BWPrice's Marketing U

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

Facing the Fear

Fear often hinders us. This is especially true in these slow economic times.  Many of us have a real fear of losing our job.  Therefore, we keep our heads down and focus exclusively on billable work.  While that seems the safe thing to do, I have my doubts.  Because what suffers is strategic thinking (and personal growth, although I realize that personal growth is now much lower on the priority list for many. Staying employed is job #1 for most). 

It does seem counter-intuitive yet I believe that now is the time to think strategically and step out to try new things.  I know that this is a scary proposition for some.  It feels safer to stay off the radar screen of the seniors in the firm rather than risk bringing attention to yourself with what some might think is a crazy idea. 

One way to deal with this is, if you have an idea you believe has merit, discuss it with someone whose opinion you trust.  Then, bring it to the attention of the seniors in your firm if the idea has legs.  In these times, great risk can generate great rewards.  The video above, while a bit corny, is true.  If we understand what makes us afraid, we are better able to manage the fear.  Let's take the risk and cast our eyes up from our billable work and attempt to be part of a solution for our firm.

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?

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!

 

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.

Thinking Strategically

When my husband and I joined a neighborhood group made up of families that attended the same church, we attempted to get to know one another through the use of ice-breaker questions. A question posed to me was "if you were to be stranded on a desert island, what one person would you want with you?" My knee-jerk reaction was "my husband." This was the right answer emotionally, but it wasn't the right answer strategically. The right strategic answer would have been "Bob."

Save Money by Cutting Marketing

Has the title of this post confused you?  You might be thinking "wait a minute ... I thought the author of this blog is a marketer!"  I am.  I'm just grabbing your attention and highlighting a post from Timothy B. Corcoran of Altman Weil, Inc. entitled: Law Firm Leaders - Save Money Now by Cutting Marketing!

If you are a PSF marketer or leader in a PSF, read this post.  It is dead on.  Here are the key paragraphs:

Marketing carries so many different meanings. For lawyers who have enjoyed the luxury of near unlimited demand for legal services for a generation, Marketing is nearly synonymous with high-end administrative support. It’s event planning, brochure writing and writing elegant prose about how wonderful we are. For the rest of the business community, Marketing is about identifying optimal target markets, taking steps to increase visibility and demonstrating expertise in these markets, understanding client concerns and then developing and offering solutions to address these concerns. 

When the expense reduction committee turns its attention to Marketing department, I suggest it’s less impactful in the long run to view Marketing as a collection of fixed and variable expenses and people comprising a cost center. Focus instead on what the firm is doing to articulate its strategy, pursue clients and prospects, enter new markets, replicate financially successful engagements, improve inefficient operations and thus elevate the service posture, and protect and defend its key client relationships. If the red pen you wield in the budget discussion doesn’t directly improve any of these metrics, then what’s the point? You can continue to reduce expenses across the board without regard to what generates revenue, but this won’t buy enough time until client demand returns to previous levels. That train has left the station. Don’t cut “marketing expenses.” Rather, cut the wasteful expenditures and activities which have little impact in generating new revenue.   (emphasis mine)

Read the whole thing.  Great stuff.

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.

What Will 2009 Bring?

Everyone I know is reading the tea leaves in hopes of knowing what 2009 will bring for their businesses.  Unfortunately, the tea leaves aren't telling us much.  Right now, fear is the primary motivator for many.  I just returned from a meeting of CPAs and estate planning attorneys.  They related that even though now is a perfect time for their clients to make gifts and engage in other estate planning, business is sluggish because their clients are afraid. 

I have friends with aunts (why is it always aunts?) who have always stashed cash inside old shoes and in freezers.  I bet that they are not alone any more.  After a morning of scanning the headlines, I'm just about ready to find an old pair of tennis shoes and see how many $20 bills they will hold.

However, as I have said before here, fear can be a powerful motivator if we embrace it.  In Men's Health, a former Navy SEAL provides 6 steps to mental strength and they know something about mental strength.  #3 on the list is "Allow Yourself to Fear."

3. Allow Yourself to Fear
Some people become afraid, and they find it overwhelming. When that happens, reach out to family, friends, or colleagues. Fear is a shared experience—you'll get a lot of energy from the people around you. Being okay with being afraid is the first step to overcoming it.

Good advice.  Another piece of good advice as we attempt to read the tea leaves comes from Seth Godin in his post "Lesson Learned From My Biggest Business Mistake."  What was the lesson?

The rules of this new business didn't match the rules of my existing business.

Whatever 2009 brings, I am fairly sure that the rules of our existing businesses will not match the rules of new business.  So I am vowing to allow myself to fear, to use it as a motivator, and to get up above the fog and try to discern where and what the new business will be.  Then, I and my firm will attempt to position and/or reposition ourselves and profit.  What about you?

What is your firm's vision?

Tom Kane at Legal Marketing Blog has a great post entitled "Time to Apply Clear Vision to Your Firm's Direction."  While Tom is speaking directly to attorneys, the same advice applies to accountants, business valuators, etc.  In the post, Tom says:

In planning for the New Year, especially since it is fast approaching, apply vision toward the kind of work and clients you really want to represent; rather than following the traditional approach of taking whatever comes in the door.

It is both a practical and thought-provoking post.  Thanks Tom!