BWPrice's Marketing U

Rory Sutherland: Life lessons from an ad man (TED Talks)

Marketing in a Recession: All I Ever Needed to Know I Learned in Kindergarten

In reflecting on the continuing challenges of marketing a professional service firm in a recession, it has occurred to me that some of the basics for success are the same lessons that my 4 year old is bringing home from kindergarten.  I know this is not an original thought so a tip of the hat to Robert Fulghum, and, of course, Miss Kim and Miss Lynn, my 4 year old's teachers. 

Focus: As my daughter says, "zip your lip, open your eyes, and open your ears.  FOCUS!"  Instead of constant activity, take a day or two to think and reflect by listening, watching, and learning.  Sometimes we talk just to hear ourselves talk hoping that we'll happen onto something worthwhile by the time we are finished.  Instead, we should open our ears and eyes in silence to allow ourselves to focus and, hopefully, find a fresh perspective.

Share:  As most any child will tell you, "it's nice to share."  That doesn't mean they like it but they know it's the right thing to do.  In slow times, we need the collective wisdom of our peers, as well as the wisdom and insight of the fee-earners in our firms.   Now is not the time to hold things close to the vest but to reach out and assist one another.

Clean Up After Yourself:  There is increasing pressure to deliver short-term wins.  A good CMO  understands that some strategies and tactics serve to position the firm to benefit once the economy recovers, some are designed to make the phone ring immediately, and some are vanity or legacy projects that take time and resources but don't produce results.  We should be able to discern which is which and clean up those activities that don't produce.

Be Nice:  When you are in a competitive situation, never denigrate your competitors.  Just don't do it.

Make a Friend:  We should identify the influencers in our target markets and be intentional about building and maintaining relationships with them.  Also, we should look to others in our profession for cross-referrals.  We receive referrals from other business valuation professionals when they are conflicted out of a project or don't have a particular expertise.  In turn, always look for opportunities to reciprocate. 

Are there others you can think of?

Posts Not To Be Missed

• FAQ Pages for Accountants or Lawyers? (Golden Practices - Michelle Golden)
• The Power of Space (or, Time to Stop Playing Whac-a-Mole) (Service Minded - Debra Helwig)
• The Social Net is Just Working a Bigger Room (Marketing Catalyst - Bruce Allen)
• Keep Your Web Site Fresh (Legal Marketing Blog - Tom Kane)
• For small PSFs, teaming and joint venturing could help ride out a recession ( - Expertise MarketplaceSuzanne Lowe)
• 25 Very Smart Business Women to Follow on Twitter (MarCom Writer Blog - Dianna Huff)

The More Things Change, the More They Stay the Same

If you haven't watched this video, stop right now and watch.

Not Your Mother's Sponsorship

As the CMO of a professional services firm, I am often approached on behalf of my firm by event coordinators to sponsor specific events or educational conferences. 

I find it interesting that I am receiving an increasing number of requests from print publications to sponsor webcasts and/or podcasts.  I am also noticing fewer requests from those same folks to purchase ads in their print publications.  In fact, we received such a call re sponsored podcasts yesterday from a well-known print publication in our space. 

This makes sense because these print publications understand that the days of only selling print ads are over.  To remain relevant, and in business, they have to broaden their business model so they are sharing content via the web and pushing it via other platforms (webcasts, teleseminars, podcasts, virtual conferences, etc.).  This has been the norm in the tech field for a long time but for our profession which touches tax, estate planning, accounting, employee benefits, as well as law, this is relatively new.

These opportunities raise issues for this CMO.  My stance on sponsorships has historically been "I will consider it only if we get a spot on the podium."  Why?  Our firm's culture is centered around providing content.  Speaking at the right events before the right audience has proven to be very effective for us because it showcases our expertise.  In addition, we have the marketing back-office to leverage the reach of each speech.

If a sponsorship involves underwriting a cocktail party so our professionals can schmooze, then that's pretty much off the table for us because it's just not a good use of our dollars. 

With increasingly "good" opportunities to share content via these sponsorships and reach even more tightly targeted markets, or challenge is to identify those "best" opportunities.  These sponsorships are typically not cheap.  Because of the dollars invested, the importance of leveraging each opportunity is magnified. 

In addition, it might be time to think about reworking our marketing budget.  Because several of these sponsorships are attractive, and relatively expensive, do we move money from other marketing budget items or just stop doing some things?  The answer is probably "yes" to both. 

The point is that, for us at least, the opportunities to reach ever more targeted markets are evolving.  The good news for us is that the trend is moving towards providing these markets with more relevant content.  Deciding when and how to rework the mix of marketing tools and activities to best position us to take advantage of the evolution will prove interesting.  But that's one of the things that make this job fun!

 

For New Marketers, Great Advice on Forming a Marketing Plan

Michelle Golden has great advice on forming a marketing plan.  If you are a new marketer, or even an old one like me who needs occasional reminders of best practices, bookmark her blog, Golden Practices.  You'll learn something.

How We See Ourselves

When I'm giving speeches, I always offer to review the marketing materials and websites of the attendees.  The difference in perception in how I, as an uninterested bystander, view their firm and the job they do at presenting themselves to the world and how they view their firm (and themselves) is often striking.  But it's human.  They see the beauty beneath.  They realize the untapped potential.  I see the raw reality.

I try to look at Mercer Capital as an uninterested bystander but I really can't.  There is no way to remove myself totally from that which I've helped create.  So, don't always trust your own opinions.  Instead, find a trusted group of people who will tell you what you need to hear and listen to their advice.  How you present your firm and yourself to the world is important.  This is especially true in this slowing economy.  Try to throw away the cane and begin to dance.

Grant Thornton rolls out new website and logo

New site.  Note color scheme and logo.  Looks like their former tag line "A passion for the business of accounting" is history as is the red rose in their ad campaigns.  I like the feel of the new site.  Lots of white space and whimsical graphics that feel light (they don't burden the page).  For example, I like the interactive graphic on this page.  Because it's not your standard "business-y" graph, it makes it seem more friendly and if you're a big firm like GT, friendly is good. I haven't spent much time clicking around yet overall, I like what I see.  It's easier to find their content and I'm a big believer in content.   I can also find actual people and their contact information - a huge plus.  Take a look.

   

For comparison, the prior site (accessed through Alexa's Way Back Machine)