CES: Best Business Strategies to Get Tech Funding
Jan. 24, 2012
If you have a tech startup looking for funds, you already know the competition is intense. But there are strategies that will help you to get funded. Investors revealed their preferences for funding technology firms at the 2012 Consumer Electronics Show (CES) in Las Vegas.
On her blog, the chair of the CES venture capital panel, Joey Tamer, writes “each early stage fund planned to invest in a Series A for four or five new early stage companies during this year.”
When she’s not chairing venture panels, Ms. Tamer is an outstanding Los Angeles-based strategic consultant to technology and media (www.joeytamer.com).
“In the case of Jerusalem Venture Partners, Yoav Tzruya reported that this number represents no more than 1 percent of the 600 companies JVP reviews each year for its early stage fund,” says Ms. Tamer.
“Kevin Spain of Emergence Capital which has a focus on B2B applications, and Chris Petrovic of GameStop Digital which is a strategic investor/acquirer of game companies, as well as Habib Kairouz of Rho Capital agreed with the plan for four to five new deals this year,” she adds.
Improved environment
“We are in a boom period again, this time for the number of early stage companies in play in the market,” Ms. Tamer explains. “The continuing trend that allows for new technologies and applications to be built with many off-the-shelf tools, using world-wide technical expertise, for much less capital, has created many new companies competing for the funding resources available.
“The new trend of incubating companies in accelerators has added some seed capital to these concept-companies to get them through their initial product development,” she says. “But then these companies need to get some traction in the market, hopefully to significant revenue, before they can hope to move from seed capital to Series A.”
Optional strategies
Ms. Tamer indicates you have options to consider if you can’t get from seed to Series A or from Series A to Series B.
“Early stage companies not attracting that critical Series A or Series B funding should consider connecting strategically or through acquisition or merger with other similar-stage companies to create a stronger offering for funding,” she advises. “Aligning with other early companies that would enhance your market position or extend your product offerings or brand, you might attract that essential next stage of funding.”
She explains a developing trend.
“Kevin Spain added a new point, that he sees a strong emerging trend in B2B and enterprise applications using the new technologies that are mostly focused on the consumer market now,” she writes. “He advised companies to look for those B2B market opportunities for their current B2C products and applications. A doubling of your target markets, which rise and fall under different economic conditions, may present a strong offering to investors.”
She explains the motivation of two investors.
“Scott English from Hearst and Chris Petrovic of GameStop approach their investments as strategic additions to their portfolios, rather than as pure venture investments –even though each has a different priority for these investments,” she explains.
“The first point made was to conduct your due diligence about how strategic investors value their target companies,” Ms. Tamer says. “Hearst, for example, is a later stage investor focused on financial ROI to Hearst first, and strategic value to the portfolio second. GameStop, focused on early stage game companies, values its acquisition targets first as an operational addition to its portfolio plan (does the company add to GameStop’s infrastructure, product mix, learning about new markets, or strategy) before financial and ROI considerations.”
She explains some lessons:
- Do your homework about your company’s “fit” with what an investment group might be seeking.
- Talk with other companies in the investor’s portfolio.
- Narrow down your list and your efforts to those investors that prefer your company’s stage, market sector, and your possible enhancement of their portfolio’s current companies.
- Some strategic and corporate investors function very much like venture capitalists, and others have different priorities. So, after your due diligence, and as you enter discussions, read the deal’s restrictions and the detailed legal conditions before negotiating or accepting any investment.
Critical factors to help you win
“Norm Fogelsong of Institutional Venture Partners, a later-stage venture fund, insisted that your company’s vision must be big, very big, to attract the rounds of capital needed to become a major player,” she points out.
“The panelists agreed that they are very focused on execution, in particular execution on market penetration,” Ms. Tamer advises. “After you have been funded on your product’s unique value, it is time to turn your attention to your market, especially your customer acquisition and retention strategies, tactics and results.”
She provides another insight: “Yoav related that he looked for CEOs with deep market savvy, a founder who knows his or her product and its market realities, and has a strong go-to-market strategy.”
Ms. Tamer shares the insights of Sharon Wienbar of Scale Venture Partners, a later stage investor, who wants to minimize risk three ways:
- Proof of market responsiveness: Does your customer commit to your vision of your product’s value, price and use?
- A business model that prioritizes customer acquisition and retention: Do you have a plan that acquires each new customer quickly and for less and less cost of acquisition?
- Compelling metrics: are your projections for market penetration, growth and profitability backed up by proven metrics?
“So, amid the growing competition for capital we are seeing this year, particularly in the consumer market, investors’ focus seems to move quickly from unique technologies and applications to strong execution,” concludes Ms. Tamer. “Early stage companies need strategies to present compelling offerings to investors, and an increasing focus on market execution that leads to growing a big company and taking significant market share.”
Hope you enjoyed these insights. As usual, Ms. Tamer speaks and writes with authority.
(Note: I’m very familiar with Ms. Tamer’s expertise. She is a fellow member of Consultants West, www.consultantswest.com, a roundtable of veteran consultants in the Los Angeles area.)
From the Coach’s Corner, here are more of Ms. Tamer’s valuable insights:
How To Get More Opportunities As A Guest Speaker
How To Obtain The Most Profit From Speaking Opportunities
6 Values for Financial Protection
Options to Navigate This Marketplace Bedlam
What Should You Divulge When Asking for Investment Capital?
Eight Strategies to Consider Before Starting A Tech Business
What No One Tells You about Raising Investment Capital
“If you can dream it, you can do it.”
-Walt Disney
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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
RIM Provides 9 Lessons in Best Turnaround Strategies
Jan. 23, 2012
RIM, Research in Motion, needs more than just advertising and marketing strategies. Companies – from big to small – can learn business turnaround lessons from RIM’s predicament. RIM has failed to respond to marketplace changes. Despite installing a new CEO, Thorsten Heins, and hiring a vaunted crisis management firm, Sitrick and Company, RIM’s comeback attempt is already off to a poor start.
Analysts, investors and customers are troubled by the headline: “New RIM CEO says drastic change not needed.”
Numerous published reports quoted Mr. Heins: “I don’t think that there is some drastic change needed. We are evolving … but this is not a seismic change.”
To the contrary, my sense is that drastic changes are needed – externally and internally. Unless the company can upgrade its products, solve its product delays, and fix its reputation, the company will go under unless it’s sold. (Note: To be clear, I’m a long-time Blackberry user.)
Yes, RIM has marketing challenges. But as any savvy salesperson knows, it’s difficult to sell a product that’s considered inferior to competitors. Apple’s iPhone and iPad, and Google’s Android operating system have taken market share from RIM, which is why the once-proud company has also lost market value.
So, RIM needs to develop a strategic plan and wisely invest its $1.5 billion in cash. It only has until May 2012 to win applause from Wall Street analysts who sway investor opinions. And telling the world that drastic change isn’t needed is the wrong approach.
RIM’s demise provides these turnaround lessons:
- Understand first things first. It’s important to move current product inventory, but simultaneously make long-term product development a priority. The company needs effective decisions. There are nine dos and don’ts for best decision-making. RIM will earn praise if it can unveil a strategic plan to publicize successful development of software for its Blackberry 10. So strategically plan and implement management strategies for a successful turnaround.
- Develop a strategic marketing plan and align it with sales. Notably, RIM is looking for a new marketing director. Hopefully, innovation will result. Consider tips to get strong marketing plan results, and the 14 reasons why major marketing campaigns fail. And for profits, don’t forget to align marketing with sales.
- Attract visionary product-creation relationships. It’s important to stay atop marketplace volatility. Hire or partner with visionary innovators. RIM lost ground because it didn’t have enough developer support, which opened the door for competitors. Think about nine key questions before you form a partnership and here the nine steps for strategic alliance success.
- Create an iconic product. Innovation is key to be a Ninja innovator. In RIM’s case, the company should create excitement by intensifying its research and development for a blockbuster smartphone – bigger screen, 4G, and better camera.
- In view of the economy, remember Henry Ford’s success. A salient reason Mr. Ford was successful: He manufactured an everyday car – the Model A – a car the average American could afford. Think 1930s for business success. Consumer attitudes are changing. RIM used to own the corporate market and didn’t create a consumer niche. It needs regain corporate market share and its own version of the Model A for the digital phone age.
- Restructure the team. If Mr. Heins really believes drastic change isn’t necessary, he better wake up quickly and reverse course. He should make certain he employs a lot of thought leaders who serve as devils’ advocates. RIM needs to earn marketplace confidence by exploring and communicating all its strategic options. Unfortunately, it appears RIM needs to take the six steps to implement a cultural change for profits.
- Operate profitably. Develop a laser focus on profitability. Understand in any economy, what drives your profit. Here are 10 basic tips — leadership for business profit.
- Continue to focus and promote security. Daily, the media is filled with headlines about identity theft and security. Blackberry is known for its security, but the message has been diluted. Android is successful despite its security weaknesses. After all, who profits from Android’s security issues? Not users.
- Manage your reputation. The key is to create positive images. But RIM is suffering in reputation management. Here are the best practices to optimize your brand and manage your Web reputation. It’s also vital to know how to leverage the news media for publicity, and to implement PR crisis management tips.
From the Coach’s Corner, here are developing trends and solutions for manufacturing success.
“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”
– Peter F. Drucker
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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
9 Dos and Don’ts for Best Decision-making
Here are nine tips – dos and don’ts for best decision-making. They’re applicable whether you have difficulty making the best decisions, engage in self doubt after making one, or are gun shy because some of your decisions have failed you.
To err is human. Businesspeople have been known to make unproductive decisions even after conducting a SWOT analysis. It’s common to get it wrong to set yourself up for failure. But it’s also possible to avoid being victimized from decision-making.
Whether it’s a career matter or a personal dilemma, here are tips to remember:
Especially, if it’s a major situation, accept it. Realize that if you’re facing an unforeseen dramatic situation, you’ll undergo three emotional stages: 1. Shock and denial. 2. Anger and depression. 3. Understanding and acceptance. Understand that this is the process and it’s important to get to the bottom of the acceptance stage as soon as you can.
Avoid confirmation bias in your research. Confirmation bias is the tendency to look for information that sides with you – either by giving more weight to information that confirms your goal or by ignoring information that shows the evidence cannot be right. Don’t let your ego run amuck.
Take precautions to be objective. Don’t let memories of past events cloud your thinking. Don’t confuse the new issue with others in your past. Seek the truth. Research objective online sites; possibly with this list of informative Web sites.
Keep an open mind. Don’t pre-judge your situation. Don’t let your personal biases or cronyism create inappropriate attachments lead to the wrong outcome. Practice the principle of contrary action in all that you do.
Learn from past mistakes. Take stock, admit mistakes and profit from them. But if you’re a new boss, here are strategies to succeed as a new manager – a checklist.
Get a good mentor. A good mentor is a coach – someone who is a devil’s advocate and sounding board – not a yes-person – for honest feedback.
Foster critical thinking in your organization. A leader has multiple sources of information, including knowledgeable, assertive employees and peers.
Ask the right questions. Make certain they’re open-ended questions.
Don’t be tempted to take shortcuts. Shortcuts will get you where you don’t want to go – but only faster.
Cash flow is the normal concern in the new economy. If financials are a problem, here are step-by-step solutions for a company turnaround.
From the Coach’s Corner, think about 9 key questions before you form a partnership.
“Listen to advice and accept instruction, and in the end you will be wise.”
-Proverbs 19:20
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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
Nervous About Your New Boss? Here’s How to Deal with It
Whether you just got a new job or whether your company just assigned a new boss for you, it might seem hard to deal with it. But deal with it you must. Learn to develop poise and to manage your boss.
First, recognize two things: 1. Fear is common. 2. Throughout your career and personal life, you will face adversity.
Second, consider fear to be an acronym, FEAR: “Frantic Effort to Avoid Responsibility.”
Getting a new boss does not constitute a problem. Facing fear actually makes you stronger. It’s an opportunity for growth.
If you have apprehension, you need to understand why. In such situations, the most-common questions to consider: Do you fear change? Do you have authority-figure issues?
The solution to such personal and professional issues is to conduct a personal assessment. On a sheet of paper, create two columns – your strengths and weaknesses. Analyze your attitude and behavior in similar situations whether you had friction, were laid off or fired.
For negative situations, here’s a hint: You’ll learn fear was a factor – a frantic effort to avoid responsibility – to yourself. Understand your role, but don’t focus on the other person’s. Don’t give away your personal power by focusing on the possible motives or behavior of others – even if you feel you were dealing with the reincarnation of Attila the Hun.
At the bottom of the sheet, develop a strategic game plan – strategize how and why you’ll be successful.
You might also develop a list of positive affirmations, such as: “I’m a great employee,” and “I welcome this new boss as an opportunity for growth.” Keep this list handy. Recite these affirmations in front of a mirror. With enough practice and by facing fearful situations, you’ll get stronger and someday will feel compelled to share these tips with someone who will benefit.
Then, implement your strategic plan. Research your new boss. Learn all you can. If you have questions for your boss, create a written list. Include questions about possible likes and dislikes about preferred employee performance. Don’t procrastinate. When you’re ready, ask your boss for a time to chat.
Once you’re working with your new boss, there will be opportunities to contribute to the welfare of the team. The team is only as strong as its weakest member. Don’t be afraid to speak up to solve problems.
But it’s important to remember this concept: It’s not what you say, but it’s how you say it. Even unpopular viewpoints serve as catalysts for your professional and organization success.
Don’t speak with finality with an accusing tone, for example: “This is a problem.”
Instead, ask a non-threatening question, such as: “Is it possible that the problem is…?” In this way, you’ll help open the door to a team discussion.
Oh, and by the way, by doing this you’re on your way to becoming a leader among your peers. Then, you’ll be ready for the eight tips on how to ask your boss for a pay raise. And if you want, you might become management material, too.
So, the place to jumpstart your career development: It’s all about poise in managing your boss.
From the Coach’s Corner, related readings:
Do You Have A Toxic Relationship With Your Boss?
How To Deal With An Oppressive Employer
Top 11 Tips for a Great Elevator Pitch
“If the world operates as one big market, every employee will compete with every person anywhere in the world who is capable of doing the same job. There are lots of them and many of them are hungry.”
-Andy Grove
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Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
Washington: A Balanced Budget Is No Longer Enough
Updated Jan. 11, 2012
A Seattle Times headline is perplexing. True, the headline –“Lawmakers open session, try to close $1B gap” – is a fairly accurate assessment of Washington state’s budget. Not to be laboriously repetitive, but the headline is worrisome. Once again the Legislature faces a budget crisis.
“The economy is the focal point of this year’s legislature as state lawmakers attempt to close a $1.5 billion shortfall in a $34 billion budget at the state capitol in Olympia,” blogged Don Brunell, president of the Association of Washington Business (AWB).
Mr. Brunell is known for his pragmatic reasoning.
“As they deliberate, they must be mindful that Washington is in the midst of an anemic economic recovery which is very fragile,” the AWB president added. “New costs to employers, especially those along Main Street, have a dampening effect on our ability to increase consumer confidence and bring people back to work.”
That’s my sense, too. But the Legislature routinely fails to prioritize first things first. The short-term priority is to balance the 2011-2013 budget. But as a priority, it’s secondary to a bigger quandary – government and budgeting reform, which are needed immediately, as well.
Instead, all budget discussions are about the short-term and relatively insignificant issues grab a disproportionate amount of attention.
Gov. Gregoire wants to focus on a new $3.6 billion transportation package, gay marriage, shorten the school year, abolish social services, release some prisoners before the sentences expire, and increase the state’s sales tax. House Speaker Frank Chopp, D-Seattle, also says same-sex marriage is a top priority.
A significant number of citizens wants to legalize marijuana. Some lawmakers want a statewide ban on plastic grocery bags.
Most of us in business agree education is a priority. But increasing taxes even for education isn’t productive as long as government/budgeting reform is ignored as a priority.
In addition to Mr. Brunell, another thoughtful pragmatist is Jason Mercier. Mr. Mercier is director of the Center for Government Reform of the Washington Policy Center.
Worth consideration is Mr. Mercier’s list of recommended reforms:
- Enact a constitutional tax and spending limit (with two-thirds requirement to raise taxes) modeled after the original 1993 I-601 formula.
- Remove as many of the restrictions on lawmakers’ ability to set spending priorities as possible (collective bargaining restrictions on compensation, federal mandates, assumption of auto-pilot budgeting on programs).
- Reform competitive contracting. Allow agencies to make performance-based contracting more proactive (create a Competitive Contracting Council).
- Provide the governor discretionary authority to cut spending.
- Repeal unaffordable programs instead of suspending them.
- Require at least a 5 percent reserve when adopting the next biennial budget.
- Require updated four-year budget outlooks to be published after each state revenue forecast or budget adoption.
- Require completed fiscal notes before bills can be acted on.
- Phase in a defined-contribution retirement plan that gives state workers benefits that can never be taken away.
Amen. Yes, the Legislature should soberly balance the budget. However, unless the Legislature concomitantly reforms government and the budgeting process, uncertainty will never be alleviated for the state’s businesses and consumers.
From the Coach’s Corner, you might want to consider other public policy columns.
“There is an important sense in which government is distinctive from administration. One is perpetual, the other is temporary and changeable. A man may be loyal to his government and yet oppose the particular principles and methods of administration.”
-Abraham Lincoln
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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
How To Obtain The Most Profit From Speaking Opportunities
Jan. 9, 2012
It’s one thing to be invited to speak at your industry’s major event. But it’s another to create the right impression for your hosts, your audience and prospective customers or clients.
There’s more to it than you might think.
Widely acclaimed as a speaker and based in Los Angeles, Joey Tamer made her stellar reputation as a strategic consultant to technology and media.
Graciously, she’s sharing her secrets to making the most of your opportunities from a speaking event.
Her tips for being supportive:
- Once accepted as a speaker, be as low-maintenance as possible. Send in everything you are asked for as soon as you can – blurbs, bios, photos, and equipment requests. Do not make the administrators chase you. A reputation as a cooperative speaker, combined with good evaluations from the audience, tend to ensure repeat offers to present.
- Arrive at least 15 minutes early to your presentation room to make sure you understand the physical conditions and can test the equipment and confer with the tech support and administrative support handling the room. This early time allows trouble to be detected and fixed.
- If there is nothing to prepare, you will have time to personally greet the early arrivals in the audience, which they will appreciate, especially if you ask them about their specific interest in the topic, or any question they might like you to address. Many of the audience are shy in front of presenters, and would not speak with you afterwards. These are particularly appreciative of being welcomed before the presentation.
- When presenting, follow the requests of the organization: make sure audience questions are repeated or are asked into a microphone, so that the recordings are valuable. If you are asked to make announcements (for example, to fill in evaluation forms), comply graciously.
Follow up and marketing outreach:
- Write a thank-you email to the host of the conference, reporting on the success of the presentation, your enjoyment of the event, and your interest in presenting at future events. This should be sent no more than two days following your presentation.
- Send a follow up email to your other panel speakers, appreciating their insights. (If you chaired the panel, then thank them for their expertise).
- Send a follow up email to anyone from the audience who gave you his/her card and/or spoke to you afterwards. This email must be sent individually to each person, and you must reference what issues they shared with you, which you should have noted on the card during or after your conversation with each one of them.
- Although you can use standard paragraphs in this email, at least one paragraph must reference that you remember the conversation. Do not send a mass-mail, form email except to those who may have taken your card, left theirs, and did not speak to you. This email must speak to your regret in not having a chance to speak to them directly.
- In the email’s content: Reference access to your website. Engage them in further conversation about your product or service or consultancy without selling. Send a “trinket” – some blog article of yours, or others’, which extends the conversation and will be of use to them. If you plan ahead, you will offer your audience access to this trinket if they will give you their card after your presentation. The trinket can be delivered via email or via a link in the email, which drives the audience to your site to access it there with a password, created for this audience.
She acknowledges her tips are simple etiquette techniques, “but it goes far in making your way into new relationships and in creating new loyalties.”
Here are her tips on how to get more opportunities as a guest speaker.
For more of Ms. Tamer’s insights, visit JoeyTamer.com.
(Note: I’m very familiar with Ms. Tamer’s expertise. She is a fellow member of Consultants West, www.consultantswest.com, a roundtable of veteran consultants in the Los Angeles area.)
From the Coach’s Corner, here are tips to get strong results from your marketing plan.
“The best way to sound like you know what you’re talking about is to know what you’re talking about.”
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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
How To Get More Opportunities As A Guest Speaker
Jan. 8, 2012
If you’re successful in generating speaking opportunities, you’ll create opportunities for your career. At the least, you’ll be in a position to raise your business profile.
Ideally, prospective clients or customers will be in the audience. Count on opportunities to develop centers of influence — people who can refer business to you. You can expand your comfort zone. Also, you can learn a lot by teaching or speaking. By elevating your profile, it’s easier to keep your clients. At the very least, public speaking will help to keep your skills sharp.
Joey Tamer is in demand as a public speaker and moderator. Based in Los Angeles with an outstanding record of success, Ms. Tamer is a strategic consultant to technology and media.
She’s graciously shares her recommendations on how to be invited to speak at events for your niche industry.
Key first four steps:
- List of all the conferences special to your industry.
- List the events and conferences at which your competitors present (search your competitors’ websites).
- Select the ones that put that targeted decision maker in the audience.
- Refine your selection to prefer events that allow you a solo presentation. Panel participation is fine, but often is not as effective due to the limited time to show your expertise, bad moderators, and other conditions beyond your control. Another high priority includes events that allow either solo or panel presentation, but add on a breakout session or workshop as well.
Due diligence:
- Explore each event or conference website to determine if it attracts your target market in its audience. There will be a list titled “Who should attend.”
- Contact the conference (use an email address not associated with you or your company) to send you the promo package for sponsors or exhibitors. This should give you a much more detailed demographic and psychographic description of the attendees, by percentage (10% CxO, 25% VP, etc.) of rank.
Pitch:
- If the conference or the Call for Speakers lists its agenda of panels or speaking sessions, select the one or two that fit your expertise.
- Draft an introductory email (or fill in a Call for Speakers form) pitching the topic(s) you can offer for those items on the agenda. If there is space allowed, drop the names of at least two major conferences where you have presented this topic (or something similar) previously.
- If the Call for Speakers is open-ended, and no agenda is offered, then study the audience and mission statement of the conference and pitch a series of topics that they might be interested in considering.
- When offering to present, offer a list of two or three topics that might fit. Attach the Speaking page of your website as a PDF attachment.
- In your email, add a link to your speaking page and a link to the home page of your website.
- Your speaking testimonials should be included, usually on the Speaking page of your site. If they are on a separate page of your website, add a link to that page as well. Of course, if you know someone inside the organization that is hosting the conference, connect with that person to get any inside information you might use, or ask him/her to get your pitch letter to the best decision maker inside.
So now you know how to garner invitations to speak. But your job is only half-done. Here are Ms. Tamer’s tips on how to obtain the most profit from speaking opportunities.
For more of Ms. Tamer’s insights, visit JoeyTamer.com. You might also want to read her six-part series for a downturn survival, as well as her 10-part series on the 10 characteristics of a successful CEO.
(Note: I’m very familiar with Ms. Tamer’s expertise. She is a fellow member of Consultants West, www.consultantswest.com, a roundtable of veteran consultants in the Los Angeles area.)
From the Coach’s Corner, here are public speaking tips – for speeches in accepting awards and honors.
“Speech is power: Speech is to persuade, to convert, to compel.”
-Ralph Waldo Emerson
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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
Tips To Get Strong Results From Your Marketing Plan
Why do seemingly great marketing plans fail to yield the desired results?
Well, one reason: Such plans don’t turn the ideas into reality because they’re not action-oriented. What counts is the scheduled specific footwork, and then tracking the results.
There’s a second reason, quality of execution, but more on that later.
Four action-oriented keys to success
Action key No. 1: Develop specific action items for each key piece of your plan with specific target dates to take action. In other words, if 12 big customers will largely solve your revenue issues, set a goal for each monthly interval. For example, write: “We will get one major client each month.”
Action key No. 2: List specific footwork to achieve your monthly goal of one new client. For example, write: “To get a major new client each month, we’ll have to look for new opportunities to network with our existing Centers of Influence and to create new Centers of Influence.”
If you belong to your local chamber of commerce or Rotary Club, ask your friendly chamber peers or Rotarians for two referrals: “What are the names of two people with your qualities who might need our product?” Then, while dropping the name of your friend, make the contact.
Consider other ways to enlarge your prospect list, and write something like this: “We will also get a list of business leads via…”
Action key No. 3: Benchmark your action items that can lead to the desired results. For example, write: “From our list of prospects, we will meet with three new prospects each week.”
It’s a numbers game, but rest assured referrals are usually the strongest leads – especially, if you use the right networking strategies.
So don’t worry about the results. Focus on taking steps. The results will take care of themselves.
Action key No. 4: Define your list of specific actions to meet your targets. For example, write: “I will telephone or visit 15 prospects a day asking for an appointment.”
Focus on making the contacts, but again, don’t worry about which doors will open. It might be a lost art, but here’s how and why to use cold-calling for higher sales. Here are eight tips for cold calling by e-mail and telephone.
Quality of execution
Despite all the hype about the benefits of social media, face time works best. If you have good branding, elevator pitch, and use the right sales steps, you will be successful.
Here’s more:
Branding: Here’s a checklist to build your brand on a budget.
Elevator pitch: Here are the top 11 tips for a great elevator pitch.
Sales Steps: Here are the seven steps to higher sales.
You might also want to review the eight best practices in small business marketing.
From the Coach’s Corner, here are two advertising resource links:
What are the Secrets for Success from Advertising?
Checklist for Branding, Selling Your Biz as Green
“A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power.”
-Brian Tracy
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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
Understanding Customers: Social Media Teaches Another Lesson
Marketing is the understanding of your customer for the cost-effective process of selling the right product or service at the right time and at the right price.
Inexplicably, Verizon joins the list of big companies failing to understand how poor research and judgment would draw fire from their customers and social media.
You might recall the wireless company announced a controversial $2 fee on their customers for making one-time telephone or Web payments. It was to take effect on Jan. 15, 2012. Less than 24 hours after making the announcement, Verizon was forced to rescind the scheme.
Why?
Verizon was lacking in discernment, and the fee announcement instantaneously drew the wrath from thousands of jolted customers.
Social media was buzzing. More than 100,000 customers signed a Change.org petition demanding the company change course. A regulatory agency, the Federal Communications Commission, announced it would investigate the issue.
In turn, Verizon was startled into reality. It was a sharp reminder that Verizon misread the situation. To be fair, Verizon isn’t alone.
Just two months ago, Netflix backtracked on its decision to break up a division – morphing its DVD rental service into something called Qwikster. Poor sales caused the CEO to take a cut in his remuneration.
In November, Bank of America incurred the wrath of thousands of customers when it announced a $5 charge for using debit cards. Thousands of customers became credit union members.
What were they thinking? Why aren’t such companies aware of the implications of the Digital Age and the economy?
Apparently, executives need to spend some time in sales with customers. Companies need to think 1930s for business success. Consumer attitudes are changing.
Verizon, Bank of America and Netflx should have enough marketing sophistication to understand the economic elasticity of consumer attitudes and fees. To the businesses, they were only charging a little extra money. To their customers, it was a strong perception of greed and unfairness.
Add social media to the mix and the companies face a firestorm. Not only is it a waste of corporate time and money, such naiveté leads to a dilution of their brands and weakening of sales.
The Internet launched an era of consumer awareness. That was both good news and bad news for business. It gave Web users unprecedented power – power for them to research brands and prices – and power to share critical information with countless other users.
And given this economy, Internet users and all consumers are more concerned than ever about value. So it’s important for companies to use best practices to optimize their brands and manage their Web reputations.
It’s also a good time to review PR-crisis management tips, research their customers and make certain that they’re discerning correctly.
Again, the lesson: Marketing is the understanding of your customer for the cost-effective process of selling the right product or service at the right time and at the right price.
From the Coach’s Corner, before you’re tempted to make a possible catastrophic decision about fees or prices, consider eight simple strategies to give you pricing power.
“The only thing that’s worse than being blind, is having sight but no vision.”
-Helen Keller
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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
2011 Year-In-Review: Top Biz Coach Topics
Dec. 23, 2011
Here are 2011’s most-read Biz Coach columns:
In January, the most popular column was Human Resources – Slow Motion Gets You There Faster. It featured an analogy with a famous American composer, pianist, and actor: Hoagy Carmichael. Mr. Carmichael is credited with coining the phrase, “Slow motion gets you there faster.” In an age of rampant age discrimination, my thesis was that companies are shortsighted if they fail to hire mature employees. Included were four strategies to hire seasoned workers.
Readers favored 21 Quick Tips to Avoid the Dark Side of Management in February. The topic was prompted by news headlines from Seattle to New York, which are cause for some serious head slapping. The U.S. Equal Employment Opportunity Commission continues to be inundated with worker complaints. In addition to the 21 strategies, there were explanations of the four ways new managers misfire in communication.
The biggest topic in March was 10 Strategies to Overcome Stress and Energize Your Career. Job stress causes absenteeism, lower productivity, weight gains, high legal and insurance costs, accidents and turnover. Stress costs business about $300 billion a year, according to the American Institute of Stress.
In April, the most popular topic was Study: Best Way to Get a Job Isn’t by Networking. It featured the survey results from Beyond.com and included job-hunting strategies.
The biggest topic in May was also the biggest in June: 25 Best Practices for Better Business Writing. If you want to accelerate your career or turbo-charge your business, one of your priorities should be good communication. A lack of writing skills will hold you back in the big leagues. Good writing is necessary in a myriad of ways, including letters, advertising copy and presentations.
In July, readers were interested in Do You Have A Toxic Relationship With Your Boss? This might be the 21st century with a cornucopia of management textbooks for bosses, but a significant number of employees still complain about their supervisors lacking in professionalism. That’s according to a study by Wayne Hochwarter, a professor in management at Florida State University.
The month of August proved to be a surprise. The No. 1 topic was actually a column I wrote on June 27, 2010 – Using Starbucks’ WIFI? Security Pro Issues Warning and Security Checklist. The WIFI offering by Starbucks has prompted a security warning and checklist from a go-to Internet security guru, Dr. Stan Stahl. (This was also No. 1 in 2010 making it the biggest topic since this portal was launched in July 2009.)
Readers in September preferred 7 Tips for a Young Professional to Become a CEO. For a professional to jump to the senior-management level in the 21st century, it’s imperative to demonstrate seven core competencies.
The months of October and November were tied with Top 11 Tips for a Great Elevator Pitch. Whether you’re looking for a job or trying to land more customers for your business — whatever you’re trying to sell – one skill you definitely need is a great elevator pitch. You need to prepare for any opportunities that come your way after diligent research and prospecting. Don’t be caught off guard. Create an introduction describing the value you provide, be concise, customize it for your target audience, and really know it – so you can deliver a flawless elevator pitch.
In December, the biggest draw: 11 Sales Strategies to Outsell Your Big Competitors. Big companies have obvious advantages over small businesses. Their brands are well-known. They can afford sales training, sales-support staff and customer-relationship management software. On the other hand, there are good reasons why Cyber Monday has become big. Yes, many online customers do it to save money on sales taxes. The other salient reason – poor customer service by many companies.
Overall, the year’s No. 1 topic: Top 11 Tips for a Great Elevator Pitch.
From the Coach’s Corner, also popular are the late-breaking video pages, including World, U.S. Business, Economy, Markets, Sci-Tech, Health, and Sports.
This year’s most popular videos covered these topics:
- Unemployment
- Eurozone financial crisis
- Debt-ceiling crisis
- Occupy Wall Street
- Middle East chaos/oil
- Hourly Wall Street Updates
- Science/Technology
- Japan’s earthquake
- Sports
- Health news/advice
“I do not like to get the news, because there has never been an era when so many things were going so right for so many of the wrong persons.”
-Ogden Nash
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Columnist Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?
