The Competitive Advantage

May 3, 2012

Use LinkedIn for engaging, not hard selling…

LinkedIn is a terrific business tool for a lot of reasons…

• To connect with someone at a specific company
• To participate in a discussion about an important industry topic
• To post a job opening at your firm
• To connect with a group of liked-minded individuals (in the LinkedIn groups)
• To provide something of value like an eBook or white paper

Want to put on a hard sell?  While LinkedIn (and all social media, for that matter) is not the venue for a sales pitch, far too many people use it for that… each time lessening the overall value of the platform and alienating its members (like me).

April 30, 2012

Goal setting is not as easy as it sounds…

We’re all familiar with the adage of setting SMART goals (Specific, Measureable, Attainable, Relevant, Time-framed).  But I submit that’s only half the story.

April 24, 2012

Don’t bury old-school advertising just yet…

I know, the marketing & sales world appears to be driven these days by social media, blogs and websites.  But I find it very interesting that many of these ‘social’ sites or users of social media are turning to old-fashioned advertising to make a name for themselves.  Two quick examples…

April 16, 2012

Creating your Elevator Pitch

It’s Springtime… and that means making plans to attend some of our industry conferences… keynote speakers, breakout sessions, visiting the exhibits and (gulp!) networking.  Yes, networking, that dreaded process of having to introduce yourself to a complete stranger and connect on some “business” level – to see if there’s the possibility of perhaps working on a project together at some point.

I once read that one of peoples’ biggest fears – other than death and public speaking (and death is third on the list) – is being at a party and not knowing anyone there.  And isn’t networking at a conference a little like that?  No wonder we hate it so much.

April 12, 2012

Use the 8 Ps of Marketing when Setting Strategy

Our marketing classes in college taught us about 4 Ps of Marketing – the guiding tenets of Product, Place, Pricing and Promotions – to help create our marketing strategies and plans.

But the world – and marketing – has changed and that list now needs to be expanded to encompass new ways of thinking about and planning for marketing.  The four newest Ps include:

• People
• Process
• Permission
• Position

April 12, 2012

Integrate the 4 As of Marketing into Your Planning

We’ve all heard of the 4 Ps of Marketing – the guiding tenets of Product, Place, Pricing and Promotions – to help guide marketing efforts.  To help guide your ‘Promotions,’ there are the 4 A’s of Marketing.  In chronological order, they are:

1. Awareness
2. Attitude
3. Action
4. Action²

Awareness: “If you build it, he will come” only works in Kevin Costner movies.  In the real world, if prospective clients don’t know about your firm, how can they buy from you?  In their classic book, Positioning, well-known consultants, Al Ries and Jack Trout, submit that marketing is not a fight for ‘market share,’ but rather a battle for ‘mind share.’  That is, when a prospective client has a need for a certain product or service, you want it to be your product or service that they think of first.

April 12, 2012

Size Does Matter: 4 Approaches to Growing Your Business

Regardless of the industries we serve, the age of our firm or the number of employees we have… we all share one common goal.  We all want some greater level of market share and higher profit margins… and in nearly every case, achieving those goals starts with REVENUE GROWTH.

The initiatives you develop for helping to grow your business will most likely fall into one of four strategic categories… or more appropriately, one of the four “approaches” to business growth reviewed below:

April 12, 2012

The 12 Guiding Principles of Marketing (part 2)

This is the second part of a two-part article…

Principle #7 – Listen and learn… and be prepared to get out of your own way.

Just because you want to sell it, doesn’t mean that anyone wants to buy it.  Or better yet… you can only be successful when you sell what the market wants and needs.

Here’s an example… if you are a boutique qualitative shop specializing in ethnographies… and several of your clients start asking for bulletin board focus groups, should you start doing them?  Maybe… maybe not.  But you do, at least, need to think about it.  In business, you need to pay attention to the market and be prepared to respond to it – maybe in ways you weren’t expecting.