Forbes Insights Study key findings:
• The majority of women business owners have a customer service strategy: 55% do it on a case-by-case basis, and 18% have a formal strategy. 27% do not have a dedicated customer service strategy at all.
• The recession proved challenging for many woman-owned small businesses, but it has made them increasingly determined to build long-lasting relationships. Customer service and customer retention are top priorities for companies right now and in the next 12 months.
• While a number of woman-owned small businesses are using the Web and social media for customer service, many are still not taking full advantage of these channels; 25% of respondents do not have a company website and 24% do not use any social media tactics for their business.
• Traditional methods for customer service interaction still rule the day—such as sending handwritten notes and interacting with customers via the phone.
As a result of the economic implosion the U.S. has experienced, woman-owned businesses are taking a customer-centric approach - making customer service a top strategic priority, though a large portion do not have a formal strategy and prefer to deal with customers on a case-by-case basis. Unfortunately, a large portion do not take advantage of exploring the types of innovative customer service "channels" that might set their businesses apart from the competition.
I will explore the findings in this study, and share the facts and figures that may help you in designing your strategy for the future. Ironically, Marketing is near the bottom of the priority list - but the fact is - marketing campaigns should contain all of the "top of the list" priorities, such as:
Customer Retention
Customer Service
Prospecting
Cost Containment
Maximizing Profitability/cash flow
Increasing productivity/efficiency
Unfortunately, many small business compartmentalize these objectives instead of integrating them into an overall strategy supported by the marketing that gets the word out there.
... more to come.
Tuesday, October 19, 2010
Cracking the C-Suite: Finding the Right Exec to Close the Sale
"Now, more than ever, it's essential to engage decision-makers with compelling reasons to purchase your product or service. One of the first steps in doing this is to discover who in the prospect organization holds the "real" buying power and when they are most likely to become involved in the purchase." Chief Marketer has another great article - and one that I personally think is quite valuable. I have already provided material on the C-Suite and this newest article adds to the list. Read the entire article here: http://chiefmarketer.com/disciplines/how-to/1019-sales-process-closing/?cid=nl_cm_report
Friday, October 15, 2010
How to craft the perfect IT Resume - CIO Magazine
http://www.cio.com/article/492029/How_to_Craft_the_Perfect_IT_Resume
"Things to consider for this box are what you do best, your strongest IT strengths that set you apart from your peers, your IT skills that outshine those of others, the most notable IT resources you bring to a company. This part of the résumé is your best shot at being noticed and chosen for an interview, so in this area make yourself look unquestionably the best possible candidate. There is no room for modesty here."
"Things to consider for this box are what you do best, your strongest IT strengths that set you apart from your peers, your IT skills that outshine those of others, the most notable IT resources you bring to a company. This part of the résumé is your best shot at being noticed and chosen for an interview, so in this area make yourself look unquestionably the best possible candidate. There is no room for modesty here."
Long-Term Unemployment and Your Job Search: 10 Ways to Compete
CIO Magazine - once again provides useful insights and suggestions to keep the "job search" on track and in alignment. Checks and balances - probative questions to identify whether you are presenting the right information to get that job. One thing is clear - the competition is fierce, and your information has to be job-specific - even if they are looking for a generalist.
"For executives, a year is not an usually long time to be out of work. In fact, the average length of unemployment for executives is nine months to a year, even in a good economy, according to Howard Seidel, a partner with Essex Partners, which provides career coaching services to executives." Now for some that may be daunting, but for others it may give them a sense of "oh, OK... it's not just me."
http://www.cio.com/article/625766/Long_Term_Unemployment_and_Your_Job_Search_10_Ways_to_Compete?source=CIONLE_nlt_insider_2010-10-15
"For executives, a year is not an usually long time to be out of work. In fact, the average length of unemployment for executives is nine months to a year, even in a good economy, according to Howard Seidel, a partner with Essex Partners, which provides career coaching services to executives." Now for some that may be daunting, but for others it may give them a sense of "oh, OK... it's not just me."
http://www.cio.com/article/625766/Long_Term_Unemployment_and_Your_Job_Search_10_Ways_to_Compete?source=CIONLE_nlt_insider_2010-10-15
Friday, July 30, 2010
Selling into the Digital C-Suite : What prompts a search?
Still drawing from the Forbes Insights report...
What prompts an executive to start a search? More than 70% said it is the result of something they read on line; 66% through WOM (something a colleague said) and 64% said it is the result of something they read in a newspaper or magazine.
And what do they use - Google, Yahoo or Live Search, which isn't surprising. What is noteworthy is the value executives place on search, and how it is a solid part of day-to-day corporate activities. When asked what on line and off line sources they valued, nine out of 10 executives (87%) rated general search engines as very valuable (4 or 5 on 5-point scale). Next was colleague guidance (77%), personal networks (65%), links from on-line content (58%), subscription search engines (54%)and guidance from outside advisors (53%).
And it's not just that they place value on searches --- it's the frequency they use it. 60% said they conduct at last six work-related searches a day, and 20% conducting more than 20. Generation PC and Generation Netscape (see first blog in series) definitely use search tools for deeper dives into information at a greater level than Generation Wang.
Executives also consider searches as a conduit to other on-line material... and will follow a trail to get the right information... following a path driven by search results, content, and advertising.
Meaning - every link needs to support the objective - otherwise you will lose your executive. "As expected, executives are more likely to click links from content than from ads, but the less intrusive the ad, the more likely they are to follow the link."
86% click on linked words from web articles and content (occasionally to frequently); 58% click on paid lists in search engine results, 53% click on website banner ads and 37% click on pop-up or other interruptive ads from websites. (Source: Forbes Insights - the Rise of the Digital C-Suite)
What prompts an executive to start a search? More than 70% said it is the result of something they read on line; 66% through WOM (something a colleague said) and 64% said it is the result of something they read in a newspaper or magazine.
And what do they use - Google, Yahoo or Live Search, which isn't surprising. What is noteworthy is the value executives place on search, and how it is a solid part of day-to-day corporate activities. When asked what on line and off line sources they valued, nine out of 10 executives (87%) rated general search engines as very valuable (4 or 5 on 5-point scale). Next was colleague guidance (77%), personal networks (65%), links from on-line content (58%), subscription search engines (54%)and guidance from outside advisors (53%).
And it's not just that they place value on searches --- it's the frequency they use it. 60% said they conduct at last six work-related searches a day, and 20% conducting more than 20. Generation PC and Generation Netscape (see first blog in series) definitely use search tools for deeper dives into information at a greater level than Generation Wang.
Executives also consider searches as a conduit to other on-line material... and will follow a trail to get the right information... following a path driven by search results, content, and advertising.
Meaning - every link needs to support the objective - otherwise you will lose your executive. "As expected, executives are more likely to click links from content than from ads, but the less intrusive the ad, the more likely they are to follow the link."
86% click on linked words from web articles and content (occasionally to frequently); 58% click on paid lists in search engine results, 53% click on website banner ads and 37% click on pop-up or other interruptive ads from websites. (Source: Forbes Insights - the Rise of the Digital C-Suite)
Thursday, July 29, 2010
Selling into the Digital C-Suite : Suggested steps to follow in your planning…
As with anything, planning is important and details are even more important. Here is a basic outline of the type of steps you should take to put together a well thought out plan of who, what, when, where, how, and why.
1. Create a profile of your ideal customer. Do yourself a favor – create a profile page that has fields for all of the areas of focus. This becomes your template. Target 5-10 companies that meet the criteria. Include location, industry, size, geography, business duration, type of business, etc. The level of detail will determine the level of intimacy you gain in understanding your customer or prospect, and increasing the likelihood of providing value. Consider corporate culture, industry trends and industry position, competitors and customers or target market. The more you know, the more you will be able to increase your diagnostics capability.
2. Engage in research on the 5-10 targets beginning with website and its contents, go to press releases to see what activity has taken place recently and in the past, contracts or new business, events, goals/objectives, key initiatives, markets, primary offerings, info on the executives, competitors and financial trends. Use search engines to see what is “out there” on the companies you’ve selected. Look at executive profiles – their individual charters and goals – how long they have been with the company, previous assignments … and even what they are known for.
3. Now look at your service/product and answer why you see an alignment between the target and their needs and your offering. If it isn’t clear to you – it surely won’t be to them. Now you can develop a strong value proposition you can present to the prospect. Be prepared to answer specifically how this company will benefit and the type of results they will get. The more specific you are – the greater your credibility. As I mentioned in other writings – C-Level executives could care less about your products or services. Their focus is all about whether something contributes to achieving their desired business outcomes – forget the sales pitch.
4. Look for contact information across multiple sources to reach into the organization. LinkedIn is a great source for finding executives of companies, and if you don’t know them or they are outside of your network, look for an introduction or send what is called an “InMail”. Prepare talking points that you want to present in written and verbal formats. Include that you’ve conducted considerable research on their company and would like to share an idea about how they can achieve a specific objective (based on your research on them – that will mean something of significance). If the company is local to you, it might be easier to invite the executive or person of interest out for lunch, than to get a brief meeting to share the concept. This is where intuition is important.
5. Don’t underestimate the value of executive assistants (EA) in your plan. If you decide to make a cold-call, you can ask for the EA and state your case, also requesting an email to provide additional information. If the executive has an EA, very often they become a valued and important member of the executive’s team. Additionally, you may want to look deeper into the organization – and see if you can connect with the executive’s direct reports who might be interested in not only the results – but the actual product and/or service. If you can make them look good – that is a golden key.
6. Remember the "C"-level executive does not want to hear about your products. They are prepared to hear how you can help their business be more profitable, get a competitive advantage, reduce costs, increase productivity, enter new markets, maximize use of existing technologies, increase sales, address customer retention and loyalty, etc.
1. Create a profile of your ideal customer. Do yourself a favor – create a profile page that has fields for all of the areas of focus. This becomes your template. Target 5-10 companies that meet the criteria. Include location, industry, size, geography, business duration, type of business, etc. The level of detail will determine the level of intimacy you gain in understanding your customer or prospect, and increasing the likelihood of providing value. Consider corporate culture, industry trends and industry position, competitors and customers or target market. The more you know, the more you will be able to increase your diagnostics capability.
2. Engage in research on the 5-10 targets beginning with website and its contents, go to press releases to see what activity has taken place recently and in the past, contracts or new business, events, goals/objectives, key initiatives, markets, primary offerings, info on the executives, competitors and financial trends. Use search engines to see what is “out there” on the companies you’ve selected. Look at executive profiles – their individual charters and goals – how long they have been with the company, previous assignments … and even what they are known for.
3. Now look at your service/product and answer why you see an alignment between the target and their needs and your offering. If it isn’t clear to you – it surely won’t be to them. Now you can develop a strong value proposition you can present to the prospect. Be prepared to answer specifically how this company will benefit and the type of results they will get. The more specific you are – the greater your credibility. As I mentioned in other writings – C-Level executives could care less about your products or services. Their focus is all about whether something contributes to achieving their desired business outcomes – forget the sales pitch.
4. Look for contact information across multiple sources to reach into the organization. LinkedIn is a great source for finding executives of companies, and if you don’t know them or they are outside of your network, look for an introduction or send what is called an “InMail”. Prepare talking points that you want to present in written and verbal formats. Include that you’ve conducted considerable research on their company and would like to share an idea about how they can achieve a specific objective (based on your research on them – that will mean something of significance). If the company is local to you, it might be easier to invite the executive or person of interest out for lunch, than to get a brief meeting to share the concept. This is where intuition is important.
5. Don’t underestimate the value of executive assistants (EA) in your plan. If you decide to make a cold-call, you can ask for the EA and state your case, also requesting an email to provide additional information. If the executive has an EA, very often they become a valued and important member of the executive’s team. Additionally, you may want to look deeper into the organization – and see if you can connect with the executive’s direct reports who might be interested in not only the results – but the actual product and/or service. If you can make them look good – that is a golden key.
6. Remember the "C"-level executive does not want to hear about your products. They are prepared to hear how you can help their business be more profitable, get a competitive advantage, reduce costs, increase productivity, enter new markets, maximize use of existing technologies, increase sales, address customer retention and loyalty, etc.
Selling into the Digital C-Suite : Getting in with the information they seek!
According to Huthwaite’s “Selling to the C-Suite” CLEs place significant value on diagnostic capabilities than hearing about products, services and solutions. That means forget about doing “a pitch” --- reserve that for lower level reports in the tactical sense. However, if you can truly identify a problem or obstacle that is preventing a CLE from achieving results --- that is golden.
Here’s where it gets interesting – the CLE’s direct reports are actually key to gaining access and insight. Those at the VP and Director levels. If you have a client program --- this is the time to use it. If you don't, give us a call and we'll help you develop one. You don't have to drop a lot of money into effective customer programs - you just have to know what will work, why and consistently use it as part of your branding and marketing.
I worked for a company that had a very effective Customer Visit Program. Our account executives would invite prospects in for a meeting. We had a Customer Conference Room that was only used for client/prospect meetings, that had an adjoining breakout rooms for food & refreshments. (Message being - if you are bringing clients into your facility - make sure that you appropriate an area that is always neat, organized and clean.) The AE would work closely with the program manager to develop an agenda, technical support, presentations, handouts, engineers (if needed for the meeting) etc., and even lining up the appropriate level of executive to meet with the client. This an environment that lets the client/prospect know the value you place on the meeting with them, and the type of information you are looking for. “Since CLE’s schedules are so jammed and tightly guarded, everything that you can learn about their problems, challenges and the impact of not changing should be done, if possible, in advance of a meeting.” (Source: Huthwaite).
While this may all read nicely, you are probably asking “What’s my point of entry?” At the TechTarget Online ROI Summit ’09 West, a panel of CIOs provided insight and perspectives on a) how they search for information, and b) how their purchase decisions are made, that complemented a Google/TechTarget Behavioral Research Project mapping search terms to content types at each stage of the buying process.
If you Google “phases of buying cycle” you will get an assortment of attractive graphics and charts. Take your pick. What is important is understanding that your client goes through phases prior to making a purchase decision/commitment to adopt a course of action --- and you need to understand where and when is the best time for you to gain access and entry in order to reach the C-Level Executive – and influence the decision making process.
The phases are pretty basic: a) Realizing or becoming aware of a problem, or obstacle; b) deciding to do something about it, c) gather information on potential solutions and present recommendations, d) evaluate & eliminate, e) selection/commitment/purchase, d) results and follow-up. Some buying cycles have more phases, some less… but follow the basics. Now depending on the subject – the CLE may be involved at the awareness/recognition and selection/commitment/purchase phases.
So what kind of information do executives look for? In the Forbes Insights report, executives were asked what areas of focus were most critical to their role. The top concerns - 53% competitor analysis, 41% customer trends, 39% corporate development (i.e. M&A), compliance/legal, 26%. Bottom line – knowing about their competitors and knowing about their customers/prospects are the two most important areas of focus.
However, priorities change if you look at the functional role. If in Finance - 63% competitor analysis, 44% corporate development, 33% compliance/legal. If in IT - 59% technology trends, 58% competitor analysis and 16% corporate development. If in Sales/Marketing - 76% customer trends, 60% competitor analysis, 40% marketing trends and strategies.
Here’s where it gets interesting – the CLE’s direct reports are actually key to gaining access and insight. Those at the VP and Director levels. If you have a client program --- this is the time to use it. If you don't, give us a call and we'll help you develop one. You don't have to drop a lot of money into effective customer programs - you just have to know what will work, why and consistently use it as part of your branding and marketing.
I worked for a company that had a very effective Customer Visit Program. Our account executives would invite prospects in for a meeting. We had a Customer Conference Room that was only used for client/prospect meetings, that had an adjoining breakout rooms for food & refreshments. (Message being - if you are bringing clients into your facility - make sure that you appropriate an area that is always neat, organized and clean.) The AE would work closely with the program manager to develop an agenda, technical support, presentations, handouts, engineers (if needed for the meeting) etc., and even lining up the appropriate level of executive to meet with the client. This an environment that lets the client/prospect know the value you place on the meeting with them, and the type of information you are looking for. “Since CLE’s schedules are so jammed and tightly guarded, everything that you can learn about their problems, challenges and the impact of not changing should be done, if possible, in advance of a meeting.” (Source: Huthwaite).
While this may all read nicely, you are probably asking “What’s my point of entry?” At the TechTarget Online ROI Summit ’09 West, a panel of CIOs provided insight and perspectives on a) how they search for information, and b) how their purchase decisions are made, that complemented a Google/TechTarget Behavioral Research Project mapping search terms to content types at each stage of the buying process.
If you Google “phases of buying cycle” you will get an assortment of attractive graphics and charts. Take your pick. What is important is understanding that your client goes through phases prior to making a purchase decision/commitment to adopt a course of action --- and you need to understand where and when is the best time for you to gain access and entry in order to reach the C-Level Executive – and influence the decision making process.
The phases are pretty basic: a) Realizing or becoming aware of a problem, or obstacle; b) deciding to do something about it, c) gather information on potential solutions and present recommendations, d) evaluate & eliminate, e) selection/commitment/purchase, d) results and follow-up. Some buying cycles have more phases, some less… but follow the basics. Now depending on the subject – the CLE may be involved at the awareness/recognition and selection/commitment/purchase phases.
So what kind of information do executives look for? In the Forbes Insights report, executives were asked what areas of focus were most critical to their role. The top concerns - 53% competitor analysis, 41% customer trends, 39% corporate development (i.e. M&A), compliance/legal, 26%. Bottom line – knowing about their competitors and knowing about their customers/prospects are the two most important areas of focus.
However, priorities change if you look at the functional role. If in Finance - 63% competitor analysis, 44% corporate development, 33% compliance/legal. If in IT - 59% technology trends, 58% competitor analysis and 16% corporate development. If in Sales/Marketing - 76% customer trends, 60% competitor analysis, 40% marketing trends and strategies.
Subscribe to:
Posts (Atom)
