how%20to%20market%20your%20consulting%20business[1]
DESCRIPTION
PDF format for Class #2 notes from Dr. Meadows Starting a Consulting businessTRANSCRIPT
How to market your consulting
business„Take Charge‟ Session # 2
July 21st, 2009
Walsh College, Novi Campus
Lee E. Meadows, Professor of Management
Marketing your consulting business
Workshop objectives:
1.To discuss basic marketing techniques.
2.To analyze applicable marketing ideas.
3.To benchmark ideas with workshop
participants.
4.To move forward on consulting
possibilities.
5.To have fun!
Marketing your consulting business
What is marketing?
It is a mindset which puts the customer
first and ensures that the consultant's
philosophy is “without customers there is no
consulting.”
“An integrated set of strategies for selling
products and services or ideas.”
Marketing your consulting business
Marketing perspective:
Sold by Joseph Enterprises, Inc. of San Francisco, Calif. under the trademark Chia Pet.
These figurines have hollow, clay bodies in the general form of the animal represented.
A large torso portion of the clay body has many small grooves in which moistened chia seeds (Salvia Columbariae) are positioned.
The moistened chia seeds produce a thick, gel-like paste which binds the seeds to the clay surface.
Marketing your consulting business
Marketing questions that MUST be
answered. What is the appeal of your product/service?
How will you attract and maintain your market?
What are your marketing priorities among segments and
applications?
How will you identify prospective clients?
How will you reach the decision makers?
How will you decide whom to contact?
What level of prospecting effort will you implement?
What advertising/promotion medium will you use?
What will your pricing strategy be?
One of the most important
aspects of marketing is to
give your customers a reason
to use your service
Marketing your consulting business
Who needs you?
Dr. Phil
Who loves you, baby?
Kojak
Marketing your consulting business
Keys to marketingSegmentation
Recognize the market clusters that exist in your target audience.
• What differentiates each group? What makes them unique?
Targeting
choose the service that will be the focus of your campaign.
Positioning
What message do you want to convey?
How do you want your audience to see you?
What Marketing does?
Opportunity for long-term planning, promise of a
positive and productive relationship with the clientele.
Analyses client needs.
Determines how the resulting service will be packaged,
promoted and distributed.
Marketing your consulting business
Products
PricePlace
Promotion
Target
Market
Marketing your consulting business
Target market: a group of
customers to whom the
consultant aims the marketing
effort.
Positioning
◦ how do you want you and your service
perceived by your different client groups?
◦ write a statement that embodies the above
◦ consider how your actions help convey your
positioning message
Marketing Plan Elements
Marketing your consulting business
Marketing options
Radio
Newspaper
Trade Journals
Magazines
Television
Exhibitions
Direct Mail
Web
Today‟s Marketing &
Advertising
PR Through News Media, TV/Newspaper/Magazine Interview or Article
Publications in Journals, White Paper, Product Brochures and Press Releases
Seminar Presentations, Tradeshows and Networking Events
TV, Radio and Print Advertising
Brand Name and Product Promotion by Offering Free Samples or Gifts or Discount
Coupons
Web Site Marketing and Advertising
Direct Marketing by Mail and Email
Telemarketing
Other Media Such As Bill Boards (Highway, Public Transportation, Public Space)
Video/Audio Tape and CD
For Small Businesses, Most Items above Are Not Affordable Due to Capital Constraints
On the Other Hand, Any Business Big or Small Must Do Marketing to Succeed
Telemarketing and Direct Emailing Are Selected for Low Cost Not for Effectiveness
Marketing your consulting business
Start with your Social Capital
The set of norms, networks, and
organizations through which consultants
gain access to clients and resources, and
through which opportunities to do
business may occur”
Marketing your consulting business
What is Social Capital?
This refers to connection among individuals.
Social Capital = Referrals!!
Marketing your consulting business
Ways of obtaining referrals:
Start by asking people you come in contact with on a regular basis.
Ask for referrals with your signature file in your e-mails.
Ask readers to forward your e-mail newsletter to people who might interested.
Ask your current customers and clients for referrals. First you must make them happy.
Barter for referrals.
Swap referrals with other consultants.
To be effective quickly follow up and keep records.
Marketing your consulting business
Reward those that give: Always reward people who give you referrals.
Mail or e-mail them a thank-you note.
Send them a thank you gift.
Give them a gift certificate or coupon.
Send them flowers.
Give them discounts on other products or services.
Offer them a percentage of the profit on each referred sale.
Marketing your consulting business
The Internet
Now a Mass Medium
Fundamentally Changing Consumers‟
Media Consumption Habits
Opportunity to Get in Front of
Consumers When They are in a “Buy”
Mindset
0% 20% 40% 60%
Why a website?
Word-of-Mouth
Site Mentioned in Magazine/Newspaper Article
Online Ad for the Site
Magazine/Newspaper Ad
Site Mentioned in a TVNews Segment
TV Ad for the Site
What compels
you to visit a
Web site?
(choose two)
Radio Ad for the Site7%
12%
18%
20%
24%
42%
57%
Source: Jupiter/NFO; n=1,671
E-mail Marketing Emerging as a Powerful
Force
E-mails from Commerce/Content Ventures Focused
Driving Repeat Visits
Acquiring New Clients
Efficiencies of E-mail:
It’s Cheap – no postage, or per piece production
costs
It’s Fast – quick time to market and response time
It Works – higher response rates than direct mail
• Driving Loyalty
• Promoting Products
• Reinforcing the Brand
Internet Usage is High
56%
24%
8%4%
8%
0%
10%
20%
30%
40%
50%
60%
Almost
every day
At least
once a
week
At least
once a
month
Once
every few
months
Only a
few times
in his/her
life
“How often do
you use the
Internet?”
Commerce Opportunities
45%
33%
29%
24%
20%
16%
14%
12%
10%
14%
12%
0% 10% 20% 30% 40% 50%
Books
CDs, tapes, albums
Computer peripherals
Flowers or gifts
Hotel reservations
Clothing
Airplane tickets
Entertainment tickets
Electronics
PCs
None of these
“Which of the
following
products or
services have you
purchased
online?”
Importance of Word-of-Mouth Tactics
When a friend tells you about a site how many other people are you
likely to pass the information on to?
No one:8% 1 Person:
12%
2-3 People:49%
4-6 People:20%
7-9 People:4%
10+ People:7%
69% of Consumers
Tell Between 2 and 6
People
1. What is your Business (Mission)?
2. Who is your client?
3. What does the client consider value?
4. What is the plan?
5. What are our evaluation criteria?
The 5 Most Important Questions
Marketing your consulting business
Marketing your web site
4 Ways to Promote site:
◦ leverage traditional media
◦ garner press attention
◦ hyperlinks to other site
◦ buy electronic ads
Marketing your consulting business
Even the smallest business can compete in
the Web‟s global “Marketspace”
◦ Any business can go global with
unprecedented ease and low cost
◦ Well designed storefronts enable small
companies to act “big” and enable big
companies to act as if they are as flexible and
responsive as startups.
Language matters
Marketing your consulting business
Agility rules: web sites must continually adapt to the market
◦ Competitive advantage may only last a few weeks or months
◦ Take feedback, and respond promptly and seriously to what you hear
◦ Add new features regularly
◦ Recognize that disruptive technologies alter the way the web economy works. How will you capitalize on these technologies?
Marketing your consulting business
Other tips…
Remember that your business card has
two sides.
This allows you the opportunity to inform
about your contact details on one side
and make promotional statements on the
other side.
Gather and use excellent testimonials
Marketing your consulting business
„I‟ll tell you, chum it‟s time to