PRACTICE MARKETING blog

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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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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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 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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Practice Management Thumb Rule #22

Yes it took a while but I finally understood why some become leaders before others. For the first 10 years of my big company corporate career, I never understood the puzzle. My co-workers and I always spoke of management as “They”. “They” never did this or understood that. “They“did not know as much as we did. We knew what had to be done but there was no sense of empowerment. Frustrated and disappointed, I knew what had to be done, but my senior manager was focused on managing up, and seemed not interested. After a period of time I realized that “They” would never address some of what I thought were important issues and initiatives. On evening at home I looked in the mirror and words came out and I said “I Am They”.

The next morning I called an impromptu department meeting and discussed the issues we all have been complaining about. I told my group that “They” would not be helping us. I brought a mirror and asked my group to stand together on one side of the conference table and looked in the mirror as a group, and I said “We Are They”. My group thought I was loosing it. I repeated it again “We… Are… They”, as I repeated it I looked right in the eyes of my each team member. After about 5 times we said “We Are They” in unison, they/we all finally got it.

So don’t wait 10 years, and don’t wait until “They” give you the opportunity to become a leader. Take charge “Leadership is taken not given”.

TOM PETERS - LEADERSHIP

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Personal Branding Thumb-Rule # 29

I must admit this is very easy for me because it is my nature it is part of who I am. Realizing that this is one my strengths has been a critical component in my success as a marketing professional, and a as a manager of sales people.

As a 30 year veteran of the home financing industry (most cringe at the mortgage word these days), I have had to rely on realtor’s to refer me business. Realtors are bombarded my sales people and usually put up a thick wall when you meet them. They want to avoid you like the plague. My success has been based upon likability. I always try to make them feel good. Offer a complement, give a smile and always a positive attitude. Ask their opinion, listen to their challenges, offer help, just make them feel good and that wall will soon disappear.

All people Like to do business with those they like. As you help people feel good, they will like you.

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I’m watching CNN’s “Revealed” documentary of Obama. It’s reminding me of the “glorious” beginning of Barack’s professional career… sacrificing any number of high-income, high-profile positions in any city he would want… Instead, Obama returns to the southside of Chicago to organize… and launch his political movement.

Barack has become a hero of his community. Those against him make fun of his “fan club.” Indeed.

I’m a big fan of the book Primal Branding. I believe every professional should read it: Forge a fantastic vision for your practice.

A few posts below I attached a template for writing a market-friendly bio.

In the early years of your professional career… what are some of those formative anecdotes?

A few years ago I created The Anecdote Game for local professionals to play & practice. (The Game got too involved and long as it was valuable to all the professionals practicing!)

I’ll share a video on The Anecdote Game & Formative Anecdotes soon. I’ll share some of my own formative anecdotes as examples.

It often comes up with new relationships: “How did you get into your field?” Formative Anecdotes paint a picture of your Character and Purpose, while showcasing Competency.

The more “heroic” and “overcoming” your Formative Anecdote… the more charismatic it will be… Dare you call it your Creation Story? It should be on your website/blog. Share your anecdotes.

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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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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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Personal branding and marketing is all about relationship building. After all, most of your business probably already comes from referrals. But we all have dormant relationships; most likely, more than those which are active. So how can we light the fire under these relationships? And how can they inspire us to refer them more business?

Relationships are built on our three C’s: Our charisma, our character, and our competency. Our charisma is the personal magnetism, charm, and attraction that is not so readily explainable, but we all know it when we feel it. There are ways to improve our charisma as Vik’s audio-book “Magnetic Personality” details.

Most of our relationships are character driven. That is, our personalities (our “outside character”) match. We like each other; we have similar values, hobbies, and style. We enjoy playing golf with each or grabbing a drink after work. These business relationships quickly turn into friendships. Good times are had by all, but then we realize that we’re not doing much business together.

We’ve all had experiences where we like the guy, but wouldn’t necessarily do business with him or her. Perhaps we don’t trust in their capabilities or workmanship; what I call their “inside character” traits. Or, maybe we already have a worthwhile (economic) relationship with a competing professional.

They say they are different, but we’re not sure exactly how. So we don’t refer them any business. Or maybe we’re that guy: We say we’re different because we’re reliable and put relationships first. But doesn’t everybody seem to say that?

We’ve all put up with professionals who rub us the wrong way or lack people-skills, but definitely do a great job. So we give them our business and refer clients to them (we warn them first). We put up with their character faults, because they are so highly competent.

Of course, the best of both worlds is to be a highly-competent professional who has mastered the art of relationship building. And they are the rainmakers who seem to do a bounty of business, make a lot of money for everyone around them, and have friends for all the right reasons. We are all working toward being this way.

So as we work toward building relationships, we have to work toward making them productive. That is, as we showcase our fun personality, we must showcase our expertise. We must showcase how our expertise is different from the next advisor, and how our expertise is better for our target market.

Here’s a Marketing Thumb-rule to (re)brand yourself: Replace your boring 30-second “elevator pitch” or networking message, with a 1-line Catchphrase: It should Short, Memorable, Appealing, Repeatable, and Timely.

Instead of your boring title or confusing designations, Personal Brand Marketing clients talk about the articles, audio-books, text-books, blogs, or other media that they’ve authored or been quoted by. Others offer educational tidbits (1-liners) that are counter-intuitive. If you have the right personality, you can take a commonly-used phrase or cliché, and play on it. Or coin a new word (a neologism), phrase, or jargon that is simply S.M.A.R.T..

See the video in the next post!

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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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