PRACTICE MARKETING blog

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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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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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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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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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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Nowadays, a 30-second elevator pitch is way toooo long! Worse, our prospects, referral partners, and centers of influence can barely remember all of it. Even worse, we rarely can remember our whole 30-second "elevator pitch." And when we do, it sounds too canned!

Rather, by perfecting our catchphrase, we'll have a Short, Memorable, Appealing, Repeatable, and Timely one-liner or headline that our targets will use to recommend us. A catchphrase headline then becomes the predominant theme tying together all of your marketing collaterals, including your business card, 1-pagers, tri-folds, websites, and conversation starters.

In this live video with over 50 lawyers, real estate professionals, accountants, bankers, and financial advisors, I walk you through Perfecting Your Catchphrase.

The audio-book Sales Momentum goes into more background why it works and how you can use your Catchphrase to close more deals, more quickly.

CLICK THE "E-BOOK" LINK BELOW TO DOWNLOAD THE .PDF WORKSHEET FOR THE VIDEO SEMINAR.

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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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The moments of appreciation, reminiscence, and forethought are the gifts we give ourselves during this season. It is the dawn of a new year, and our resolutions need not be fleeting. There’s no preaching here. Instead, let’s consider practicing some rules of thumb that can help change the world.

Often, many of us feel “stuck.” We all know the clichés and bumper stickers to change the world, but can’t seem to find the time, the money, the people, or the energy to do much about it. We want to “be the change we want to see” … but we gotta do what we gotta do to just keep up with everyday life. First off, if we’re meeting our obligations, we must be proud of that. No guilt. But oftentimes we’d like to do more good.

We can judge ourselves by how we handle our calendar and our cash flow; it shows us what’s really important to us. It may be easier said than done, but we must make the time to take the time. What are we choosing to do with our time and money? Don’t worry about what others are doing right now. Let’s become aware of what we’re choosing.

You can read the rest of my FEATURE ARTICLE in this month's issue of Canvas Magazine.

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