Over the past few months I’ve learned a few things while starting a global online business.
One insight is that the story of the “Three Little Pigs” rings true when crafting a business plan. And emerging entrepreneurs should consider this when pitching their idea to investors.
A good start up is built out of sticks in the seed phase. It needs to be flexible, but sturdy enough to withstand the first wolves at the door. In the launch phase, the business better have a brick foundation to generate revenue… or else market irrelevance will blow you down.
Keep dreaming about creating a business, and don’t stop building your vision into something worthwhile. But never underestimate how your business idea needs to stand up to the time tested measure of durability against adversity.
And don’t worry… if you’re an entrepreneur at heart, you already have a four letter word going for you. NEXT
Is anyone else tired of talking about this Marketing Land of Oz? Social Media is communication phenomenon, but it’s not the yellow brick road to success and clicking three times will not get you home.
Why? Because if you need a social media strategy to be authentic, maybe you have a brand disorder?
The lofty new authors of “Social Media or Die” are not talking to the real people that are on these channels. If they stopped to have this conversation, they would discover a growing discontent for advertising on Facebook. The low entry cost and viral potential makes it attractive to marketers, but consider what your profile would look like if every brand in the world was marketing on social media… a big, noisy NASCAR page.
How marketing showed up and ruined the social media party…
Of course there are case studies and success stories out there, but the percentage of replicable success is low. The bell curve (something we all learned in grade school) remains true, and the early adopters that failed quickly and refined their strategy are winning. Unfortunately, a big wave of newbies is coming. This will over-saturate the medium and leave a mess in the wake.
What if the best social media channel for marketing is yet to come?
I’m not discouraging social media marketing, but a simpler theory is you don’t need a strategy to be on social media—just be real, build a healthy presence, and have a relevant and compelling word of mouth message. Your fans will do the rest.
If you’re out there already, then keep playing. Trying to catch up on strategy is about as effective as worrying about the next thing. What will you do then?
Simon Cowell is a saint. He is polarizing, opinionated, a great judge of talent, and arguably the most patient man in the world.
Could you sit through thousands of dreadful auditions and months of follow up presentations to pick the diamond in the rough, only to have an electoral board make the final decision? How about doing that year over year?
The percentage of great companies to work with out there is less than the number you will pitch, and you have to work hard at being “Why you, why now?” relevant to a constantly changing audience.
In business we can be on either side of the audition table given the situation, and understanding that should help you draft a sustainable B2B sales strategy… skip the dud clients, make it a point to audition for the companies you really want to work with, and be prepared to shine when given the opportunity.
It’s been an incredibly interesting year, if the word interesting is a substitute for dreadful. The universal relevance of the new century recession was that it somehow touched us all—lost jobs, mortgages and icons (Michael Jackson). And when the going get’s tough, the tough rely on their strengths and prioritize their decisions.
This holiday season I think we all remembered what is really important, and that is a reason to celebrate.
Books I’ll be reading this year:
“Living the Dream… the secret to being jolly is working one day a year” an autobiography by S. Claus.
“You could even say it Glows… learn how to stand out in a crowd” a self help book by Rudolph R. Nose.
“Catch Me if You Can… tips from a global environmentalist and talking snowman” by Frosty.
The common theme in these selections is do what you’re good at and aspire to do what you love. An ongoing professional development plan to create a brighter future.
If 2009 was the year of the RESET BUTTON, then let’s wrap it up, stick it under the tree and dream of possibilities coming this new year. It’s not world peace, but it’s a start.
Though it’s been said many times, many ways… Merry Christmas.
Give credit when credit is due. Some brick-n-mortar retailers will be relevant and smiling this December.
The brand recognition goes to Bass Pro Shop. When it would be easy to be slashing prices and touting sales, the Bass Pro ads suggest something more meaningful; that Christmas (and Christmas shopping) is an experience worth remembering.
They show vintage video that warms and reminds us of a time before the marketing + media blitz. And kids… come in and create a handmade ornament for Mom, the perfect gift. See a snowy village electric train and get a free photo with Santa.
What really makes it special? Instead of competing on price or trying to convince us that the perfect gift is waiting to be discovered in the aisles, the welcome surprise was that Bass Pro didn’t mention a single product.
Sales by the numbers will go to Craft, Consignment and Discount Stores. These are the stores that live somewhere between Walmart, Michaels, Nordstrom Rack and the Dollar Store. What they lack in sex appeal they make up for on unbeatable margins, and location is part of a marketing strategy.
HGTV has taught me that the companies that spend the least on holiday advertising also hold some thoughtful gems and last minute gifts that budget strapped shoppers will looking for with mid-month paychecks.
Casual Thought Friday… “Beware of any endeavor that requires new clothes.” H.D. Thoreau
As I listened to the founder of Patagonia speak about the worthless organizational value of the wordsustainability and his ongoing work to influence Walmart, the 11th largest economy in the world, it became apparent that he never wanted to be a businessman. His passion for creating a better product and asking the right questions just made him that way.
Business is relevant to what you are trying to accomplish, and it can be anything you want to inspire. It’s one thing to expect to grow 15% every year – which will eventually outgrow the market and get bailed out by the government – and another to build great products that are part of something bigger.
If you wait to respond to your customers, then you’ve already missed the opportunity. But take it from Yvon Chouinard, check your global growth expectations and build your business around making things better. Leaving more behind with less impact ensures that future generations will have their health and the resources to continue your legacy, and that’s what it’s all about.
Casual Thought Friday… you can’t have everything, so why not find the one thing?
This holiday season, the winning retail strategy will be helping people gift their loved ones with something they really want.
Last year it was easy to predict that companies like Ebay and Overstock.com were going to be runaway favorites. This year people will be looking for a deal, but even more savvy about how to find that special something vs. settling for anything.
The relevance of social media in our lives will be a game changer in the lingering economic aftershock this Christmas. If you are paying attention to the signals like Facebook’s “How well do you know Me?” and what I’m assuming will come to pass as the Xmas List app for the iPhone, then you know exactly what to get that special someone.
It’s not the gift, it’s the thought that counts. But why can’t you have both plus the shopping experience?
As I’m searching online or wandering out into the cold this December, don’t pitch me what’s on sale—help me find the one thing I’m looking for… getting it down the chimney is negotiable.
Casual Thought Friday… at what point do you need outside help to improve your performance?
A friend of mine recently tried to help fix my golf swing in the middle of our round. I’m no Tiger Woods, but on that day I was more like Charles Barkley. And in the middle of the game the advice of others seems to be readily available in hindsight and rarely sought at the opportune moment.
The pearl of wisdom was not to work with the clubhouse professional to get better results; it was why I needed outside help…
“You can’t fix your swing by yourself because you are part of the problem.”
Great companies refine their strengths and outsource their weaknesses. The ability to create value (your relevance to the customer) should be the strength of your sales strategy. Your weakness will be figuring out how to integrate social media and remove the antiquated sales pitch from your marketing. Accepting this is the first step in the best direction.
Ask a respected professional for an honest assessment of your 2010 business development plan. Because it will be an extremely competitive year, and you will need to change something to improve your sales performance. There are no mulligans.
Casual Thought Friday… how relevant is cold calling in today’s B2B Sales Strategy?
Results would indicate it is about or less effective than direct mail, which puts it around 4% effective at best. Of course there are amazing success stories, and yours truly has had more than a few. But the cold hard fact is you won’t be able to grow your business in 2010 or beyond without a marketing plan that supports dialing for dollars.
As for scripting the call, this is not the time to tell your story or cite your brochure. If there was a Biz Dev bible, it would say cold calling is about as relevant as your ability to create value (give me a reason to care) in 30 seconds or less. The person on the other end of the phone has other priorities, so out of consideration you should be able to deliver your best message in this time frame. And this also includes leaving a voicemail.
If you are lucky enough to spend more than 5 minutes on the phone, then hopefully you took advantage of the time to let them talk. The more you know the better, because you want to pitch big picture vision at the C level and sell at the influential level.
The objective of a cold call is a warmer introduction. Close the call with a “first date” invite or find out if they are attending any networking events in the near future. You don’t need a login and password to be social. The handshake may be old school, but all new business relationships begin face to face.
In the B2B world, most new business is developed through relationships. However, selling change or pitching new ideas will always create the biggest opportunities.
This dichotomy is best explained as “familiarity vs. possibility,” and every good sales and marketing person should pursue new work knowing that the incumbent service provider has a comfortable relationship with the client—translation: they probably haven’t heard any new ideas in some time.
This is your foot in the door, but new clients weren’t just sitting around waiting for your sales call and they didn’t just finish a meeting discussing the problem you propose to solve. Therefore, the pitch is not about you. It is always about the client.
You are only as relevant as their problem, and your pitch has to be empathetic of their situation. The budget, timelines and resources in your proposal need to be proportional to their business objectives, and for every decision maker you will need an influencer to support your cause internally.
You can help this cause by allowing your influencers to play along. Let them share their subject matter expertise and guide them to developing the best solution.
Change is most frightening to others when there are definitive terms, and it is OK not to have all the answers. Act like you have thought of everything and you risk taking them out of the process—then they will be asking what’s in it for them?
Selling Change: A B2B Sales and Marketing Strategy (Recap)
Understand your prospective client’s industry. Know the company framework, how they make decisions and what influences those decisions. Be empathetic to their situation and how receptive they will be to change. Create value, propose relevant solutions and always calculate your odds of winning before you decide to play the game.
Once you decide to play, swing for the fences… and best of luck!
