Tag Archives: B2B marketing

10 Ways to Market Your Brand’s Integrity

Statue of LibertyRegardless of whether your company is an established leader or an upstart, brand integrity matters. And it’s a corporate asset that needs to be marketed.

Unfortunately, simply telling target audiences and opinion leaders that your company is smart, honest, unique, innovative, creative, cutting-edge, trusted, etc. never succeeds. People require hard and soft evidence to support their own conclusions about your brand attributes, notably its integrity.

So how does a company communicate its brand integrity through online and offline channels? Here are 10 tangible and intangible factors that, on an individual and combined basis, can drive market opinion regarding your company’s brand integrity:

  • Transparency: Is information regarding your company’s mission, core values, processes and people available and easily accessible? (Acid Test: How much digging is required to gain a basic understanding?)
  • Consistency: Is all information kept up-to-date, and relevant to current market conditions? Does bad news get communicated to your existing stakeholders (including employees) as quickly and openly as good news? (Acid Test: What’s the frequency of content generation, and the number of direct and indirect “touches” with target audiences?)
  • Enthusiasm: Does your firm appear genuine and enthusiastic about communicating with external audiences? Or does communication appear to be treated as a necessary evil? (Acid Test: How often are innovation and fun baked into those efforts?)
  • Values: Are your firm’s core values validated through its actions? (Acid Test: Are they aspirational and inspirational? Is there tangible evidence that values really drive decision-making?)
  • Clarity: Are explanations clear, devoid of technical jargon or mystery, and easily understood by all outside audiences? (Acid Test: Would an 8th grader get it?)
  • Culture: Is there a visible common culture, beyond shared academic credentials or charitable activities? Are there tangible signs that employees are valued, have a unified vision and enjoy working together? (Acid Test: Other than the annual mud run photo, do employees appear to be engaged as a team?)
  • Associations: Who and what are the people, organizations, ideas and causes associated with your firm? Are those associations respected, credible and trustworthy? (Acid Test: Is the firm actively connected with the outside world?)
  • Validation: How is your company’s value proposition confirmed by objective 3rd parties? Do reliable sources express open support or inherent endorsement? (Acid Test: Do credible media sources cover the company? Do clients identify themselves by name and company?)
  • Thought Leadership: Are efforts made to share / promote your firm’s intellectual capital in a helpful manner that’s not directly self-serving? (Acid Test: Do other opinion leaders reference your company’s ideas or contributions? Are white papers just poorly disguised sales collateral?)
  • Persona: Does your firm appear to be run by interesting human beings, or hide its personality behind an opaque, institutional veneer? (Acid Test: Does the overall impact of public-facing communication project warmth and sincerity, or distance and arrogance?)

Marketing tactics aside, companies looking for a guiding principle on brand integrity are well-served by heeding the advice of the late John Wooden, basketball coaching legend, who said, “Be more concerned with your character than with your reputation. Your character is what you really are, while your reputation is merely what others think you are.”

Leave a comment

Filed under Uncategorized

Managing Brand Strategy…When Your Name is on the Front Door

selldorf-home-olvrAny business founder / owner whose surname serves as their company’s brand name has a unique challenge. If (s)he’s built a successful business that relies on the efforts of its employees, the founder of an eponymous business eventually will need to address brand transition; particularly if it’s a B2B or professional services firm.

Brand transition involves shifting market perceptions of the firm away from the individual founder(s), and toward an enterprise-based brand positioning. Over time, this means moving brand perceptions away from “Smith & Company: Jack Smith’s business,” and arriving at “Smith & Company: The business that Jack Smith built.” Or better yet, eventually “Smith & Company: Who was Jack Smith, anyway?”

The brand transition strategy goal is to have a company’s stakeholders – including clients, prospects, referral sources, vendors, etc. – understand that its value proposition is based on the collective talents and experience of all the people who work there; not solely or largely on the individual whose name is on the front door.

When it comes time for a founder to sell or step out of their business, a marketplace identity that relies heavily on that individual’s personal credentials, relationships or charisma will serve to erode the brand equity they’ve worked so hard to establish. It can also reduce enterprise valuation, and handicap the near-term effectiveness of the company’s new owners; particularly when those new owners are the marginalized employees who intend to grow the business.

Ideally, and years in advance of considering their exit strategy, founders of eponymous firms will have the foresight to consider the internal and external advantages of building a strong management team and showcasing that group’s intellectual capital. This requires a founder to put the welfare of the company ahead of their desire to promote themselves. And this can often be a tough task for people with strong personalities who’ve leveraged their ego-driven determination to build a successful venture over 20 years or more.

In our experience, many company founders give little or no thought to the task of shifting market perceptions away from themselves, and have not considered the benefits of a more institutional (and scalable) brand presence. Or they will recognize the issue with very little time left in the game, and then seek to apply some quick or simplistic remedy, such as advertising, to change market perceptions.

Other than ignoring the brand transition issue altogether, company founders have two options:

Re-brand to a Generic Name: To wit: “Smith & Company is now SmiTech Consulting Group!” This can be a viable strategy for eponymous firms at any stage of their lifecycle. These initiatives involve lots of planning and moving parts, and include heavy investment in communication tactics over at least a 6-month period to re-educate stakeholders.

Even with careful planning and coordination, a portion of brand equity will be lost in any re-branding effort, because some stakeholders will never remember the connection between the old and new brand names. Over time, however, re-branding to a generic corporate name can be worth the near-term market confusion for eponymous firms.

Go Cold-Turkey: Forget about orderly brand transition. Founders looking to jump-start an initiative to build an enterprise-based brand should consider going cold turkey, simply by disengaging themselves from the marketing & sales process altogether. This can be accomplished in a discrete manner, or in a more dramatic fashion.

One company founder we worked with, for example, called in his senior team and asked them what immediate and longer-term steps they would take, with respect to business development, if he died of a heart attack that morning. (He was the company’s top rainmaker.) After assuring them that he had no medical problems, the management team spent several hours in a white board session that provided the raw material for a very effective brand transition plan that the founder endorsed and implemented with great success.

The tactics generated in that company’s “cold turkey” planning session were neither complex nor sophisticated. Instead, they were straight out of the Marketing Communications 101 playbook, and included:

–      Thought leadership content based primarily on ideas of interest to clients; not related to the accomplishments of individuals at their firm;

–      Sharing the spotlight across the entire organization, involving all types of editorial and public platforms;

–      Reconfiguration of all public facing materials, notably the firm’s website, to reflect the collective strength of their organization;

–      Internal recognition and encouragement for all employees to promote the firm.

Many notable eponymous firms have succeeded in brand transition: McKinsey, Ernst & Young, Skadden Arps, Korn Ferry, etc. The back-stories are unavailable on how those firms accomplished that goal, and whether the change was managed in orderly fashion, or was the lucky result of internal chaos.

Although we’ve not found any research on this topic, we suspect that for every brand transition success story, there are at least 10 examples of firms that have failed; not simply in terms of brand identity, but more importantly, in terms of the company’s survival. Too often, a founder’s unwillingness to acknowledge the contributions of employees ensures that there will be no brand legacy when they leave the business…and sometimes in advance of that.

Leave a comment

Filed under Uncategorized

Marketing Lesson from Ian McTavish: 7th Generation Scottish Bagpipe Maker

McTavishOn a trip to Scotland in the 1980s, from my rented car on a road outside of Glasgow, I spotted a crude hand-painted sign nailed to a tree that read, “Ian McTavish Bagpipe Maker.” I slammed on the brakes and took a sharp left turn up a narrow, dirt road. I had long wanted to play the bagpipes, and in a heartbeat decided that bringing home an authentic set of Scottish bagpipes might help to cross that item off my bucket list.

At the end of the dirt road there were two simple stucco structures, each one about the size of a detached two-car garage. One structure appeared to be a home, with a front door sandwiched between two small windows, and a raised porch. Although it had no signage, the other building had a single, large dirty window, and appeared more likely to be the bagpipe maker’s showroom. There was no vehicle, no barking dog, or any sign of human life. But the showroom door was wide open.

I knocked on the open door and called out as I stepped into the main room, which contained a workbench, some tools hanging from hooks, and a pile of wood scraps. I had imagined a display of bagpipes in various stages of completion, but saw nothing resembling the instrument, in whole or part. Just a dirty room with no apparent purpose. I spent a minute looking at the tools and wondering if I had turned down the wrong road, and just as I decided to leave, a gruff voice from a back room barked, “Whadya want?”

As I jumped to attention, a large, bearded man appeared from a back room, wearing a kilt, black tee shirt and work boots. His boots, knees and hands were covered with mud. He repeated his question, louder. Flustered, and still unsure I was in the right place, I asked politely, “Are you the bagpipe maker?” “Whadya want?” he asked again, providing some comfort that I had a reason to be standing uninvited inside this cranky Scotsman’s workshop.

Finally answering his question, I stammered: “I’m interested in buying a set of bagpipes. Do you have any that I can look at?”

“No,” he said.

After a long pause, he added, “I make pipes to order. There’s none to show ye here.”

“OK then,” I said, searching to create a conversation, “How long does it take you to make a set of pipes?”

“It depends…” he growled, growing impatient with my questions.

I persistent, “What does it depend on?”

“It depends on the weather,” he snapped.

Attempting to decipher his answer and to carry the conversation, I asked, “Does the weather affect the aging of the wood that you use for the pipes?”

He gave me a look of disgust and said, “No. If the weather is nice, I’ll be in my garden, and I won’t be in here makin pipes.”

At this point, having groveled sufficiently, I prepared for my exit with one last shot. “My ancestors are from Scotland, Mr. McTavish, and I’m here visiting some of the places where they lived. I’ve always wanted to learn to play the bagpipes, and was hoping you might be able to help me. But I can see that I’ve disturbed you and I apologize for wasting your time. So good day.”

As I turned toward the door, his said, “Hold on, young man.” His voice softened a bit and he took a step toward me. “I’m the 7th generation of bagpipe makers in me clan, and I make the best pipes in Scotland. You Americans come over here and try to buy me bagpipes so that they can hang em as a decoration over their hearth. But I only make me pipes to be played.”

When he paused, I said, “I’m not going to hang them on the wall. I’m going to learn how to play them.”

He moved even closer, and poked me in the chest, “OK then, lad. Here’s what I’ll do fer ye. Go back to America, find yerself a tutor, and learn to play the practice chanter.”

“I can do that,” I said.

“Good,” he continued. “Then when ye learn how to play the chanter, make a tape of yerself so I can hear what ye sound like. Then, if I think ye play the chanter good enough…ye tell me how much money ye want to spend, and I’ll make ye the best set of bagpipes that yer money can buy anywhere.”

“OK,” I agreed. “I’ll do that.”

He scrawled his address on a piece of paper, and handed it to me. We shook hands and I drove off.

Over the years, life got in the way, and I never got around to sending Ian McTavish an audio tape of my skills on the practice chanter, and as a result, I never had the privilege of owning a set of his bagpipes.

But Ian McTavish, the 7th generation Scottish bagpipe maker, taught me an important marketing lesson I’ve never forgotten:

If you create a product or service of high quality, then you’re entitled to set the bar as high as you like, with respect to those seeking to buy it. It’s difficult to be selective about who your customers are…but this “less is more” discipline makes for happier, longer-term relationships between buyers and sellers…and it never hurts to step away from your business to spend time tending your garden.

Leave a comment

Filed under B2B Marketing, Marketing Strategy

Industry Conferences and Seminars: How to Extract their Real Business Value

dog-and-ponyRegardless of industry, conferences and seminars can be a significant waste of time, money and opportunity. But the conference sponsor is typically not at fault for the lack of return on this marketing investment. It’s often the result of poor planning, lack of creativity, outright laziness or unrealistic expectations by the companies that participate in them.

Here are three issues marketers should address, in advance of investing in a conference of any kind:

Do I understand the inherent marketing value of conferences? Before it became a “pay to play” world, there was some brand stature and inherent 3rd party endorsement associated with participation as a keynote speaker or panelist on a conference agenda. Nowadays, however, even if you’re invited to speak, attendees will likely assume that you’ve paid for the privilege, so the brand cachet is diminished.

The real marketing value of participation in any conference agenda is not based on what you say to the 100 attendees during your 15 minutes on the podium. Instead, it’s based on what you do, both before and after the conference, to reach, influence and engage the 1,000+ or 2,000+ decision-makers who were either too busy or too important to attend the event. In many respects, a conference simply provides a legitimate reason to communicate with those individuals who are most important you.

Do I have the internal discipline to make conferences a worthwhile investment? Because conferences are expensive, inefficient, haphazard and often difficult to evaluate, you must establish an internal discipline and specific strategies to harness their marketing value. For starters, you need access to a robust, accurate database of your clients, prospects and referral sources. Possessing a list of conference attendees, either before or after the conference, is helpful, but of lesser importance.

You also need to create a detailed communications strategy – tailored for each event – that addresses how you intend to:

  • Share intellectual capital associated with the event (either generated by you or someone else), and how to…
  • Leverage that intellectual capital to drive engagement with your target audiences either before and / or after the conference.

For example, if you’ve given a conference presentation, you can send highlights of your remarks to your database shortly after the event, and offer to send them your complete remarks or PowerPoint slides. Or you can convert your presentation into a bylined article for publication in an appropriate business or trade journal, and then send target audiences the published piece along with a personalized cover note.

If you’re not on the podium, you’ll need to be more creative. For example, you might send your target audiences a “Sorry I missed you…” communication that provides your insights on the conference’s highlights, or expresses a contrarian viewpoint related to its underlying theme. Or you might even consider hi-jacking the conference agenda, by inviting high-value targets to a roundtable discussion / reception at a very exclusive venue near the event. (Conference sponsors do their best to prevent this type of guerilla marketing.)

In all cases, the strategic goal is to amortize the time and money you’ve invested in the conference, in order to reach a wider and often times more appropriate audience. By using the conference credibility (or its related topic / theme) to showcase your intellectual capital, drive top-of-mind awareness and foster direct engagement, you’ll have a much greater likelihood of yielding a connection between the event and tangible business metrics, including new client engagements and revenue growth.

Are my expectations for this conference realistic? Sometimes lightning actually does strike: you’ll make a connection at a conference that eventually leads to new business. But most of the time, putting your company’s logo on a lanyard, participating in a panel discussion, or sponsoring a mid-morning coffee break will lead to absolutely nothing. If there were a consistent direct connection between conference participation and business growth, there would be a very long waiting list for sponsorships.

If you understand that conferences will always be a low percentage marketing strategy, then you have a clear choice. You can either:

  1. Avoid conferences altogether, by hosting your own private events or programs.
  2. Leverage your participation to showcase intellectual capital with a wider audience.
  3. Simply enjoy the camaraderie, the golf / tennis / beach, and the nightlife…and hope for the best.

In short, conference participation is similar to all other marketing-related tactics. Smart, focused and strategic behavior will always produce better outcomes than “one-size-fits-all” solutions.

Leave a comment

Filed under Uncategorized

How to Sell to Companies that are Out of Your League

jim-carreyThe most enduring injustice in the world of B2B marketing is that, very often, a firm with strong brand perceptions will be selected over a more qualified, but lesser-known firm. The old adage, “No one was ever fired for hiring IBM,” still rings true in every industry. And firms that understand this market dynamic, and work to build a marketing strategy to address the underlying human issues, can gain market acceptance and compete effectively against larger and better-known competitors.

The central, unspoken issue embedded within the selection process for any type of B2B firm is easy to understand. All decision-makers require a certain level of comfort and confidence necessary for them: 1. To propose a relatively unknown candidate to their “boss” (however that’s defined), and more importantly, 2. To rationalize their selection of that unknown candidate; and worst case, to defend their decision should their selected provider fail. Avoiding responsibility for a bad decision is always the top priority.

By taking either of these two steps, decision-makers put skin in the game. Their personal welfare – notably, keeping their job – will always be far more important to them than selecting the most qualified firm. So regardless of your firm’s size or brand stature, this inherent “career risk” is the key obstacle that must always be overcome.

Here are three ways your firm can achieve that goal through marketing:

Don’t Exclude Your Firm from Consideration

Small firms can exclude themselves from consideration by large prospects in two ways. They either focus exclusively on quantitative characteristics of their firm (and refuse to acknowledge the human side of decision-making)…or they never attempt to solicit companies considered to be “out of their league” (either for lack of inertia, or for fear of failure.)

Although it would be reckless to devote all or most of your firm’s marketing efforts to “low probability” prospects, excluding them altogether represents an opportunity loss. Solely from the standpoint of marketing skills development, and regardless of the outcome, pitching your firm to tougher prospects will increase its effectiveness in those leagues where it is “entitled” to play. Most high handicap (struggling) golfers will attest that they perform on a much higher level when paired with better players. That same performance dynamic holds true in marketing your firm.

The opportunity loss in not hunting for larger game is that you can never know a prospect’s current situation, mindset or future plans. They may be unhappy with their current provider and are seeking a change, or their new strategy may involve hiring a smaller firm that can provide a more personalized level of service. It’s always better to lose (and to learn from your losses), than it is to not enter the game at all.

Think and Act Like a “Safe Choice”

If your small firm is prepared to acknowledge that market perceptions are at least as important as its credentials (an enormous hurdle for many firms), then it’s half-way toward the goal of competing effectively against better known brands. The other half of your quest to be considered a “safe choice” by prospects involves thinking and acting exactly like your most successful competitors, in terms of marketing communications.

Here are the five marketing assets applied by successful firms:

– A well-articulated value proposition: Until you have a clear understanding of why and how your company is of value to clients, and are able to express that in a clear, concise manner, don’t invest in any marketing tools or tactics.

– An effective website: As the mother ship of your brand, and the most important public-facing expression of your firm’s value proposition, your website needs to go beyond “what we do” and “who we are.” It must also provide insights into “what we believe,” “how we think,” “how we operate” and address “who validates our credibility.”

– Bona fide thought leadership: This self-generated content showcases your firm’s intellectual capital, which builds confidence in its potential to succeed. Bona fide thought leadership does not promote your firm, or attempt to sell its products or services.

– Inherent third-party endorsements: These credibility tools can take many forms, ranging from published articles in respected publications, to speaking engagements at industry conferences. The quality of these types of indirect endorsements are more important than frequency.

– Top-of-mind awareness: To maintain familiarity with your brand in the marketplace, your firm will need to pro-actively reach out to its current and prospective clients and referral sources, ideally on a quarterly basis. The information you send to those target audiences must be relevant and of interest to them.

Associate with Established / Trusted Brands

If your company has little or no brand stature, one of the quickest and most effective ways to change that dynamic is to directly associate your brand with specific firms or individuals who already possess the market credibility and respect that you’re seeking. There are a number of tactics you can apply to benefit from this brand-related “halo effect.”

For example, your quarterly outreach to target audiences (referenced above) might feature interviews with respected industry leaders, or with well-known subject matter experts. Or your firm might host a series of by-invitation-only webinars, or in-person roundtable discussions, featuring recognized authorities in a particular profession or industry.

Regardless of the specific halo effect tactic(s) you apply, the underlying strategy remains the same: to create an editorial product or host an event that enables your firm’s brand reputation to be positioned – in the minds of others – as being in the same league as the well-established third-party brand(s) that you are promoting.

Many firms possess some of the marketing assets outlined here, and fewer firms possess all of them. An extremely small number of companies are able to apply these tactics in a consistent manner, or view marketing as an ongoing business discipline, rather than a list of items to be checked off.

If your company understands the human dynamics of decision-making, and applies an appropriate marketing strategy to build its brand stature, it will be capable of competing at any level, and is unlikely to remain small or unknown for very long.

Leave a comment

Filed under Uncategorized

Your Marketing Content: Is it Fake News?

fake-newsThe marketing profession has a reputation for sometimes using less than reliable market research to promote a point of view. And this marketer has been guilty of that sin.

Years ago, our insurance company client was introducing a new Directors & Officers liability insurance policy, and asked us to raise market awareness. With good intentions, but given no budget or time to perform proper market research, we interviewed a total of 6 corporate CEOs and board members to provide some validation to the underlying premise of our press release. The headline read: “Most Corporate Directors & Officers Believe They Are Not Adequately Protected from Legal Risk.”

With very little expectation that such shoddy market research would qualify for exposure in the financial press, and dreading inquiries from journalists asking about our research methodology, the press release went out. To our great surprise, we received no calls from reporters checking our facts, and the story was immediately picked up by two major wire services, and appeared as a news squib on the front page of the Wall Street Journal, followed by coverage in several business insurance trade publications.

Our client was overjoyed with the media exposure, but we felt less than honorable, and resolved that we would never use market research to promote a client’s product or service unless we believed the supporting methodology had sufficient rigor. And over the years we’ve lost client work as a result of that position.

Research integrity was an issue long before the internet became the platform for content marketing. Most often, your research-based news items would not be covered by respected media sources unless you successfully endured their credibility gauntlet. Editors demanded your research methods and data, and had to be convinced that your study was objective and legitimate. Our very thin D&O insurance liability research was a rare and risky exception…and perhaps a sign of things to come.

For well understood reasons, the “legitimate press” now has neither the manpower nor the time to dig deeply for validation of market research that supports content generated by organizations. The loss of this important filter, coupled with the explosion of online content, has created a marketing world in which sloppy, incomplete (and sometimes blatantly false) research generates news items that can go viral and become accepted wisdom. Pumping out content in volume has become far more important than creating high quality content that could ever withstand the scrutiny of a hard-nosed editor.

What this new world of content marketing means for individuals is simple: Assume that all “research-based” information requires close scrutiny. Believe nothing at face value, regardless of the source. If it’s important to your business strategy, or you intend to adopt the research to support your own point of view (or an upcoming PowerPoint presentation), then you’ll need to become that hard-nosed editor who scrutinizes the original source; who looks at the sample size, respondents, questions asked, etc.; and who determines whether the research results legitimately support the conclusions.

What this new world of content integrity means to companies is more complex: Assume that the “research-based” content that you produce is a reflection of your brand’s integrity. For the Marketing Department, this involves educating the corner office regarding the rigor, time and costs involved in market studies, surveys, research necessary to yield content worthy of customer-facing applications. For the corner office, this involves calculating whether the intended marketplace outcome is worth the necessary investment. It also involves avoiding shortcuts.

Without the 4th Estate as the content gatekeeper, there is now far greater opportunity for companies to benefit from content marketing. But by failing to adopt the market research integrity standards that journalists long upheld, there are far more ways for companies to damage their brand through application of the tactic.

Leave a comment

Filed under Uncategorized

The Power of Unsolicited Pitch Letters

bigstockphoto_youth_pitcher_and_baseball_1941527-s600x600Over the past 20 years, most of my firm’s new business has been generated by unsolicited pitch letters sent to targeted prospects. These brief, tailored messages – sent either by email or snail mail – have not only enabled us to maintain a consistent pipeline of clients; but more importantly, we’ve built a practice consisting of high-value companies and people that we wanted to work for. And we’ve never resorted to advertising, sponsorships or other expensive, low-yielding tactics to promote our brand or services.

The simple truth is that properly researched, well-crafted pitch letters are probably the most effective way for any type of professional services firm to build its client base and grow revenue. Unsolicited pitch letters, when they succeed, can also be an extremely effective way for your firm to avoid the RFP process…by anticipating their needs, you enable the targeted company to skip the beauty contest altogether.

Here are 5 of the many lessons that we’ve learned about how to use this powerful marketing tactic properly:

The Secret Sauce is NOT the Pitch Letter. For every pitch letter we send out, my firm invests at least an hour or two researching the target company. We review all of the target’ s public facing information to understand its value proposition, competitive landscape, leadership, reputation, marketing & sales sophistication and apparent resources. Our research goal is to identify either a specific problem or an opportunity where think we can add value. Lacking this insight, you have no tangible basis for an effective pitch letter.

Your Pitch Letter Must be About Them, Not You. Your targeted decision-makers receive scores of pitch letters and phone solicitations from your competitors. Nearly all of those firms will mistakenly talk about themselves, and what they’ve done for their clients. But the only thing that’s of interest to prospects is what you can do for them. So you need to first let prospects know that you understand their problem / opportunity (because you’ve done proper research), and then offer to share your ideas on that topic. (Yes…you’ll need to have some ideas to offer.)

Grabbing Their Attention is Goal #1. Using email, your pitch letter will not be read unless you incent the target to open it. This is no easy task, given the volume of email most decision-makers receive every day. Your subject line should be serious, rather than cute or clever, and should generate some curiosity. Also try to mention the name of the target company in your subject line, so that it’s not discounted as a canned letter or mass mailing. You should also consider mailing a hard copy pitch letter, in addition to, or in lieu of an email pitch. These days, a hard copy letter is more likely to be noticed than an email.

Stop Selling and Start Listening. The only goal of your pitch letter is to start a conversation, ideally face-to-face. This is your opportunity to discuss the target’s issues and your ideas. Sometimes you’ll miss the mark, sometimes you will nail it, and sometimes they’ll have a need or problem that’s unrelated to the one you’ve identified. If you ask smart questions, take notes, and focus on understanding their business and personal circumstances (instead of seeking to walk out with a signed contract), you’ll establish the foundation for a relationship that might lead to revenue at some point.

View Selling as a Numbers Game. Timing is every in life, including business development. You can research a great target, identify their problem or opportunity, and be in a position to add value, but for 100 different reasons (unrelated to you or your pitch), the prospect is not willing, able or ready to engage you. So the only way you can address the random nature of sales is to increase the number of doors that you knock on. If you’re serious about leveraging the power of pitch letters, you’ll need to send them out on a consistent, disciplined basis. Think of your program simply as a long-term seed-sewing process, and shoot to send out 3-5 pitch letters every week. Over time, you’ll see tangible results.

There are many more tactical aspects involved in the art of pitch letters – what content to include and avoid, which individual to solicit, what attachments to include, how to monitor and follow-up, etc. – to cover in a single blog post. But simply getting started, and establishing a pitch letter routine are the two most critical steps.

What’s presented here, combined with overcoming a fear of failure, is all you’ll need to get started on the path to building your business through pitch letters. Happy hunting.

Leave a comment

Filed under Uncategorized

3.5 Reasons to Skip Industry Awards

awardFor certain industries, such as financial services, that aggregate performance-related data – for example, in annual “league tables” ranking investment banks by the number or size of M&A transactions they’ve underwritten – there is some logic, as well as an objective basis, on which firms can claim to have outperformed their competitors.

But for most industries – lacking any quantitative basis or objective means on which to base relative performance of its individual companies – there are several reasons why participation in industry award competitions intended to recognize superiority or “excellence” can be a waste of resources, as well as a brand liability.

With the understanding that industry awards represent a substantial worldwide economic enterprise…here are 3.5 reasons why your ___________ (law, graphic design, accounting, management consulting, public relations, engineering, financial planning, advertising, technology, healthcare, beauty, payroll, etc.) firm should not participate in award competitions:

Reason #1: Your Awards Won’t Have Significant Influence on Prospective Clients

Fundamentally, awards are a form of extrinsic selling, and demonstrate your firm’s ability to do good work. But prospective clients are always more interested in what you can do for them, not in what you’ve done for others. Awards require prospects to make a leap a faith; to believe that your work for them will match or exceed your work for your other clients. And for some prospects, that’s a leap too large to take.

Most prospects also know that award competitions are not accurate barometers of the quality or consistency of the work you will provide. At best, awards may address the personal needs of some decision-makers who are more concerned with protecting their job (should your firm fail to deliver), rather than selecting the most qualified service provider.

Reason #2: Your Award Creates Another Content Beast that Must Be Fed

Because most award competitions are annual (and recurring sources of revenue for the sponsoring organizations), they have a very limited shelf life, in terms of your firm’s ability to promote the recognition. Most award winners proudly post the award icon on the home page of their website. But your “2016 Most Innovative IT Firm Award” begins to loose its luster around the month of July in 2017, as clients and prospects begin to wonder why your IT firm isn’t the winner of the 2017 award. If your firm has lost some of its magic, perhaps they should be looking at this year’s most innovative IT firm.

Like all other types of content designed to position your firm’s brand, industry awards are beasts that must be constantly fed. If your firm is unwilling or unable to make the commitment to pursue a particular award every year (and to risk losing, which is a strong possibility), then either pass on the competition altogether, or take down any award icons from your website that are more than a year old. Otherwise, your firm will be perceived as the 24 year-old who still wears his high school jacket with the varsity football patch. Living in the past.

Reason #3: Your Time is Better Spent Servicing Clients and Soliciting Prospects

Entering any industry award competition, if your firm is serious about winning, takes time and resources. For some firms with strong competitive instincts, this often becomes a lengthy, arduous process involving strategy sessions, dedicated teams, and even outside consultants who specialize in award submissions. (Yes, they do exist.) For large firms with deep pockets and low levels of marketing ROI accountability, award competitions can provide some level of validation for those executives looking to impress their CEO. But for small and medium-sized firms, where every marketing dollar is expected to yield tangible business results, award competitions make very little sense.

Rather than seeking brand credibility through what is a relatively weak 3rd party endorsement tactic (compared with earned media exposure, public platforms and direct client endorsements, for example) companies of all sizes are better served by re-directing award-related resources to strategies that foster referrals and increase the effectiveness of their direct solicitation process. Instead of hoping that your prospects will be impressed by your industry awards (if they happen to visit your website), build awareness and brand equity among target audiences with content that consistently showcases your firm’s intellectual capital in a non-self-serving manner.

Reason #3.5: The Award Selection System is Stacked Against You

Although the selection process for awards competitions varies greatly, all awards are subject to human bias and political / financial factors that are beyond your control, and that will always influence the outcomes. Even in “blind” competitions, if the basis of an award is subjective, relies on the opinion of a “blue ribbon panel,” or involves any type of voting / scoring system, most competitors will end up wondering why the designated winners were any more innovative, effective, attractive, or otherwise superior to them. Judging is always highly subjective, and never an accurate reflection of the best idea or solution.

For a host of reasons that are rarely discussed (such as the advantage of entrants who are advertisers in award competitions sponsored by industry publications), the award selection system is stacked against most competitors.

Their inherent weaknesses notwithstanding, and despite this particular rant, industry awards are not in any danger of losing momentum, and will remain as one component in the marketing tool kit. But the easiest tactics, like award recognitions, are not always the most effective or enduring ways to help your business grow. Think of industry awards as a car radio: they make noise, and can be nice to have…but it doesn’t help you reach your destination.

Leave a comment

Filed under B2B Marketing, Marketing Strategy

7 Signs that You’re NOT a Thought Leader

wise-man-guru-mountain-top-photo

Thought Leadership is perhaps the most widely used and consistently abused strategy in professional services marketing. There’s diverse opinion regarding what it is, and fuzzy expectations with respect to its benefits.

Our simple definition is that Thought Leadership is a content marketing strategy designed to leverage intellectual capital as a means to engage target audiences. The practical benefits of Thought Leadership are delivered through the power of “intrinsic selling.”

Without getting overly theoretical, here’s what we mean by that:

“Extrinsic selling” occurs when a seller’s credibility relies heavily on work they’ve performed for other customers. This requires the prospective customer to make a leap of faith; to believe the service provider can match or exceed what’s been done for others. It’s a “trust me” sales approach.

Conversely, intrinsic selling does not require a prospective client to base their selection on work done for others. Instead, it engages the prospective client based on ideas, opinions and advice that enables them to make their own objective decision regarding the seller’s potential to add value. Because no leap of faith is required, it’s a more powerful sales methodology.

The intellectual capital embodied within Thought Leadership is what provides you with credibility, and gives potential buyers the confidence to do business with you. It also serves as a sophisticated sales hook designed to grab their attention.

It’s easier to understand what Thought Leadership is by examining the behaviors that are contrary to its fundamental principles.

So here are 7 signs that you’re not cut out to be a Thought Leader:

  1. You call yourself a Thought Leader. Worse yet, you call yourself a “visionary.” Thought Leadership is not a mantle that can be claimed. It’s a market perception that’s earned over time, and an unofficial stature that’s assigned to you by others.
  2. Your editorial content is self-serving. If you’re unwilling to provide insights, information and recommendations without making yourself the hero, or without directly plugging your firm’s products / services, then you’re not really practicing Thought Leadership.
  3. You lack original or interesting ideas. Repurposing “archived” content (a/k/a other people’s thinking), or providing summaries or news reports of information that’s available elsewhere, will likely position you as an industry parrot, rather than a Thought Leader.
  4. You’re not a true student of your craft. Bona fide Thought Leaders are constantly focused on the current state and future direction of their professional discipline. They appreciate that a rising tide floats all boats, and unselfishly share what they know and think.
  5. You think Thought Leadership has a goal line. If you’re looking for instant gratification, and don’t completely believe, at the outset, in the long-term value of Thought Leadership as an ongoing marketing strategy, then simply scratch it off your to-do list.
  6. You refuse to share the spotlight. The most effective Thought Leaders seek to manage, rather than control, the conversation. Rather than pushing their own viewpoint, they define and promote topics and identify people worth paying attention to.
  7. You’re unwilling to work hard. Consistency is the most significant hurdle in the quest for Thought Leadership. To establish a level of top-of-mind awareness required for your target audiences to form and sustain a positive opinion, you need to generate relevant content on a quarterly basis. And that requires personal (or enterprise) discipline.

Just to be clear…the most effective Thought Leaders are not in the game for altruistic reasons. They expect a tangible return on their investment, in terms of market engagement.

Toward that end, a Thought Leadership strategy must ensure that your intellectual capital – whether it’s initially presented in a public platform (such as a seminar), through earned media (publicity), or owned media (social) channels – is also delivered directly to all relevant target audiences in a manner that’s not self-serving, and that fosters two-way conversations.

For example, rather than publicly touting that you’ve been quoted in the Wall Street Journal, you should leverage that media exposure in a more nuanced, sophisticated manner. You can expand on the underlying topic in a direct communication to clients, prospects and referral sources, soliciting their thoughts, and referencing the Wall Street Journal article (rather than your specific quote in it) as a catalyst for the discussion.

This long-winded perspective is not intended to dissuade you from seeking Thought Leadership status. To get started, you should identify a relevant, respected Thought Leader, study how they’ve earned that status, and then simply jump into the pool. Once you’re comfortable in the water, there will be ongoing opportunities to tailor an effective Thought Leadership strategy.

In true Thought Leadership fashion, please share your opinions, experiences and frustrations involving this battle-worn marketing strategy.

4 Comments

Filed under B2B Marketing, Marketing Strategy, Uncategorized

Manage the Pedigree Factor in Professional Services Marketing

MissP1Institutional pedigree always matters, regardless of the type of professional service you’re selling. But to leverage pedigree as a marketing asset, you first need to understand why it’s important to your target audience, and decide what type(s) of pedigree will have the greatest influence on them. The professional credentials your firm possesses (or creates) are a major consideration in determining which doors to knock on, and which doors to ignore.

Pedigree means different things to decision-makers. In the classic sense, personal pedigree can take into account where you were raised, schools you attended, club memberships, employment history, who you know, and even your race and ancestry. For better or worse, there are many companies that hire employees based largely or exclusively on those external credentials, in order to create a consistent (albeit often elitist) institutional persona.

Whether they’re selecting a lawyer, management consultant or hedge fund manager, there are decision-makers who will always require the classic resume-based pedigree. Conversely, there are plenty of “meritocracy” buyers of professional services who will eschew external credentials and base their selections on the quality of ideas, past performance or future potential.

These suggestions might help you hack your way through the pedigree jungle:

Understand the fear factor in selection of an outside advisor. The old adage, “No one was ever fired for hiring I.B.M.” still rings true. Known brands are safe choices. When an individual selects an outside advisor, career risk plays a significant role in their decision-making. Their personal nightmare is twofold: first, that their selection will fail to meet expectations by a wide margin; secondly, that their own organization will not agree with their reasons for selecting the outside advisor…even if they supported the decision.

Unfortunately for professional services providers lacking strong external credentials, the reluctance to select them is far more prevalent at larger institutions. This is simply because the downside risk of making mistakes is much greater at larger firms. Selection errors may be tolerated at smaller firms, but as a company’s bureaucracy grows, so do the consequences related to selection errors. At big firms, taking a chance on an unproven or unknown outside provider is considered career suicide.

Reduce decision-making risk for prospective clients. If your firm doesn’t possess a strong traditional pedigree, there are several ways you can reduce decision-making risk for prospective clients. The most effective tactics involve generating either direct or indirect 3rd party endorsements that support your firm’s credibility. Here are three examples:

  • Earned Media: Positive exposure in respected, bona fide media sources (Wall Street Journal, Forbes, etc.) is still one of the most powerful ways to build credibility. Most small firms can’t afford a sustained PR effort delivered by an outside agency, but with a modest investment of time, creativity and determination, a DIY initiative can yield media placements that will bolster market confidence.
  • Industry Platforms: Most conferences, seminars and other types of industry platforms are now “pay-to-play” arrangements that extract significant sponsorship fees in exchange for a spot on the agenda. But the inherent 3rd party marketing value of these events is directly related to the credibility of the sponsoring organization. So rather than investing heavily in these events, seek opportunities to participate actively – as an officer or committee member – in professional associations that are respected by your targeted decision-makers.
  • Branded Interviews: This powerful but little known tactic involves alignment of your (lesser known) brand with a 3rd party (an individual or company) that’s well known and highly regarded in your market segment. One simple way to benefit from this “halo effect” is to create a quarterly publication that features non-self-serving interviews with these opinion leaders, covering topics of interest to your decision makers. In addition to driving top-of-mind awareness each quarter, when archived on your website, these interviews will serve to validate your pedigree.

Take advantage of non-performing, highly credentialed competitors. Some highly credentialed firms will coast on their reputations, and are not as hungry or diligent as their competitors that rely on performance rather than pedigree. This market opportunity often involves mid-sized firms that have engaged high pedigree providers, in hopes of receiving first-class service, only to be disappointed by treatment as second (or third) class citizens.

Thanks to internet transparency, these “abused client” opportunities can be easy to identify if you look for them. A straightforward “Are you receiving what you’re paying for?” solicitation can resonate in the prospect’s corner office, and often initiate conversations that lead to engagements where your firm is viewed as a hero simply for providing a level of service that the client deserves.

Conduct a pedigree “sniff-test” before you knock on doors. Marketing success relies heavily on hunting for high potential targets, and not wasting time elsewhere. A prospective client’s own pedigree is a strong indicator of their selection preferences for outside providers. Here’s the sniff test: if a potential client employs people with very similar academic and professional backgrounds, and your firm’s credentials are not a match, then don’t waste your time where you’re unlikely to be considered. Instead, look for pedigree landscapes that are compatible with your firm’s credentials, or seek opportunities where your firm’s credentials will be considered a cut above the prospective client’s pedigree.

Mark Twain once wrote, “In Boston they ask…How much does he know? In New York…How much is he worth? In Philadelphia…Who were his parents?”  The most effective professional services marketers define precisely what’s most important to their targeted prospects, and showcase their pedigree accordingly.

Leave a comment

Filed under Uncategorized