Networking: Developing a Balanced Strategy

Something happened a few weeks ago that really got me thinking about the importance of networking, and more importantly, developing a solid strategy for it. I was at an event, and I was introduced to a group of college students from a local design school. I talked with them for a while, and before I left, I gave them each my business card. In design, like many fields, connections are crucial. The people you meet today can open a door for a job or project tomorrow. By giving them my card, I was offering myself as a connection and resource--knowing they will eventually graduate with the goal of finding a job.

After I left, I thought to myself whether I'd hear from any of those students. Unfortunately, I doubted it, and so far I've been correct in my assumption. This really made me think. What happened to the traditional rules of networking--to following up after a meeting, sticking your foot in the door, and creating a memorable connection? Are these rules obsolete in a society whose natural, everyday forms of communication, connecting, and maintaining relationships are online?

I don't think so. I think they're
more important than ever.

We talk with our clients about the importance of developing a solid strategy for marketing their businesses--both online and off. The same applies for marketing ourselves as individuals. Whether you're a student about to embark into the professional world, a professional looking for new business, or a seasoned business veteran, we each need a strong, balanced strategy for networking.

So, how do we strike a balance between online and in-person networking to create a well-rounded approach? The key is to realize that there's an appropriate place for both, and one or the other will be a better fit in certain instances. You can't discount the value of a face-to-face meeting when it comes to making a first impression, forming a new partnership, or presenting a new idea. Conversely, your online social networking is great for staying top of mind, staying in touch, or even for generating leads.

There's a lot of chaos in the online world these days, and it's important and necessary to separate yourself with more personal, memorable connections. Talking in-person or even over the phone can be necessary to stand out. Successful networkers have found a balance of both--utilizing the tools available online for convenience, speed, and efficiency but relying on personal, in-person contacts in those cases where an impression must be made.

Unsure where to start on either front? Here are a few tips for standing out both online and in-person:

In-person networking:
Aim for real connections. Form real, memorable connections by remembering details from past conversations and meetings.

Mind your P's and Q's. Always ere on the side of etiquette and politeness. You only get one first impression, so use it wisely.

Remember that it's a small world. Don't talk poorly about your colleagues or company. It only reflects poorly on you.

Be prompt with your actions. If information is exchanged, don't wait too long to respond with a "nice to meet you" email or phone call.

Be proactive. Unless it's specifically discussed, always aim to make the first contact after meeting someone new.

Online presence:
Carefully select your outlets. Online networking can take off quickly, so choose your tools and determine your strategy in advance.

Be proactive with your online presence. Stay top of mind with someone by following them on Twitter, commenting on their blog articles, etc.

Audit your content daily. Make sure your content is appropriate and relevant to your personal and professional image and goals you're trying to achieve.

Be dependable. Online networking tools are most effective when you actively maintain, respond, and post fresh content.

Use online tools to your advantage. Online tools are great for finding new connections and can provide an excellent transition to an in-person meeting.

Continue reading...

On Paper. On Purpose. 5 Steps to Designing your 2010 Marketing Budget.

My wife and I are taking a class called "Financial Peace University" which is Dave Ramsey's 12-week course that teaches families to shed debt and save money. Last week was the "budget" lesson. Although Dave's suggestions are geared specifically for home life, I saw immediate applications for designing a more efficient marketing budget.

"On paper. On purpose." That's how the popular radio talk show host recommends creating a budget. Every dollar gets a name. Money is set aside for specific purposes and should be used for that purpose only. Surprisingly, most American families don't have a budget. Even more surprising, many businesses that I talk to don't have a marketing budget. If this sounds familiar, here are five steps to get you started in the right direction.

1. Set Goals. What are your business goals for 2010? Rank them in order of importance.

2. Commit To An Amount. What is your company willing to invest to hit those goals? A conservative budget is approximately 2-4% of gross sales. Using this example, a $10 million company will invest $200-400,000 to support their current level of sales. More aggressive, consumer-focused companies often spend 10% or more annually on marketing. If you're aggressive and looking to grow, consider these formulas from Fast Comapany. Scale these figures to best fit your goals.

3. Categorize Your Needs. Make a list of your current marketing initiatives and any new initiatives you wish to implement in 2010. Will this plan support all of your goals? Do you foresee any holes or wasted dollars?

4. On Paper. On Purpose. Now that you have established your goals, total budget, and marketing initiatives, it's time to start building your marketing plan. Allocate the appropriate funds to each category. Some items may be paid for in lump sums, and others will be paid for monthly. Design this into your budget.

5. Opportunity Fund. Finally, be sure to allocate a category in your budget for un-planned marketing opportunities. These funds could be used for a new interactive or social media opportunity, or maybe even an emergency reprint of your company brochure. Either way, you can usually expect new opportunities to present themselves in the coming year. Even Dave Ramsey recommends having a "blow money" category in your personal budget - it's kind of the same concept.

So in review: set goals, commit to an amount, categorize your needs, get it on paper, on purpose, and be sure to reserve a few bucks for opportunities that present themselves. Happy budgeting!

Continue reading...

Does Your Brand Have Any Competition?

Take a moment to think about your "competition". You probably immediately thought of one or two competitors. Your clients-to-be often ask you about them. They pitch all of the same accounts that you're pitching. Even the not-for-profit world has competition. You're kidding yourself if you don't see those other charities as competing for the same donation dollars.

What if you could make them go away? I don't mean out of business or even out of town. But what would it take to prevent them from being able to compete with your company altogether? You can't actually get them to "go anywhere", but there is a very simple solution.

Make your competition invisible by getting out of their business.

Okay, before you stop reading, listen to what I mean. If you're in the professional services field (which most of our clients are) then more than likely you're competing on the same platform, and selling a virtually identical service to the same audience as your competition.

How would you describe what's unique about your brand? Chances are, you'd offer a paraphrased version of your mission statement. "Our commitment to quality service, and dependable ...great products and fair pricing ...and the best people in the business." Sound familiar? Yes. That's because it's exactly how your competition talks about their brand and their services.

It's time to Get Truly Different.

It's all about positioning. If you're familiar with the concept of Blue Ocean Strategy, finding an untapped, wide-open market is awesome. The truth is, you may not have to be quite that radical. The truth is, if you take a page out of the Seth Godin playbook and just do something remarkable, you're halfway there.

A great first step is to define a niche. "But I don't want to pigeonhole our company with a niche!" Yep, think of all of those poor, under-performing niche brands: Crocks (just for kids), North Face (just for hikers), Geek Squad (just for home computer repairs), Apple Computer (just for creative types).

Niche positioning doesn't limit your market. Nice positioning expands it.

Why is that? When a consumer thinks, "Gee, I need an XYZ," whatever brand fulfills that niche positioning, will be the first brand the consumer will think of.

Okay, so how do we apply what we see in the consumer product market, to the professional services market?

First off, let's remember that the same "30-year-old dude" that's buying North Face and Apple, could be the same professional who's making the decision about which architects to consider for the building expansion, or which law firm would be best suited to handle their intellectual property needs. People are people. When they're at work, they're still people. You aren't selling to a "business." More than likely, you're selling to another person. Don't forget that.

So back to the question, how can we go about applying what we know in the consumer market to the professional services market? Here are my top five suggestions:

1. Find a price niche.
What would your customers be willing to pay a premium price for? Within your market, what can you offer at the top end of the price spectrum? Or how can you bill differently. If your industry bills by the hour, consider a monthly retainer or flat package or project fees. On the flip side, what can you systematize and charge a miniscule amount for? What if you became known as the giant law firm who filed Trademark Applications as fast as the online guys, but with the clout and service that you're known for in the community?

2. Light Blue Ocean.
What do our customers want that we (and our competitors) don't currently offer? How could we take our service to the next level? Daily personal telephone updates? On-site service? Online project status monitoring? A project manager with an iPhone could easily post progress photos of your new building, and status updates via Twitter. (Hint: This may be the thing from #1 that allows you to charge a premium.)

At our office, the dry cleaner picks up our laundry from our suite and delivers it right back to our coat closet. My credit card is on file, and I seldom even see our trusty delivery guy. It's like magic. And guess what? It costs pretty much the same as the strip-mall dry cleaner. Remarkable.

3. Before you try to look different, figure out how to be different.
Design and marketing professionals are experts in the art of creating something new and interesting. This works out great when you ARE new and interesting. However if you're really more of the same old, same old, it tends to backfire. (See also: JetBlue, etc.) Arguably one of the best "brands" in history for doing something different: Barack Obama. He sounded different, he exploited his differences, and he did an amazing job of looking different. Now we get to see if he lives up to his brand promise of Hope and Change.

4. Now that you're doing something different, it's time to be sure you look and sound different.

5. Let someone else look in the mirror for you.
Chances are, you're so close to your own brand that you're still a little confused. You may have even convinced yourself that you're well-niched, doing unique things, have made your company truly different, and do in fact you look different too. Strangely, your competition is still there, buzzing in your ear. Now would be a good time to get a second opinion. Try consulting a mentor, a colleague from another department, or try enlisting the help of a marketing professional.

Here's one final suggestion: when you're looking for a professional firm to help you with positioning, branding or marketing, ask them why they are unique. And then ask them who their competition is. If their answers sound similar to yours, keep looking.

Continue reading...

Be Bold in 2009

Welcome to 2009.

With my impressive powers of deduction, I have surmised that next year will be 2010... Yikes. So my question is, when 2010 rolls around, where do you want your business to be?

Of course if you're paying any attention to the media, you may have noticed things in the marketplace these days are potentially challenging at best. People often ask me "Is the downturn affecting your business?" I usually respond (somewhat coyly) with, "Actually, we've decided not to participate in the downturn."

In reality, our business is doing better than ever. We are blessed to have a great list of aggressive clients who also see this market as we do: an opportunity. Our current core clients realize that today is not the time to sit back and just "see how things go." That's a great way to watch your competitors blow past you. Today is also not the time to just throw money at all things marketing. Now is the time for calculated, planned action.

Stepping up in this market requires choosing to be bold. 2009 will be what we choose to make of it. And the best way to choose a good outcome for 2009 is to take some time to think about it. Here's the most grossly over-simplified, step-by-step solution I can offer.

1. Choose to be bold. Choose to succeed in 2009.
2. Set bold business goals. Review them daily.
3. Create marketing strategy (and budget) to accomplish those goals.
4. Align marketing tactics to support those strategies.
5. Create a calendar-based plan to follow your strategies.
6. Review your progress regularly, and adjust accordingly.

You may have noticed I didn't mention positioning, design, branding, or interactive media? There's no mention of establishing your brand's voice or look and feel? All of those things are very important, and I'll touch on those in the following months. However, the first thing I want you to do this year is to choose to succeed. Be bold.

Are you up to the challenge?

Continue reading...