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DOING MORE WITH LESSMarketing
DOING MORE WITH LESS
Effective Budgeting to Maximize ROI Learning Objectives:
Basics of Budgeting / Planning Baseline Creation Tying Revenue to Investment Importance of Tracking
DOING MORE WITH LESS
What do you want to accomplish?
Purpose Marketing: Specific Goals and Objectives
How will you know you are successful?
Must be measurable by: - Revenue- Quality- Cost- Speed
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Example: Increase $ Volume of Education Contracts Booked by 30%
1. Increase hit rate – what is your current hit rate? Hit rate is the % of work that you get, based on the amount of work that you go after.
2. Increase size of opportunities.3. Increase number of opportunities.4. Offer more services (within that market)
DOING MORE WITH LESS
What will it take to be successful?
To increase your hit rate you will need to:1. Have a company “go” or “no-go” plan.2. Write better proposals.3. Execute better interview presentations
Basically, you need to ask yourself: If we aren’t accomplishing it now, what behaviors must be changed to accomplish it in the future?
DOING MORE WITH LESS
What are specific strategies?
Conduct Better Interviews:
1. Presentation Training for staff.
2. Hire consultants for message development.
3. Conduct mock interviews.
4. Better positioning.
How much does that cost?
1. Consultant Fees.2. Indirect Labor.3. Marketing Support
Staff.4. Equipment, Food, etc.
Let’s say for the purpose of the exercise that it cost the firm $50,000 to execute this type of training.
DOING MORE WITH LESSWhat will the training accomplish?
1. Increases your hit rate by 10%2. If your firm has 100 opportunities
per year @ 30% hit rate = 30 jobs.3. With training you can increase that
to 40% which equals 10 more jobs per year.
4. Average job revenue $500,000 x 10 jobs per year = $5,000,000
5. If you subtract the $50,000 it cost to execute this goal, that is still a worthwhile expense with a large ROI.
See the Return on Investment Worksheet in the packet that you received in the meeting/event email.
Additional Notes:
1. A client survey will help create your “bottom line” so that you know your position in the market.
2. Don’t equate savings in time to reduction in expenses unless you plan to fire someone.
3. You CANNOT focus on: What is this costing the company.
4. You MUST focus on: What is it costing us by NOT doing it.
DOING MORE WITH LESS
Marketing from the Buyers Perspective Learning Objectives:
What are clients looking for? Desired traits?
DOING MORE WITH LESS
Desired Traits in Order of Importance:
Do you know me? / Do you get me?• People buy based on emotion – emotion is a
competitive advantage that you can only get by building authentic relationships with your clients/prospective clients.
• An RFP/RFQ should look and feel like you. You should talk about the company and your personal background last if and when possible.
• Use specific experience in your RFP’s.
Example: Instead of writing statements like “IDA is an expert in…” You should write “When we worked on “____” project, we tackled “____” problems by “_____”
DOING MORE WITH LESS Desired Traits in Order of Importance: Continued
Listen Fast• Spend more time listening than talking.• Initial meetings are meant to get information,
not to tell the client about how great you are.• Communication is 93% body language and 7%
the actual words that you say. Sit forward while engaging in the conversation, this makes the client feel like you are actively listening and interested which results in the client…talking more!
• Use key phrases like: “Really?! Can you tell me more about that?”
DOING MORE WITH LESS Desired Traits in Order of Importance: Continued
Demonstrate Confidence (Expertise/Experience)• Confidence translates into
expertise/experience; however, you should translate it without saying it. People who are really confident exude it – they never say it or fish for it.
• Definition: Exude - to make apparent by mood or behavior.
• Never start out by talking about yourself or your firm.
DOING MORE WITH LESS Desired Traits in Order of Importance: Continued
Genuine Interest / Enthusiasm• Go to meetings with a team member so that
one person can engage and focus on the conversation while the other person takes notes. It shows interest and is beneficial to have another set of ears.
• Taking notes also shows interest. It means that you are taking this seriously and it will also result in the client talking more.
• People love to talk about themselves: Ask a lot of questions.
DOING MORE WITH LESS Desired Traits in Order of Importance: Continued
Compatibility• Personal relationships are the key to business.
Provided you get an opportunity to work with the prospective client on a project, you will likely be spending a considerable amount of time with that person or firm.
• You have to do more than “get along” with your client – Your relationship should become meaningful. It should be compatible and fun.
Enjoyable
DOING MORE WITH LESS In a meeting statistics show that the client is going to
remember 3 things about you or your firm. What do you want your client to remember?
1.
2.
3.
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You should never contact a target client more than 1 time per quarter.
Never ask “Would it be okay if I followed up with you in a few months…?” – Just do the follow up, but find ways to do it “naturally”
Contact the client as often as you can without crossing the line to becoming a “stalker”
It’s better to under-promise and over-deliver.
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Utilizing Client Based Organizations for Business Development
Learning Objectives: Get involved Hunter vs. Gatherer Strategy
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1. Your company should be involved with 1 to 2 organizations that your CLIENTS are members of:• AIA • BAYA
2. If you are not involved than you are missing out on huge opportunities: • You have to do more than just
sign up for a membership. • Join a committee, volunteer on
a board, be a guest speaker, etc.
3. Attend conferences / events as often as possible: The money spent on these pay for themselves almost immediately.
5. A great strategy at social gatherings / events is to bring a current, loyal client with you. This can provide a personal in-person testimonial that is valuable when meeting prospect clients.
6. Always ask open-ended questions so that you can find out more information which will give you a reason to…
7. Follow-up. Provided you had a meaningful initial conversation this will be natural and should never be awkward.
DOING MORE WITH LESS
Never bring marketing materials: brochures, packets, etc. to an initial meeting unless they have specifically asked you to do so. Why?
It allows you 3 opportunities to connect with that prospective client: Initial Meeting, which you can close by saying “It was
a pleasure getting to know you better. I’ll make sure to follow up and send you some additional information about our company.”
Deliver on that by following up within a week by mailing the materials along with a personal (preferably hand written) note.
Follow up by telephone in a few weeks to ask how things are going and to make sure they received the information.
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The goal is to create multiple opportunities for contact, multiple opportunities to engage with the prospective client, but remember:
It’s never about you. It is about finding out how you can serve that company or clients’ needs.
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Involve your staff: Set up the people in your office to succeed by
training them properly. If someone on your team is out-going and
generally good and socializing and networking, then send them to events/conferences/meetings with someone who is not as strong in that area.
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Build your Sphere of Connectivity: Be inclusive: The more inclusive you are, the
greater your sphere of connectivity. When hosting an event / lunch & learn / etc. that
might be applicable or interesting to a client, always invite them to attend or participate.
As you expand your sphere of connectivity, your network will extend and increase your opportunities.
See LinkedIn Example
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On www.LinkedIn.com you can see how many connections are 1st connections. In this example:
169 direct 1st connectionsThose 169 people link me to 1,311,616
LinkedIn is a great way to expand your sphere of connectivity.
Look at the connections on your current clients’ profiles, use LinkedIn and ask to be introduced to those clients.
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Business comes down to Shared Experiences and the Emotion Factor:
Cell Text Email Mail
The above are all great forms of communication; however, without shared experiences you will not be building relationships with clients that turn into revenue/projects.
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Example of the Emotion Factor:
In the movie Ratatouille,
the toughest food critic
came to review the
restaurant and they served
ratatouille, which is a poor
man’s dish. People criticized him for serving something so mundane on such an important event. However, ratatouille was a dish that the critic ate as a child and eating the dish hit a heart string in him that brought back cherished memories of his childhood. In the end, the critic gave an astounding review of the restaurant.
DOING MORE WITH LESS
Moral of the Story:Serving the most elegant dish, or having the best looking presentation isn’t as important as finding the “heart string” in your clients and building meaningful relationships with them.
If you build these types of relationships you won’t have to call your clients for work. When they need your type of services, they will be calling you.