and consistent marketing & branding. Consistent “value first” marketing that uses a web of channels, clear value driven collaterals, and consistent touch points to convey the most valuable thing you have to offer – your cause/what you stand for - Your Personal Brand.

Mark Bullock
Partner – Practice Marketing Advisors
www.PracticeMarketingBLOG.com
www.MBullock.com
 

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I recently received an unsolicited email “Newsletter” from a well intended but misinformed motivational speaker. It was sent TO: me from an MS Outlook account, with 70 or so other recipients plainly listed in the TO: field as well. Effectively distributing to all the recipients - all the other recipients email addresses. The “Newsletter” was in the form and attached PDF of a scanned, blurry, & tilted paper document. Additionally there was no obvious or automated way for me to “Opt-Out” from future emails.

Aside from the unwelcome intrusion, and a chuckle about how unprofessional and ineffective their email marketing campaign is, I was struck by the total ignorance by the well intentioned sender that what they had done is called Spamming, and it’s illegal. So I wanted to share with you a couple of nuts & bolts tips on how to avoid making a similar blunder.

1 – Don’t use your desktop email program for bulk email – EVER (no, don’t just use BCC to get around the TO: field problem, because it doesn’t always work). Get an automated & compliant email list management service like Openmoves Email, Talkware Media, or even Constant Contact. They’re cheap, easy to use, will give you valuable tracking & feedback or your email campaigns, and most importantly – they’re CAN-SPAM Act compliant.

2 – Compose your emails for delivery as both HTML & plain text. Most of the services above will automatically deliver which ever format the recipients email program will accept. What ever you do, don’t include an attachment. This will almost always get your email either rejected or un-opened (unless you are a “trusted” sender for that recipient). Alternatively you can include a link (Web address if in text) for readers to follow to get a PDF or other document from your Web site.

3 - Always include an “Un-Subscribe” or “Opt-Out” link at the bottom of both versions – it’s the law folks, just do it.

4 – Use the automated tracking features of your chosen service to see who’s getting it, who’s opening it, who’s forwarding it, etc, and who’s not. Process your blocked and/or returned email so as not to get blacklisted by the email Spam Gods.

5 – Once you have all of the above figured out, now you can put an “Opt-In” form on your Web site or Blog for people to subscribe (permission marketing) to your content. The form is linked back to your email list management service for automated processing (Auto-responding) – but that’s for another post.

Mark Bullock
Partner - Practice Marketing Advisors
www.PracticeMarketingBlog.com
www.MBullock.com

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I only recently put myself up on LinkedIn, Facebook, and MySpace. This was after years of not really getting what the value was, and my concerns over the “professionalism” of my being on such sites. But, I bit the bullet and set-up my profile on each, and started wondering - now what?

I figured out that it was probably a good idea to scour my address book for the people in my own network that were already on one or more of these sites (some I had not been in touch with for years). I found a few dozen, and decided to invite them to “join” my network. About half of those I invited joined – ok, not sure what happened with the other half, but now what to do with those I was connected to? How could I leverage this medium, what could I contribute that would be of value?

Then it dawned on me, how about making “recommendations” and/or “endorsing” the people I knew. It would be a simple gesture, acknowledging who each of these people were for me. Many I had not directly done business with, but I could certainly speak about their character – what kind of person they were. So I took a Sunday afternoon and wrote about 25 recommendations and/or endorsements for those in my “network” on LinkedIn. I spoke from the heart, in plain language, again simply acknowledging these people for their individual contributions to me, or the community around them – what ever came to mind.

What happened next frankly stunned me. First off a handful of individuals immediately recommended or endorsed me back – thanks guys! But what was more important was the emails & calls I got thanking me for my endorsement, and wanting to know how I was, what was up to, and when could we meet for coffee – lunch whatever. Now as I said, some of these folks I hadn’t interacted with in a few years, and honestly most were not aware of my career shift towards marketing.

In short the combination of relationship “re-connects”, “cross-connects”, direct business, and referred business that I received thought this simple act of endorsing others, was totally disproportionate to the relatively small effort I initially made. You see I had stumbled on a powerful secret – I made it about them, not about me. The moral of the story: Join an online social network, be authentic & generous, connect & endorse others. Business is conducted personally between people, people are personally connected to each other – get personally connected – conduct more business, personally!

Here's a cool video on Social Networking

Mark Bullock

Partner / Practice Marketing Advisor

PracticeMarketingBLOG.com

MBullock.com

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What do your clients think about you, but aren’t telling you? What comes to their minds when they think about making an appointment with you? What do they unconsciously know they can count on from you?

You see, you have an impact on your clients and in fact everyone you interact with. Whether you know it or not. Whether you see it or not, and whether you intend it or not. It’s the same impact that carries through from your marketing efforts, to your initial conversations with someone, to your follow through with a long term client relationship.

What is your single biggest impact? It is simply your integrity. Do you do what you say, when you say you will do it? Do you Honor Your Word? Let’s be honest now, we all have our reasons for being late for a meeting, or not completing a project on time, or missing a conference call. Circumstances and reasons abound. But your circumstances & reasons don’t mean anything to your clients, not really, nor to anyone else who needs to trust you, only whether they can count on you or not. It’s that simple.

There’s a rule of thumb that says “how you do anything, is how you do everything”. In fact this rule is embedded in our psyches. We unconsciously know when dealing with someone who is late or in some way breaks a promise -that we can’t completely trust them to keep future promises. We also know when someone shows respect for our time and attention, by being on time, and fulfilling on their agreements, that we can probably trust them in the future, and even outside of the context of our current interaction.

So the single most powerful client retention tool is simply to Honor Your Word. To do what you say you will do, when you say you will do it. But what if on occasion, despite your best efforts, you can’t? Then notify the other party at the earliest possible moment, in advance if at all possible, and make a new promise of time/delivery and keep it. In other words, acknowledge the break down, clean it up, and move forward. Make this a day by day, moment by moment practice, and watch your practice and the strength of your relationships grow!

Seth Godin touches on this principle in his blog at http://sethgodin.typepad.com/seths_blog/2008/09/time.html

Mark Bullock

Partner / Practice Marketing Advisor PracticeMarketingBLOG.com MBullock.com

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The cost of acquisition of a new client can be very high, both in $$ and your resources and yet the typical practice/firm puts out 80% of it’s marketing effort towards acquiring new clients and only 20% on existing clients. Marketers in the know – know you should reverse these percentages. The fact of the matter is you’ve already made the investment to reach your existing clients, develop a trusted relationship with them, and proven your value to them. – But – do they know how else and in what other ways you can serve them going forward?

It’s crystal clear in this market place the value of branding yourself as a specialist. But that doesn’t mean you can’t capitalize on more general or other specialist opportunities with existing clients as those opportunities arise. And frankly – why not create those opportunities in the first place?

Here’s a couple of quick samples:

1. Some folks are uncomfortable referring others, or you may be uncomfortable asking for them. So how can you always follow the marketing thumb rule of always ask for referrals? Here’s the secret – Don’t ask for a referral – ask for an “introduction”. After confirming your client is happy, simply ask if they know anyone they would be willing to introduce you to. Make sure you are willing to give away an initial meeting to advise or council. This is a much softer sell, and far less threatening request than asking for your customers to essentially “sell” you to their friends & associates.

2. Add every client to your ongoing follow-up system. IE. your email/snail mail newsletter, your seminar or event invitation schedule, your promotional invitation schedule, copies of any and all press you receive, etc., basically any and every chance to stay in touch. Also, don’t forget to invite them to any fund raiser / charity events you sponsor, golf outings, trade show’s they may enjoy, etc.

3. Lastly, consider developing a small & affordable, value driven, maintenance/update program. This could be a yearly Will review, or a bi-annual financial planning review, anything you can turn into a retainer and/or recurring revenue that keeps you top of mind and creates ongoing value for your existing client base.

The above are just a handful of ideas. Fact of the matter is, it’s no secret that expanding the lifetime value of an existing client, and farming regular high value referrals is not only a huge boon to your bottom line, but much more cost effective and productive that constantly chasing after new clients through traditional advertising means.

For another effective habit on getting referrals watch this video:

Referral Marketing - Planting Seeds

Mark Bullock Partner/PMA Practice Marketing Advisors www.mbullock.com

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Several years back I had a tech consulting practice. It was reasonably successful ie. I was making a living. There was only one problem. I was running around like a chicken with my head cut off, working 60 to 80 hours a week, and frankly I was burning out fast. I was very much a generalist and charged an hourly rate that was a “bargain” in comparison to many of the other practicing generalists in my area. In short I was working my tail off for a modest income, and really didn’t enjoy working with many of my clients, most of which I struggled to get paid from, and I was doing an awful lot of unpaid work because I didn’t understand my own value….

Then I hired my business coach Tom, and what he led me to understand what was then shocking to me. He indicated that if I raised my rates substantially, and repositioned myself as a specialist, I would indeed lose some of the bottom dweller clients, but that would free up time to be much more effective and add greater value to the clients that could afford my new higher rates.

Fast forward 6 months, I trusted Tom and went out on a limb. I refocused, re-branded myself, and did not 1 but 2 price increases, effectively doubling my billable rate. The net effect? I nearly tripled my income, cut my hours in half, and started to make a huge difference with my remaining clients by having the time to go much deeper and be much more strategic with them.

I had a whole new level of relationship with my “best” clients. They suddenly appreciated the value I brought to them, they became much more respectful of my time. Additionally they listened to me more, taking more of my advise & counsel. They were more “bought it” and committed to their projects, having more skin in the game. All of this and having the bottom dwellers fade away, made my practice, and my life much more enjoyable.

All of the sudden high value referrals started showing up, and frankly I had a new problem. How to select which clients I wanted to work with. The desperate client chase was over, now prospective clients were literally waiting in line for an initial consultation.

A great post about this value phenomenon in the retail space was written by Paul Williams

Mark Bullock Partner/PMA

Practice Marketing Advisors

www.mbullock.com

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On Ethical Selling Thumb Rule #11: Book A Meeting From A Meeting

Tarzan could travel through the jungle faster than anyone, never breaking a sweat, while at the same time avoiding the pitfalls (think snakes) that awaited him on the path everyone else took. He did it by becoming intimately familiar with his environment and using it to his advantage.

We all know that Tarzan would race through the jungle by swinging from one vine to another. The trick was to grab the next vine as his ride on the current vine was ending, then smoothly transition forward.

Back here in civilization, we would be well advised to become intimately familiar with our client development and client service environments. One simple way to transition from one vine to the next is to set a date for your next meeting at the end of your present one.

I learned this simple, highly effective marketing/service habit from my chiropractor (whether you “believe in chiropractors” or not is not relevant for this discussion). Every time I finished getting adjusted, it was protocol for me to go to the reception desk and book my next appointment. Depending on how I felt I was doing, I would make the appointment or choose not to.

So by booking a meeting from a meeting, my chiropractor (or his assistant) didn’t have to make a note to call Dominick to see when he wants to come in again. He did a better job of fixing my problem, made his practice run more smoothly and had more billable visits.

Even if you “pencil in” an appointment with a client or prospective client for a future date, it’s “in the book” until one of you calls to take it out. Suppose a tax accountant sits down with her client in March to prepare his personal returns. Might it make sense to pencil in an appointment for a quarterly review before the client leaves the office?

If it typically takes several “touches” for a prospective client to become your actual client, “book a meeting from a meeting” can be your Plan B if the prospect doesn’t hire you at the end of the current meeting. Have a reason (or quiver of reasons) to reconnect again at an appointed time.

This method is also can work if you don’t like selling, or if your prospect doesn’t like deciding. If a prospect meets with you three, four, or even five times, there comes a point where you can take the lead and let them know when to expect their bill.

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"Take a picture with your clients and link them to your website. Ask them for a reciprocal link"Better yet grab your camcorder and record a video testimonial - Call your client and tell them that you would like to come to their place of work and get a video testimonial. It doesn't matter what kind of work they do, construction biz - go to the job site, restaurant biz - go there, an if the work in an office even better. Use a tripod, you can get one for as little as $20, it will take a better quality video, you will also look like a pro. When you go to their place of work and set-up the tripod, their co-workers will be curious and will want to watch. Try to get as much privacy it will add to the curiosity. If possible try to get the logo of your clients business in the shoot, which will help promote their biz.. Once completed make sure to leave any collateral material that your client can hand out to co-workers once you leave.

The video should be short and sweet. Upload it to your YouTube and own site. Call your client and tell them the link is on the way, then send the link. Ask them to create a new e-mail with the link of the video to your website. Tell your client not to evaluate who it might be good for - just get it out to as many of their network. Let The Power of The Video Testimonial Flourish

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Ok, so you decided to bite the bullet and shell out the investment for a trade show exhibit. You got yourself a nice backdrop, table display, handouts, etc. You showed up on time, and “manned” the booth from opening to closing waiting for people to walk up to you. Now I’ll bet you’re very disappointed with the results. What did you miss?

You’re not alone, and indeed there are more than a handful of reasons you got far less response than you were hoping for. One of the biggest is – you didn’t bother to tell anyone you were going to be there! Why? Because you assumed your reason to exhibit was only to get new prospects – and – that it’s the show’s organizer’s responsibility to provide you throngs of fresh walk-up prospects.

Trade shows usually require a large investment of your time & resources to exhibit, but only a very small portion of the exhibitors do everything possible to leverage that investment.

The first leverage point; In advance of the show - invite everyone, everyone in your contact database, everyone in your customer database, everyone in your prospect database – in short everyone you know, & let them know you’re going to be there! Not only that, but provide them dates & times, where you will be located on the floor, and MOST IMPORTANTLY – WHY they should come to see you at the show! And equally importantly – WHY they should bring a friend!

Exhibiting can be your big chance to present yourself in person, to provide a temporary “store front” if you don’t have one, and to create “buzz” around you and your brand. Exhibiting helps you forge new relationships, reinforce existing relationships, and provide a high impact platform to grow you business and your brand IF well planned and leveraged. Inviting anyone, and everyone you can think of (in a compelling way of course), is just one of your key leverage points.

Mark V. Bullock Partner/PMA PracticeMarketingAdvisors.com

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Ever engaged a new client, enrolled a new customer in a service, or sold a new customer a product, only to have the customer back-peddle or worse - cancel after making a purchase commitment because they said - “You didn’t tell me…!!!”?

Client’s back-peddling or canceling after the sale hurt. They hurt not only the bottom line and your confidence, but waste valuable time. Ultimately it hurts the client/customer as much or more than you, because in their minds they had their hopes & trust in you dashed, and have wasted their time too.

This thumb rule is in part an incredibly powerful sales tool, part “managing customer expectations”, and part practicing making a “complete sale” – that sticks.

Recent brain research has revealed that the human mind is a prediction machine. Always wanting to know what’s coming, what’s around the corner, and in respect to you and your service, wanting to predict what their experience of you, and your product and service will be like.

So here’s the short answer; People don’t expect perfection, they just want whatever they spend hard earned money on to work. They don’t really want “cheapest” they really want to solve a problem, or at least make it go away. They hate being misled and manipulated, they appreciate honesty and integrity. So the more you can paint an accurate and authentic picture in their minds of what engaging with you will be like, so that they sense they have a “real” idea about what’s coming, the more accountable they will be to honoring their commitment to buy.

Lastly, of course – they want value from you. Never pretend that there are no downsides – that there is ever a payoff without a cost. If you are the one to bring up not only the “pay off’s” (upsides) but also the “costs” (downsides) of what you are proposing – you will be perceived as trustworthy. The salesmanship comes in being able context those downsides for them, in advance, in a way that empowers them to make an educated choice, and stick with it.

Mark V. Bullock Partner/PMA PracticeMarketingAdvisors.com

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