The Top Line

What’s the financial impact of winning one more account per quarter? What would it take to do so? If you don’t know, now may be the time to find out so you can improve the top line next year.

Capitalize on success, avoid repeating mistakes

As the year ends, it can be helpful to take stock of what worked and what didn’t—so that you can capitalize on your successes and avoid repeating what turned out to be mistakes. Our clients find that one of the best ways to do this is to go straight to the horse’s mouth—the customers that bought and those that didn’t.

Make the most of your sales and marketing investments

Interestingly, despite the fact that many businesses invest a lot of time and money in getting new clients, relatively few have a structured process for going back to find out why they won when they won—and why they lost when they lost. Of those who do, many are surprised to find out that the reasons were not always what they suspected.

Forget your sales process, get into your buyer’s mind

As we’ve discussed in previous posts, your prospects’ buying process often starts months before your sales cycle. So step one is mapping their buying process so that you can later identify points where you could intervene more effectively to elevate your organization above the competition. For example, if you can find out what circumstances caused prospects to search for a solution in the first place, you may be able to source more buyers, just by looking for others in those same circumstances.

Nevertheless, the circumstances themselves may not be obvious. Although you may think that a prospect engaged one of your competitors to handle a recent acquisition, you may be surprised to learn that the prospect actually began sourcing a solution provider a year earlier when their own competitor launched a product that their own product line lacked. If that’s the case, then it may not be fruitful to focus on companies that have announced their attentions to acquire another company. Instead you may want to pursue companies whose competitors have recently made major announcements.

What do prospective buyers’ really care about?

When we perform win/loss analyses for our clients, we concentrate on buyers’ perceptions in four areas: the desirability of the solutions, the reputation of the vendor, the effectiveness of the communications, and the responsiveness of the individuals leading the sales or business development effort. In each case, our goal is to learn what factors were most important to the buyer and how our client’s company performed relative to the competition.

What really worked? What needs to change?

Rather than seeking to find out whether their performance was better or worse, we look for differences in our clients’, or the competition’s, performance that may have affected the outcome of the sale. Sometimes finding out why you won can be as, or more, useful than finding out why you lost. For example, the insights you gain may cause you to reinforce a particular marketing message. Or, they may drive you to reallocate your sales and marketing resources for greater impact.

Win or lose, relationships matter

So, as you’re closing the books on this year, ask yourselves whether you know for certain what to do differently next year. If not, it’s worth it to find out. Best case, next year will be more profitable. Worst case, the prospects in whom you’ve invested so much time will see how much you care about doing your best—and may be more likely to buy from you (again) next time!

With the economy slowing, prospective buyers are scrutinizing every penny they spend. Therefore, it’s incumbent upon sellers to clearly articulate the value that prospective buyers will derive once they buy.

In recent posts, we’ve discussed the characteristics of a compelling value proposition, and the importance of concentrating your firepower on those companies that most value your capabilities. This week’s post discusses concrete steps you can take to identify, validate, and test your value propositions.

Begin by gaining deep insights into buyers’ needs and purchase preferences

As Steven Covey said, “Start with the end in mind”. To develop a compelling value proposition, you first need to validate what matters most to prospective buyers. Else, if you make inaccurate assumptions, you’ll miss the mark and potentially end up wasting lots of money on ineffective marketing programs.

This can be a lot harder than it seems because there are lots of important questions you need to answer first. Approach this assignment as journalists do when researching a breaking story. Start by inquiring about the 5 Ws and the H.

Who are your most promising prospects?

As we discussed in the past, the most promising prospects are those that value your solutions most and will therefore pay top dollar, buy more quickly, and/or motivate others to also buy. To find them, first list all the market segments that need your capabilities.

Then, eliminate less desirable segments. Examples include market segments that are too small to meet your revenue goals, are so competitive that they will drive up your cost of sales, and market segments that don’t especially value your organization’s unique strengths.

To rank the remaining segments, and identify your target market, interview key stakeholders in each. Key stakeholders include everyone that the decision maker involves in the buying decision–from external advisors to the internal personnel who will use and implement your solutions.

When will prospective buyers need your capabilities?

The need for many solutions is event-driven rather than ongoing. For example, companies are more likely to seek out insurers when they are contemplating taking on new risks, marketing agencies when they are launching new products, or a new accountant when they are dissatisfied with their current service provider.

Often knowing what events trigger demand for your solution can help you develop a more compelling value proposition. To find out ask about last time they purchased similar services: What caused you to purchase then—rather than six months sooner or six months later?

What do key stakeholders value most?

The only way to ascertain whether you solutions provide sufficient value to garner sales is to first find out what matters most to decision makers. Ask: What are their goals? How are they measured?

Then, ask the same questions of the remaining stakeholders. Although only one person can approve a purchase decision, others can block it if their needs are not met.

In fact, you may need multiple value propositions in order to win the company’s business. For example, the decision maker may be bent on achieving market share. Finance may require a certain return on investment. Supporting departments may care about the cost and ease of ongoing maintenance. Users may focus on ease of use and access.

Where do decision makers get their information?

Some decision makers learn of new solutions through trade journals or trade association meetings. Many expect those that work for them—and have subject matter expertise—to make them aware of the need for new solutions. Others turn to trusted advisors and colleagues for recommendations.

Where ever your decision makers turn for information, that’s where you need to place your marketing messages. Else, you run the risk that you will not even make the short list when it comes time to evaluate new solutions.

How do stakeholders decide whether or not to recommend your solutions?

Not only do different stakeholders have different goals, they often require different evidence to reassure them that your solutions will meet their goals. They seek this information to address their reservations and mitigate risk.

Some will require media coverage in marquee publications, others will require references and/or testimonials from industry leaders, and still others will require demos or tools that will help them calculate the return on investment they can anticipate. Again, whatever their preferences, you need to do it their way. Else, they may never access your value propositions—and you may lose the deal to the competition.

Developing a value proposition is an iterative process

Once you’ve identified a few value propositions, do some testing. Send out a direct mail piece and see how many people respond. Develop google ad word campaigns that offer a free demo. Offer a free webinar and see how many people attend.

If people show interest you’ve probably discovered something of value. If people invest time in learning more, you may have a compelling value proposition. If not, you need to go back to the drawing board.

Validating your value proposition helps you make the most of your marketing investments

Remember, it’s not what you think that’s important; it’s what matters most to your most promising prospects. That’s why industry leaders always invest in marketing research despite the fact that they have ongoing experience with existing customers.

With the marketing investments they’ve made in product development—and plan to make in promotion–large companies know they can’t afford to miss the mark. Chances are neither can you.

What surprising information has your organization learned when validating your value propositions?

As we discussed last week, a compelling value proposition is a clear, concise description of exactly how buyers will benefit from your solutions. Done well, it motivates action by speaking directly to the needs of those who need your services most and mitigates risk by addressing potential reservations.

Your value proposition must target your most promising prospects

Nevertheless, to be truly effective, your value proposition must target your most promising prospects. Willie Sutton robbed banks because that’s where the money was.

Yet, one of the most common mistakes that many businesses make is selling to profitable markets, without questioning whether better opportunities exist elsewhere. When they do, they run the risk of expending valuable sales and marketing resources in the wrong places. That’s what happened to several of my clients before they focused on first determining who valued their services most.

Not all value propositions are equally compelling

One of my clients had been marketing its analytic software as a productivity tool that streamlined regulatory compliance and reporting. When a new marketing vice president joined the company, he engaged my business-to-business marketing consultant company to validate the company’s value proposition.

We interviewed decision makers in a number of market segments in search of unmet needs. Eventually, we discovered a more profitable application for the company’s products. We found a set of decision makers that were seeking analytic software that they could use in a pre-sales environment to reduce investors’ risk. Because these customers felt such a tool would help them attract new clients—rather than just reducing reporting costs—they were willing to pay top dollar.

As a consequence, my client was able to penetrate a new market segment and increase revenues by 9 million dollars—after marking minimal modifications to the customer interface of an existing product. Today, sales of the new product have totally eclipsed sales of the original solution. That’s 9 million dollars that the company had previously left on the table because they failed to validate their marketing assumptions.

Your market decides what value proposition is most compelling

Another client found a more profitable market by happenstance. This professional service organization was marketing its engineering consulting services to large accounts in a highly competitive market. At the same time, the company was turning down smaller projects that required the same capabilities because the company “wasn’t in that business”.

When we reviewed the company’s win/loss data, the owner realized that the requested services were far more profitable than the ones he was currently selling. He, then, decided to actively pursue the market the company had been avoiding. A year later, he had a new million dollar business that leveraged his company’s existing capabilities. Had he neglected to regularly analyze his wins and losses, he would have continued to do business as usual and missed out on a highly profitable business.

Just because you’re doing well, doesn’t mean you’re not leaving money on the table

What are the lessons learned here? Just because you’re doing well, doesn’t mean that you’re not leaving money on the table. Your most promising prospects may not be who you think they are. The value they seek may not be what you think it is. The only way to be absolutely sure what the market values most is to gain deep insights into prospective buyers’ needs and priorities.

When developing a value proposition: ask don’t guess

To determine what prospective customers value most, it’s important to ask buyers directly, rather than making assumptions. This can be more difficult than it appears.

In most companies, multiple parties have direct contact with customers. They, therefore, think they know what matters most to the customer and how to create a winning value proposition.

Sales may believe that the reason the company made—or lost—its last sale highlights the solution’s value, and will be true for all sales. Marketing may push for value propositions that generate a lot of leads—rather than a few higher quality leads. Finance may push for replicating past successes because their analyses show these accounts are the most profitable.

It’s like the old story about the blind man and the elephant. Everyone in the company has had experiences with customers. The problem is that no one has had discussions with a broad spectrum of decision makers that focus exclusively on these decision makers’ goals, totally independent of the vendors’ solutions.

Consider engaging an expert to help you discover your value proposition

Sometimes you need an outside perspective—someone who can help the team step back and see the whole forest—rather than just the trees. It often takes someone who is less invested in the outcome of the decisions and is less likely to have assumptions about the market.

This individual is more likely to focus on prospective customers’ needs–rather than the value they place on existing solutions. Rather than asking questions about what prospective buyers value, experts are trained to ask how their employers measure their success, what their goals are, and what’s getting in the way.

Getting to the heart of the matter also requires specialized ability and training. Much more than just the ability to ask open-ended questions and probe for clarity, success depends on knowing exactly what questions to ask—and how to ask them–to uncover needs that the decision makers, themselves, may not yet fully recognize or be able to articulate. Equally important is the facility to translate the information that the interviewer gathers into solutions, marketing messages, and marketing programs that will accelerate the sale.

Value is in the eye of the beholder

More important than developing a compelling value proposition is first determining the highest value your company can deliver. Although performing marketing research can be time-consuming, it’s usual the single most effective investment that any company makes. That’s why Fortune 500 companies invest so heavily in marketing research, they can’t afford failure, they don’t want to spend money on rework, and they abhor leaving money on the table.

What steps has your company taken to assure your solutions are aimed at your most promising prospects—rather than those with smaller budgets or less urgency about buying?

Today, more than ever, companies are seeking value from every purchase. Without telling buyers upfront how their organizations will prosper from your solutions, it’s difficult to capture their attention—let alone close the sale. So, having a compelling value proposition is more important than ever.

Today’s entry describes the elements of a compelling value proposition. We’ll follow up in subsequent posts by discussing steps you can take to create and validate your organization’s value proposition. Then, we’ll discuss how to leverage your value proposition in all your marketing initiatives.

Value propositions promise quantifiable outcomes

A value proposition is a description of how prospective buyers will materially benefit from using your products or services. Better value propositions address quantifiable outcomes that buyers can expect as a result of working with you.

Examples of “quantifiable outcomes” include: attract more clients, garner a price premium, increase customer satisfaction, improve quality, improve productivity, and decrease costs. That said it is not necessary to cite the degree of change prospective buyers can expect—since that may vary from account to account.

In today’s market, it’s not sufficient to craft a value proposition. Your value proposition must be compelling to elevate your message above the clutter.

Compelling value propositions address pressing concerns

Compelling value propositions speak to the audience’s most pressing concern—rather than a lesser need. They capture attention because the issues that they reference are already top of mind. To ensure your value propositions really resonate with your audiences it’s essential to first determine precisely which problems—and even what aspects of those problems–are most troubling to decision makers.

Compelling value propositions are never vague

A compelling value proposition is specific. People’s needs are tied to particular circumstances at a particular point in time. Value propositions fail when they try to be all things to all people.

Compelling value propositions focus on a single benefit—else the value that will compel buyers to act gets lost in the clutter. Too often, companies try to accomplish too many goals in a single communication and end up overwhelming the receiver.

Compelling value propositions are clear and concise

A compelling value proposition is clear and concise. Everyone’s busy. No one has time to deconstruct others’ communications. Beware of the technical jargon or excess prose that will blunt the impact of your communication.

Compelling value propositions motivate action

A compelling value proposition creates a sense of urgency that motivates buyers to purchase sooner rather than later. They do so by alluding to a fleeting opportunity or a negative consequence that will result from inaction. A “market window” is an example of a fleeting opportunity. Missing that window is a negative consequence that could result from inaction.

Compelling value propositions mitigate risk

A compelling value proposition mitigates risk and addresses reservations. Left unaddressed, reservations diminish the receiver’s perception of value.

Compelling value propositions accelerate sales

Compelling value propositions can have a dramatic impact on sales. Take Google for example…

Google AdWords offers one of the most compelling value propositions that I’ve seen: “Reach people actively looking for information about your products and services online.

It’s specific: advertisers will reach people who are actively looking for information about their products and services. It’s clear and concise. It focuses on a single benefit and promises a quantifiable outcome: better quality leads. Better quality leads are a pressing concern for almost any business.

Google follows this value proposition with a second value proposition that clarifies the first one: “Easily control costs–pay only when people click on your ad.”

While the first value proposition promises buyers results, the second addresses a major reservation. It assures advertisers that they won’t have to pay to reach prospects who aren’t looking for their solutions.

It takes perspective–the customers’ perspective–to develop compelling value propositions

Google AdWords has generated significant revenue for Google by delivering a service that prospective buyers find extremely valuable. It seems so simple. Yet, other search engine companies had the same opportunity and failed to capitalize on it.

Before AdWords, most search engine companies focused on selling banner ads. They were seeking products they could offer to generate revenue. Google, however, went back to customers’ needs—and came up with a truly compelling value proposition.

For years, I joined a variety of professional organizations for a variety of reasons. Some helped me keep abreast of trends in the industries I serve. Others offered opportunities to increase my knowledge in my area of specialty. Still others provided access to likely clients or referral sources. Eventually, however, I realized that I was spending too much time, in too many places, with too little return.

When it comes to marketing, it’s all about frequency and consistency

At about the same time, I realized that much of my business was coming from an organization that I had quit three years earlier because it didn’t meet any of these criteria. On the other hand, what this organization did provide was weekly contact with the same group of people. Because we met often, there was time for each of us to get to learn a lot about each other and our businesses. Because we formed deeper relationships, it was easy to stay in touch after we left the group. As a consequence of ongoing contact, many of the members of this group ultimately became clients and/or referral sources.

Making the most of professional organization memberships

Based on these experiences, I decided that I needed a new approach to make the most of my professional organization memberships. Here’s what I did and why.

First, I sought out organizations that met frequently (more than once a month) to ensure the ongoing contact that I had become convinced led to increased business. Because I wanted to balance work and professional life, I tried to find organizations that met during the day rather than in the evenings. I identified two organizations that met these qualifications.

One was an industry organization that also met several of my other criteria. It helped me keep abreast of trends in one of the three industries I serve. It also had a subgroup that enabled me to increase my knowledge in my area of specialty. And, it provided access to likely clients and/or referral sources. Even though it was expensive, I joined it because it offered most of what I was seeking from professional organizations.

The second organization was a cross industry organization that offered women leaders connection, access, and professional development. I joined this organization because I hoped it would attract others who were committed to helping each other advance in our careers—even though it was unlikely to add to my industry knowledge or technical expertise.

In both cases, I became involved in sub-committees, as well as attending organization-wide meetings, to ensure that I was meeting with the same group of people on a regular basis. I also sought out ways to become more visible through speaking engagements and by volunteering to organize or staff events.

Rounding out the portfolio

While joining these two organizations achieved my primary objectives of ongoing contact with the same group of people, and balancing my work and professional lives, it did not address all my objectives. I still needed to participate in other professional organizations to keep abreast of trends in the other two industries I serve, cultivate contacts with specialized expertise that I could tap for client projects, and build credibility as an expert in my field.

I joined a third organization in a different industry after they asked me to join their board—and a fourth for their member directory. To meet the remainder of my objectives, I attend and/or speak at meetings selectively based on the content, time commitment, and fit with my schedule. Similarly, I contribute articles to some of their newsletters.

Measuring results takes time

A year later, I believe that I’m on the right track but it will take several years to be sure—as it takes time to develop meaningful relationships. That said, I have already attracted new business from each of the organizations I decided to join—and I definitely have a better work/life balance.

What are your marketing objectives for professional organizations? How do you measure success? What questions do you have about getting a better return on the investment you’re making in those organizations to which you already belong?

Let me ask you a question. Are you missing out on business opportunities because prospective clients either don’t know about all of your services—or don’t fully recognize the value that you could deliver to their businesses?

Would these companies be more likely to buy if they knew how others have benefited from your services? If so, maybe it’s time to tell them.

Better yet, let your current clients do the talking. But, make it easy for them to share their experiences with a wide audience—rather than just telling those they know who are in similar circumstances.

Launch a customer case study program.

Customer case studies showcase successes

A customer case study program showcases the successes that current clients have achieved as a result of engaging your firm. Whereas your service descriptions merely describe what you do and how you do it; your client success stories bring your services to life. Each paints a picture of the situations your clients typically face, the obstacles they need to overcome, and the dramatic impact that using your services has had on their companies’ overall success.

Everyone loves a good story

Effective case studies engage prospective clients by telling a story that captures their attention—because it’s also their story. These narratives begin with a description of your client’s business. Next, they describe the crisis that caused that client to seek out your services.

Then, customer case studies detail exactly how your firm helped the company overcome the obstacles standing in the way of their success. This helps your readers easily visualize how you would help them address their own situations. Finally, the most effective client case studies drive home the value that your firm delivers by translating the technical merits of your services into dollars and cents.

Client case studies shorten the sales cycle

Well-written success stories are invaluable marketing tools at almost every stage of the sales cycle. Deploy them in on your website, as sales collateral in pocket folders, and as featured articles in your monthly newsletter to accelerate your clients’ buying process .

Early on, case studies help prospective buyers recognize their need for your services by describing your client’s dilemma in a way that is painfully familiar to them. Later in the sales cycle, these same case studies create a sense of urgency about buying because everyone wants to “keep up with the Jones”.

Client success stories also help your organization raise awareness of your services. They can elevate your company above the competition by associating your brand with the better known brands of some of your high profile clients.

Customer case studies also attract media attention because they are relatively easy to turn into meaty articles. Reporters especially like the fact that you have already identified sources willing to speak on the record.

Client success stories attract web traffic because they are rich with the keywords that your most promising prospects enter when searching for solutions like yours. Placed in newsletters—or featured in your practice’s blog—client success stories can help keep your practice top of mind with prospective clients.

Finally, client success stories remove obstacles to the sale. They build confidence that your solutions will achieve the promised results. Moreover, by quantifying the value that your clients received, client success stories help decision makers justify an investment in your services.

Client case studies keep on giving

There’s no doubt that client success stories are versatile sales tools. Yet, many of our clients hesitate to launch customer case studies programs because they worry about imposing on their best clients.

To their delight, however, our clients often discover that their clients are happy to discuss their experiences and look forward to being featured in an article that positions them as leaders in their industry.

Many also find that that the interview itself strengthens the relationship. It turns out that just reflecting upon the benefits they derived from working with our clients, reinforces our clients’ clients’ perception of the value they received. As for our clients, they benefit from gaining a deeper understanding of their clients’ requirements and often uncover other opportunities to serve them.

You can never have too many client success stories

Once they realize all the benefits of doing client case studies, many of our clients ask all their clients to collaborate on customer case studies. Their goal is to get at least one success story for every service they provide in each industry they serve—since all their clients continue to believe their needs are unique.

So, here’s another question. Shouldn’t you start leveraging your clients’ satisfaction to cross-sell your business to existing clients and attract new business?

Here’s a response I received last week–after posting a complaint on the offending company’s online feedback form about a misleading product offer.

“Thank you for your e-mail regarding your account. It is always our aim to provide the highest level of customer satisfaction. We are always concerned to learn that any customer is unhappy with the service we provide.

All applications are processed by our Customer Recruitment Department, so you will need to contact them directly [at phone number] with your request.

I must also advise you that if we do not hear from you within eight weeks of the date of this e-mail, we will assume that your complaint is resolved. We apologize for any inconvenience caused.”

The note ended with the writer wishing me his kindest regards.

Branding is the sum of the buyers’ experiences

This communiqué came from a business that regularly spends exorbitant amounts of money on branding their company, extolling the virtues of their products, and encouraging prospective customers to buy. Yet, they had clearly not spent as much effort developing their post-sales strategy.

What did this company do wrong? Rather than addressing my concern, the representative first gave lip service to the importance his company places on providing “the highest levels of customer satisfaction” Then, he suggested that I turn to someone else in his company for help. The buck clearly didn’t stop with him.

This “service” representative also made it clear that the onus was on me to resolve the issue. Finally, adding insult to injury, he apologized for the inconvenience he and his company must surely have been aware they were continuing to cause me.

What do you think my impression was of this company? What was the ultimate cost of this communication to the company? What could this representative have done differently to preserve good will–if not the sale?

When you think about these important questions, the answers are probably obvious to you. Why weren’t they obvious to the company in question?

Return on marketing investments are not always positive

It just didn’t add up. This company had invested in a direct sales force to sell me the product. They had invested significant sums in free gifts to sweeten the offer. Yet, in just one email communication, they had succeeded in reversing all the efforts they had made to get my business. Worse, they may have jeopardized any possibility of doing business with me in the future.

Chances are that many of you have received similar missives from equally well-known companies. How do strategic errors like this happen and what can companies do to prevent them?

Product Development – Giving buyers what they want the way they want it

Two posts back, we discussed the fact that if you want to speed up purchases, you need to know what’s important to customers and give them exactly what they want, the way they want it. This company clearly missed the boat. They got the core product right, but neglected to consider the ancillary services required to deliver it satisfactorily.

Although many companies think of product development as ending at launch, that’s not how buyers see it. Rather, buyers view the product in terms of their entire experience—from pre-sales offers, to purchase, to conformity with their expectations about functionality and ease of use. When their overall experience is positive, they buy again. When it’s not, they may even go so far as returning the product or canceling a service.

Nevertheless everyone makes mistakes. When businesses take steps to rectify the error, many buyers will give them a second chance and consider other products. When, on the other hand, companies are cavalier in their treatment of complaints, dissatisfaction can escalate. In the worst scenarios, buyers refuse to buy any products from the company and significant sums of promotion dollars spent on branding the company also go to waste.

Integrated marketing campaigns begin with integrated product development

What can businesses do to avoid these consequences? Here are some suggestions:

• Re-define “product” success to include the buyers’ ultimate satisfaction 6 to 12 months following the purchase, rather than mere execution of a sale.
• Encourage a culture where everyone in the company is motivated to personally contribute to the advancement of buyers’ satisfaction.
• Involve every internal department in the product development process to increase the chances of anticipating all buyers’ concerns, avoiding missteps, and ensuring seamless delivery.
• Ask them to research what actions their organizations can take to stimulate delight in their own areas of expertise—and what practices they’ll need to avoid.
• Review the ultimate proposed delivery process from the buyers’ perspective. What issues might arise? What can the company due to avoid them altogether? For unavoidable issues, what steps can be taken to resolve them sooner rather than later?
• Test the process with real users before launching and correct as necessary.
• Follow up on all system failures and take corrective action.

One manufacturing concern I worked for convened cross-functional teams weekly to review and determine the root cause of all customer-reported problems. First, however, they classified any shipment that resulted in dissatisfaction—for any reason–as “dead on arrival”.

Marketing Research shortens the sales cycle

At BB Marketing Plus, we work with clients to look at the whole picture, upfront, from the perspective of prospective buyers. To step into our clients’ buyers’ shoes, we do a lot of primary marketing research but we also gather information from internal experts–such as sales people and customer service personnel–who know from experience where potential pitfalls lie. Cross-functional development teams then use this knowledge to guide the entire product development and launch process.

We find that mapping the buying process —and finding out exactly what prospective buyers expect at every stage—greatly increases our clients’ ability to hit the mark with both their product offerings and their marketing messages.

How does your business find out what’s important to prospective buyers so that you can give them what they want—and do it their way?

The staff at Accounting Web wrote a post on Embracing the Internet as a Marketing Tool. When I started to add my two cents, I quickly ran out of room. Luckily, I have my own blog on the very same site, so I decided to interrupt the series on the buying process model to share my comments below:

Here are some additional ideas that our accounting clients use to leverage the Internet when marketing their firms.

Using websites to market professional services

As a strategic marketing consultant, specializing in professional services, I advise my clients to first:

* Think about who they need to reach

* What they want these individuals to say or do as a result of visiting the site

* What web visitors need to see to on the site to motivate them to take the desired action

In short, it’s all about the web visitors, rather than the company featured on the website. Most people that visit professional service websites are there to validate that the firm is expert at solving problems like theirs.

At a minimum, therefore, effective websites describe the business and the staff’s credentials. Some prospective clients also seek assurances that it will be easy to do business with the firm. For this reason, professional service firms with busy, tech-savvy clientele often provide on-line access to client services–as a way of positively distinguishing their firms from the competition.

Success depends on attracting visitors to your website

Putting up a website is like erecting a giant sign behind your office, no one finds it unless you tell them it’s there. You can attract visitors via word of mouth and conventional marketing materials. Nevertheless, the best websites contain content that attracts visitors and compels them to act.

The most effective technique is getting other websites to link to yours. Search engines also give precedence to “keyword-rich” content. Success depends on publishing lots of web pages—each of which mentions words that describe one of your services (e.g. “tax preparation”) many times on the same page.

Then, to get visitors to act, make them an offer they can’t refuse. For example, you may promise to review a document and credit their account when they ultimately engage you for the larger project.

Use outbound internet marketing tools to stay top of mind

Don’t wait for visitors to drop in; invite them to stop by. It’s important to reach out regularly to each of your key audiences if you want to stay top of mind. That’s because while everyone checks their email, few people–outside your own firm–visit your website on a regular basis.

We use the following tools to help our clients reach their clients and prospective clients. We also recommend our clients use these tools to stay in touch with other accountants who can refer business to them, help them serve their clients, or even join their firms as an employee. Important Internet marketing tools include:

o Email marketing

o Publishing articles on others’ sites to generate coveted links back to their sites (authors need to include their URLs as well as their names and qualifications)

o “Linked” in and other online networking services to generate “word of mouth”

o Posts on others’ sites linking back to our clients’ sites

o Blogs (readers can receive new posts automatically as email)

“Repurpose” all your marketing communications on your website for maximum impact

Then, we encourage them to add copies to their website.The nice thing about using the Internet instead of paper is:

* Content permanently resides on your website and therefore continues to market for you long after you published it

* Content is less expensive to distribute, and to revise for that matter.

* Great, inexpensive, tools exist for others to find you–obviating the need for expensive advertising.

Here’s an example of how we add copies of our own marketing communications to our website for maximum impact.

There are many reasons that sales cycles stretch out. As we discussed when we reviewed how businesses buy, most companies delay buying until: 1) they recognize a clear need for a solution, 2) have a sense of urgency, and 3) identify product or service providers that they believe will meet their needs.

At that point, however, most buyers have a heightened awareness of the cost of delay–and are anxious to move forward. When they don’t, it’s a telltale sign that your product or service is missing the mark.

When interested buyers fail to purchase, after learning about how your solution will address their concerns, sales cycles stretch out as they seek a better match. If they find another provider that will give them exactly what they want, they’ll purchase there. Even when prospective buyers later purchase from your company, delays hold up your ability to recognize revenue—and may also run up your sales and marketing expenses as you try to close the deal.

In short, maximizing sales productivity clearly depends on your readiness to give prospective buyers exactly what they want, the way they want it. The question is, “How do you determine what that is?”

Effective marketing research is the fastest route to winning solutions

To design great solutions, you need a thorough understanding of prospective buyers’ most pressing needs and want. To get this information, it’s helpful to conduct primary marketing research by going straight to “the horse”, but not necessarily to the horse’s mouth.

One of the best ways to find out what’s most important to prospective buyers is to observe what sells and what doesn’t. One common mistake, however, is asking prospective buyers what they want. That’s because most of us only think we know what we want. We get it wrong, however, because we fail to take into account all the factors that come into play at the time of purchase.

We’re lousy predictors of our own behavior

Look at your own clientele. If you ask them, many would say they want an accountant who will find tax savings that they would otherwise miss. They might add that for this reason they seek out professionals with experience in their industry with a demonstrated track record of generating savings for others just like them.

Nevertheless when you look at actual buying behavior, many factors come into play—some of which ultimately end up taking precedence over the ones that are top of mind. Examples include availability when clients need to meet a pressing deadline, the ability to accept 90 day payment terms, a pleasant reception when they contact your office, or a plethora of other factors that prospective buyers are not fully aware are important to them until faced with a real situation.

Look to actions, rather than words

In our experience, the best way to find out what prospective buyers want is to look at their past purchasing patterns. That’s because we’re creatures of habit. We tend to do things the way we’ve always done them and maintain the same priorities.

One way to do that is to start with your existing clientele, specifically your best clients since they’re likely to be the best proxy for your most promising prospects. If, on the other hand, you’re losing the most promising prospects to the competition, start there with prospective buyers that chose to buy elsewhere. In either case, it’s important to focus on just your most promising prospects because you can’t be all things to all people.

Get at past purchasing patterns by reviewing your company’s sales history. If you maintain a lead tracking or contact management system, review your notes to determine:

* Which solutions did prospective buyers purchase right away?

* When they delayed why did they delay?

* What questions did they ask?

* What was the single most important reason they purchased?

* What concessions, if any, did you need to make to get their business?

* Under what circumstances were they willing to pay a premium and why?

* What caused them to select you over the competition?

* When they recommend your company, what do they say?

* If they went to a competitor, what was the reason?

* When you lost, what if anything could you have done to get the business?

If you didn’t record answers to these questions, it’s okay to go back and ask. Nevertheless, remember to focus on past purchases. As we discussed above, most people make far better reporters than analysts.

Worried about annoying people? Don’t! Most people are flattered that you’re interested in their insights and happy to share them with you if you are courteous and schedule an appointment in advance. If you’re just starting out, and don’t have any clients, interview your competitors’ clients.

Tip: Build your sales history as you go

At BB Marketing Plus we do a lot of marketing research to help our clients rank development priorities. Here are some tips your company can use to capture what is important to your clientele:

1. Implement a system that helps you map prospective buyers’ behavior including the stages of their buying process and:

* Who was involved at each stage

* What information each individual required

* What follow up questions each individual asked

* The time it took to move to the next stage

* The reason for any delays it took to move from one stage to the next

* Why you won when you won

* Why you lost when you lost

2. Ensure that you keep your system up to date, calling back buyers and prospective buyers to fill in knowledge gaps

3. Ask a lot of questions to get a sense of their entire situation and priorities, rather than just their immediate requirements

* Keep your questions open-ended, rather than making assumptions

* Ask individuals to report on past behavior, rather than to predict the future

4. Follow up regularly to assess satisfaction

* Ask about every aspect of your business interactions

* Find out what you’ve done well and what needs improvement

* Act on what you learn

* Thank people for their insights and communicate what you’ve done as a result.

Our clients find that they can learn a lot from the past. One of the findings that many find surprising is that while price is important, it’s generally not the deciding factor. Another revelation is that their clientele often has different perspectives—than they do–when it comes to defining quality. These are important insights when your goal is to give prospective clients exactly what they want and do it their way.

So you’ve got the attention of your prospective buyers. The good news is that they now know of the existence of your business. The bad news is that they know far less than you think they know about your company. That’s because most of us are so busy, that we only have the capacity to think about our most pressing concerns.

First impressions count, but don’t do the job

When it comes to others, we only form a general impression. At this point, despite the fact that you may have told them much more, prospective buyers are likely to remember only one thing about you at best. It may the first thing you said; it may be something they heard about from someone else; or it may be the thing that resonated most with their top concern the day they encountered your company. Whatever it is, they need to know a lot more before they buy.

The problem is that prospective buyers are still too busy to learn about your company and its services. In fact, one of the greatest obstacles to a sale is getting your marketing messages through to the intended audience. Hopefully, you’ve made enough of an impression, to elevate your company’s marketing communications above the clutter. If so, your next challenge is staying in touch so that you can help prospective buyers move through their buying process. Any missteps and they’re likely to buy from someone else.

Brand building one step at a time

Before they ultimately buy, decision makers will need to:
• Become aware of all the services you offer
• Associate their needs with these services
• Think of your business as the “obvious” choice
• Remember your company when it comes time to buy

The best way to move prospective buyers through these steps is sequentially: one message per communication. Again, they don’t have the capacity to take in more than one detail about your company at a time.

Email marketing may be the answer

One of the best vehicles for your “drip” campaign is a newsletter—conventional or email depending on your audience. Nevertheless, each communication must be directly relevant to their concerns; else it too will remain unopened.

So, in preparing the subject lines and headlines of your missives, return to the four marketing questions we discussed last week. To increase the relevance to readers, and memorability, consider adding a story that illustrates your point and resonates with what you’ve learned about their experiences. Examples of how your accounts have triumphed using your solutions is often the best way to advance your agenda.

A typical email newsletter might describe a service you offer, provide a case study of how one of your accounts benefited from its application, and appear under a headline mentioning both the company that deployed the solution and the impact it had on their business.

Assuming that the featured business is in the same industry—and has the same issues—as your reader, your readers will be anxious to read all about it so that they, too, can achieve success. The following newsletter will follow a similar format but for a different service. One communication at a time, you’ll ensure that prospective buyers:
• Become aware of all the services you offer
• Associate their needs with these services
• Think of your business as the “obvious” choice
• Remember your company when it comes time to buy
For an example of how to implement this strategy, see this article on clinician marketing. As a bonus, you may be able to apply some of the techniques I’ve described to help your physician clients market their practices.

A drip campaign can shorten the sales cycle

So how does a drip campaign shorten the sales cycle? Although your target audience may contain thousands of people, only a few of them are ready at any point in time to buy. Moreover, even if you had the staff, it would be very expensive to follow up with them individually on a regular basis. Done well, your newsletter is likely to reach a small percentage of your audience just as they are ready to buy. If these companies contact you, you’ve generated a qualified lead—and reached someone who is ready to buy right away–without investing in expensive one-to-one prospecting or in manually helping them through their buying process.

Using an email newsletter or conventional print newsletter serves a second purpose. It serves to brand your company as a helpful and authoritative resource. Even if these companies go out to bid, your organization will stand above the crowd. You may even be able to bypass the time-consuming due diligence that companies use to evaluate prospective providers—because they already feel confident in your ability to deliver.