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  1. 1. How to market your consulting business „Take Charge‟ Session # 2 July 21st, 2009 Walsh College, Novi Campus Lee E. Meadows, Professor of Management
  2. 2. 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!
  3. 3. 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.”
  4. 4. 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.
  5. 5. 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?
  6. 6. One of the most important aspects of marketing is to give your customers a reason to use your service
  7. 7. Marketing your consulting business Who needs you? Who loves you, baby? Dr. Phil Kojak
  8. 8. Marketing your consulting business Keys to marketing Segmentation  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?
  9. 9. 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.
  10. 10. Marketing your consulting business Promotion Products Target Market Place Price
  11. 11. Marketing your consulting business Target market: a group of customers to whom the consultant aims the marketing effort.
  12. 12. Marketing Plan Elements  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
  13. 13. Marketing your consulting business Marketing options Radio Newspaper Trade Journals Magazines Television Exhibitions Direct Mail Email Web
  14. 14. 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
  15. 15. 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”
  16. 16. Marketing your consulting business What is Social Capital? This refers to connection among individuals. Social Capital = Referrals!!
  17. 17. 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.
  18. 18. 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.
  19. 19. 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
  20. 20. Why a website? Word-of-Mouth 57% Site Mentioned in 42% Magazine/Newspaper Article 24% Online Ad for the Site 20% Magazine/Newspaper Ad Site Mentioned in a TV 18% What compels you to visit a News Segment 12% Web site? TV Ad for the Site (choose two) 7% Radio Ad for the Site 0% 20% 40% 60% Source: Jupiter/NFO; n=1,671
  21. 21. E-mail Marketing Emerging as a Powerful Force E-mails from Commerce/Content Ventures Focused  Driving Repeat Visits • Driving Loyalty  Acquiring New Clients • Promoting Products • Reinforcing the Brand 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
  22. 22. Internet Usage is High 60% 56% 50% “How often do 40% you use the 30% Internet?” 24% 20% 8% 8% 10% 4% 0% Almost At least At least Once Only a every day once a once a every few few times week month months in his/her life
  23. 23. Commerce Opportunities Books 45% CDs, tapes, albums 33% Computer peripherals 29% Flowers or gifts 24% “Which of the Hotel reservations 20% following Clothing 16% products or Airplane tickets 14% services have you Entertainment tickets 12% purchased Electronics 12% online?” PCs 10% None of these 14% 0% 10% 20% 30% 40% 50%
  24. 24. 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: 10+ People:8% 1 Person: 7% 12% 7-9 People: 4% 69% of Consumers Tell Between 2 and 6 People 4-6 People: 20% 2-3 People: 49%
  25. 25. The 5 Most Important Questions 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?
  26. 26. 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
  27. 27. 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
  28. 28. 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?
  29. 29. 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
  30. 30. Marketing your consulting business „I‟ll tell you, chum it‟s time to