Marketing Strategy

Pros

Cons

Advertising

Builds name recognition; builds brand of company; establishes presence in marketplace

Expensive; clients don't hire service providers because of advertising

Client Satisfaction and Retention Strategies

Keeps company focused on its clients; early problem spotting; good will generated; need client's perspective to do business planning

May not like what you find out (which is better than the alternative - the client just leaves)

Competitive Market Research

Stay smart on who you're playing with; intelligence on competitors; to spot new trends and opportunities

Must know what you're looking for; must know what to do with information you find; can be way too time consuming if you don't have a pro do the searching

Corporate Identity and Branding

Establish brand in marketplace; consistency in visual presentation; helps firm "become known"; must look "on par" or better than competition

Expensive to do it right - hire a top notch graphic designer; invest in high quality printing

Individual Marketing

Take control of career; provides focus to marketing efforts; allows you to set goals; ability to be objective and strategic about growth of practice

Takes time to implement a marketing plan

Direct Mail (announcements, newsletters, invitations)

Keeps company and its products/services in front of current and prospective clients; conveys important information

Cost of graphic designer, copywriter, printing, postage, distribution; may not be as effective as electronic communications

Cross-marketing

70% of next year's revenue will come from current clients; start with clients who already work with your firm; satisfied clients are easier to expand than new clients are to attract

Takes cooperation between groups, practices, divisions; can cause competition and turf battles; compensation system may not reward

Internet Web Site Planning, Development and Promotion

It's a must have in today's business environment; more cost effective and timely than printed materials; easily updated with new information; every reason to have one

Involves making an investment to "do it right" for website planning, design, technical development, copywriting, maintenance, hosting, tracking visitor logs - and must promote the site to current and prospective clients!

Marketing Information Systems (client and contact database management)

MUST have accurate, current information on current and prospective clients and referral sources; enables targeted (timely) communications

Investment in the "right" contact management or database software for your business; must invest in keeping the data current; learning curve to get everyone onboard

Marketing and Sales Materials

For a "leave behind" after a sales call; to show visual identity of equal or greater quality than competitors; to convey important information on the company

Become outdated quickly; people today prefer web-based communications; costly to design, write, print and distribute

Industry Marketing

Leverages past experience in industry; clients more likely to hire you if a perception of expertise of their industry exists; very targeted initiative; creates entrée to write and speak for organization; provides targeted follow up opportunities

Must make a time commitment to becoming active in an industry association; need to become a high profile member for industry marketing to be most effective; if national, you must cover travel cost to attend conferences

Proposals and Presentations for New Business

To win new business!; to show focus on client; to show how you think; to convey understanding of client needs and approach to meeting needs first (before bios and company information); to reinforce firm identity; allows creativity in pricing options

It takes time to go above and beyond and not use the cookie cutter approach; requires creativity in how to price products or services - not the same old approach

Public and Media Relations

Cost effective; more credible than advertising; Extremely strong way to build name recognition and awareness; provides strong content for website, proposals, marketing materials, lobby reading

Must be done consistently and professionally; takes time to meet with reporters or create story pitches; MUST be responsive to reporters and dedicate the time to be available

Referral Source Development

Entrée to hundreds of clients; good networking; opportunity to pull a team of providers together for one group or industry; mutually beneficial

Takes time; risky if you make a referral who bombs with a client; trust between professionals develops over time

Association Marketing Strategies

Captive group of prospective clients and/or referral sources; opportunities to write and speak; perception of the tie to the group making you better choice to work with; opportunity to let your knowledge shine!

Time and money involved with meeting attendance, travel to national conferences, willingness to follow up and make things happen (rather than hoping because your name is in the directory that clients will be calling you)

Sales Strategy

Must have sales strategy to stay in business; must be strategic about who you approach; to meet your business growth goals

Need confidence; ability to consistently follow up; ability to handle rejection; takes time, patience and faith

Client Seminars

Credibility with clients; highlight particular service, product or area of expertise; ability to partner with referral sources; makes you look smart!

Logistics intensive, requires tenacious follow up for success

Trade Shows

May provide a way to reach a large target audience; always try for a speaking gig; opportunity to network with others in your industry; may actually result in sales!

Very time intensive; mired in with your competitors; expensive to print materials; time consuming to follow up; forced to offer a gimmicky take-away