Posts Tagged ‘Strategy’


Nextiva Tuesday Tip: Who Are the Online Influencers, and How Can You Reach Them?

Stocksy_txp89ac3847maA000_Small_295975Is your business taking advantage of online influencers to build your reputation, build relationships and make sales? Online influencers—or people whose opinions are shared online and disproportionately influence others—come in several varieties, including:

  • Bloggers with lots of followers among your target market (check out Klout or Alltop to help you identify these),
  • Journalists who report about your industry (you’ll know these by reading industry publications, major newspapers and business publications), and
  • Decision-makers (and those connected with them) at companies you want to sell to (LinkedIn is a useful tool for identifying these).

To successfully reach and influence online influencers, follow these steps:

  • Know what your goals are. Do you want a key influencer to write about your company in a newspaper, review your product on her blog, or introduce you to someone who can help your business grow? By determining specific goals, you’ll be better able to identify which influencers will be most useful in achieving them.
  • Be active on the social channels your influencers frequent. That includes social media as well as the influencers’ own blog and/or website. Spend some time “lurking” to get a sense of what the person cares about and thinks before you reach out to him or her.
  • Start small. Retweeting or sharing an influencer’s post is a good start to getting yourself on their radar. Then move on to commenting on posts. Don’t just say “Great post!” but offer a brief, thoughtful insight—ideally, you want to engage the person in an online conversation or get a conversation going among other followers.
  • Acknowledge any interaction. If an online influencer responds to your comment, retweets something you tweeted or even just thanks you for a comment, be sure to respond!
  • Move it on up. Once you feel that the influencer is aware of you as an individual and you’ve built up some goodwill on social media, you can reach out via email. To avoid being perceived as spam or a “cold call,” refer to your social media relationship and any mutual connections you may have. You don’t want to seem like a stalker or salesperson, so if email doesn’t get a response after two or three tries, go back to social media.
  • Once you’ve made a connection, be straightforward. Politely ask for what you want from the person, be it an introduction, an article or a review: “I’d love it if you’d review our new product X. May I send you a sample?”
  • Maintain the relationship. Don’t go dark once you get what you want. Keep the relationship going by interacting with your influencer just as you would any friend or colleague. 

How to Develop an Email Lead Nurturing Program

??????????????????????????????????????One of the biggest obstacles I’ve seen for small business owners is closing the sale. Now, I understand that we’re not all born salespeople, but even if you despise sales, you can’t get away from them if you run your own business. It’s just a matter of sorting through the leads you take in and nurturing them until they’re ready to buy. Email is a wonderful tool to help you do just that.

First, What Does Your Email Marketing Strategy Look Like?

If your answer to this question is “it’s nonexistent,” go back to square one and get started. You’d be amazed how quickly you can grow your email contact list simply by offering something of value, like a free report, whitepaper, or discount in exchange for web visitors’ email addresses.

But if you do have a way for people to join your list, what do you do with them once they’re there? Do you regularly send out email newsletters or promotions? If not, that’s where we’ll start.

Next, Segment Your Contacts

Understand that not everyone that signs up for your email list is in the same place in the buying cycle. Some people may simply be doing research to see what options are out there to solve their problems. Others may be specifically seeing what your brand offers and considering it against the competition. Still others may be ready to pull the trigger.

The more you can divide your email list into a few categories, the better you can target the content you deliver each group. And people who receive targeted content rather than across-the-board generic drivel are more likely to buy from you!

Once you’ve created a few “buckets” to separate your subscribers, write out a description of each person. It might look like this:

Problem Pete is looking for a solution to his problem: he needs a way to organize his photos online. He’s signed up for our free “10 Ways to Use Your Images Online” whitepaper, and now he’s more educated on the online photo storage space. Our emails to Pete need to address the benefits of using our service over the competition, as well as deliver additional educational content.

Having a buyer persona like this can help you build a strategy in the kinds of emails you send each segment. Knowing that Problem Pete is probably at the beginning of his solution-seeking journey means you can ply him with informative content that will not only educate him on your industry but also nudge him toward choosing your services.

Then, Build Out Your Content Strategy

Using the info you learned in building the buyer personas, you’ll now want to create an email marketing strategy for each segment and then build a content calendar around that strategy. Here’s an example:

  • Initial signup: automatically send the free report
  • Follow-up a week later: send our Top 10 blog post
  • Three days later: offer 20% off
  • If contact doesn’t use that offer, one week later, send personalized note from CEO

Each email, as you can see, delivers a different value, and there are enough of them coming at a steady cadence that your new subscribers can’t help but remember who your brand is.

You can schedule each of these as an autoresponder to automatically go out on the schedule you determine. Most email marketing software programs will do this for you (though if you use a free plan, you may have to upgrade).

Pay Attention to Results

Once you’ve got these autoresponders set up, don’t forget about them. Check in to measure your clickthrough rate (that’s what percent of your subscribers clicked links in the email to get to your site), your bounce rate (how many email addresses were incorrect or otherwise failed to get your emails), and your conversion rate (how many subscribers actually bought from you as a result of each email). Make changes as necessary to ensure your email lead efforts are fruitful.


Think Like a Doctor to Cure Your Customers’ Problems

????????????????????????????????????????????Greg House, M.D. was a brilliant (if fictitious) diagnostician who based his success on the premise that “everybody lies.”  I can imagine a number of reasons why patients may lie outright to their doctors — even if those lies send them to the brink of death until the last few minutes of the episode.  But your business customers seldom try to misdirect you.  They just don’t know how to accurately tell you about the issues that they want to resolve with your goods or services. 

If you find yourself constantly tweaking and re-tweaking your business solutions, or if customers seem to return your products too frequently, you may be a victim of the dreaded customer-service disease known as problem solving by deduction.  However, by playing doctor and recognizing certain symptoms, you can find effective cures your customers’ needs.

Symptom 1: Requesting a Cure without Describing the Ailment

How many patients stroll into their doctors’ offices just to ask for an antibiotic?  Did they conduct their own testing before the visit to verify that they have a bacterial infection that antibiotics actually cure?  Unless your clients have your level of expertise, their requested solutions may not guarantee a cure for their ills, and it can even create a new disease.

When a first-time customer came to my friend’s flower shop looking for a bouquet of lilies to bring as a hostess gift, my friend initiated a conversation about the gift-giving occasion.  Once she learned that the flowers were intended for a dinner party being held by a first-generation German family, she quickly suggested alternative flowers because in Germany, lilies are used at funerals.  A few minutes of conversation saved the customer from embarrassment — and it earned my friend many future flower orders for the customer’s frequent business events.

Symptom 2: Providing Vague Explanations of the Ailment

You probably wouldn’t spend money on a doctor visit to report that you just don’t feel right.  Just as you might bring a list of specific complaints like loss of appetite or exhaustion, your clients need to describe their issues as specifically as possible. 

Think of the months of wasted effort you would put in if you were to build a Model A Ford from original parts, only to learn later than the customer wanted a ’65 Mustang when he asked you to “build a classic car.”  Business people can fall into this trap, often because they don’t want to appear ignorant.  But, if you don’t ask questions to get to the specifics, you will not find the right solutions to your customers’ business needs.

Symptom 3: Defining Issues by Elimination

When your doctor asks you where it hurts, you wouldn’t respond with, “I’ll tell you where it doesn’t hurt.”  Yet, some consulting customers expect you to come up with solutions based solely on what they do not want.  This is an extreme example of customer service by deduction, and you have to carefully nip it in the bud.

One report designer quickly learned this lesson when she was called in to modify a series of reports used to analyze product sales within a company.  The client provided her with a printout of each report and then, proceeded to point out what was wrong with each one.

Recognizing that this type of information would lead to a trial-and-error approach that would never solve the problem, the designer refused to end the meeting.  She kept digging until she got the client to clearly explain the intended use for each report and identify the missing information that prevented the report from meeting its goals.  With clear answers, she could solve the real issues.  Her clients were delighted when she returned with new reports that met or exceeded their expectations.

Recognize the Symptoms to Heal Your Customers’ Ailments

Your customers come to you because you have knowledge that they do not have.  But just as patients do not clearly express their medical concerns, your clients can easily lead you down the wrong path.  Of course, you probably want to act more like Marcus Welby than Greg House, but you need to keep asking questions until you can hone in on the issues and apply the healing touch that they really need.


Mondays with Mike: Entrepreneur As Warrior – Business Advice From Military Leaders

????????????Whether we realize it or not, business and war have a lot in common.  The same strategies that win battles, create success in business as well.  In addition to reading brilliant books by authors like yours truly, you can also learn from the sage advice of military leaders as well.  Some of my favorites quotes:

  1. “No good decision was ever made in a swivel chair.”  George S. Patton, Jr.   One of the greatest generals in American history gives us this reminder that we must get out from behind our desks.  The most successful business owners command respect because they understand every aspect of their company.  They can…and have…and will perform every task that’s necessary.  Get in the trenches!
  2. The general who advances without coveting fame and retreats without fearing disgrace, whose only thought is to protect his country and do good service for his sovereign, is the jewel of the kingdom.” Sun Tzu.   We must be willing to disengage from our egos if we want to be successful leaders.  Setting the example of making decisions in the company’s best interest inspires selflessness and a devotion to the greater good in our employees as well.
  3. “I was born on the prairies where the wind blew free and there was nothing to break the light of the sun. I was born where there were no enclosures.”  Geronimo.   Thought leaders explore beyond the boundaries of where other people live and work.  They push into unexplored, uncharted territory, and the result is creativity and innovation that inspires the people around them.  Growth and inspiration come from the willingness to free yourself from conventions.
  4. The truth of the matter is that you always know the right thing to do. The hard part is doing it.” Norman Schwarzkopf, Jr   You started your business because you had a dream, a vision.  You should run that business by living in accordance with your code, your values, and your vision.  Be consistent, and learn to trust your instincts.
  5. “Battles are won by slaughter and maneuver. The greater the general, the more he contributes in maneuver, the less he demands in slaughter.” Winston Churchill.    I see it everyday:  entrepreneurs working themselves into an early grave, pouring their raw energy into their business, as if that energy were limitless.  Working toward efficiency – strategic deployment of resources for maximum long-term gain should be your goal.
  6. My observation is that whenever one person is found adequate to the discharge of a duty… it is worse executed by two persons, and scarcely done at all if three or more are employed therein. “  George Washington.   Finger-pointing, inefficiency, blame shifting … all signs that there’s an accountability issue.  Even though much of business requires collaboration, it’s essential that you assign a single person to be the responsible, accountable party for ensuring that a job gets done.
  7. “I am concerned for the security of our great Nation; not so much because of any threat from without, but because of the insidious forces working from within.”  Douglas MacArthurWhile it’s important to know what your competition is up to, you must also keep an eye on what’s going on inside your own company.  Lousy morale is contagious and can kill a company from within, much quicker than you’d expect.  

Wars aren’t just won by violent encounters.  They’re won by preparation, vigilance, and the willingness to do what must be done, even if it’s unpleasant.  Taking a lesson from these military leaders helps you prepare yourself to win the battle for your company’s success.


Mondays with Mike: 5 Foolproof Tips To Make Better Decisions

Stocksy_txpfff38493BN6000_Small_45968When you think about it, running a business is all about making decisions.  Let’s face it: if you didn’t have the drive to be a decision maker, you’d work for someone else, right?  As an entrepreneur, you’re faced with decisions every day – whether it’s a question about hiring a new employee, embarking on a new marketing plan, or managing costs by improving efficiency.  Successful business owners make good decisions, and the good news is that you can improve your decision making skills by following these tips:

  1. Follow the 10-10-10 rule.  Biz guru Suzy Welch gives us this technique for making decisions based on their long-term effects.  Consider the outcome of your decision in ten minutes, ten months, and ten years.  Let’s say you’re struggling with a particularly difficult client – the one who sucks up all of your time and energy and provides little in the way of revenue.  You’re trying to decide if you should kiss up to them for the umpteenth time to smooth over their latest ridiculous complaint or if you should cut your losses, fire them, and move on.   If you fire them, you know that in ten minutes, you’ll be panicked, worried about the loss of revenue.  But in ten months, you’ll realize that you’ll be happier for having eliminated the anguish this client produced, and in ten years, you’ll have been able to generate far more income from new, less problematic clients that you’ve been able to bring in with your renewed energy and freed-up time.  Think long-term.
  2. Create a stop-loss plan.  And follow it!  Entrepreneurs are seldom devoid of ego, and it’s far too easy to make a decision, ignore all the signs that the decision wasn’t the wisest, and continue well past the point at which you should have thrown in the towel.  A stop-loss plan forces you to evaluate your decision based on predetermined, concrete parameters, rather than on the results you’re hoping for.  Whether it’s a trial period for the pricy new sales rep you hired on, or whether it’s a minimum requirement for a new advertising campaign, you’ll make better decisions if they’re based on results, rather than hopes and ego.
  3. Employ split testing.  When you’re torn between two (or more) equally plausible choices, use split testing to try both options out before you commit to one.  Let’s say the sales rep for the community circular that you advertise in brings you two options for your next ad.  If you have the chance to run both ads, perhaps in different areas, or in different months, you can find out definitively whether the ad that touts your long-established history in the area is more effective than the ad that shows off your reasonable prices.  The idea is to make a decision based on hard data, rather than assumptions.  Online advertising makes it particularly easy to run split testing, as you can create and employ multiple variations with ease.
  4. Do thorough research.  You’d feel like a fool if you tried and failed with some radical new tactic to bring in new business only to discover afterwards that your competitor had already tried and failed with that tactic.  Look around you.  See what your competition is up to, and look to history to give you insight into proven – and disproven – strategies.  Fortune does favor the bold – those folks who forge new pathways – but fortune also favors those who do their homework.
  5. Sleep on it.  This last tip is the easiest and most foolproof of all.  People make decisions based on emotion, and that’s often a mistake.  Simply giving yourself time to think a decision over will almost always lead you in the right direction.

Hiring, firing, spending, saving … all decisions that we face every day.  Commit to making better decisions, and you’ll find those good decisions reflected in your bottom line.  




 
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