BWPrice's Marketing U

ROI Measurement for Webinars

Vickie Sullivan's blog, Tips, Trends, and Tirades for Compelling Experts, pointed to a webinar ROI worksheet created by RallyPoint Webinars.

Webinars are a proven tool for many professionals and professional service firms.  I have checked out the ROI worksheet and found it pretty useful.  It's a decent way to think about and attempt to measure ROI.  You can click here to get the worksheet along with two whitepapers if you want them: "7 Keys to Running a Glitch-Free Webinar," and "Expand Reach, Grow Revenue: The Business Case for Lead Generation Webinars."

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)

Marketing Directors or Business Development Coaches or Both?

Larry Bodine had recent post entitled "Law Firms Spend Less on Branding, More on Business Development."  The post summarizes an article of the same name by branding expert Leigh George.

Spending more money on business development than traditional branding makes perfect sense.  Right now, the majority of our marketing and development dollars need to be spent to make the phone ring sooner rather than later, especially since sales cycles have lengthened.

An example in the post caught my eye:

Green & Seifter Attorneys, PLLC, a 30-lawyer firm in Syracuse, New York, has shifted dollars away from print advertising and reallocated those funds to a business development consultant who works with a handful of attorneys one-on-one and with another ten in monthly group meetings. Not only is the program a success, having already paid for itself in new business, but it’s paying dividends. Kathleen Ryan, director of marketing and public relations at the firm, has seen “an increase in confidence and in traditional business development techniques like articles, referral development, [and] speaking engagements.”  (emphasis mine)

I am happy that the attorneys at this law firm are finding this program a success.  However, I'm struck that it took a consultant to create confidence in "traditional business development techniques like articles, referral development [and] speaking engagements." 

Part of my job and the job of many CMOs is to work with our professionals to secure articles and speaking engagements and support other business development efforts.  I am not, however, a business development consultant.  I just wonder how many dollars could be saved on consultants if marketing directors with the right capabilities stepped up and were allowed and trusted to work with professionals one-on-one in such a manner. 

I mean no disrespect to Ms. Ryan because I feel certain that she does a great job.  Often, too much credence is given to the opinions of an outsider while the opinions and experience of those inside the firm are discounted.  I have experience being the one who has had her opinions discounted or dismissed in favor of "marketing professionals" so I know how that feels.

I also do not intend to demean the work of consultants.  Like many firms, we have worked with consultants who were exemplary and helped us a great deal. 

However, if there is sufficient trust in the capabilities of the insider and the right skill set, a consultant will not be needed.  I know this can work.  Our firm decided to develop a strategic plan without a consultant and we accomplished it.  It was successful because:

• the CEO and management of the firm were committed to it

• we knew it had to happen to aid our growth and deal with succession issues - so failure was not an option

It seems if there is that level of commitment and a marketing director or other professional with the right skill set and drive, an in-house effort could be successful.

The More Things Change, the More They Stay the Same

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

Two New Articles Added

Two articles have been added to the "Complimentary Articles" section of this blog.  The first was published in June of 2008 (yep, I'm behind) and it is entitled "How to Develop & Manage a Niche."  The second was published this month and is entitled "Social Media: What Is It & Should You Care?."

Both articles are addressed to business appraisers.  Other professional advisors to business can certainly benefit as well.

They were both published in CCH's Business Valuation Alert newsletter.  Hope you enjoy them.  You can find them in the "Complimentary Articles" section of this website.

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!

 

Unplugged

This past weekend, I attempted to unplug.  No e-mail. No blogs.  No facebook.  No twitter.  No internet.  No nothing.

How did I do?  I give myself a B-.  Yet, that B- felt pretty good.

It was nice to mostly get away from the constant flow of information because there is just too much of it. 

I decided to simplify my information intake.  While I am interested in a great many things, I only have the time and energy to put to use certain things.  I found myself being "plugged in" and knowing a little about a lot. It got so that I would take headlines as content (prime example: after seeing a headline about Flutter, I just assumed it was the "next thing" not realizing it was a hoax.  Shame on me (but it is a funny hoax)). 

The economy has forced many of us to simplify our lives by doing more with less.  The same philosophy should be true for information flow.  The internet allows us to find information quickly and cheaply.  It levels the playing field to a certain extent.  Many voices are speaking into the ether.  Some have information that I can use.  Others, not so much.  Just because someone is interesting doesn't mean I have enough time to read them, friend them, or follow them.  Life is about choices so we have to choose wisely how to best use our time.

I encourage everyone to unfriend and unfollow as appropriate and to pare down the information inflow.  Then, unplug at least one day a week. 

For a great read on the folly of too many social media friends and/or people to follow, see Debra Helwig's post "Too Much of a Good Thing" at her blog Service Minded.

Monetize Your Non-Billable Time Per Bruce Allen

Bruce Allen at Marketing Catalyst suggests fee-earners "monetize" their non-billable time.  Key excerpt:

If you have the courage, keep track of any non-billable activity you do while you're at work. Then, at the end of a day look at your list and put a "$" sign next to any activity that can result in new work.

He goes on to explain the three things your list will possibly demonstrate.  It's a smart post and the advice is on target.  Fee-earners have to think past billable activities and begin (if you haven't already) to focus on development - both for the short-term and for the long-term.  Yet doing this can feel dangerous in this down economy when being as billable as humanly possible is perceived as the safe thing to do because the thinking is "if I'm billable and if lay-offs come, they surely wouldn't let me go."

No one is safe in this environment.  I suggest professionals need to be thinking about the short-term as well as the long-term.  This economy will turn around and rain-makers are always the most valued people in the room. 

So, give Bruce's idea a try.  Hopefully your firm will support it or some idea like it.  If not, do it anyway for your own career progression.

By Partnering, Everyone Wins

In a previous post, I noted that if you're doing what you've always been doing, in this economy you're likely to get less of what you've always gotten.  Sally Glick, CMO and Principal of Sobel & Company, notes much the same in her recent post on AccountingWeb.com entitled "What's Working."

She makes the salient point that most firms have the basics covered - web sites, print materials, e-mail newsletters, and the like.  If that's the case, then what can you do to differentiate your firm as well as communicate directly with your target market?

Her suggestion is "partnering with key (noncompeting) influencers in your market to host seminars, roundtables or other networking and educational programs."  She notes that the cost is low yet the return can be high.  According to Sally, "Clients who attend are reminded of how knowledgeable you are, and prospects who attend have the chance to see the value you can add. The successful programs stay very focused on areas of critical relevance to a specific audience. This increases the chances that your firm will meet quality business owners in the sector where you have a strong name and depth of capabilities."

It is an idea worth exploring.  Read Sally's post here.

New Blog: Service Minded

My talented, fun, and insightful friend, Debra Helwig, has finally joined the blogosphere with "Service Minded - Debra Helwig on Marketing & Leadership in Professional Services."  The wait was worth it!  Debra spends most of her time as the marketing communications manager for IGAF Worldwide, an international trade association serving mid-sized accounting firms in over 60 countries. She is a person you should listen to.  Bookmark her blog today!