How to Target Content Marketing

Now that you’ve completed your business plan, you’re ready to put it in motion. Here’s the guide that will make sure you know how to get your entrepreneurial groove on! In Be Your Own Boss, Part 2: The Implementation and Beyond, you’ll learn to recognize the strengths or weaknesses in your proposed business model and develop an effective customer acquisition plan. You’ll get insight into what you should consider when choosing the right legal entity for your venture. Learn to implement savvy marketing, branding and social media strategies, get real about business financing options and build a solid financial strategy that will sustain your dream. Thursdays April 18 & 25 6:00 PM – 9:00 PM. Register here.

Content marketing continues to be an effective Inbound Marketing strategy for Freelancers and other business leaders who seek to interest and engage potential clients, nurture relationships with current clients, demonstrate an understanding of client concerns and generate leads that have a healthy possibility to convert to sales.

Yet according to sales and marketing experts, fewer than 50% of those who claim to be evaluating a product or service purchase are ready to buy. Therefore, the job of business leaders/ owners and Freelancers is to move prospects through the buyer’s journey, also known as the sales funnel, and toward the sale.

Recall if you will the shape of a funnel—wide at the top and narrow at the bottom. The shape of a funnel reflects to the buyer’s journey.  Early in the search for a solution, would-be clients search for information. Many are window shoppers. Others are more serious. They explore options, compare prices, clarify their needs and confirm their budgets. Eventually the most serious shoppers become fewer in number as they acknowledge their must-haves and narrow their choices down to a short list of sellers (i.e., businesses).  Only a relative handful buy make a purchase. 

Let’s examine the typical buyer’s journey and understand how inbound marketing can function to encourage the sale along the way.

Tofu: Top of Funnel 

This stage signals awareness and potential prospects are searching for information.  Content here will cast a wide net, to attract the attention of all those who are searching for insights, opinions, research and other data in their early stage and education process. Just as you may scan rating sites such as Yelp or Trip Advisor when searching for a hotel or restaurant, Tofu tier leads get familiar with your products and services through your blog, newsletter and social media postings.  It’s too early to present a call-to-action appeal, which could be a turn-off at this point. In general, the value of Tofu leads is low.

Nevertheless, your objective is to peel off the most promising leads and move them into the next tier.  Achieve this aim when you offer a 15 minute free consultation, announce a podcast or webinar in which you’ll be featured to discuss a topic relevant to your typical clients, or extend an invitation to download an e-book that you’ve written, gratis. Those who register for these extras are making a commitment, to an extent, to your business.  Furthermore, they must share their name and email contact as they register. They will progress to Mofu.

MoFu: Middle of Funnel 

You now have a qualified lead. The prospect is real and has acknowledged that a problem that must be solved in the near term.  Your prospect must evaluate  which of the available solutions might be the best fit?

Content at this tier must continue to educate, but the approach will become more specific, to position your company as capable and trustworthy, prepared to deliver the right solutions and solve problems.  Here, content explains why your solution and approach to problem-solving are the best fit. Examples of your ability to understand client concerns and priorities, as well as provide the best solution, can be illustrated in white papers, case studies, or (video) testimonials.

This tier is often considered the most critical because prospects will either agree to move forward and approve the sale or decide you’re not the one based on the information  presented.  Demonstrate expertise, establish trust and build relationships here.  Flash the power of your brand by dropping the names of a marquis client or two.

On the other hand, if it becomes apparent that you are not the best fit for a client, be upfront and make that known. You always want to provide the optimum customer experience that leads to good word of mouth and avoids churn (see last week’s post).

BoFu: Bottom of Funnel

Here is where the buyer confirms his/her decision to do business with your organization and the actual sales process can begin.  According to research featured in Forbes Magazine in 2013, many prospects get 60% – 70%  through the buyer’s journey before they care to speak with a sales representative.

There may be no content offered at this stage, but time-sensitive special offers can make a big difference.  Your prospect is ready to buy but there is still no guarantee that s/he will buy from you.  Here you give a little nudge, a sweetener, as you present your call-to-action, at last.

Depending on whether your business is B2B or B2C, tangible product or intangible service, you may offer a modest discount to buy now (or within 24 hours).  You might offer a tantalizing (and inexpensive to provide) upgrade or add-on to what the prospect has indicated s/he would like to purchase.  Free or discounted installation and a free trial are also effective.  Art galleries have been known to allow serious prospects to take an artwork home so that they can live with it for 10 days.

Inbound Marketing is lots more work than tried-and-true Outbound Marketing, where you scrape together some money and place an advertisement or two in target publications, or distribute flyers in certain zip codes, and hope for the best. Outbound Marketing still works, but Inbound Marketing is how to highly target your marketing campaigns and receive the highest ROI.

Thanks for reading,

Kim

Image: A 13th century Ottoman (Turkish) horseman draws his bow. Artist unknown.

Advertisements

Combat Customer Churn

If you’re ready to greenlight a business idea that you feel has money-making potential, then it’s time to create your road map to entrepreneurial success! Learn to build a Business Plan that will become both the foundation and launching pad for your exciting new venture. We’ll take a deep dive into all the ingredients of a basic Business Plan, including how to evaluate the profit-making potential of your business idea; define your ideal customer groups; evaluate competitors; develop a savvy marketing and social media plan; and build a solid financial strategy that will sustain your dream.  Thursdays March 28 & April 4 6:00 PM – 9:00 PM. Register here .

Every business owner works hard to add new customers to the company roster. Customer acquisition is a key component of an owner’s role, but attention must also be  paid to customer retention. It’s critical that business owners/ leaders develop a customer retention strategy for the organization—and implement it!

Depending on which study you believe and the industry you’re in, acquiring a new customer costs anywhere from 5 to 25 times more than the cost of retaining an existing customer.  Consider the time and resources utilized to recruit even one new customer, to say nothing of prospects whom you pursue and do not win.  It’s much more cost-effective and efficient to keep the customers you already have happy.

The phenomenon called churn refers to losing customers and the metric that measures the rate at which customers are lost, as compared to customers on the roster, is known as the customer churn rate. “Customer churn rate is a metric that measures the percentage of customers who end their relationship with a company in a particular period,” explains Jill Avery, senior lecturer at the Harvard Business School. The churn rate is measured during any month, quarter, or year, depending on the industry and the product or service that your company supplies.

In other words, if your business begins the quarter with 400 customers and ends with 380, the customer churn rate is 5%, since 20 of the 400 customers no longer do business with the company.  Avery goes on to say that many business owners/ leaders prefer to monitor and report churn rate’s opposite: customer retention rate, or how many customers remain. Both calculations tell the same story.

Changes in a company’s churn rate could signal that something is working well (if the number goes down) or needs addressing (if the number increases).  When you notice that an unexpected number (or percentage) of customers whom you’d expect to be more than just one-offs instead decline to do business at least intermittently, it’s time to take action and stanch the hemorrhage. The usual culprits are customer service failing,  products/ services that are not fulfilling customer expectations, or the presence of an aggressive competitor.

Churn is more than a metric to occasionally monitor. The future of your business depends on understanding why customers might leave and knowing what you can to do to retain those who may be ready to jump ship.  Avery advises that “Looking at churn rates by customer segment illuminates which types of customers are at risk and which types may need an intervention. It’s a nice simple metric that tells us a lot about when and how to interact with customers.”

Likewise, it’s important to study your customer acquisition channels. They don’t all yield equal results, so examine each to learn if customers coming through a specific channel have a higher churn rate than others.  Acquisition channels failing to deliver the best customers as you and your team define them will be discovered, so you can decide whether or not it’s worth continuing to fund that channel, or instead shift resources to channels that more consistently deliver the premium customers.

According to InsightSquared, a Boston marketing and sales analytics company, reducing customer churn by 5 % can increase profits by 25 % to 125 %. InsightSquared also found that 70 % of customers it polled leave not because of the product/ service purchased, but because of poor customer service. Further, 91 % of unhappy customers will not do business with your company again.

Other common issues to address include a lack of customer engagement or support, poor product-market fit and the user experience. It is essential to identify company weaknesses and shore up any products/ services that need to be better attuned to trends in market preferences, customer service protocols, or customer engagement that builds loyalty.

A mistake that business owners/ leaders make is to look at churn as simply a number, rather than as an indicator of customer behavior.  Questions to ask include:

  1. What is the company doing to cause customer turnover?
  2. What are customers doing or thinking that causes them to leave?
  3. How can we better manage customer relationships and diminish the churn?

That said, a high churn rate can be the result of poor customer acquisition efforts. “Many firms are attracting the wrong kinds of customers. We see this in industries that promote price heavily up front. They attract deal seekers who then leave quickly when they find a better deal with another company,” Avery says.

Finally, there is no standard acceptable churn metric. Avery cautions, “The truth is that what’s acceptable varies widely by business model and is largely dependent on how quickly and efficiently a company can acquire customers and how profitable customers are in the short and long-term. Some business models thrive despite high churn rates and others rely on low.”

Instead of fixating on a certain number, smart managers look at the churn rate of prior years and ask themselves what they might improve. “It’s really a metric that shows how well you’re managing your customer relationships, and you can usually always improve your performance in that area,” Avery says.

Before you assume you have a retention problem, consider whether the problem instead turns on customer acquisition.  Avery concludes, “Think about the customers you want to serve up front and focus on acquiring the right customers. The goal is to bring in and keep customers who you can provide value to and who are valuable to you.”

Thanks for reading,

Kim

Photograph: 1950s, photographer and location unknown

The 10 Faces of Guerilla Marketing

If you’re ready to greenlight a business idea that you feel has money-making potential,  then it’s time to create your road map to entrepreneurial success! Learn to build a Business Plan that will become both the foundation and launching pad for your exciting new venture. We’ll take a deep dive into all the ingredients of a basic Business Plan, including how to evaluate the profit-making potential of your business idea; define your ideal customer groups; evaluate competitors; develop a savvy marketing and social media plan; and build a solid financial strategy that will sustain your dream.  Thursdays March 28 & April 4 6:00 PM – 9:00 PM. Register here .

In his 1984 book Guerilla Marketing, Jay Conrad Levinson (1933 – 2013), whose studies in psychology led him to advertising agencies, brought to the forefront a marketing strategy that has a long history in American business.  Levinson borrowed the term guerilla, “little war” in Spanish, that is, warfare waged in unexpected ways and usually using low-budget weapons, to describe disruptive marketing campaign tactics (that can be humorous as well).

Ho Chi Minh, the revolutionary leader who successfully fought superpowers France and America and who eventually became Prime Minister of Viet Nam, demonstrated that guerilla tactics can win a war.  Might you, Freelancer friend, be able to incorporate a guerilla tactic or two in your marketing mix?

When done correctly, Guerrilla Marketing associates your product or service (brand) with innovation and authenticity.  But to make your Guerrilla Marketing strategy effective, conduct thoughtful and comprehensive market research and confirm that you understand what is likely to resonate with, and not offend, your target customers.  Ask yourself  these questions:

1.  Who are my customers, i.e. my target audience, and what do they respond to?

Not knowing your target audience will result in misguided efforts that only serve to confuse. Marketing is all about communicating with an audience you understand.  Your current and potential consumers will know when you’ve failed to do your research.

2. Can we deliver this strategy as well as it needs to be delivered?

In other words, do we have the physical resources to make this happen the right way?

3. Is my brand right for this type of campaign (Guerilla Marketing or otherwise)?

It is important to consider how your unusual marketing tactics might be perceived. If it seems possible that a Guerilla Marketing campaign might seem irritating to the planned targets, it will create a negative impression for you and your company.  Take into account the opinions of those who matter most to your business.  For example, those under age 40 may love a Guerilla marketing campaign, but if they’re not your buyers, then don’t go there.

Finally, bear in mind that Guerrilla campaigns can’t be duplicated. If they are repeated too many times, they lose their effectiveness. So you must structure a strong follow up to your marketing efforts including more promotional acts and ways to convert the traction and interest into buyers. Leverage traction and convert to sales revenue.

Viral   Uses social media platforms to promote a product, service, or an event. Viral means the message is shared among users of the platform and the info spreads to many thousands online.

Undercover   Stealth marketing pitch that sometimes will feature a celebrity using the product in a public place while expressing his/her confidence in the product.  The expectation is that fans will buy the product or use the service, since viewers may not realize that they’re getting a sales pitch.

Alternative   Low-cost methods to target specific neighborhoods, usually by leafletting flyers and postcards on parked cars and doorways.

Presence   Keeps your product or service constantly visible, to raise and sustain public awareness of the company and its products. Sponsorship of a popular drive-time radio show, billboards in key locations, sponsorship of major festivals or concerts. Whatever it takes to keep the company and its products and services at top-of-mind.

Ambush   Promoting a product or service, often at a big event, where the company hasn’t paid to be an official sponsor. A surprise attack on a competitor’s marketing campaign. Guerrilla brand war. The ambusher uses creative methods to grab attention and steal the spotlight from a competitor.

Ambient   Think of the Red Bull car and marketing messages placed in other unexpected places. On staircase steps, wrapped on a bus, banners on street light poles and ads for Broadway shows on the tops of taxi cabs.

Presume   Often used for products sold online. Attention-getting visuals on high-traffic websites and also social media platforms direct prospective customers to the website, where the sales process begins. The purpose is to make prospective customers aware of the product or service. Product placement in films and TV is another form of this tactic.

Wild posting   Urban street marketing, usually consisting of many posters for a rock band, hip-hop singer, or products used by the young and urban posted on the exterior of abandoned buildings and near bus or subway stops.

Experiential   Grocery stores, malls, high foot traffic streets and special events are the usual venues. Prospective customers interact with the product or service directly and will associate their immediate reactions with the featured brand. Invite people to sample product after they’ve receive a pitch on why the product is beneficial and should be valued. Often a coupon is given to encourage a purchase.

Buzz   Uses high profile media (traditional and social) to stimulate talk about the product or service. Buzz marketing works best when customer responses and eventual endorsement of the product or service are genuine.  The ROI is amplified positive word of mouth.

Thanks for reading,

Kim

Photograph: Viet Cong soldiers in North Viet Nam in the 1960s.  #Metoo!

Figuring Out Your Brand

Recently, I presented a branding workshop for an SBA-affiliated business development organization that primarily assists women entrepreneurs to launch and build companies (of any size) that are groomed to succeed.  Identifying and communicating a company’s brand, that is reputation, is of critical importance because that is how customers current and potential connect with the company and its products and services.

But really, how do company founders figure out the brand? How much is determined by the company founder and how much by the customers? Consider the case of Timberland.

Timberland is the originator of those ubiquitous mustard pyellow boots that have been worn by men in the construction industry since about 1970.  But 20 years later, New York City hip-hop style icons became obsessed with the boots.

Well known rap music stars regularly appeared on stage and in videos  wearing a pair of humble, utilitarian Timberlands. The boots are the antithesis of chic and so they became chic.  A hip-hop performer named himself “Timbaland” and became one of the biggest names of the art form. Timberland boots now symbolized authentic urban cool.  Its brand identity changed forever.  The company recently launched a “Brooklyn Collection.”

I am writing this post just a week after the branding workshop that I presented and I regret that I didn’t have access to the information I share with you today.  Stephen Greyser, Professor Emeritus at the Harvard Business School and Matts Urde, Associate Professor at Lund University School of Economics and Management in Sweden, created what they named a Corporate Brand Identity Matrix, shown here, to help us identify and communicate our brand:

VALUE PROPOSITION
What are our key offerings, and how do we want them to appeal to customers and other stakeholders?
RELATIONSHIPS
What should be the nature of our relationships with key customers and other stakeholders?
POSITION
What is our intended position in the market and in the hearts and minds of key customers and other stakeholders?
EXPRESSION
What is distinctive about the way we communicate and express ourselves and makes it possible to recognize us at a distance?
BRAND CORE
What do we promise, and what are the core values that sum up what our brand stands for?
PERSONALITY
What combination of human characteristics or qualities forms our corporate character?
MISSION AND VISION
What engages us (mission)? What is our direction and inspiration (vision)?
CULTURE
What are our attitudes, and how do we work and behave?
COMPETENCES
What are we particularly good at, and what makes us better than the competition?

In addition, Greyser and Urde recommend five (5) guidelines as you conduct your brand identity process:

  1. Be concise

Use short phrases in your answers that can become headings, where you will later write more detailed descriptions that flesh out your brand identity and narrative.

2.  Be straightforward

Keep your answers clear and uncomplicated. Avoid jargon and industry-speak. Adopt a down-to-earth style that tells the story in just a few simple, well-chosen, words.

3.  Seek what is representative or characteristic

Use language or concepts that say “this is us.” Describe the essence of you, your products/ services, your company.

4.  Stay authentic

Be honest in your ownership and expression of the aspects of your company, products and/or services that are already firmly rooted in the minds of your customers and community in which your company operates.  In other words, if the company has always been known for traditional values and a conservative approach, don’t try to appear cutting edge.

5.  Seek what is timeless

Brand identity should be long-lasting. Despite validation by the hip-hop crowd, Timberland boots are still humble, practical footwear that can be worn in any weather.

Thanks for reading,

Kim

Photograph: Hip-hop legend Biggie Smalls (1972 – 1997) circa 1995

Highest Paying Freelance Gigs in 2019

According to the 2018 report Freelancing in America , a survey of 6000 U.S. workers conducted by Upwork and The Freelancer’s Union, there are 56.7 million self-employed workers in our country, from Lyft and Uber drivers to public relations specialists, ballet dancers to home organizers.  One in three (35%) workers in America participate in the Freelance gig economy either full-time or part-time.

As you might guess, not everyone is getting rich in the Freelance economy.  High tech workers have the most earning power, by far.  Fit Small Business, an online magazine that features articles targeted to small business owners and Freelancers, analyzed data from online job-finding sites including Upwork, Freelancer, Hubstaff and Guru to compile a list of what they predict will be the 10 highest-paying Freelance jobs of 2019.

  1.  Data Scientist/ Machine Learning EngineerDeep Learning  S115/hour       Deep learning is the specialty of these machine learning experts and it involves the development of neural networks that mimic the neural pathways in the human brain. These professionals possess advanced skills in algorithm and programming languages such as Tensorflow, Python, Java, Matlab and C++.
  2.  Digital Architect —Blockchain  $87/hour   The technology that powers cryptocurrencies such as Bitcoin, Ethereum and Monero is used to build new cryptocurrencies, cryptocurrency exchanges and helping businesses to set up cryptocurrency transactions for customers who want to buy in. Proficiency in C++, Python and Solidity is required.
  3.  Robotics Engineer—Robotics  $77/hour  These Freelancers design and build the mechanical elements and machinery used by advanced robots and automated technologies that companies use to make certain repetitive tasks more efficient and less expensive to perform. Robots have moved into stockrooms to fulfill orders, pharmacies to fill prescriptions, banks to serve as personal teller machines (and let’s not forget ATMs) and even, God save us, into certain bars on the Royal Caribbean Cruise line, where the robots can make two drinks a minute. Talk about a speed bartender! High-level skill in mechanical engineering software, including SolidWorks Professional, Simplify 3D and Photoview 360 are required.
  4.  Penetration Tester—Network Security  $66/hour  These professionals are good guy hackers. They investigate the potential vulnerability of a company’s computer network, so that the company will not fall prey to bad guy hackers who might infiltrate and sabotage its computer system. These Freelancers are certified systems security professionals.
  5.  Code Writer/ Amazon Web Service (AWS) Lambda  $50/hour   AWS is unique among computer servers in that it’s only “on” when it’s needed and the customer pays for hosting space only when applications supported are in use.  AWS runs code when an event triggers it (downloading the software program) and the customer pays only when the associated code runs.  Freelancers must know C #, Java, Node.js and Python.
  6.   VR Developer—Virtual Reality  $50/hour  Virtual reality experts develop algorithms that are mostly used in games like the blockbuster Angry Birds. Virtual Reality technology is increasingly used in healthcare and education. These professionals must be fluent in C++, C#, C, native iOS, Android and Java.  Be advised that the required skillset is unique to the platform used to build the VR app in development.
  7. Video Editor—Final Cut Pro X. $37/hour  Film studios, music video directors, wedding videographers and marketing/advertising companies are among the potential clients of these Freelancers. Freelancers who’d like to participate with the creative class must be able to not only cut video clips. but also use transitions, integrate music and edit scenes using multiple camera angles.
  8. Social Media Marketer/ Instagram  $30/hour   What a shame that jobs where creativity, judgment and the psychology of the end-user are so vital to the process of creating a memorable experience that builds brand loyalty and generates revenue, skills that cannot be learned in a series of online tutorials pay the lowest salaries? The automatons are making all the money, clicking away on their keyboards.  Instagram active users numbered a billion in June 2018 according to Statista and that’s a whole lot of campaigns to create and manage.  Freelance marketers must be able to create engaging content, build the brand voice, analyze performance metrics to monitor campaigns successfully, in consultation with the client.

Thanks for reading,

Kim

Photograph: Academy Award-winning actress Jane Fonda (Best Actress, Klute 1971 and Coming Home 1978) as Bree Daniels in Klute (1971)

The December Holiday Client Outreach Plan

OK troops, you have just a few days left to take advantage of the biggest and easiest client outreach, retention and relationship building opportunity that we’ll have all year—the December holidays.  No doubt you have favorite clients whom you’d like to thank as well as retain, occasional clients with whom you’d like to work more often and lapsed clients whom you’d be thrilled to welcome back and December is the time to activate this most important component of your client outreach plan.  Whether you will limit your outreach to sending a card, or you’ll present a well-chosen gift to special clients, you must act very soon.  I recommend that you mail cards and distribute gifts no later than December 15, to promote the impression that you are always on top of things.

Congratulations to those of you who wisely placed an order in early November for a holiday card that has your business name professionally printed inside and printed on the envelope, the recipient name and address, plus your business return address.  You’re all set to add a brief note of thanks, stamp, seal and mail.

Those who are not quite so organized still have a handful of days to find a box or two of cards that are suitable for clients, meaning the card will contain neither an overt Christmas theme nor religious message.  Good tidings that “celebrate the season” are best for business relationships.

In addition, clients with whom you have a long-term relationship, or who provide you with generous billable hours (or you’d like to increase the chance that you will soon be on the receiving end of same) consider sending a holiday gift.  Your gift is a lovely gesture that demonstrates gratitude for the business you’ve received and the relationship that has developed.  You needn’t spend a lot of money.  Many useful or attractive gifts can be bought for $50.00 or less.

This year, I’ll give two jars of jam that are made by an acquaintance and I’ll hand deliver them to a short list of clients no later than December 18, with my holiday card tucked into the gift bag.  Home made chutney or artisanal honey also make excellent gifts.  Fruit or other gift baskets are a perennial holiday favorite and I’ve seen prices range from $40.00 to $400.00, depending on contents.  An appealing take on the holiday gift basket is the California Sunflower arrangement of premium dried fruits, priced at $50.00 + shipping.

If you know that a client still finds traditional pocket calendars more convenient, I recommend the pocket diary  by Time Traveler USA.  I’ve happily used the brand for several years.  The calendar offers a one-month view and has space to write in appointments.  There’s also include a weekly view that’s spread over two pages. Diaries come in several colors and are $15 each, plus $2.50 for the gift box.

Then again, you might consider buying a tech gift.  Even non-techies might appreciate potentially useful gifts such as Skullcandy wireless headphones , priced at $35.00 + shipping.  Finally, if you have little time and money to spend on client gifts, look at air plants that come in attractive containters (and be sure to include the care instructions).  Mahoney’s Garden Center has a nice selection at various prices and they’ll ship.

Thanks for reading,

Kim

Image: 18th century Rajasthani painting by Nihau Chand

 

Optimize Your Press Release For Social Media

The social media tsunami shows no sign of abating. According to 2018 data supplied by Statista, 68% of US adults have a Facebook profile and 75% of that group logs on daily. According to data supplied by the social media management platform Hootsuite, 21 % of US residents are active users of Twitter in 2018; 22 % are age 30 – 49 years and 18 % are age 50 – 64 years.

Instagram claims the loyalty of 20 % of the US population, 38 % of users are women and 26 % are men. Thirty-three percent of Instagram active users are age 30 – 49 years and 18 % are age 50 – 64 years. Sprout Social, the social media management platform, reports that 71 % of US businesses have an Instagram account.  Instagram data shows that 80 % of its users follow at least one business and 60 % of users have learned about a business through the platform.

I think you’ll agree that we  may reasonably conclude that exploiting social media’s hold on the population is a wise business decision.  Social media platforms are widely accepted in both the business and personal sectors and as indicated by the statics above, its influence continues to rapidly expand as innovators and thought leaders continually pioneer creative uses for it.

The tried-and-true press release has recently been pulled into the social media orbit.  Why not make your company’s next press release stand out to journalists and bloggers and kick it up a notch with social media tools? A press release optimized with the right social media platforms can be a savvy promotional add-on that complements the standard format you’ll send to media outlets.

Step One is to create a traditional press release that concisely and dynamically describes the who, what, when, where and why of your announcement and communicates why readers of your target media outlets, as well as your clients and social media followers, will appreciate the information.

Step Two is to customize your press release with social media that make your story pop and hook your target audience.  Let’s review the building blocks of a well-written press release:

Headline
Devise an attention-grabbing hook for your headline. Use SEO key words, wherever practical.

Sub-Headline (if needed)
There may be a second, follow-up headline that enhances or clarifies the primary headline. Use SEO key words here.

Contact
Who do interested parties contact for follow-up or more information? Include the name, title and preferred method of contact specifics.

Summary
A two or three sentence overview of the key message(s) of the press release may be appreciated, especially if it is longer than one page.

Body
Place the selling points of your media pitch here, in language that resonates with readers.  Incorporate key words for those who may be searching the topic.

Company info
Include a brief company bio with links to the company website and social media.

Social media links
Optimize your press release with social media links that enhance its storytelling power and go beyond the traditional text format. Include a brief video, two or three still photos and links to additional text that will support your story and resonate with your intended readers.

Media kit links
A soft-sell promotion of your company will be achieved when you dip into the media kit and include links to previous press releases, whether social media optimized or not. If your company has been favorably mentioned in the press, especially in articles that support the purpose of your press release, provide links.

Tags
Share your social media optimized press release on your company’s Facebook Fan page, Twitter hashtags and social bookmarking sites.

Thanks for reading,
Kim

Image: A poem for “The Pavilion with Various Views,” attributed to Mi Fu (1051 – 1107) Northern Song Dynasty, China

Trick or Treat! Bring Back Your Lapsed Clients

Halloween will soon arrive and ghosts and goblins are on our minds—and candy, too. All Hallows Eve (October 31), along with the Christian feast days of All Saints (November 1) and All Souls (November 2) have got me thinking about bringing lapsed clients back from the great beyond and gently returning them to active status. While some clients give us only a one-off project, others are worth a steady, even if sometimes modest, stream of billable hours and as such, they are worth the comparatively small effort it takes to try and lure them back. Here are some statistics you’ll find persuasive:

1. It costs 5 times more to acquire a new client than it does to retain an existing one.
2. You have a 60% – 70% chance of selling to an existing client and only a 5% – 20% chance of selling to a prospect who has never done business with you.
3. Existing clients are 50% more likely to try your new product or service.
4. Existing clients on average spend 31% more than your newest clients.

So you see that we save time and money, as well as make more money, when we return to our lapsed clients. Surprisingly, only 18% of businesses have a defined client retention strategy, according to a recent marketing survey, but you now know that means money is being left on the table, something you cannot afford to do. Begin your client retention strategy as soon as you’re hired for a project. Shift your perspective—you haven’t just closed a sale, you’ve opened the door to a relationship.

Because marketing experts report that 89% of companies recognize that the client experience is a key factor in driving loyalty and retention, do your business a favor and devise a quick client satisfaction survey, maybe five or six questions, and get some post-project feedback. Clients always appreciate that you value their insights on how your organization does business. You might receive information that will make your business more competitive and therefore more favorably positioned to both win back and acquire clients.

The December holidays are approaching and that gives you the most golden opportunity for client outreach, the holiday card. Start thinking about your cards NOW. Would you like to have your local Sir Speedy or Kinko design a card for your clients? That will take some time and you want to be ready to mail in the first week of December. Remember that holiday cards intended for clients have a “Happy Holidays” message and not a religious message.

If you publish a newsletter or blog, clients past and present are ideal candidates for your mailing list. Clients have willingly shared their contact information and that gives you permission to send each a courtesy copy. Your content is an effective way to demonstrate the depth and breadth of your business acumen, making it similar to an ongoing audition for future assignments. Your newsletter or blog are effective ways to keep your organization at top of mind. Nevertheless, include an opt-out feature for those who prefer to discontinue.

Finally, you can offer a 20 % discount to any client who has not worked with you for the past three or more years. You might include the notice in two successive issues of your blog or newsletter, or send a separate email announcement, or both. However you get the word out, I suggest that you honor the discount for any client who requests it, even if it’s a year after the announcement appeared and you just competed a project with that client last month.

Thanks for reading,
Kim

Photograph: Jonathan Frid as vampire Barnabas Collins in the ABC-TV gothic horror soap opera “Dark Shadows” (1966-1971)

Update Your Competitive Intelligence

At any point in the life of your business, it’s wise to update your competitive information. Depending on the type of enterprise that you operate, refreshing your competitive info can be as easy as taking a 30 minute walk around your neighborhood and making note of new businesses that are preparing to open. Reading local newspapers is also useful, since there is frequently mention of new stores and restaurants that are scheduled to open.

Your customers can be excellent sources of competitive information as well, in particular if your venture draws primarily from customers who live or work in the immediate neighborhood, and that’s another reason why you, business owner friend, want to develop good relationships with customers.

B2B service providers don’t have it so easy when it comes to obtaining vital or actionable competitive information, I’m afraid. The problem is, there’s often no way to know the identities of competitors. Everyone who offers services similar to what your organization offers, everyone who works with clients of a similar profile ($1 million or less in annual revenue, $1 million to $10 million in annual revenue, and so on) and everyone who submits a proposal for an assignment on which you’ve also bid is a competitor. It’s nebulous, to say the least, but nevertheless I encourage you to find ways to extract relevant competitive data from every available source.

Reading your industry and other business journals and joining a networking or skills development organization tailored to your specialty is probably the most effective way to confirm which services that clients you want to work with are requesting most often as well as the services they may request in the future.

It won’t hurt to create a more or less formal Competitive Analysis document (an Excel spreadsheet will work nicely) for your information, so that you can review and update as desired. In your Competitive Analysis spreadsheet you can identify your direct and indirect competitors and perhaps choose to focus on four or five, maximum. If you can learn enough to evaluate their strategies and determine their strengths and weaknesses in comparison to your business, so much the better, but it’s more likely that you’ll only be able to document the products and services they offer and check out their client lists. If you see ways that you can rename or repackage one or more of your own services in the hopes of making yourself more marketable, then by all means go for it.

Another compelling and potentially actionable reason to perform a Competitive Analysis is to enable yourself to evaluate what makes your products and services unique in ways that appeal to clients. It’s especially important for B2B service providers to articulate any distinct competitive advantages you have over the competitors you’ve identified.

Furthermore, you can refine your data and clarify the picture by grouping competitors according to how directly they compete against you. It may be helpful to ask yourself questions that will serve to further describe your competitors. These questions include:

1. Who are your top three direct competitors and how busy are they?
2. What services do competitors offer that you don’t and vice versa? What might that mean to clients?
3. Can you assess your competitors’ strengths and weaknesses?
4. In which media outlets do competitors advertise and how frequently do the ads run?
5. What other types of marketing do your top three direct competitors do?
6. What potential threats do your competitors pose to the marketing of your products or services?
7. Do you see additional opportunities for marketing your products and services, in terms of new customer groups, niche markets, or reconfigured service packages?

Pricing is also a big factor in competitive information and once again, B2B service providers are at a disadvantage when it comes to obtaining pricing information about competitors. However, there is a way to gain insight into the pricing of similar services in different parts of the country by checking out the bidding prices listed in the U.S. Government contracting system MOBIS. See “view catalogue” on the far right. Choose a company and click. Scroll through and find pricing info for that company.

MO
BIS

Thanks for reading,
Kim

Newsletters, the Jewel in the Crown of Content Marketing

Email marketing remains a highly effective way to engage and connect with clients, prospects and referral sources.  Email marketing can take several forms and according to marketing experts, newsletters are the most effective format.  There are few content marketing tactics that do a better job of attracting, retaining and even winning back lapsed clients than a newsletter that contains well-presented, relevant information that arrives on a regular basis.

Whether readers discover your newsletter while browsing your website or it’s delivered to inboxes by an email marketing service, a newsletter (or blog) will build and enhance your brand, keep your business at top-of-mind, drive traffic to your website and encourage prospective clients and referral sources to learn more about your products and services.  Listed here are building blocks that will help you create a newsletter that will reflect well on your expertise, your business and your brand.

  1. Goals   The newsletter will be one component of your overall marketing /content marketing strategy.  Acknowledging that your newsletter is the cornerstone of your content marketing strategy and that your content marketing strategy plays a leading role in your overall marketing strategy will help you to identify appropriate goals and metrics that will monitor the success rate of your marketing activities. Consider how launching a newsletter will support your organization’s marketing goals.  Are you looking to generate leads and sales? Or are you attempting to establish yourself as a thought-leader and expert as a way to build trust and attract more prestigious clients, expand referrals, get a teaching appointment, or speaking engagements?
  2. Frequency   Decide what your schedule will allow you to do in terms of researching sources and publishing original content.  Be realistic about your time, because sticking to a predictable publishing rhythm will be important to your readers.  Choose as your publishing schedule a date (like the 1st, 15th, or 30th of the month) or a day (the 3rd Tuesday, for example).  A monthly newsletter will help you to build readership most efficiently, but a bi-monthly schedule might be OK.
  3. Template   Reinforce your visual brand and use the colors and graphic style elements used in your business cards and website also in your newsletter design.  An online search will bring you to numerous free newsletter templates and email marketing services will have templates as well.  Choose a template that you like and that will be easy to read.  Readers should be able to quickly scan topic headlines.  Make sure that your template will allow you to upload images as desired. Hubspot, the Cambridge, MA content marketing firm, in a recent survey found that 65% of email marketing readers prefer images to text when reading newsletters.  It’s also important to choose a template that will give sufficient “above the fold” space for you to create headlines that encourage readers to dive in. “Above the fold” is a newspaper industry term that describes the area above the fold in the newspaper.  In a digital newsletter, above the fold refers to what readers can see without scrolling.  Place your best headlines above the fold to reel in readers.
  4. Mobile friendly   A 2018 study by Adestra, a U.K.-based email marketing service, found that 59% of emails are first opened on mobile devices but according to Marketing Land, a digital publication whose target readers are marketing professionals, only 17% of marketers regularly send responsive emails.  Take the steps to format your newsletter in responsive design, so that it will be easy to read on a smart phone or tablet.
  5. Newsletter content   Create a newsletter that consistently delivers to readers  information that they are likely to find interesting and useful.  There are those whose idea of a newsletter consists of links to articles that have appeared in industry journals, sometimes accompanied by a personally written prelude.  That’s probably OK to do two or three times a year, but I highly recommend that you research a topic or two and write 800 – 1500 words of original content.  Your newsletter does not have to exceed two pages, including photos or short videos.
  6. Subscriber base   Your mission will be to capture as many email addresses as ethical behavior allows (no spamming please!).  Take a passive approach and make it possible for readers to subscribe on your website.  Take an active approach and initiate a business card exchange as you meet people in your travels.  Mention that you have a newsletter that covers a particular topic and ask if they’d like to receive it.  If the answer is yes, then you’ll add a new name to your list.  Include an unsubscribe feature in your newsletter template.  Check the statistics of your newsletter, in particular the bounce rate and open rate.  Correct or remove bad email addresses, to keep the list clean and your statistics accurate.  According to Mailchimp, the average newsletter open rate is 20%.  However, when you publish a newsletter that consists of original content that readers value, the open rate can be much higher.  From 2012 – 2016, I was the principal author of a women’s club newsletter (I am still a member) and the open rate approached 70%.

Thanks for reading,

Kim

Photograph: Bob Bernstein (l) and Carl Woodward at The Washington Post in May 1973. The two won the Pulitzer Prize for Public Service in 1973 for their reporting on the Watergate story.  ©Associated Press