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Hot Sauce! The Secret Sauce for Entrepreneurs

Close More Sales by Wearing Your Customer’s Shoes

May 4, 2012 by Akira Hirai

Close More Sales by Wearing Your Customer's ShoesWe all agree about the increasing need to maximize sales. Typically entrepreneurs and sales professionals think this means more emphasis on the selling process. Instead, it really means spending more time viewing the buying process from your customer’s perspective. In a recent book Slow Down, Sell Faster!, author Kevin Davis explained that the largest single mistake sales professionals make is that they try to close the sale too early. They arrive at the end of their “pitch” just as the customer is beginning to recognize they have a need! They leave the scene just as the prospective customer begins assessing solutions by looking at your competition. Obviously not good to give up as soon as you’ve activated their need.

Assuming you are serious about competing with big companies for customers, and realize that a fast sales pitch doesn’t mean more sales, here are some tips from Kevin that every entrepreneur needs to understand, even before attempting their very first sale:

  1. Understand how your customers buy. “What are the steps in your customer’s buying process?” When the product is simple, and there is no competition, buyers can make a quick decision. But these days, that is rarely the case. Thus most customers need to do some research and learn more first. You need to think about a purchase from the customer’s viewpoint, and be there for her.
  2. Define the steps of your sales process in customer terms. Understanding buying is where selling should start. Get very clear and specific about the steps customers take as they move through their buying process. Replace your “sales process” labels with “customer actions,” which then become the objectives for you when you call or meet with customers.
  3. Manage the pipeline based on where customers are in their buying process. What should matter to you is not where you are in YOUR sales process, but where the customer is in THEIR buying process. Ask yourself: “What actions has the customer taken thus far?” And, “What action should they take next, and by when?” The answers to these questions provide you with a better understanding of the true status of the sales opportunity.
  4. Map out who will be involved in the buying decision, and what step they are at in the buying process. If the buying decision is complex, you need to determine what factors are working for you in the sale, what factors are working against you, and what you can do to put yourself in a better position to win. Don’t get ahead of your customer.
  5. Focus on the most influential decision makers. Often the real purchase decision is not made by the person you are interacting with. Find the C-level executives behind the scenes, or the key influencers, or the personal connections that can override simple price and benefit arguments.
  6. Provide coaching early in the sales process; avoid last minute interventions. We’ve all heard the complaint about the sales manager “riding in on a white horse” to save the day and close a deal on behalf of the salesperson. The end result of this white-horse ride is often three-fold: white knuckles for the salesperson, a bigger discount for the customer, and lower profit for the company! What kind of win is that?

Speed is important in getting to multiple decision makers quickly, identifying what is important to each player, and knowing where each player is in the buying process. After that, it’s time to slow down and stay in sync with each customer’s buying process. People hate feeling rushed, and you don’t want the buyer to resent your efforts.

Customer focus has nothing to do with your selling or service process, whether the customers are individual consumers, or large corporate buyers negotiating a complex transaction. The key is to put yourself in their shoes, and lead them through their own process. Customers want to buy from leaders, not pushers. What a novel way to exceed your customer’s expectations!

 


 

Entrepreneurs: Connect to Today’s Customer Network

May 1, 2012 by Marty Zwilling

Entrepreneurs: Connect to Today’s Customer NetworkEvery startup needs to understand that the customer paradigm has dramatically shifted over the past two years with pervasive social networks and smartphones. The customer base is no longer a mass audience that can be driven by mass media, but a dynamic network of individual customers who interact with each other, and expect to interact with you as a business.

If your business doesn’t connect with your customers, individually and as a community, demanding customers will not only ignore you, but will actively keep other customers away. For example, while the customer paradigm is shifting rapidly to smartphones, a survey last year indicated that just 12 percent of small businesses had that reach.

A recent book by David L. Rogers, titled The Network is Your Customer, elaborates on this paradigm shift, and outlines the following five key strategies to thrive in this digital age, prioritized from the most basic to the most complex in value to the customer:

  1. Access to your business from the relevant network of customers. Every organization today faces the expectations of an always-on world. To compete, startups must find ways to provide customers an easier, faster, more pervasive connection to digital networks, via mobile as well as the Internet.
  2. Engage customers with relevant and valuable content. In an environment of media overload and rampant ad-skipping, startups that want to engage customer networks need to create content that customers actually want to consume. Funny videos and worthless give-aways won’t make your website go “viral” these days.
  3. Customize your interactions to meet unique customer needs. You need to give customers the tools to customize products, services, and content to suit their needs and interests, to engage them more deeply, add value, and differentiate your offering from competitors.
  4. Connect to the customer in your communication. Join in conversations with customers who are already shaping brand perception and sharing their ideas and opinions on the Web. Conversations may be on existing social media, or on your own brand forum established specifically for this purpose.
  5. Collaborate with customers on shared goals. One of the most powerful ways to engage customer networks is to invite them to collaborate with your startup on shared goals and projects. This requires the right balance of motivators (love, glory, and money), and the right balance of bottoms-up versus top-down control.

Many businesses that seem to understand the new paradigm still fall for some common mistakes, like the following, that can blunt the effectiveness of their efforts:

  • Infatuation with technology. Founders too often see a list of the latest hot tools, and go after them, without first making the proper analysis and connect to relevant customers. The best tools, if not relevant or used incorrectly, can’t save you.
  • Lack of customer insight. Startups launch plans without taking the time to understand the networked behavior of their customers, or the drivers for that behavior.
  • Lack of clear objectives. Without a clear scope and vision, efforts become unfocused, lack impact, and are impossible to measure. Everyone on the team has to be involved and on board, or the efforts will be fragmented.

This book outlines a good process for planning and implementing a customer network strategy to match your customers, your business, and your objectives – whether you need to drive sales, reduce costs, gain customer insight, or build breakthrough products and services.

The bottom line is that today, whatever your goals and whatever your business, the network is your customer. Connect to it and win customers.

 


 

Customer Centric Trumps Customer Service Every Time

February 8, 2012 by Marty Zwilling

Customer Centric Trumps Customer Service Every TimeNew product startups rightfully begin with a heads-down focus on creating the ultimate product – whether it’s a new technology, a new look and ease of use, or a new low-cost delivery approach. Most then add customer service at the rollout, but very few really understand what it means to be truly customer centric, and even fewer really achieve it.

Customer centricity is far more than providing excellent customer service, although that’s a step in the right direction. Customer centricity is a strategy to fundamentally align a company’s products and services with the wants and needs of its most valuable customers, with the aim of more profits for the long term.

As I was reminded recently by Peter Fader’s new book, “Customer Centricity” from the Wharton School, Wal-Mart and Costco aren’t really customer centric. They do provide the right products at the right price to save all customers money (with good customer service), but they don’t try to find their most valuable customers, and nurture them to buy more or bring in friends.

Customer centric means building loyal customers, like Apple appears to have done recently. It means recognizing that all customers are not the same, and that all customers are not always right. It means pursuing Fader’s four tenets that can lead to even greater long-term success and profits than a great product at a low price:

  1. Accept that all customers are not the same. By recognizing the fundamental and inevitable differences among your customers, you can give your organization a strategic advantage over your product-centric competitors – who may know little to nothing about the customers who account for their success and survival.
  2. Focus on individual customer value. By understanding that there is real and quantifiable value to be found in individual customers, you can better focus your long-term marketing efforts on precisely those customers who will generate the greatest long-term value.
  3. Quantify the value and cost of acquiring every new customer. By working to quantify the value of each and every one of your customers, you can gain enormously valuable insight about how much you should be willing to spend to keep an existing customer and how much you should be willing to spend to acquire a new customer.
  4. Personalize your offering to each customer or group. By moving forward with a highly focused customer relationship management initiative, you can gather and leverage more information about your customers. This will allow your company to serve those customers in a more personalized (yet genuine) manner than any competitor can.

In reality, you don’t need to get to know each individual customer. But you do need to segment your customers into homogeneous groups. Then you can decide on a marketing program, loyalty program, or a level of attention that is appropriate to each group, for acquisition, retention, and profitability.

Remember, this is not a one-time effort. The needs and interests of your customers are ever-changing, so you have to constantly re-align your resources to build mutually beneficial relationships. Don’t focus only on your products and operational efficiencies, unless you already have the brand image and leverage to prosper with price as the key differentiating factor.

Success hinges on progressing past lip-service, to the real work of building a customer centric organization to execute the focus. That means setting up operational and financial metrics, educating team members, and rewarding the right actions. Can you name three elements today in your startup that go beyond good customer service? If not, competitors are approaching.

 


 

Try These Ten Startup Work Relationship Strategies

January 31, 2012 by Marty Zwilling

Try These Ten Startup Work Relationship StrategiesJust because you are an entrepreneur, or work in a startup, you can’t ignore the rules of building and maintaining relationships. Many despise these experiences in corporate environments, and leave for a startup, only to find that they have to be able to navigate a similar minefield there of workplace and business relationships to be successful.

Jan Yager, Ph.D., an author and speaker on this and related subjects, outlines in her latest book “Productive Relationships: 57 Strategies for Building Stronger Business Connections.” From my experience and hers, here are ten top relationship strategies for people in startups:

  1. Create a favorable first impression. You only get one chance for a first impression. Don’t miss an opportunity for face-to-face communication, where you can use body language that welcomes relating, estimated at over 50% of all communication. Limit the use of e-mail and texting for early interactions, where you miss the body language.
  2. Avoid negative personality types. By recognizing negative personality types, like the control freak, the blameless type, the idea thief, and the entitled, you will have a better chance of not taking his or her behavior personally. Avoid associating with them.
  3. Proactively form relationships with positive types. These are the people who will help you to thrive and prosper. They include real mentors, facilitators, visionaries, motivators, and negotiators. Of course, it still pays to keep your eyes open and carry your own weight.
  4. Find a way to motivate others to want to get along with you. Understand your own agenda, and figure out the agenda of others, hidden or obvious, to make it a win-win relationship. How can you appeal to others on an emotional level to work together?
  5. Reexamine your attitude toward conflict. Some conflict is inevitable. The key is how to deal effectively with it. Recognize points of view, respond to what happened, resolve what needs to be resolved, and reflect on the lessons learned. Then move on.
  6. Deal with the “back-off” before it turns antagonistic. Rather than have a confrontation, someone backs off. You can’t make someone want to deal with you, but you can try to increase their motivation to deal with you – like getting together for lunch, or trying to communicate in another way.
  7. Benefit from harsh feedback about your work. Receiving criticism is never easy. Try some recovery techniques, like taking a deep breath, give yourself time, and look at the issue from their perspective. Keep your initial response short and sweet and in control.
  8. Cope with the “lonely at the top” syndrome. One of the prices that you pay for being a CEO is giving up a lot of the social relationships within the company. There is a line beyond which you cannot go. You cannot compromise what is right for the company just to be liked. Join associations, or rely on your family for support and feedback.
  9. Say goodbye, if leaving is the best option. Sometimes it’s better to just move on, rather than endure extended pain. Even if you cannot quit this instant, you can at least start looking for a new job. Be proactive in planning for your next position.
  10. Use social networking to improve your work relationships. Savvy workers at all levels are using these sites to develop and strengthen their business relationships as well as to reconnect with previous business connections. Make your own luck by giving and seeking referrals.

Compounding these strategies in today’s startup environment are two divergent concepts: a heightened degree of competitiveness, and a greater emphasis on teamwork. This means you need even more emphasis on effectively engaging others, and learning to deal effectively with potentially negative work relationships.

The startup world of the past, run by a couple of autocrats, no longer works. To succeed in today’s collaborative, customer-driven, networked economy, requires real business relationship efforts by everyone involved. No matter where you are in the spectrum, there is no time like the present to kick it up a notch.

 


 

Celebrity Endorsements are Hot For Startups Today

January 30, 2012 by Marty Zwilling

Celebrity Endorsements are Hot For Startups Today Most startups dream of attracting a celebrity endorsement, and assume that it will take their startup to the stars. There have been some “famous” recent successes in this regard, such as Charlie Sheen using Twitter to promote Internships.com, as well as some failures, including MyFavorites.com using celebrities to promote the books they are reading.

Startups using celebrities is such a hot topic these days that Gary Vaynerchuck, noted author and entrepreneur, has coined a new term “star-ups” for the phenomenon. New books are popping up on the subject of how and when to seek celebrity endorsements, including one I just finished, “Will Work for Shoes,” by Susan J. Ashbrook, who has courted celebrities for twenty years.

She helps you decide if celebrity endorsement is a viable and reasonable alternative for your business, and how do you go about selecting and approaching the right celebrity. Following is a summary of the challenges that Susan and other “experts” have outlined:

  1. Finding a match between your offering and a celebrity.That means finding the perfect person for your brand. Their values need to match your brand image, including the perception of quality, educational value, as well as recognition by your target demographic. Be sure the celebrity really believes in your product.If you are selling to young consumers, Miley Cyrus or Justin Bieber may be high on your list. For technology products, even well-recognized investors, such as John Doerr or Ron Conway, are seen as celebrities, and startups supported by these players are automatically elevated to a new level of credibility.
  2. Funding the relationship.Celebrity endorsements don’t come cheap. Does your marketing budget allow you to roll out the red carpet to meet celebrity lifestyles, including the investment in appearances, videos, and perks? Big fat advance checks and long-term royalties are often the norm.On the other hand, maybe you can emulate Priceline.com, whose official spokesperson, William Shatner, agreed to do the spots for free in exchange for stock in the company. The arrangement turned out to be quite profitable for Shatner, who has since made approximately $600 million from Priceline.com, despite the dot.com bust.
  3. How to find and connect with the celebrity you want. As with all aspects of business relationships, funding, and partners, nothing beats a pre-existing relationship, or at least a warm introduction. Beyond that, the place to start is with publicists, agents, and other handlers. Major groups include Rogers & Cowan, Baker/Winokur/Ryder, and 42West.One of the inside secrets of finding and meeting the right people is working with charities. Celebrities have a passion for giving, and they respect people and companies who share their passion.
  4. Potential for celebrities funding you. More and more celebrities are jumping on the entrepreneurship wagon. For example, Ashton Kutcher not only has the most Twitter followers of any “entrepreneur” (8 million), but he has actively invested in several startups. For example, he has helped Foursquare raise over $21 million to date.
  5. Make the endorsement part of a bigger campaign. Building a brand and a successful company is a lot bigger than just getting a celebrity endorsement. The endorsement relies on a major marketing campaign to get the message out and setting the context for a successful delivery on the promises implied.
  6. Prepare to handle endorsement success. Customers are a fickle bunch. You must be ready with the right array of retail partners, manufacturing, and distribution arrangements before the demand hits. Marketing momentum fades fast in the face of disgruntled potential customers and long waits in line.

Many entrepreneurs and investors assume that the fascination with celebrities is a passing fad, and not worth the effort. But the evidence is just the contrary. With the advent of the high-speed Internet for videos, real-time messaging via Twitter, and everything going mobile via smartphones, I don’t see things changing any time soon. The world now has an insatiable appetite for anything and everything celebrity. Be there if you dare.

 


 

Entrepreneurs Must Bridge Several Market Chasms

January 3, 2012 by Marty Zwilling

Entrepreneurs Must Bridge Several Market Chasms Everyone in the business world has heard of the book by Geoffrey A. Moore titled “Crossing the Chasm” (1991), but most entrepreneurs have no idea how it relates to them. In fact, it’s all about the “focus” required to get early stage technology products across the deadly chasm from early adopters to mainstream customers.

Most investors and startup professionals expand this concept of focus to apply to key issues of every aspect of strategic and tactical planning in a startup. Missions and products that are too broad confuse your team, your customers, and potential investors. There are other chasms out there just as deadly as the technology one, such as the ones below:

  • Market requirements chasm. The first chasm is getting the customer requirements right, product or service, to satisfy a real need that a large number of customers will pay real money to satisfy. It takes focus to resist adding a long list of features that seem to make the opportunity larger, but dilute to focus of both you and potential customers.
  • Product development chasm. Another common chasm is never-ending product development. Focus is required to resist adding a few more neat features, made possible by the new technology, which in fact make the product more complex to use, impossible to test, and very expensive in time and cost.
  • Marketing and sales chasm. Lots of people still believe the major cost of a new product is development. These days, with all the clutter in the marketplace, the highest cost is usually marketing. Focus is required here to pick the low-hanging fruit, break through the clutter, and then move on to the next segment. Marketing costs can be a deep hole.
  • Customer support chasm. Products that have features which are unfocused, or aimed at too broad an audience, can be almost impossible to support. Customers need lots of help with installation, or can’t make the product work the way they expect. The result is that customer satisfaction in unachievable or at least very expensive.

In his book, Moore limits his discussion to the transition between customers that are visionaries (early adopters) and customer pragmatists (early majority), in the context of high technology products that appear “disruptive,” meaning they move innovation in that arena to a new level.

Here are the five customer segments outlined in his analysis:

  • Innovators – they love the challenge of a new technology and expect problems
  • Early adopters – customer visionaries driven by technology who expect it to work
  • Early majority – pragmatists that buy only with peer review, references and support
  • Late majority – conservatives who wait until the product is no longer state-of-the-art
  • Laggards – skeptics who will only adopt when forced or the need is critical

The reason that his book was so popular, and is still studied in MBA programs and talked about by investors, is because his analysis has proven to be right so many times. There is a big gap between people who love to try new technologies, and the rest of us, who tend to be much more “technophobic.” Startups need to show real traction before attempting to cross the chasm.

I always recommend focus as the key to avoiding Moore’s chasm, as well as the others highlighted here. Start your business with a narrow niche and a focused strategy, but don’t stay there. As the company matures, and you learn more about your customers and your market, then it is time to go broader or deeper.

Build an overt strategy with feedback triggers to enhance the product to meet the needs of another segment of customers, and add more features to serve additional needs for the customers you already have. With this approach, you will find it a lot easier to jump all the chasms without crashing or breaking a leg.

 


 

It Takes a Customer Sale to Prove a Business Model

December 21, 2011 by Marty Zwilling

It Takes a Customer Sale to Prove a Business Model“Will the dogs eat the dog food?” This rather crude expression weighs heavily on the mind of all good startup founders, no matter how confident they appear. We all know the products they give away, and the ones purchased by family and friends don’t count. The real milestone, proving the business model, is that first product sold for full price to a total stranger, leaving him happy.

So what can you do to expedite this event, or even improve the odds that it will happen at all? Of course, one sale isn’t really enough, so you need to get the first customer to recommend you to a second, and make sure rate of sales ramps up quickly enough to keep the business alive and growing.

This whole process is particularly worrisome to many startup founders, since their expertise and background more likely technology than sales. If you are one of those, here are some basics principles you should follow and live by until that milestone is behind you:

  • It’s the market, stupid. I still see too many entrepreneurs who build a product and spend lots of money because THEY are in love with the idea or technology. There is no substitute for good market research, talking to experts, analyzing the competition, and listening to potential customers from day one.
  • Sell what you have, not what you dream. Customers don’t buy the impossible dream. I believe in pre-selling and early marketing, but make sure you don’t oversell what you can deliver. I recently knew a founder whose sales pitch was always the next generation of his product, and he never understood why customers always decided to wait.
  • Your revenue model has to make sense. If you lose money on every sale, it’s hard to make it up in volume. On the other hand, if your price is over the moon, even the best product features probably won’t sell it. Many of the Internet business plans I see these days say the service is free, and revenue will come later from a huge user base. You need deep pockets to make this one work.
  • You need a sales channel that works, and one you can afford. Even with the global reach of the Internet, selling your first product from your website will likely not be much of a business. To get the reach you need probably requires one or two levels of distribution, partnerships, or joint ventures. Direct sales are too expensive, and word-of-mouth is too slow.
  • A product, without customer support, is not ready for sale. Remember that your ultimate goal is satisfied customers, not just the best product. The sales process has to be smooth, the customer support impeccable, and the customer-facing people delightful and empowered.
  • Selling is a learned skill, and takes effort, just like building a product. Everyone in your startup needs to understand sales, and needs to be a salesman. Don’t assume that only “fast talkers” are good salesmen, or that you can hire a good salesman at the last minute to sell your product. The best salesmen know their products and their customers better than anyone else, and they believe in both. That should be you.

I’m certainly not suggesting that you wait until all these items are perfect before you open your doors. If you do that, you will never achieve this milestone. The real job of an entrepreneur is to manage the right variables, with the right level of risk, to get and stay just one step ahead of their competitors.

What I am suggesting is that you laser focus on that first real customer from the very beginning. His real requirements might keep you from getting sidetracked by all the neat features your technology could deliver, and your dreams of delivering the perfect product. What you really want is a successful business and all your customers to be happy puppies.

 


 

How to Score on the Entrepreneur Likability Scale

December 16, 2011 by Marty Zwilling

How to Score on the Entrepreneur Likability ScaleYou don’t have to be likeable to everyone to be a great entrepreneur, just to the people who count. Of course, we can all point to apparent exceptions, like Ted Turner or Larry Ellison, who are sometimes seen as lions, downright predators, or even jerks. Yet I’m told that even these guys are considered quite likable by an intimate group of business and personal associates.

So likability is an elusive quality. It doesn’t mean always being perky and bright and constantly being happy. What makes each of us likable is distinct to us, and to some degree it’s in the mind of the beholder. But the basic drivers of likability are the same for most of us, and Michelle Tillis Lederman, in her new book “The 11 Laws of Likability” has summarized these nicely:

  1. Be your authentic self. Don’t try to be someone that you are not. Other people quickly see through this façade, and lose respect. Find the good in difficult situations or personalities. Work on improving the real you, rather than building a better façade.
  2. You have to like yourself first. Don’t expect others to like you if you have a bad self-image. Practice positive self-talk using genuine accomplishments to pave the way for authentic productivity and success. Absorb the new approach and make it real.
  3. Perception is reality. How you perceive others is your reality about them, and the same is true for them of you. It is far easier to make a good first impression than to change a bad one. Likability is leaving people with positive perceptions.
  4. Exude energy in all your actions. What you give off is what you get back, and your own output can energize other people or deflate them. Channel your authentic energy to be genuine and likable, even when faced with difficulties and challenges.
  5. Curiosity never killed a conversation. Showing genuine curiosity about a person’s job, life, interests, opinions, or needs is the best way to start a conversation, keep it going, and make you likable. Check for matching needs for help rather than demanding help.
  6. Practice listening to understand. If you want others to understand and like you, you have to understand them by truly listening to what they are communicating. Don’t forget that good listening is done with you eyes and other body language, as well as your ears.
  7. Show people how you are like them. Look for common interests and backgrounds, shared experiences and beliefs, to find similarities that can help you build connections with other people. People like people who are like them.
  8. Create positive mood memories for other people. People are more apt to remember how you made them feel than what you said. It’s hard to be likeable when you intimidate people, practice insensitivity, or otherwise make them feel uncomfortable.
  9. Stay in touch and remember connections. Showing genuine curiosity about a person’s job, life, interests, opinions, or needs is the best way to start a conversation, keep it going, and make you likable. Stay in someone’s mind to make them comfortable.
  10. Give something without expecting a return. There are countless ways to give freely to others, including making introductions, sharing resources, doing favors, and giving advice. What goes around comes around.
  11. Have patience, don’t expect benefits from every contact. Likeable people don’t demand value from every interaction. Stay open to the possibility that results may take time, and come in ways not obvious today.

An old Harvard Business Review article, “Competent Jerks, Lovable Fools, and the Formation of Social Networks,” looks at how people choose those they work with. It shows that people choose who they partner with at the office according to two criteria. One is job competence (Does Joe know what he’s doing?). The other is likability (Is Joe enjoyable to work with?).

In many cases, likability actually trumps competence. So unless you already have the money and position of one of the lions mentioned earlier, it’s worth your time to focus on both likability and relevant business skills, as well as relationships. Likeability is everyone’s business, and people do business with people they like. How high would you score on the likability scale?

 


 

5 Steps to Sell the Way Your Customers Want to Buy

December 7, 2011 by Marty Zwilling

5 Steps to Sell the Way Your Customers Want to BuyEntrepreneurs always work hard to create an innovative product or service, but often count on standard seller marketing for sales. But the reality is that sellers are no longer in charge of the customer buying process. Recent reports suggest that 90% of today’s shoppers skip marketing pitches, to research online before they buy, and over 50% check user reviews before making a decision.

The Internet and smartphones have changed everything. Kristin Zhivago, in her new book “Roadmap to Revenue,” makes the point that the selling system is broken, since sellers no longer sell the way customers are buying. Here is my summary of her detailed roadmap to get you back on the right track with a “customer-centric” approach rather than a “company-centric” approach:

  1. Find out what customers want and how they want to buy it. The best way to do this is with real customer interviews. Customers will tell you things when being interviewed that they will never tell you while you are selling to them. She recommends phone interviews by you, by appointment, with structured questions, and you document results.
  2. Debate and adjust your offering to better match what customers want. Distribute an Executive Summary and Recommendations report, as well as transcripts of your interviews, to all the key players in your company. Schedule and run the necessary sessions to update strategic product offerings, processes, and marketing programs.
  3. Align your business model to how your customers want to buy. Don’t start from how you want to sell. Start with a new understanding of the real customer need, their search process in finding you (referral, website, social media), and most desired payment model, like one-time payment versus subscription, or lease versus purchase.
  4. Integrate the customer buying process into your support operation. Decide which parts can be automated, people resources required, and customer service points of contact. All of these processes should be documented, and should explicitly include the customer buying process and perceptions as the base. Their perception is your reality.
  5. Build and deploy a revenue growth action plan. This is your rollout of the new product offerings, business model updates, and process changes to map to the new understanding of the customer buying process. Include planned measurements and metrics. Start where the customer wants you to be and work backwards.

As you start making the shift to customer-centric, if your team doesn’t “get it,” then you haven’t communicated effectively. Communicating change is always hard, so pay careful attention to the central message, repetition opportunities, and “walking the talk.” People are quick to make things up to fill a vacuum, and rumors or myths die hard.

Make sure your own motivation is strong, and don’t let anyone view these efforts as a one-time push. It has to be managed and sold internally as a culture change, requiring everyone’s help. Experience has shown that the best way to change a process is to set up the new way of doing things, then flip the switch (flip method), rather than making incremental changes (drip method).

Every business needs to take advantage of the new tools and technologies which can assist you in making this shift in strategy and measuring effectiveness. These range from basic search engine optimization (SEO) tracking, like Google Analytics, to a new generation of marketing platforms, like HubSpot.

There are multiple benefits to both you and your customer. The customers will get what they want, when they want it, and you will see more revenue, greater brand loyalty, real relationships, and a competitive edge. That sounds to me like the recipe for business success that every investor is looking for.

 


 

Great Content is the Key to Inbound Marketing

November 23, 2011 by Marty Zwilling

Great Content is the Key to Inbound MarketingTraditional marketing, where you pay to get your message out in front of the masses, is horribly inefficient. The new conventional wisdom is that the most efficient way to attract customers is through Inbound Marketing, where great content is the foundation that leads to being discovered by potential customers. A basic website isn’t sufficient to get visibility above the 50 million other new websites created every year – your content has to be great.

I recently reviewed a new book on content marketing, Accelerate! by an expert and friend in this space, Arnie Kuenn, which offers guidance and examples on new and modern approaches for the rest of us:

  1. Build a blog. According to Hubspot, websites that have blogs get twice as many inbound links, 400 percent more indexed pages, and a more than 50 percent increase in traffic, compared to websites without blogs. Search engines and people love blogs these days.
  2. Join the conversation with Community Forums. A forum is a discussion site on a relevant subject, hosted and moderated by you, which adds authority, content, and traffic to your website. The registration process to join can give you a very targeted email list.
  3. Curation, the most efficient content. Curation is humanly aggregating, filtering, and re-posting the best-of-the-best content on the web, relative to your product or service area. This shows your knowledge and positions your company as a thought leader.
  4. Win with engaging contests. Not a new idea, but when used creatively, can entice new prospect traffic and backlinks to your site. People these days love to submit stories, vote on other entries, and receive the recognition of even small prizes or product rewards.
  5. Traditional publishing out, self-publishing in with eBooks. You don’t need a real book as a base for electronic books, as people now prefer something akin to a “white paper” on steroids. It’s just another way to demonstrate credibility and attract traffic.
  6. Keep them engaged with eNewsletters. These are regular updates, usually monthly, via website and email that help with customer retention, and again remind your customers that you are the expert in your industry. Supplement text here with video and audio.
  7. Widgets and badges. A widget is a mini-app that displays or updates data either locally or on the web – to share something of value and interest. A badge is a simple graphic designed for fun, to show support, or promote certain standards online. All highlight you.
  8. Look like an expert with Interviews. Here we are talking about interviewing industry experts. By having frequent conversations with experts in your industry, you rank yourself among the top, and show you are connected. You are the company you keep.
  9. Videos, stories in motion. Simple videos, less than five minutes in length, you can do yourself and upload to YouTube for display on your website, can turn a blasé idea into a winner. Keep the atmosphere relaxed and fun, to increase traffic, and maybe even go viral.
  10. Provide convenience through podcasts. A podcast is basically a non-streaming webcast, usually audio only, for those who want the convenience of downloading and listening via iPod or mobile phone while commuting or working out at the gym. It’s cool.

There are a lot more items of content that could be on this list. But don’t let the number overwhelm you. You don’t need to tackle them all – just pick a few that you think you can do well, and consistently. The key is new content on a regular basis to attract the attention of search engines and new customers.

Most importantly, don’t wait until you have perfect content. Start creating content today. The more you create, the more momentum you build, and better you will get.