PRACTICE MARKETING blog

My monthly marketing column for the AICPA newsletter, CPA Insider, premiered yesterday:
http://email.cpa2biz.com/cgi-bin15/DM/y/hesH0Rslgz0HDL0opf0EA

You survived September’s quarterlies, and this month’s extensions. As you begin to endure the flurry of compilations, audits, and review, don’t let your marketing lapse! The last quarter is the perfect time for CPAs to grow new business, for two main reasons:

• 1. In the next few weeks, you will naturally be speaking to your clients.
• 2. Financial review is end-of-year zeitgeist.

Everybody is thinking about your expertise — they want to hear from you. CLICK TO READ five marketing opportunities to seize the day, in bold. There are less than 10 weeks left in 2009…

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Neil Guilmette of The CPA Network invited me to present a ‘cross/through marketing’ seminar to his Roundtable of accountants. It was a full day of speakers on a variety of topics, pertaining to practice development. While my segment was close to an hour, I’ve included an excerpt as a podcast and the handout embedded below. It should be self explanatory; please ask me any questions.

T.R.E.E. Marketing

Listen Now:

 Standard Podcasts: Play Now | Play in Popup | Download | Embeddable Player | Hits (17)

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Tipping Point, by Malcolm Gladwell
Unleashing the Ideavirus, by Seth Godin
The Influentials, by Edward Keller and Jonathan Berry

The phrase ‘Center of Influence’ or COI is used often in sales & marketing, especially within the Insurance, investment, and financial services sector. Rather than marketing to them, we market through Influentials. Favoring the hub-and-spoke model, I agree with the strategy. It’s its execution I question.

The phrase ‘Center of Influence’ or COI is used too often in sales & marketing, especially by financial advisors. Not every CPA is a COI. Not every advisor exhibits the same amount of Influence. In fact, how can we measure Influence anyways?

Influence presumes following: Thus, measure the followers - measure the Influence (sort of, close enough, and at least materially). [Sure, we can be ‘moved’ emotionally by Influence, not just physically. But we expect thought to lead to action - especially when it comes to marketing & sales.]

It’s not always as easy as measuring followers of a blog, e-mail list, or LinkedIn 2nd degree reach (or twitter followers). The Centers of Influence in our off-line world must be ‘measured’ in less specific ways. (Besides, online following doesn’t necessarily equate to off-line action.)

I like to synonymize COI as Group Leaders. That is, I ask my clients to list people who “lead groups: any type of group: professional/trade association, networking group, civic association, golf outings, charity dinners, etc.”

While bureaucratic leaders may not wield the type of charismatic influence as we would want, at least they produce results. People show up, sit down, shut up, and listen… and spend money. Blunt; yet this is what we want our COI to do for us, eh? Those who ‘lead ad hoc groups’ showcase more charismatic influence than those leaders with titles. They naturally attract a crowd of listeners, fans, friends, etc.

Utilities like LinkedIn help us organize our database by Influence.

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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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Are you getting any comments from prospective customers like “our budgets being slashed”, or “It’s not in the budget”? (more…)

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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.
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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?

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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?

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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?

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Personal Branding – Thumb Rule #48

Belong to very few networking groups, and be active in them.

So its 8:30am, you walk into the grand ballroom with your pocket thick with business cards. The room is buzzing with conversation, there are about 150 professionals dressed in their business attire. Each has that “Hello My Name Is” sticker hopefully on there right side of their lapel. You start to weave through the crowd to find a familiar face. Ah you see one but they are engaged so you wait close by until you decide to seek another face. As you begin to walk thru the maze you notice many faces of net workers whom you have seen at other events over the past few weeks.

I have been attended countless of these types of events for the past 15 years. A learning experience yes, but a lot of wasted time and dollars spent out of my own pocket. So here is the scoop

Eliminate the word networking from your mind and replace it “Relationship Building”

Do not belong to more than 3 groups, and one to be a non-for profit.

Get involved, become active, and join a committee. Become valuable to the group.

Build relationships that are based on trust, integrity and that you are an expert in your field.

If you give you will get without trying. Approach conversations whit a how can I help get you business. Once you help another they will do the same for you.

Order a professional name badge, include your logo, and name. Get the one with magnets. Just by being distinctive you will be noticed. Where the badge at every event you attend including tradeshows, and sales calls.

Be patient in my experience it takes 8-12 monthly meetings to get a referral. Don’t give up.

You need to continue to build these relationships between meetings. Meet for breakfast or lunch with at least on member of the group each month.

Go to every event and get there 15 min before it begins, that’s when the rainmakers show up.

Always smile, present an optimistic view, act energized, give complements, be genuine and follow up, follow, up follow up. Oh and please don’t forget the breath mints.

For example, check out this blog post: http://marketingcatalyst.blogspot.com/2008/08/avoiding-people-traps-at-networking.html

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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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Yesterday I attended the Marcy Neumann’s product launch at I AM books where I had my own book launch 2 weeks ago. The topic of “googling oneself” came up… and naturally, I chimed in. It just so happens that an interview with the Google guys about Personal Branding is the featured cover article of Issue #3 of Personal Branding magazine (which came out last week). You can sample it here, and view the Editor-in-Chief, Dan Schawbel, in th video below. I write the Entrepreneur Brand column for it; my topic was on “Making Money while Marketing Yourself… through knowledge products.”

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Last night, I attended an awesome networking event with some of the most influential leaders of Long Island. Luckily, it was my book release party (and 30th birthday). It was the biggest event the bookstore (I AM Books in Huntington, NY) ever had; and my book sold out. (This is bitter-sweet since I don’t have books for my speaking engagement on Friday; or for a real estate trade party on Tuesday; back-of-the-room sales is a Thumb-rule; this is a faux-pas.)

My main intention of the event was of course to drive book sales… but not only to sell out the room, but to promote the book as an awesome gift: 100% of my book sale profits from last night is being donated to the Cross Island YMCA Strong Kids campaign, which grants memberships to lower-income families. I’m the campaign chair for 2008, so it seemed natural to me. We raised over $1500 last night for Long Island youth. PLUS, those who purchased more than 2 books got my audio-book(s) for free. Now they have an extra copy - hopefully autographed - to give as a gift to a “stranger.” My colleagues will pollinate future orders.

I have achieved my January “book sales quota,” and I now working on February. But this success isn’t luck… And while it’s based on strategic design, I know there’s a greater power at play.

I wanted to invoke my spiritual beliefs to bless the success of my book. I invited my aunt, Geetha, to perform a short pooja (Hindu blessing ceremony). It was only fitting that I have my immediate family in the room, including my grandmother. As one of my colleagues mentioned as he was leaving, “It was like I attended a family event.” I responded, “It is.” My network was introduced not only to my family, my culture, my beliefs, and my intentional personal brand. Unfortunately, the video of the ceremony has been lost to the Universe!

Words cannot fully express how grateful I am for the wonderful reception I felt last night… while the cupcakes weren’t fully appreciated, folks ate up the snacks and my sense of style (4-button peach suit and deep purple shirt). I nurtured the success and am grateful for the forces that coalesce to continue the book’s phenomenal success.

We must plant the right seeds at the right time in the right soil. We must water appropriate and tend to the weeds. But still, we cannot grow the fruit. I believe God does the Growing in response to our successful Strategic Habits. Together, everyone achieves this TEAM.

Thank you.

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