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Golden Nugget or Lead Balloon

Published

Nick Rice

on November 4, 2008

in Client Magnet Archives, business, marketing and strategy

. 2 Comments

Golden Nuggets

One of the biggest mistakes I see consultative professionals make is to offer a solution during an initial conversation with a prospective client. You may not be aware of the damage you’re doing to your ability to be hired when you offer these “golden nuggets” of advice.

Let me explain. By a consultative professional I mean someone who offers customized advice, direction and solutions to a specific problem. Here are a few examples of consultative professionals: designer, physician, architect, engineer, business coach, consultant, ad agency, chiropractor, attorney, financial adviser, accountant, etc…

They people are very knowledgeable about their given trade. They typically have years of education and experience and often a few initials behind their name. They don’t just sell “what’s in their briefcase,” they uncover problems and issues for their clients and prescribe customized solutions to those problems. And they are very comfortable talking about their solutions. Herein lies the problem.

When asked to offer advice, a consultative professional often jumps right to their solution. They mentally cull through years of experience and similar situations and offer an amazing nugget of insight. Most of the time, their advice is spot on. But often that amazing advice is never acted upon by the recipient.

One of two things usually happens; if the other party acts upon your advice they are typically missing a few key ingredients to make the solution a success on their own because they do not possess your wealth of experience and knowledge. If they DO succeed, they often wonder why people would pay you if the solution was so simple that it came out of a 20 minute conversation.

But most of the time, they will not take action on your advice. And when you check on their progress the next time you meet, there’s often an awkward moment where they feel like they have to explain why they sat on your golden nugget of wisdom. Here’s why; you never took the time to fully understand the problem behind their request for advice. Solutions, unto themselves, are devoid of value without a problem to fix.

I talk to consultative professionals every week that feel like they give away golden nuggets of information only see them turn into lead balloons, because the prospective client’s problem was never truly analyzed.

As a consultative professional, it feels good to offer advice. It’s comfortable. It feels valuable. In fact, it’s what we do best. But advice not tethered to a problem often causes more harm than good.

Offering solutions is an easy trap to fall into. In fact, almost everything a client asks of us begs for a solution. “Help us do…; We need a…; We want a better…” Most professionals respond to these questions by offering a solution. And we wouldn’t just offer any solution; we offer a golden nugget because we perceive this as our chance to shine.

Most clients would like to believe that there is a magic bullet solution to their problem; but in reality it’s often much more complicated than that. It’s easy to jump right in with a solution (even one that would work); but you must dig to uncover the real issues behind the request. If you let the client get away with the original question, it puts all the pressure on you to come up with the magic bullet. As a consultative professional, you must get the client to fully describe the issue and its implications on their business.

Here are a few questions that I use to uncover & quantify the real issue:

How do you know this a problem?
Why hasn’t this issue been addressed yet?
How much is this challenge currently costing you in both hard dollars & soft dollars?
What kind of results would occur after fixing this problem?
Why is the future state better for you? What’s it worth to you?

It’s been proven that people (and organizations) move away from pain faster than they move towards a gain. Forget about your experience and solutions for a minute and take the time to fully understand the pain caused by the issue; or at least what type of gain they are expecting to see by engaging you.

If you continue immediately offer a solution,you’ll continue to see your golden nuggets sink like lead balloons. In these initial conversations, you will garner more respect by uncovering the pain behind the request before offering a solution. I know it’s difficult to put your knowledge and experience on the back burner for a little while, but if you’re able to do so, you will move into bigger projects and bigger fees; and you’ll be able to make a bigger impact–which is ultimately what we all want.

You want a dose of passion+reality?

Published

Nick Rice

on October 22, 2008

in ROI, business, entrepreneur and marketing

. 0 Comments

No one does it better than Gary Vaynerchuk. If you don’t know his story, do yourself and favor and read up on someone that’s truly learned to use web 2.0/social media for profit and fame. He’s gone from local NJ wine retailer to national personal branding powerhouse in just a few years–and he’s happy to tell you how to do the same.

Fair warning, there’s a bit of profanity but it’s just a side effect of letting your passions take the wheel for a little while. Watch, pay attention and do something different…

Finding Your Niche

Published

Nick Rice

on June 9, 2008

in Client Magnet Archives, business and marketing

. 0 Comments

I hear variations on the following comment all the time from prospective clients & colleagues:

“I can’t really market my business until I know what my niche is. Until I know who my ideal clients are, I can’t start with my marketing; so I really can’t afford to spend anything on marketing until I’m clear about this.”

Feel free to substitute your own concern: “I don’t know what my services are yet,” or “I don’t really know what value I provide for my clients,” or “I don’t know what makes me unique.”

And with this declaration of what you don’t know, your marketing grinds to a screeching halt.

My answer is typically the following:

“You don’t find your niche. Your niche finds you. And this goes for your services, ultimate outcome, uniqueness, etc.”

What I mean by this is that you can’t really figure it out in your head. You need to discover it. And the way you discover it is to jump into the process of marketing.

I know this might not makes sense to you, but stick with me here, because this is really one of the biggest issues service professionals face.

I’ve seen it hundreds of times. I’ve seen people completely stuck because they can’t figure out their elevator pitch or perfect marketing message. And they “know” that when they figure it out, all their marketing will fall magically into place

Utter nonsense, I’m afraid.

Here’s the big secret that nobody has told you:

You take your best guess, give it a shot and see what response you get. That’s all, really. You don’t get it right. You get it wrong - maybe for a long time - until it finally falls into place.

Here’s an example, a prospective client is confused about which clients she should go after. But she doesn’t have to decide-not just yet. All she has to do is take a mad stab at it and say, for the time being: “These are the clients I’ll work with for now.” And then build a marketing message around that.

She’ll discover soon enough if it’s the right niche or not.

She’ll talk to a lot of people. She’ll use her newly created message, ultimate outcome, etc. She’ll get responses or not. If not, no problem, back to the drawing board.

If she gets a few clients in this niche, she’ll soon discover if they are ideal or not. She’ll learn as she goes, and fine tune her message along the way. After a while the niche will find her. She’ll stumble upon it. And ah ha! That’s it! And her next version of her marketing message will be right on target.

Let me give you an analogy in another field.

A new music student says: “I can’t learn music until I know what composers I’m going to play. I’m really conflicted. Will I play Mozart and Bach, or Beethoven and Brahms? Difficult choice. But when I’m clear on who, then I’ll start to learn music.

Wouldn’t we roll our eyes if we heard this? Then why do we take the declaration so seriously that someone can’t find their niche? It’s nuts.

Sadly, the chance of the above person ever becoming a musician is pretty slim. And the with this approach, the chance of my customer ever becoming a successful entrepreneur is pretty slim as well. The good news is she’s willing to try.

And starting is easy.

Get a book, manual, or tape program, or attend a course. Start with the first lesson. Do the homework. Apply it the best you can to your business.

You won’t be a marketing genius right out of the gates, but you’ll be way beyond where you are now. So get out of your head, let go of the need to have things perfect, be willing to fail fast and most importantly, just do it! Nike would be proud.

(originally published by Robert Middleton of Action Plan Marketing)

The life and struggle of “creatives”

Published

Nick Rice

on April 7, 2008

in business and design

. 0 Comments

Hugh pegs the nexus of creativity and profit.

On the spectrum of “creatives”, I fall closer to the black sheep profit and efficiency side. I appreciate the creative process and the elusive quest for perfection, but I no longer let it drive me. Here’s the thing; as soon as you step into the business realm, you can no longer be an “artist”–you’re a designer. True artists work for themselves, not to produce commercially acceptable “art” and not to produce a profit. The sale isn’t the focus. Artists are concerned about getting their emotions across, not their client’s. Designers, on the other hand, are commissioned to produce a specific piece that solves a specific problem. And they jump into the project head first knowing how much they’re going to be paid. More often that not, they are trading time for money (not that I agree w/ that approach, but let’s move on).

A creative’s passion and love for their craft puts them at direct odds with the ultimate mission of their own business. I’m not sure how to solve it, but I know it affects most good designers. And maybe it’s that tension which makes for good design–as long as there is someone in between the client and the designer to translate and keep the project progressing.

I choose to become a millionaire artist; or something…

Discover the 7 Secrets to Marketing Success - Press Release

Published

Nick Rice

on March 27, 2008

in Client Magnet Archives, business and marketing

. 0 Comments

I am leading an eight week workshop in Lexington, KY for professional service business owners and Independent Professionals who want to attract more clients. Don’t miss this rare and practical hands-on workshop. My program, entitled the Fast Track to More Clients, will be a business “tipping point” for owners who are:

Tired of struggling with marketing and getting minimal results
Resistant to engaging in marketing activities
Committed to growing their business to a whole new level

For many service firms, developing a reliable system for consistently attracting new clients is an elusive quest. Many more have no system whatsoever and marketing remains a mystery. This inability to market effectively costs many of us over a hundred thousand dollars a year. Are you leaving money on the table?

I will personally cover the Seven Key Marketing Principles that will enable you to:

Understand marketing as a game you can play to win
Let go of the resistance and fear of promoting yourself
Speak the “language of marketing” to generate immediate attention
Articulate a marketing message that makes you stand out in a crowd
Develop marketing materials that build credibility and trust
Implement marketing tactics that get consistent results
Develop marketing action plans that ensure your success
FREE BONUS SESSION–Effective closing and selling techniques

But hurry, to keep one-on-one interaction high, I’m limiting the seating for the Fast Track to More Clients program to the first 20 that enroll.

Dates:
8 sessions held weekly (Thursdays, May 15 - July 3, 2008)

Location:
First Southern National Bank Community Room, Lexington, KY
(free parking - see map)

If you’re struggling to attract more clients and need a marketing plan that works, the Fast Track to More Clients program is purposefully built to get you on the road to success—and quickly.

SPECIAL PROMOTION: When you pay in full before May 2nd, 2008, you will receive a free one hour 1-on-1 coaching session with me during the Fast Track program. This additional personal session will be totally focused on you, your business, and ensuring your success.

LEARN MORE & ENROLL at: http://www.nick-rice.com/fasttrack

About Me:
Nick Rice has been working with business owners and other Independent Professionals since 1994. Through his coaching and consulting, workshops, and speaking events, Nick helps business people become better marketers of their services—often resulting in more profit and less work. He is an Expert Blogger for Fast Company Magazine, Certified Marketing Coach and Certified Project Manager.

Is the opportunity real?

Published

Nick Rice

on February 4, 2008

in Client Magnet Archives, business and strategy

. 3 Comments

We’ve all been in that sales situation where you think you have it wrapped up and at the last minute it stalls. They stop returning your calls and emails, all correspondences are very short and to the point, the RFP is hanging out there, it seems like your prospect has simply fallen off the face of the earth.

So what happened? Were they not an ideal client or part of your target audience? Was there secretly a competitor with an inside track or existing relationship (hint: there usually is, but that’s a different ezine topic)? Were they simply shopping to see what’s available in the marketplace?

It could’ve been any of those, and more, so today I want to introduce a framework to help you evaluate each opportunity - before you commit to chasing it. I can’t claim this model as my own, though I’ve adopted it in my daily client interactions.

When I got serious about understanding consultative sales, multiple colleagues recommended I pick up Mahan Khalsa’s book, “Let’s Get Real or Let’s Not Play.” And I recommend you read it as well. The short version of the story is that Mahan is responsible for sales performance at FranklinCovey, the Seven Habits folks, and this book shed more light on how modern sales work than anything I’ve read. When I read a recent ezine from Mahan, I knew I needed to share some of his wisdom with a little bit of “Nick Rice practicality” thrown in for good measure.

When you are presented with an opportunity for a new project or new business, you need to uncover as much as possible to gauge how successful you will be with this project. If you try to fix every problem that presents itself, you will never be seen as a specialist, and as such, you will never command high fees. Generalists stay busy with small projects, but when the client wakes up and decides to fix the big problem, who are they going to call?

So, how do you uncover such details? At a high level, you have to ensure that three things are present before you can properly evaluate an opportunity. Here is the Opportunity Framework:

Opportunity Framework

First off, you have to know that there truly is a problem to solve or a result to achieve. You cannot help someone that doesn’t admit or realize that something needs to change. It doesn’t matter if you know beyond a shadow of a doubt that there’s an issue; if you cannot get your prospect to see it and admit it, you’re wasting your time. On the flip side of this, it has to be a problem worth fixing or a result worth achieving. Organizations live in a constant state of brokenness - and that’s okay as long as they are still profitably functional. Some problems are worth fixing, some are not. Realize that as soon as possible and move on.

The second item to uncover is the prospect’s ability to make and act upon a decision. There’s nothing worse than someone who cannot make a decision and move on it. If you’re running into this, chances are you’re not talking to the real decision maker or you’re not helping them paint a picture of what life could be like after fixing the situation. If you work with large organizations, know that junior level managers and staff love to keep consultants and sales people busy. They like the power trip. And it makes them look productive to their bosses. You need assurance that the person you’re working with can say yes to your proposed solution before you invest a lot of time and energy.

The third leg of this stool is ensuring that appropriate resources are available to address the issue. Resources can take the shape of budget dollars, staff availability, executive oversight, equipment - anything required to make the solution a reality. If there’s not enough budget or internal staff resources, the project will never get off the ground. If you cannot get commitment from a certain executive for support, you’re on thin ice. How can you be successful without appropriate resources?

If any one of these three items is left unknown, you put the project and your success at risk. Chances are you’re going to waste a lot of time when this initiative stalls at some point in the future.

We’ve all seen good opportunities with no budget. We’ve all seen executives than cannot make a decision. We’ve all walked into a client’s office and almost tripped over the problems in the organization. If you are someone that wants to be recognized as an expert in their field; someone that wants to truly provide the best solution to the client’s problem; you owe it to yourself to slow down enough to uncover all three parts of an opportunity. And don’t be afraid to walk away if the opportunity isn’t ideal. You should only work in an environment where you are set up to succeed. If the project isn’t right, it isn’t right and now it’s time to move on.

You cannot expect the client to simply lay all of this out on the table for you. You have to dig. You have to ask the right questions to bring these issues to the forefront - and in doing so you will separate yourself from 98% of the other sales people out there. Too many people simply jump at what’s presented in an RFP or what’s said a meetings as gospel without digging any deeper. Clients want and expect you to ask tough questions. They want to know that you fully understand their issue inside and out before presenting a solution.

When you approach each opportunity as a chance to find the perfect solution for your client - whether it involves you or not - you’re doing the right thing. And Carma has a way of rewarding those that do the right thing. In order to understand the problem and propose the perfect solution, you need to know all three parts of an opportunity.

What’s the Game Plan?

Published

Nick Rice

on December 7, 2007

in Client Magnet Archives, business, management and marketing

. 0 Comments

It’s funny how clearly you see in an emergency. Monday morning, after about four weeks of ear infections, our one year old son was vomiting and had a nasty bout of diarrhea. All of you parents know this can spell trouble for a little kid. We were worried enough to take him to the doctor, who promptly told us that either the antibiotics or a stomach bug had caused him to become dehydrated and that he was sending us to the hospital straight away.

Any time you check into a hospital they run a barrage of tests, they put in an IV (which let me tell you, it is a nightmare holding your infant son down so a nurse can stick him in both arms, both hands and finally a foot to get a vein), and in general people are just running around doing a lot of stuff.

My wife hates it when I do this, but I always ask, “So, what’s the game plan for our kid? What are you looking for and what does he need to do in order to go home.” I just want to know what’s going on. Unfortunately, it’s frightening how many times I was told, “The doctor knows what to do.” That’s great; I fully expect that he/she does, but can someone kindly tell me?!?!

Then for whatever reason I connected the dots between a few unrelated client and prospective clients’ conversations. For most small businesses, marketing is no different than dealing with these medical professionals. Most of the time there is no marketing game plan in a small business. If you have a written marketing plan, chances are it’s collecting dust on the shelf. Not to mention that if there is a plan, most of the time the people responsible for executing and tracking the activities don’t understand how to build individual campaigns or programs that support the grand plan or strategy. But the reality is that most small to medium sized businesses do not even have a marketing plan.

When a business owner begins to feel the pain of an economy slowing down or the referral stream starting to trickle, they always try something. They may send out a direct mail postcard to a group of clients or to a particular zip code. They may pick up the phone and start dialing for projects. They may attend a networking event and try to close everyone for an appointment. They always try something.

But guess what; that’s not a plan. That’s a one-off activity - done in desperation - that results in nothing most of the time. And then a funny thing happens, the owner will look up and say, “Well, it’s obvious that marketing doesn’t work! I tried a postcard and I went to two Chamber networking events and didn’t get a single phone call. I just wasted a few hundred bucks and a couple of evenings with my family that I can never get back.”

It didn’t work because it wasn’t done strategically. It wasn’t done as part of a greater plan to purposefully grow business. And 95% of the time, it doesn’t work because it was half-arsed. There’s no follow up; there’s no call to action; there’s nothing that tells the prospective client how you will solve their problems. It doesn’t work because it’s all about you and the desperation you feel.

Until you totally understand and internalize the principles of marketing, stop wasting your time, energy and money with tactics. There is an entire industry of promotional shops, mailing houses, and ad agencies that love to “get your name in front of your audience.” You might as well throw your money out of the window. I’m not saying that promotional items, direct mail and marketing communications won’t work. They work great when used strategically as part of your overall marketing game plan. But YOU have to own that. You cannot expect an outside agency to give you a plan for your business.

You have to understand who you are, what your strengths are, where you’re going, what your client’s struggle with, what it would be like for them to solve their issues, and how you’re best equipped to do so.

There are thousands, if not millions, of marketing tactics that you can employee to grow your business. But if those tactics are not founded in Seven Marketing Principles AND if they are not aligned with your marketing game plan, you’re putting success at risk.

By the way, you can download the Seven Principles of Marketing article by filling out the form in the right hand sidebar (sorry, all you RSS readers will need to click here).

Change part II

Published

Nick Rice

on April 26, 2007

in business and misc

. 0 Comments

gapingvoid by hugh macleod

Hugh and I must be working through similar thoughts…. Two days in a row.

Who cares about plain text emails?

Published

Nick Rice

on March 3, 2007

in business, marketing and strategy

. 0 Comments

Found this great post at AWeber Communications on HTML versus text only emails.

There are some good comments (including my own, if I might add) on the benefits and disadvantages of both email formats. At Cre8tive, we typically will send both versions automatically and let the recipient’s server decide which version is appropriate. With Microsoft Outlook 2007 coming, the rules around HTML email coding have changed a bit. With the new version, Outlook will use MS Word as it’s HTML rendering engine instead of Internet Explorer. It does affect how you need to program and layout your HTML emails. You need to be aware of the new rules and issues. Here are the reasons behind the change.

The good thing about text only versions is that they are super stable. You don’t have to worry about horizontal or vertical viewing panes or images being disabled or your CSS/table layout being screwed up. It just works. Unfortunately, it’s not as trackable as the HTML version - but you can track all external links to your mini-site or landing page. And once on your website, you have the full benefits of your installed analytics engine to take care of the tracking details.

I recommend sending both. And in each version, include a full link to a web version as well. And like all good marketing efforts; test, evaluate, tweak, rinse and repeat. The beauty of email marketing is the immediate feedback and the cost effective nature. It allows very easy A/B testing, personalization and ROI tracking. It’s a great way to stay in front of your customers while offering a lot of value in a small package.