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Industry: Business Consulting
Topic: Practice or Industry
Marketing
Q: What
percentage of gross revenue should IT consulting firms
be spending on marketing and business development?
A: Not
to be evasive, but it all depends on how quickly your company
wants to grow. Some well established IT firms spend a minimal
amount on marketing (1 - 2% of gross revenue) simply to
reinforce the company's name recognition in the marketplace.
Others, in aggressive growth modes, may spend closer to
3-5% of gross revenue on strategic marketing, public relations,
communications, client retention and web development initiatives.
It all depends on the growth goals of the company.
Industry: Technology
Topic: Advertising
Q: What
are your suggestions on how to ensure a good response
from direct
mail campaigns?
A: To
ensure you receive the best return on your direct mail
investment, keep the following in mind:
- Target
Your Audience – Develop a targeted distribution
list of recipients. Direct mail can be expensive, so
ensure those you communicate with are decision makers
– those who meet pre-determined criteria and whom
you know have (or will likely have) a need for your
product or service.
- Target
Your Messages – Determine what makes your firm,
product or service unique and better than those you
compete with. Once you've identified your audience,
develop key messages that reinforce your unique points
of differentiation in the marketplace.
- Repeat
your Key Messages – To be successful in direct
mail, it's critical to communicate your messages concisely,
then to repeat those messages consistently over time.
View your direct mail initiatives as an ongoing communications
campaign, rather than a one-shot-deal.
- Have
a Call to Action – If your goal is to have recipients
contact you for more information on your product or
service, provide an incentive. Offer a special discount
on their initial purchase if they mention the direct
mail promotion. This will not only encourage them to
contact you, but will also help you track the response
rate from your direct mail campaign.
- Keep
your Database Current – Make it a priority to
keep information on your current and prospective clients
current – ensure that your database is as current
as possible before embarking upon a direct mail campaign.
- Use
a List Broker to Add Depth – Working with a professional
list broker can help you reach additional recipients
that fit your ideal client criteria. Lists can be purchased
for one-time usage, or for numerous mailings. Just
remember that if you purchase a list of new contacts
and add them to your database, it then becomes your
responsibility to keep the information current.
- Don't
Send Too Much. You may be tempted to send too much
information on why your company, product or service
is a good fit for them. Instead, send a 'teaser' or
small package of information. You can always follow
up with additional information.
- Follow
Up. Give the recipients some time to digest the
information you've sent, and then follow up with
them! Make sure they received the mailing, see if
they have any questions, reinforce (briefly) how
your produce/service can help them achieve their
business goals, and try to set up a time to talk
further, either via phone or in person.
Industry: Business Consulting
Topic: Individual Marketing
Planning
Q: I'm
going to be considered for partnership in my firm in a
couple of years, and as of yet, have not done much marketing.
How can I jump-start the development of my practice?
A: Over
the past 15 years we have worked with many partner-track
professionals, the majority of whom credit their success
to a few key areas:
Relationship
Building – remember that when you're marketing a professional
service, it's you the client is "buying" –
your time, your talent and your expertise. Services' marketing
is almost exclusively about building strong business relationships.
Rather than focusing on advertising, seminars or newsletters,
focus on building strong relationships through personal
contact with your existing clients, prospective clients
and those in a position to refer business to you.
Writing
and Speaking – finding the right speaking engagements
and article publication opportunities can quickly build
name recognition and awareness of your professional capabilities.
Ensure that the groups you write for and speak to are not
peers in your field, but represent your ideal target clients.
Attention
to the Personal Touch – when someone calls you, return
the call as soon as possible. If you see an article a client
or contact would find interesting, send it to them with
a short hand-written note. Make a list of everyone you
are currently marketing to and keep track of the status
of each relationship. Take the initiative to stay in touch
with those you like, trust and respect.
For
more information, please review the process we use when
working with individual professionals: http://www.psm-marketing.com/tools/forProfessionals.shtml
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Industry: Business Consulting
Topic: Client Communications
Q: Everyone
uses words like "provides exceptional service," "highest
level of expertise," "focused on serving our
clients," and many more. How does a services firm
really make an impact and differentiate itself in the marketplace?
A: You're
absolutely right. Most services firms use the same type
of descriptors when communicating why prospective clients
should choose their firm over others. One of the best ways
to ensure you are truly differentiating your firm from
others is to communicate your expertise through the eyes
of those keeping you in business – your clients. How
do you do this? One way is to conduct a client survey to
determine how you stack up against the competition. Find
out why your clients have chosen to work with your firm
over the others. Ask clients what keeps them loyal to your
firm and what you can do to earn their continued loyalty.
When you have this level of information from your clients,
you can then use your client's direct quotes to identify
what makes your firm unique – which is more credible
than saying it yourself.
Read
more on methods to survey your client base: http://www.psm-marketing.com/tools/2001ClientSurvey.shtml
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Industry: Financial Services
Topic: Web Sites
Q: My
company wants to develop a Website, but we don't even know
where to start. What kinds of things should we consider
when developing a site?
A: You
are very wise to develop a plan on the front end, instead
of jumping into the project and realizing along the way
that there are major building blocks missing from your
foundation. Before you develop your site, discuss the following
questions with your team:
- What
are the goals for your site?
- Who
will develop the content?
- Who
will be the final decision-makers regarding design,
content, etc.?
- How
will you measure success?
- What
is your timeline?
- How
does the site fit into your business/marketing plan?
- Who
is your technology partner? Will you develop the site
in-house, or outsource the project?
Other
questions will surely arise along the way, but if you have
answers to these, you're off to a great start!
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Industry: Financial Services
Topic: Strategic Marketing
Planning
Q: For
years we have been implementing marketing initiatives with
questionable results. We do everything that other financial
institutions are doing. Why doesn't it seem to work for
us?
A: Most
likely your organization needs to take a step back before
it can effectively move forward with marketing initiatives
that produce results. Consider going through a strategic
planning process that involves a thorough assessment of
your past and current marketing results. Review the firm's
financials, its marketing materials, its competition, its
services, client feedback and many other areas.
Take
this information to create a plan that identifies where
the firm is now (the results of the assessment), where
you would like to be (developing the plan), and how you
will get there (the implementation).
For
an in-depth review on the components of a strategic marketing
plan, click on the following link: http://www.psm-marketing.com/tools/componentsPlan.shtml
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Industry: Legal
Topic: Web Sites
Q: I
just launched a Website, but am not receiving the traffic
I had anticipated. How can I get the word out about my
site?
A: There
are a number of things you need to consider to promote
your Website:
1.
Search engine registration: Make sure you register your
site with all search engines, so people can find your site
when they're looking for one in your category.
2.
Key Words/Metatags: Work with a technical specialist to
make sure the programming of your site includes the key
words and metatags that will make it most likely to come
up high on a list of search engine results.
3.
Develop a promotional plan for the site: Think strategically
and make sure your plan includes the following: Target
audiences, your goals for the site, and your key messages.
Develop an action plan that covers: electronic promotion,
print communications, advertising, public and media relations,
directory listings, and specialty pieces (i.e. mouse pads
and pens with your site's URL).
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Industry: Legal
Topic: Market Research
Q: I'm
meeting with a prospective new client soon. What can I
do to prepare for the meeting?
A: It's
amazing how doing a little homework can make all the difference.
First and foremost, if the business has a website, take
a look at it. Depending upon the sophistication of the
site, you can gather a significant amount of information
on their business. Identify the questions that come to
mind as you review their website. See if the person you're
meeting with has a biography on the site. Also, consider
conducting a broader Internet search within the company's
industry to see if there are trends or professional associations
supporting companies in the industry. You can also consult
various business directories like the CityBusiness Fact
Book, or the Twin Cities Business Almanac. As you gather
information on the company, place it in a notebook or file
and bring it with you as a subtle reminder that you did
your homework.
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Industry: Technology
Topic: Client Communications
Q: We've
been doing seminars and newsletters for years, and I can't
really tell if we have generated any new clients. Are we
doing something wrong?
A: Many
professional services firms think that seminars and newsletters
ARE marketing. They are simply communication tools that
should be used only if they contain targeted messages directed
to targeted audiences. Seminars and newsletters can be
particularly effective when clients and contacts have expressed
interest in receiving information in this way. If in doubt,
ask your clients and develop your communications strategies
based on real feedback from clients and contacts.
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Industry: Technology
Topic: Advertising
Q: Advertising
is so expensive. What else can we do to promote the accomplishments
of our firm?
A: There
are a number of very good alternatives to advertising.
You're right. To do it effectively, firms must make a consistent,
ongoing commitment to spending money on advertising. Single
insertion ads are relatively ineffective. If your firm
doesn't have a lot of money to invest in advertising, consider
the following ideas:
Client
Communications – If you have a newsworthy event that
you would like to promote, consider creating a targeted
communication to your clients and sending it either through
the mail, or using email. By targeting the news to the
audiences most likely to care about it, you are capitalizing
on making the most of your marketing expense.
Public
Relations – If contacts read about your company through
a third party (publication, radio station, television
station), the message is more credible than had you purchased
advertising – and it's free! While it does take time
to pull a strategic public relations plan together and
implement it, the results can't be argued with. Plus,
when your PR efforts are successful, you have opportunities
to reprint articles, tape radio shows, broadcast television
spots on your website, and let the great PR you received
live on - - promoting your company using the third party
credibility which comes with a news entity covering your
firm.
Your
Web Site – Use your Website as a living, breathing
tool to market and promote your business. Ensure that
you are keeping the content fresh and updated, then use
email and other client communication techniques to drive
visitors (current and prospective clients) to your website.
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services business? Simply complete the following
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