Archive for May 2008

What if your business sold a product that, once demand kicked in, you couldn’t make any more product?

Well, you could always raise prices, but that may not slow demand or be possible due to competition.

Selling timeWhile it may appear that I am speaking about widgets when I refer to products, I’m actually talking about service businesses and professionals that sell their time by the hour. See, you can’t make more time, so once you are at capacity it’s nearly impossible to grow – or make any more of the product.

The best way out of this time box is to turn your services into products. Now, I don’t simply mean write an ebook that details your services and sell that (although that may indeed be a fine idea.) I’m talking about packaging your unique service offering, branding the heck out it, and selling it as set deliverable – here’s what we do, here’s what you get, here’s what it costs.

The value behind this product approach is that it is much easier to differentiate your offering from competitors and you can charge a set price for the package. (a package that you can get very efficient at delivering.) Once time clocks are removed from the equation you will likely quadruple your effective hourly rate overnight.

Once you create your service packages you can multiply yourself (make more product) by documenting your unique deliverables and teaching others to market and deliver them or you can license your new service technology to others in your industry, often at premium pricing.

For some, entrenched in the ways of the time sheet, this can be a tough mindshift. But let me ask you this – if it has taken you years to get to the point where you can offer a service or advice that is second to none, shouldn’t that be worth more than $75 or $100 an hour? If you can help an individual or business get more of what they want out of life, gain wealth, get healthy, solve their toughest challenges – I say results like that are worth thousands an hour.

The only way to do that is package and repackage your knowledge and experience and stop selling your time.

Lead generation is a numbers game and a momentum game.

Lead Generation TrioGenerally speaking there is no one magic way to generate a tons of leads. Granted, for some businesses there are more effective ways, but on the whole long-term effective lead generation comes down to a combination of advertising, public relations and a systematic approach to referrals – the lead generation trio as I like to call them.

It’s my belief that you need to employ all three approaches in order to generate the right kind of know, like and trust building that will attract your ideal customers. (I was reminded of this notion recently by one of my Duct Tape Marketing Coaches, Cidnee Stephens in Calgary.)

In order to better understand why this blended approach makes such sense let me introduce the 3 Cs of lead generation: Cost, Credibility, and Control. Each of the lead gen trio offers you some advantage in one or more of the 3 Cs. By using them all, you get the perfect mix.

    So here’s the matrix of sorts:

  • Advertising – potential high cost, often lower credibility, high, in fact ultimate, control – turn the ad on and off when you choose – control is the best part about advertising, you can launch a promotion on the day you want or need more leads and then turn it back down when you don’t
  • Public Relations – cost can be low, credibility is high – often a tiny mention in a publication can bring more leads than a full page ad in the same publication – readers love the third party endorsement, control can be low – you can’t really dictate when and if you will get any pub
  • Referrals – again, cost can be very low, credibility a little dependent on the source of referral but often high, control also out of your hands and based on your ability to educate sources properly.

Each of the members of the lead generation trio has pros and cons, but employed as a unit they have the power to help you create the kind of marketing momentum that builds long term success.

FolderShare

OfficeLive Small Business is an ambitious and almost overwhelming omni application. For some it may be attempting to do too much. But one thing I like about it is there are lots of nuggets buried inside it that can offer some real and immediate benefit, even if you don’t try to integrate the service in its entirety.

One of those nuggets is called FolderShare and once you set-up a free account, download the Mac or PC software, and give your customer or whomever you choose access to the online folders you create you can work on a file or your customer can work on a file and the most current version will be saved in one place. This way you can open the online file using your desktop version of your software and so can your customer, but the most current version will always be up to date in the folder. You can set it up so that you can’t both work on the file at the same time.

Disclaimer: I’ve done paid workshops for the OfficeLive Group but like all things I recommend, this is a service I love, promote and use in my own business.

Marketing podcast with Paul Gillin (click to listen, right click and Save As to download)

The New InfluencersPaul Gillin has written about technology and now social media’s influence on it, for years. Recently he stopped by to talk about his book The New Influencers on the Duct Tape Marketing podcast.

For many a PR firm the concept of bloggers, podcasters and other social media publishers as the new breed of journalist is a challenging one. Heck, the fact that anyone with a computer can now go directly, as a media channel, to its public has radically changed the media and PR landscape forever.

Marketers need to find new ways to tap into the power of this new breed of influencer and PR folks need to clue in and develop strategies to do the same or risk seeing entire chunks of their industry become obsolete.

Hint: You don’t get results by press release spamming with traditional media folks and you won’t get it with new media folks either.

SCORE, “Counselors to America’s Small Business,” is a offering two free workbooks to the first 1,000 people to sign up.

The two workbooks are comprehensive guides to starting and structuring a business, and are great resources for any entrepreneur. To get your free copy of How to Really Start Your Own Business and How to Really Structure Your Own Business, visit the SCORE Web site, and click on “How-To Workbooks Giveaway.

Most marketing materials suffer from too much focus. Now, I’m a big fan of focus when it comes to message, but it’s the delivery of that message that needs to be flexible.

Marketing PersonalitiesHere’s what I mean. Within the very same, narrowly defined, ideal target market there exists many different personalities and just as many different learning styles. (marketing it not selling, it’s educating.)

The problem this presents is that you can’t simply create the tri-fold brochure, with stunning, persuasive copy and hope to appeal to someone who is a “just the facts ma’am” kind of person.

Your marketing materials must come in many different flavors and offer something for every buying style. That’s why I promote something I call a marketing kit as it asks you to develop a suite of materials aimed at conveying your message in a variety of formats. (If this makes sense check out Magnificent Marketing Materials)

One of my coaches recently pointed out a great way to articulate this and I’d like to share it.

You’ve probably seen or taken the DISC profile. DISC is the four quadrant behavioral model based on the work of William Moulton Marston Ph.D. to examine the behavior of individuals in their environment or within a specific situation. DISC looks at behavioral styles and behavioral preferences.

    DISC is an acronym for:

  • Dominance – relating to control, power and assertiveness
  • Influence – relating to social situations and communication
  • Steadiness (submission in Marston’s time)- relating to patience, persistence, and thoughtfulness
  • Conscientiousness (or caution, compliance in Marston’s time) – relating to structure and organization

My take on this when it comes to marketing materials is that different behavioral styles need different marketing messages and forms of communication and content.

    In our marketing kit world a

  • D – needs the facts, the quick rationalization of benefit that a case statement might make, case studies too
  • I – loves a good story, relates to more classic marketing messages of difference, loves images
  • S – likes volume of content, frequency and consistency of content and message, full feature dumps, white papers
  • C – responds to FAQs, testimonials, case studies – proof, checklists

Also consider that nobody is strictly a high D or high I, we’re all made up of mixtures.

Create lots of marketing content, package it in different formats (including audio and video) and offer it up for all to consume, knowing that how it’s consumed will differ depending on the behavioral style of the prospect.

Quite often these days I get asked to explain the core components in the Duct Tape Marketing small business marketing system. The key word in that last sentence being system – yes marketing is a system just like making it, fixing it, shipping it, and paying for it is, we just don’t treat it as such.

I’ve witnessed some pretty tremendous things when small business owners get that point.

I recorded a brief audio overview of the 7 key steps to creating a small business marketing system and thought I would share them with you here.

Enjoy and feel free to add your insights around any and all of the steps.

1) Narrow your marketing focus to ideal customers
2) Differentiate or compete on price
3) Create marketing materials that educate
4) Lead generate to be found instead of hunt
5) Create a lead conversion process
6) Harness technology and the Internet
7) Live by the calendar

It seems like small business owners get so caught up in the terminology of social media that they forget the objectives involved in employing any marketing tool or tactic.

Mind you, it’s not their fault, the media is always quick to promote the next new, new thing – I mean blogs are so social media 1.0.

If you develop objectives, you know – “what do we want to achieve by talking to and inviting our customers and prospects to help us develop, refine and evangelize our products and services?” – you might discover that just about any tool could help you achieve those objectives. (OK, for plumbing, a wrench works better than a hammer, but don’t get so hung up on the tools that you forget to develop the strategies first!)

I mean, doesn’t a telephone allow you to achieve a great deal of the promise of social media – content, contact, interaction, community.

I had a great conversation with Paul Gillin, author of the New Influencers, for a upcoming podcast episode where we discussed this very subject.