PRACTICE MARKETING blog

I have been speaking about this for the past month... on Friday, Mark Bullock & I will be presenting a CLE seminar to the New York State Council for Divorce Mediation. We will be sharing many marketing techniques for up and coming divorce mediators. Many of them are practicing attorneys, and thus must comply with the attorney advertising codes of ethics.

March 12, 2010: U.S. Court of Appeals for the Second Circuit ruling: New York’s lawyer advertising rules are unconstitutional http://www.law.com/jsp/nylj/PubArticleFriendlyNY.jsp?id=1202446174823&hbxlogin=1

HERE'S MY SUMMARY OF THEIR RULING:

• Actors can portray judges but not fictitious law firms
• Testimonials from current clients relating to pending matters are OK
• Attention-getting techniques unrelated to attorney competence are OK (except claims that cannot be measured/verified)
• Nicknames, Mottos, Trade Names, & Logos – even implying results – are OK

UPHELD – Moratorium on targeted advertising

Of course, the ABA professional responsibility Attorney Advertising disclaimers remain: For example, when using testimonials, etc., attorneys should use what I call “The Weightwatchers Disclaimer": Prior results do not imply future results.

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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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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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A few days ago, I was then invited to speak at the Attorney/Accountant Networking Group; there, I outlined a PRE/PRESENT/POST goals for our networking. Here's a re-cap:

PRE the meeting: Have a goal of who/type of person you'd like to meet & how many. PRESENT: Be present; leave your cell phone or Blackberry alone. Don't participate in "drive-by" networking (those who run past you handing business cards). Don't pitch anybody; likewise, a good 10-minute conversation is "enough" with 1 person. I "doggy-ear" those I plan on getting back to - especially prospective clients. POST: Follow-up within 3 business days. They may be prospects, centers of influence, or potential connectors to either of those 2. AND, put them into your database - and preferably, your e-newsletter list.

SO what are the 4 types of groups?
1) Trade associations: Not necessarily those of your peers, but your target market's association. Of course, as a lawyer, you probably get a lot of referrals from other attorneys... so Bar Associations are a good choice. And more and more CPAs are concentrating on a niche market, or specialized service; thus, Societies can also be a good trade association choice. Nearly every profession/industry have national and local associations; plus within their profession/industry there are sub-categories/specialties; moreover, often ethnic/geographic groups form within trades/professions.
2) General gatherings: These include chambers of commerce and other open rooms that attract a variety of professionals. Often they meet early in the morning or in the evening. There may be competitors, peers, colleagues, and clients in the room. For all those folks, standing out and showcasing your distinctive expertise (preferably with a 1-liner) is paramount. Don't forget the ones sitting down; often business owners and other decision makers don't know how to network well. And don't forget to wear your own badge.
3) Non-compete groups: Like the one I belong to, American Business Associates (ABA), these are usually small, round-tables of 15-20 professionals. As it implies, there are no competing professionals in the room. While there may be more than one financial advisor or attorney, they usually agree on specific areas of focus. Some non-compete groups are more 'retail' oriented, featuring more business-to-consumer businesses; others are more 'professionals' oriented, featuring advisors including attorneys, accountants, and financial advisors; still others are more niche, featuring professionals who all target one market (e.g., healthcare).
4) Database meetings: These are the informal meetings that you can create from your own database. By networking your clients, centers of influence, and colleagues, you are growing everybody's network, influence, and thoughts of you. As they invite their circle of influence, your network grows exponentially. Don't overlook this bounty in your own background; and don't underestimate the folks that are dormant in your database. The new year is a great time to spark old relationships.

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On December 16, I was invited back for a 3rd time to address the Preferred Providers Network of the National Network of Accountants. My topic included a worksheet that would help the room of CPAs, attorneys, and financial advisors to "Trigger More Referrals, with a catchy 1-liner." You can practice along, with the worksheet attached, and the video below. Better yet, add your 1-liner below in the comments. (The video seminar brightens up after about 15 seconds.)

I introduced our Community Hexagon™ to the room. Many had been to a previous seminar (Target your Market to the 4°), which went over the Community Dartboard™. They are similar concepts - in that they outline the 6 facets of a "community," a like-minded demographic that shares lifestyle aspects that encourages culture & identity. It's not so esoteric: Dog lovers and trial attorneys are sub-cultures, that is, they share all 6 facets of the Community Hexagon™.

Likewise, we can take the more-general community of pet owners and the community of professionals and go to the "4th degree" in the Community Dartboard™. By doing so, we would be able to check-off all 6 criteria on the Community Checklist™ with which the worksheet begins. How far can you go on the downloadable Worksheet? Does your target market meet all 6 facets that would make it a Word-of-mouth buzz-friendly group?

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CPAs and attorneys are actively marketing themselves now more than ever; financial advisors have been savvy for years now. Yet most professionals fall into the same branding quagmire as most marketers: They get mesmerized by the Madison Avenue marketing jargon like "branding."

First of all, most professionals (and marketers) confuse a brand with a logo. Your logo (or face/fashion for a personal brand) is not the brand... it's the branding iron.

Remember that the concept of a brand comes from the cruel practice of singing the hides of cows, etc. The brand isn't the tool the cowboy (or factory farm) owns. Rather, it's the image burnt onto the animal. Cowboys branded their cattle to showcase ownership (and prevent theft from competitors). At the risk of relating our clients to cash cows, our brand is meant to be a sign of ownership over them. That means we should first and foremost be "branding" our clients. They should know our branding irons... our marketing materials, especially a S.M.A.R.T. 1-liners [click for related post].

Secondly, we should presume ownership over our target market community. That is our brand should quickly showcase to whom we are best suited... our ideal client. This is more easily done with a S.M.A.R.T. 1-liner trigger than even a logo.

As you design or improve your marketing materials and Marketing Action Plan, keep your brand in mind. Not its image or even "brand experience," but keep the result of your branding irons in mind. BTW: The original brands were simple geometric shapes (that could be easily fashioned by blacksmiths). Lesson? Keep it simple.

By focusing on your brand - and not just your irons - you can more quickly practice marketing your expertise and personal brand, within your codes of ethics and compliance obligations.

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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 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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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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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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This is an interesting marketing thumb rule in that it speaks volumes to how people make decisions about what and when to purchase, and where and/or whom to purchase from. I often speak with clients about the value of brand “consistency” in the context of customer service.

An example of the power of this rule is the success of McDonald's. I don’t think you’d find many people that would say that McDonald's makes great tasting food, or even that their cuisine is very healthy. So why then, if “quality” is not their main value in the marketplace, is McDonald's so successful.

I assert it is their commitment to delivering a “consistent” customer experience over time. They can be “counted on” for a number of things in the customer’s minds; Food that always tastes the same no matter which store you buy it from. The same consistency applies to the food being served fast, and hot.

Notice then, that what consumers obviously prefer is not necessarily excellent quality, great taste, or even great service from McDonald's, but the consistency of delivery. The fact that their customers can count on that, consistency allows consumers to connect with the McDonald's brand with first familiarity, then trust in knowing what they are going to get when they walk in the door – every time. It’s not great – but it is familiar and they can count on it. This is powerful and persuasive brand marketing at it’s best.

Question: How could you make your customer's experience of you more consistent so that you can leverage "familiarity" & trust in your brand building?

Mark V. Bullock, Partner/PMA Practice Marketing Advisors practicemarketingblog.com

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When I work with clients, our relationship is forged on what I call "The 10 Basics." It is what it sounds like. And even seasoned professionals have to go back to the basics once they are serious about marketing their personal brands. One of these basics is their "Marketing-friendly Bio." Some of my clients have a CV (curriculum vitae) or resume; but most have to dust it off.

Don't worry about the past. Start from scratch. We don't want a boring litany of professional moves. As a practicing professional, your Marketing-friendly Bio should show-off your expertise, experience, and enjoyment. I've attached a template of 7 thumb-rules, with my own bio as an example. More importantly, erase what I wrote, and brag about yourself.

Remember your professional codes of ethics and what compliance/legal wants to see. Name-drop and use "keywords" your target prospects would catch onto. Moreover, let the star within you shine!

(This is a wonderful exercise to do with your networking circles. Learn how to brag about one another.)

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