Growing Good: Philanthropy Grows Your Network, Your Skills and Your Business

Are you looking for another option to add to your ongoing marketing and branding campaign, one that is neither content nor traditional marketing and yet has the potential to greatly enhance your professional network, increase your opportunities to acquire new clients and referrals and even allow you to enhance your skill set?  Add philanthropy to your marketing campaign, as expressed by volunteerism, corporate social responsibility, sponsorships and donations and watch your sales grow!

Corporate social responsibility is now considered a best practice and there is a growing expectation that business and civic leaders, in particular, will “give back” and make a contribution to their community.

When Freelance consultants and leaders of for-profit organizations large and small, participate in philanthropy, it is a carefully evaluated business decision that’s part of a long-term personal branding and marketing campaign.  Just because your payroll is small doesn’t mean that philanthropy will not deliver significant ROI to your brand and business.  The selection of an organization to support will be strategic.

The first guideline is that you affiliate with organizations that have a mission you can support.  Second, the organization should operate and be headquartered locally, to support your objective of  having an impact among the movers and shakers in your business community, people who could become your customers or referral sources.

Third, if possible, aim to lend your pro bono support to an organization that somehow is connected to your product or service, or will give you the opportunity to demonstrate your expertise or strengthen skills you’d like to build.  Volunteering can provide avenues for professional development, as you take part in projects and committee work that allow you to stretch and acquire additional competencies.

For example, if your financial management skills are weak, merely listening to finance reports and discussions around them at board meetings can be instructive.  Finance Committees even at small not-for-profits are often headed by very astute professionals.

Getting started

Becoming a sponsor of a local charity event, from the Boy Scouts to an educational or skills development center, is an effective, possibly low-cost and minimal commitment method to get an inside look at an organization that interests you.   A business card size ad in a fundraising event program book is a useful entrée and might cost as little as $200.  Your ad will not hurt your marketing strategy and will be tax-deductible, as well.

Alternatively, you can take the sweat-equity route and volunteer your time and labor as an event day helper at a fundraising program.  This strategy will allow you to attend the event and observe how the leadership interacts with its largest and most devout supporters.  A board or event committee member will be appointed to supervise the volunteers, so  you will be able to meet an insider and ask a few questions, along with getting a sense of the working style of the leaders (a very important consideration, BTW).

Speaking of sweat, you might decide to run, walk, bike, swim, or play golf or tennis in an athletic event sponsored by your chosen not-for-profit and ask friends and colleagues to sponsor you and help you donate to the organization.  All gifts will be tax-deductible. Plus, you’ll have lots of networking opportunities and a good time.

Finally, if you can muster a larger philanthropy budget, you can simply call the organization, express your interest in its mission and ask to visit and take a tour.  The Executive Director or another senior-level staff or board member will be happy to oblige.  You may be recruited on the spot to join a committee, as a pathway to an invitation to join the Board.  Be advised that there may be an expected annual donation of perhaps $500 or more.

Build relationships

Your experiences in charity event participation or sponsorships, or in board or committee service, will over time bring you into contact with many people.  Meeting C-Suite professionals during your volunteer activities breaks down barriers and has the potential to facilitate building relationships with VIPs who will see you in action as you perform board or committee work.

If you need a well-placed reference, it will likely be granted and  you may receive a referral or two as well, which would help your client list.  You might even get so lucky as to find a well-connected sponsor who will champion you and your work and help you to grow your business (or career).

Publicize your philanthropy

Let current and prospective customers know about your philanthropic activities.  In your curriculum vitae, bio, website and LinkedIn page, make note of your philanthropy, especially if you’ve joined a board or become an annual sponsor of, or participant at, a charitable event.  In a 2013 study Cone Communications, a Boston-based PR and marketing firm and Echo Global Logistics, a provider of transportation and supply chain management systems headquartered in Chicago, found that 82% of B2B and B2C purchasers preferred to do business with organizations that practiced corporate social responsibility and 91% of responders said they would switch brands to one that supports a good cause, given similar price and quality.

I leave you with this: Luke Weil, founder of Andina Acquisition, which invests in companies in the Andean region of South America, encourages us to give without expecting anything in return. Your generosity and selflessness generate good Karma and positive energy and the spiritual benefits will do wonders for your psyche.  Pay it forward.

Thanks for reading,

Kim

Image: Woman Giving Alms (date unknown, private collection), by Janos Thorma (Hungary, 1870 – 1937)

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Survey Discussion: How Freelancers Market Our Services (2016 – 2017)

Today we have recommendations on how Freelance consultants and small business owners can implement as needed the results of a survey of 1,700 of our peers that was conducted in December 2016 by FreshBooks, a Toronto company that sells cloud based accounting solutions designed for Freelance professionals and small business owners http://FreshBooks.com .

Given the limited time that Freelancers and small business owners have available to devote to new client acquisition and once we’ve accepted the fact that the pool of new clients must be constantly replenished, it is essential that what we do has a very good chance of delivering the necessary results.

The survey indicates that devoting one’s marketing activities to tactics that are ranked as highly effective across all three age cohorts and then diversifying the tactics utilized, has the potential to reap tangible benefits for all age cohorts, despite the fact that each has a clear preference for certain activities and an ROI track record to defend those practices.

Exceeding client expectations of the work you are hired to do is the recipe for obtaining referrals from satisfied clients. Building relationships with peers that you meet at the chamber of commerce, on volunteer boards, at the gym, or at your religious institution, for example, is often a highly successful marketing and business development tactic for Baby Boomers, with 67% relying on referrals to find new clients. The ability to obtain referrals from business and personal relationships will become more accessible to Generation X and Millennials over time, as their personal and client relationships expand.  There is no more effective advertising than word of mouth.

Millennials have made hay with content marketing tactics and 42% of the age cohort use that marketing tactic. I will guess that a certain percentage of what is called email marketing, which has an adoption rate of 24% across the three age groups, overlaps with content marketing because email is how newsletters are sent. Generation X and especially Baby Boomers are advised to step up the use of content marketing if for no other reason than several surveys have demonstrated its satisfactory ROI.

Content marketing is poised to surpass the use of paid advertising because it seems that B2B prospects find advertisements insufficiently credible or engaging and they have gravitated to the brand story approach that is content marketing. Commissioning a marketing case study to put on one’s website and can be used in other marketing activities, is another highly effective method of content marketing (but it is not inexpensive).

Public speaking in the form of teaching, speaking, training (and I will stretch to say it also includes podcasts, webinars and appearing on a panel as speaker or moderator) is acknowledged by 39% of  survey participants across all three cohorts as being a highly effective marketing tactic and I respectfully suggest that you adopt the practice if you have not already done so.

It may be a little intimidating for Millennials to assume the role of expert, but appearing as a guest on a webinar or podcast seems less of a stretch than teaching business courses or speaking at professional association meetings. Your diarist is in the Baby Boom generation and I’ve done a fair amount of teaching and speaking over the years, but I’ve never directly received either a client or referral from any engagement. Rather, prospective clients are always seem impressed when I mention those activities, so be advised that you may see your teaching and speaking ROI indirectly.

Finally, since the survey explored financial management, we might pause and consider that topic as well. While only 20% of survey responders financed their businesses with bank loans, that doesn’t mean that they don’t need help managing the business finances (and their personal finances).  One third of the responders has a relationship with a bank and yet 52% report that they feel big banks are not a good fit for small business owners and Freelance consultants.

Survey findings indicate that Freelancers and small business owners with the greatest financial acumen operate the most successful ventures and enjoyed self-employment the most.  That description applied to 25% of responders.  Overall, responders are wary and uninformed about new financial software that might help them better understand and optimize their financial record-keeping data and learn how to use either what they already own, or software they could buy, and learn to understand and manage the financial aspects of their businesses.

The FreshBooks people recommend that Freelancers and small business owners invest in financial management training.  Courses are either regularly or sporadically available at adult learning centers, libraries, business networking groups, professional associations and the Small Business Administration.  https://www.sba.gov/business-guide/manage/manage-your-finances-business-credit

Thanks for reading,

Kim

Photograph: Falmouth (MA) Road Race August 21, 2016 courtesy of Joseph Cavanaugh

 

 

 

Survey Results: How Freelancers Market Our Services (2016 – 2017)

Hello everyone and welcome to post-summertime reality.  We’re heading into the fourth quarter and whether or not you’re on track to meet your 2017 earnings goal, the time for a big push to help you end the year strong has arrived.  Marketing will play a big role in your revenue-generating strategy, but as was discussed in my August 15 post, do what you can to create a marketing budget so that your clever strategies and tactics will make it off the drawing board Your Marketing Plan Is Meaningless Until You Assign A Budget

In this post, I’ll share the results of what appears to be a credible survey of 1,700 Freelancers and small business owners that was conducted in December 2016 by FreshBooks, a Toronto company that sells cloud-based accounting solutions designed for Freelance professionals and small business owners  http://freshbooks.com.  Let’s look at what the folks at FreshBooks have to tell us about the practices, priorities and challenges of Freelance consultants and small business owners:

Who were the survey participants?

  • 65% male and 35% female
  • 51% Baby Boomers (age 50 + years);  34% Generation X (age 35 – 49 years);           15% Millennials (age < 35 years)
  • 65% have earned at least a Bachelor’s degree
  • 55% operate as Sole Proprietors, with no formal legal business structure
  • < 10 employees in the business
  • 15% in business < 2 years
  • 42% have no retirement account (median survey age was 50 years)
  • 23% earned < $20K in 2016
  • 23% earned $21K – $50K in 2016
  • 29% earned $51K – $100K in 2016
  • 24% earned $101K + in 2016

What kinds of marketing tactics are most often used?

Tactics considered most effective:

  • 67% ask for referrals, from clients or personal relationships
  • 47% have referral partners (e.g., at business association networking groups)
  • 39% speak and/or teach
  • 23 % use content marketing (especially blogs and newsletters)

Tactics considered somewhat effective:

  • 51% attend industry/ professional association events
  • 48% join business networking associations (e.g., chambers of commerce)
  • 44% entertain prospects (anything from coffee to drinks and dinner)
  • 44% use social media marketing
  • 24% use email marketing

Tactics considered least effective:

  • 32% purchase ads in print or online publications
  • 19% post on industry online forums (e.g., LinkedIn groups)

Age has a statistically significant impact on the types of marketing tactics employed and on the success rate of those tactics.  Baby Boomers have a much better success rate obtaining referrals, probably because they’ve lived long enough to develop those types of relationships.  Millennials have great success with content marketing and social media, no doubt because they grew up with the internet and they’re comfortable and adept with online communications.

Millennial Generation preferred marketing tactics:

  • 42% Content marketing
  • 30% Social media
  • 30% Referrals

Baby Boom Generation preferred marketing tactics:

  • 47% Referrals
  • 26% Content marketing
  • 22% Social media

Finally, marketing and sales are the mechanisms that promote market share and revenue growth and put the venture on the road to earning the desired profit margins that will secure its financial standing.  Yet, small business owners and Freelance consultants devote little time to business development (i.e., prospecting for new client acquisitions). which is supported by the right marketing strategies and tactics.  Most feel that signing new clients and retaining them is difficult:

  • 65% feel they need to find new clients
  • 85% consider business development a challenge
  • 75% devote less than one-quarter of their time to business development
  • 51% feel that they’re too busy with client work to prospect or sell
  • 40% devote one-tenth or less of their time to prospecting
  • 37% are uncomfortable selling
  • 25% feel they’ve found the right balance between making sales calls and performing client work

In order to build and sustain the business, it is necessary to attract and retain clients that you can reliably bill at a certain minimum amount; figure out how to describe and sell a value proposition that makes your services appear desirable to a critical mass of clients; performing client projects that you can price to ensure the desired profit margin; and effectively managing the business’ financial strategies.  As was discussed in my August 22 post, Only Those Who Have Money Can Borrow Money , the survey also examined the access to capital that Freelance consultants and small business owners have, or don’t have:

  • 20% used bank financing to launch their ventures
  • 25% were turned down for business
  • 52% feel that big banks are not designed to serve the needs of Freelancers or small business owners

Next week we’ll weave together the threads laid out here,  examine and analyze the picture that emerges and use some small data to help our respective business ventures get big ROI as we enter the fourth quarter.

Thanks for reading,

Kim

Japanese surfer works his plan to win gold at the 2020 Tokyo Olympics   Photograph: Kyodo News (2017)

 

 

 

Your Marketing Plan Is Meaningless Until You Assign A Budget

Oh, how you love to talk about planning—your business plan, financial plan, vacation plan and what I think is most often discussed—your marketing plan.  Congratulations to you if you’ve drawn up an official marketing plan for your venture.  But if you intend to transfer your plan from the page to reality, you must assign it a budget.  Somehow, that practical reality is sometimes glossed over.  Ask a Freelancer or business owner what the company’s annual marketing budget is and you’re likely to be met with a blank stare or incoherent stammering.  That is not the ideal response, my friend! So today, let’s learn how to estimate a reasonable budget for a B2B annual marketing plan.

Laurel Mintz, founder and CEO of Elevate My Brand, a Los Angeles digital marketing agency, has developed what she calls “marketing math,” to help her clients determine what would be  a realistic B2B marketing budget range for their organizations.  According to Ms. Mintz:

New companies in business for one to five years would be wise to allot 12 – 20 % of  gross or projected revenues on marketing activities.

Established companies in business for more than five years are advised to commit 6 – 12 % of gross or projected revenues to marketing activities.

Those figures seemed rather hefty, at least they did to me and maybe you agree.   According to Laurel Mintz,  if a new business generates just $35,000 in after-tax bottom line revenues, she nevertheless feels that the owner should devote $4,200 – $7,000 annually to a marketing budget.  Ouch! I mean, how does one pay the living expenses and taxes and health insurance when in the salad days of a start-up?

Think of it like this—no one said that self-employment, whether Freelance solopreneur or entrepreneur, was going to be either easy or inexpensive.  Just like you set aside money for other vital expenses, marketing deserves a budget, too, because without marketing you could wind up presiding over a stunted venture that never gains traction and never fulfills its potential.

Marketing activities, whether innovative or predictable, give the venture a needed push into target markets.  Marketing promotes the expansion of prospective clients who will flow into the sales funnel, distinguishes the organization from competitors, establishes and promotes the brand, justifies the pricing structure and keeps the enterprise at top of mind and positioned to beckon clients and referrers.

Now for the cold water—there are no guarantees in marketing and the ROI is notoriously tricky to quantify.  But realize that marketing is all about testing and that means (calculated) risk.  If you approve a certain sum of money to devote to the year’s marketing activities, you might achieve all of your marketing campaign goals, or do twice as well, or only half as well as you projected

Risk is real in marketing, but it’s mitigated by your awareness of how your clients have been known to respond to the marketing tactics that you can afford.  Research shows that if you conduct marketing  activities that resonate with your target clients and are within budget, then over time,  the marketing campaigns will enhance the bottom line and your brand.  Treat marketing activities as an investment that will surely pay off and allocate funds each year.

Marketing  campaigns are all about planning, budget and execution.  If meager finances make you feel that the budget formula given here is too risky for your venture, then focus on planning and execution and roll out “sweat equity” campaigns that utilize tactics that cost time instead of dollars, such as content marketing, face to face networking and social media.  Just do it.

Thanks for reading,

Kim

Director and actress Ida Lupino on the set of The Hitch-Hiker (1953)                    Photograph courtesy of RKO Pictures/ Photofest

 

Which Conference Will Be Worth It?

The Events Industry Council reports that there are more than 1.8 million conventions, meetings and trade shows held in the U.S. held every year.  Big hotel chains and convention centers make oodles of money providing the space.  Along with the venue special events sales staff, whose careers are built on selling space to sponsoring organizations, the waiters and bartenders, concierges and doormen, even the cab drivers, love to see the events roll in.

No doubt, each of those meetings brings a lot of value to the target audience.  The speakers can be top drawer and topics compelling, the venue fabulous and audience members fascinating, but if none of this leads to even a limited number of billable hours, then you will not have received what you paid for.  Writing it off on your taxes yields only about a 35% savings and you don’t receive it until many months after the fact.

Many industry and premier networking group conferences can cost $500 for a one-day event that along with the speakers includes continental breakfast, lunch and light refreshments at two breaks.  Oftentimes, the admission fees are calculated with the expectation that attendees will be high-ranking corporate execs who are able to expense the cost to their companies.  As a result, independently employed professionals regularly forgo a number of conferences that draw the decision-makers they need to meet because unless one has been to a given conference previously, there is no telling if the networking will be good and therefore worth the risk of paying a high ticket price.

If you decide to go the high-profile marketing route and become an exhibitor, your cost is likely to resemble a full-page 4-color ad in an industry magazine.  The exhibitor booth fee can be $3500, with additional costs for Wi-Fi and branded give-aways like tote bags, pens, umbrellas and the like and the custom table-cloth you must order to display your company name and logo.  If you will stay overnight, add hotel bills that will include a discount but can nevertheless exceed $200 daily and the cost to park can be $40 per 24 hours.  Figuring out the attendance profile of a conference is paramount, so that you can calculate your ROI.

First, think about your business products and services and your ideal clients and start filtering out what doesn’t align with your objectives.  If your business is B2B, you’ll look for an audience of business people who give you either product sales or billable hours.  If you’re a start-up looking for investors, then you’ll look to attend programs that draw venture capital specialists.  You don’t need to attend the largest conferences, just those that put you in front of those people who have the motive to do business with you.

Further, if you are investing in an exhibitor booth, check the conference schedule and look for down time between speakers that will encourage attendees to visit the exhibitor area and get to know who is there.  If time has not been scheduled, you could find out that you’ve paid dearly to look at the other exhibitors and not interact with the target audience you hoped to meet.

But whether you will attend to make a marketing splash, find an investor, or recruit a good client or two through networking, you never know until you get there because every conference has its own personality.  At some events, the people talk and at others I’m sorry to say, they don’t.  Before you jump in and commit big money as an exhibitor, attend as a civilian and test the waters.  If the conference is two or more days, attend one day and be sure to attend the day that has a scheduled networking dinner or reception.

Now, may I share good news with you? My eighth anniversary as your faithful diarist, the author of “Freelance: The Consultant’s Diary,” occurred in June. I’ve earned the special citation from WordPress that you see here.  Heartfelt thanks to those of you who read!

Thank you for your support,

Kim

anniversary-2x[1].png

Take Command of Your Online Brand

“Reputation, reputation, reputation. Oh, I have lost my reputation! I have lost the immortal part of myself and what remains is bestial. My reputation, Iago, my reputation!” (Cassio)  Othello Act II, Scene 3

According to WebpageFX, a digital marketing and SEO company headquartered in Harrisburg, PA, about 25% of a company’s market value is directly based on its reputation.  Along with word-of-mouth reviews, which are indisputably powerful but nevertheless comparatively limited, a company’s reputation is significantly impacted through online sources.  Management of your organization’s online reputation, which is part of your brand, is a must-do.

The online reputation starts with the look and content of the company website and also encompasses reviewing sites such as Yelp, Angie’s List and Trip Advisor and the array of social media platforms from Snapchat to Facebook.  If you throw in content marketing campaigns that are distributed through email marketing, I wonder if the 25% impact figure is generous enough?

WebpageFX also reports that organization leaders now take online reputation management very seriously and 15% of organizations have followed through on an online reputation management strategy and 87% agree that managing online reputation risks is even more important than managing strategic risks.  Think about it—strategic risks are potentially costly, but when paid and unpaid haters flood the comments section of an influential site, the hapless company that perhaps has done no real harm can be shoved into the abyss.

Online attackers spew a shocking amount of vitriol and their diatribes seem to have a million-year half-life.  Blackmail can be involved as well.  I’ve personally witnessed the strong-arming of the General Manager of a lovely B & B by –are you ready for this?– a retired police officer who faked a problem in his guest room, refused to be placated by what most would accept as fair settlement for the “inconvenience” and threatened to ruin the business with bad Trip Advisor and Yelp reviews if his request for a free two- night stay (worth $450) was not granted.  Rumor has it that he’s played the game to the detriment of several small guest houses across the country.  A shoot-out at the OK Corral might be easier to win.

WebpageFX data showed that 91% of consumers search businesses online.  When I’ve gone to meet new clients, in particular someone who has been referred to me and whom I’ve not met,  they frequently mention that they’ve read this blog and viewed my website.  80% of consumers (presumably B2B and B2C) changed their mind about doing business with a company and 67% will not buy from a company that has received from one to three negative reviews.

Regarding social media sites, participation on the various social media platforms is a given for most Freelance consultants, business owners and corporate and not-for-profit leaders. The extent of your B2B client’s social media engagement as regards their external labor force along with your time and inclination, will determine which social media platforms that you’ll use. Maybe you’ll use one or two platforms, plus publish long-form content sent out as an ongoing email marketing campaign.

Just because you don’t use every available social media platform doesn’t mean that you should ignore those that you don’t use. To the contrary, claim all business listings and social media platform addresses, so that a competitor or imposter cannot assume your identity.  Start with your website. Your business name should belong to you alone. Protect your business and buy when possible your business domain name in the .biz and .net formats.  if there is a name that is similar to your company name and it becomes available, buy it and save yourself the potential for headaches down the road. Ensure that an imposter cannot claim your name and make sport of you, bear false witness, or commit other devious acts.

On your preferred social media platforms, maintain a reasonably active and consistent presence as you bring value to your readers.  Post content that will benefit your organization’s reputation and sales revenues.  WordPress allows posting to LinkedIn and my 100 or so connections expect to hear from me every Tuesday.

Finally, if you should receive any negative feedback online, respond quickly and diplomatically. Demonstrate that you regret the mishap and you intend to make amends.  As you publicly clean up the mess, you may win a few customers who like the fact that you’re human and you care.

Thanks for reading,

Kim

IMG_0015    Tall Ships Parade in Boston Harbor June 16, 2017

21st Century Email Marketing Tactics

Email marketing is dead.  Long live email marketing.  The pervasiveness of spamming has forever damaged the reputation of email marketing and yet the practice refuses to quietly fade away.  I’ll say that’s because email marketing remains a useful B2B communication platform.  It’s just that marketers need to be smart about how to utilize this valuable resource.  Email marketing in the 21st century means content marketing that addresses topics that interests your clients and delivers value to them and to you.  When planning an email marketing campaign, content is king.

Content does not mean sending out a stream of tweets that describe banal banter such as what’s going on in your office today, accompanied by an image of your morning coffee and pastry sitting next to your laptop.  Your clients are not interested in “fake news” that results in a slew of annoying emails that feature revelations about your perspectives only and are filled with links to Instagram photos of what you found to be amusing as you walked to the post office.

Content marketing means sharing relevant information that will make your clients  become better informed and help them do their jobs better.  You accomplish that by producing original material that addresses topics that your clients feel are useful and distributing it on a consistent basis through your weekly blog or monthly newsletter,

The logistics of that distribution are up to you, whether you develop an opt-in email list and distribute content through a marketing service like Constant Contact or Mail Chimp, or if you post your blog or newsletter on a site like WordPress, that is visited by numerous readers, some of whom may be your clients.  In the latter scenario, there is usually an opportunity to subscribe to your content through alerts, individual emails or an RSS feed.

Regardless of your distribution platform, readers and clients appreciate an email /content marketing strategy that is customized and therefore more personal.  Developing an editorial calendar adds seasonal relevance to the topics that you present, for example, as does occasionally letting your content be influenced by the news or changes in government or tax policy.  It’s time-consuming, but the content that your organization provides weekly or monthly demonstrates your authority as evidenced by your expertise and judgment, as well as your opinions (don’t hesitate to have them!).  Freelance consulting specialists must always enhance the perception of our bona rides and content marketing plays a significant role.

As you write, learn to occasionally weave one or two of your products or services into the narrative because after all, the real purpose of producing and distributing content in B2B emails is to create billable hours (sales).  This could take the form of a client success story or news that you’ll appear on a panel, with a link to register embedded in your post.

If your email/ content marketing is sent through a marketing service as an individual email addressed to each subscriber, you are advised to pay particular attention to the subject line.  According to Silverpop’s 2016 Email Marketing Metrics Benchmark Study, the mean open rate of emails sent is merely 20 %, meaning that four out of five email marketing communications are deleted.  A 2015 analysis of over 40 million emails  conducted by Mail Chimp revealed that some of the most effective subject lines are (60 – 87% open rate) :

1. (Insert business name) Sales and Marketing Newsletter

2. Eye on the (insert business name) Update (insert the week or month time frame)

3. (Insert business name and date) News Bulletin

4. (Insert business name) Newsletter, with date

5. (Insert business name) Invites You!

6. Happy Holidays From (insert business name)

In 2014, Digital Marketer analyzed 125 million emails that the company sent that year and found that your business name, along with the words urgent, upgrade, alert, new, available, free delivery and newsletter are among the most persuasive. Oh, and what’s the secret to writing a good email subject line, along with using the key words that charm readers? Make the subject line describe the email topic!

So the moral of the story is, don’t dismiss email marketing as being hopelessly retro and inferior to social media posts.  Instead, think about how to update and adapt its use to fit your needs and the interests of your clients.  If your clients are among your Facebook friends on your Fan Page or they follow your tweets, then by all means continue.  You might consider how some of that content and images might be repurposed to become part of long-form content in a blog or newsletter.  Several recent studies have found that clients respond well to long-form content.  You’ll figure it out and reap the benefits,

Thanks for reading,

kim

Portfolio Style Consulting

The typical Freelance consultant offers to the marketplace a flagship tangible or intangible professional service that is accompanied by several quasi-related supporting services that s/he is qualified to deliver, according to the needs and budgets of clients.

Freelance consultants find it necessary to create multiple revenue streams generated from an array of  services as a way to make the Freelance life financially and professionally rewarding.  Even in the best of times, consulting projects can have infamously long sales cycles and Freelancers must guard against significant revenue gaps. Furthermore, offering more services is a way to attract more clients and billable hours.

While some Freelancers are able to make a good living in consultation with just one or two clients, an arrangement that is no doubt considerably less stressful and time-consuming than juggling several responsibilities, each with its own location, decision-makers, deadliness, cultures and invoicing rhythms, that is nonetheless a very vulnerable position.  Just as the tide comes in, it eventually recedes; any client can choose to decrease billable hours or terminate the relationship altogether, just because.

So we spread our eggs amongst several baskets as a way to appeal to a broader range of clients and mitigate risk.  We must be aware, however, that explaining our various competencies in trust-inspiring language that successfully bundles everything together under one inclusive brand umbrella is perhaps the greatest challenge of marketing and selling the services of a Freelance consultancy.

Like it or not, clients tend to pigeon-hole the consulting contractors that they know, to make it easier to remember whom to call when the need for external expertise arises.  As a result, the Freelancer has two self-branding promotional tasks that will help clients understand how and when our services might be useful:

  1. Position oneself as a highly knowledgeable and trustworthy expert.
  2. Become known as the go-to consulting expert for a given competency.

Convincing “verbal packaging” is urgently needed.  I’ve recently seen the term portfolio suggested as an elegantly simple way to describe how Freelancers help clients to achieve mission-critical goals.  The portfolio system allows Freelancers to present our unique skill sets, the sum of our experience and judgment and the outcomes we regularly deliver, packaged similarly to financial services products, a format that is familiar to your prospects.

Your portfolios will contain marketing, rather than financial, strategies but that does not diminish their value. Plus, clients will agree that diversified portfolios provide the smartest investment solutions and that is what the successful Freelance consultant delivers, every time.

Like a financial services expert sells the advantages of his/her investment portfolios, assign value to and spotlight the ROI derived from the services available through the portfolios contained under the umbrella of your consultancy.  Introduce the portfolio system to your consulting practice by first categorizing and grouping your services into distinct portfolios and then articulating the benefits and outcomes associated with each.  Develop “verbal packaging” to tie them together in a way that helps prospective clients to understand how and when to do business with you.

Thanks for reading,

Kim

Spring Training: Perfecting Your Elevator Pitch

We get only one chance to make a good first impression and beyond the visual presentation that your clothing and accessories communicate, followed by how you greet those that you meet (with a pleasantly firm handshake, friendly eye contact and a warm smile), what you say means a great deal.

In business-related gatherings or meetings the direct communication of your elevator pitch must grab the attention of the listener, inspire confidence and entice him/her to want to hear more.  Your elevator pitch is a sales technique wrapped in a conversational tone that piques the interest or even curiosity of the prospects, referral sources, investors, or strategic partners that you meet and entices them to want to know more about you and what you do.  Your elevator pitch is Step 2 in the process of meeting and winning over a VIP (getting the meeting is Step 1).

An elevator pitch (or elevator speech) is your official business introduction.  In it, you state what you do, for whom you do it and the outcomes and/or benefits that you provide to your clients, all in about 30 seconds.  As the story goes you step into the elevator, encounter someone who would like to know who you are and you roll out your spiel between floors.

A well-designed and delivered elevator pitch answers the (unspoken) question, “What can you do for me?” If good luck is on your side, you’ll have a business card handed to you, with a request to call that afternoon at 5:15 PM.  Your elevator pitch should address at least three of the following points:

  • The problem or need that you solve, i.e., the purpose or mission of your venture.
  • Identify your usual or ideal target clients (for-profit, not-for-profit, life sciences professionals, B2B, B2G, Fortune 1000, etc.).
  • Identify one or two of the primary results that your organization provides.
  • Name one or two of the primary benefits that your clients receive as a result of your services.

Depending on what you do, your (heavy-hitting) client list, the person or group that you’re addressing, or your mood, don’t shy away from getting a little bold about the value that you bring.  Even introverts can step up in their own quietly determined way.  If you have some credible (and demonstrable) metrics to attach to the outcomes and results that you produce, so much the better.  That is, if you can truthfully say, for example,  that 9 out of 10 of the marketing campaigns that you design for clients are routinely associated with a 15% increase in top line (gross) revenues within a 12 month period, then include that information in your elevator pitch.

Alternatively, you can keep your pitch very stripped-down and simple and state something like, “You know when this (problem or need) crops up? I fix it.”

Ideally, whoever you’re speaking with will want to hear more but if s/he doesn’t give much of a response, that means you are not speaking with a prospective client and it’s useful to know that up front.  Your elevator pitch will separate the wheat from the chaff and help you recognize who deserves your time and who does not.

If you’ve delivered a good elevator pitch that portrays you as a knowledgeable and trustworthy professional, you may get a client or you may get a referral.  You could also get an invitation to appear on a panel, speak at a business association meeting, or an inquiry about your teaching skills.  An effective elevator pitch is an integral component of the first impression that you make.  Be certain that what you say communicates your brand in the best possible way and it will open doors for you.

Thanks for reading,

Kim

 

A Press Kit That Tells Your Brand Story

It is true that social media and content marketing have forever transformed marketing strategies and advertising campaigns.  How brands reach out and engage with current and potential customers to communicate marketing messages, reinforce the brand and provide product information has become highly targeted and granular, often interactive and as a result, rather personal and designed to build relationships and a community.

The various social media platforms can be wonderful additions to your marketing and advertising plans, but they’ve not yet vanquished the trusty throwback that is the press kit. The press kit remains viable and is a must-have promotional tool for every organization—for-profit or not-for-profit, large, small, solopreneur, or start-up. Also known as a media kit, the press kit can be considered a resume for your business and with it you can create a narrative for your organization, in electronic format or as hard copy enclosed in a folder that you personally hand out.

Your press kit can contain any number of resources that inform recipients about your company and it can be customized to promote objectives you’d like to achieve. Business editors and journalists targeted to receive a press release, prospective clients that you plan to court, potential investors and business partners are among those who are press kit candidates.  Below is a list of ingredients that will help you tell your brand story:

1. Company Fact Sheet (known as the one sheet)

  • When and where the company was founded and its current location
  • Is the company privately or publicly held (date of initial public offering, if applicable)?
  • Company mission statement
  • Two or three of the most prominent clients if B2B, or largest target customer groups if B2C
  • Primary products or services
  • Number of employees
  • Company legal structure (corporation or limited liability company)
  • Website address and social media links

2. Photos

  • Professionally done headshots of the founder(s) and the leadership team (as high resolution images suitable for print or online publications)
  • A photo of the building where your office is located and/or a photo of the office entryway or reception area

3. Press releases

  • Selected press releases that have been sent to media outlets
  • Links to (selected) articles that have been written about the organization
  • Links to (selected) industry related articles written by the founder(s) or other company leaders

4. Videos

  • A three-minute clip of the founder(s) giving an overview of the company story, or announcing a new product or strategic partnership (if production budget is available)
  • If the founder(s) has been interviewed on television or radio to speak about the company or the industry, include a three-minute clip.

Business editors and journalists will be more willing to feature or include your company in an article if you can quickly email a press kit that gives them some background information.  If you plan to contact media outlets to announce a new product or service, for example, or let the public know that you will participate in a noteworthy charity event in your metro area,  put together an online media kit before you send the press release.

Before you hit the send button, call the publication and confirm who should receive the information.  A day or two after sending, call to confirm that it was received and ask if additional information would be appreciated.  Offer to send your press kit. Invite the reporter to your office for a casual chat or a formal interview (you can hand out the hard copy press kit if you’ve not yet sent the online version).

If attracting prestige clients to join your roster is the goal, your press kit can be an effective marketing tool that helps to convince those prospects that you are capable, trustworthy and have a good track record.  Prospects will learn the basics about you, your leadership team, the history of your company. They’ll see that you’ve worked with other good clients and that media outlets have written about, or quoted you (if you include press clippings).

Financial and business performance information, such as year-end balance sheets, growth and earnings statistics and other key performance indicators will please potential investors and partners and allow them to quickly understand the financial position of the company. Your press kit can potentially help to persuade certain of them to enter discussions that could result in an infusion of cash that would propel your venture to the next level.

Thanks for reading,

Kim