Customers/Clients Archives - Page 24 of 35

How sharp is your pricing strategy?

April 21, 2008

We’ve talked many times about pricing strategy but here’ s a little twist.

What does your pricing strategy say about your brand? Are you like everyone else…$9.99 instead of $10? Or register for our webinar by May 25th and get $200 off!

How about the early bird discounts at conferences?

Lots of sameness. Not right or wrong. Just the same as everyone else. How could you modify your pricing to reflect one of your brand’s values?

Walmart is by far the world’s largest retailer, with the promise of the lowest possible prices. Their current tagline is "Save money. Live better."

Walmart promises that they’ll sell us stuff as cheap as they possibly can. And they demonstrate that by not using the $9.99 standard price point but instead we’ll find items marked $9.83 or $19.67. Those pinpoint prices speak volumes. Without saying a word, Walmart is reminding us of their brand.

They’re using price as a tangible demonstration of the company’s commitment to their brand promise.

Pricing is one of the many tools of brand design and management. Your strategy should be as much about your brand as it is about your costs of goods or any other operational consideration.

How do you using your pricing strategy to reinforce your brand promise?

Are you really going to buy something from me?

April 18, 2008

You get a call or an e-mail. You resist the urge to jump up and down. Boy, this one sounds good. They fit your client profile and they contacted you. Their buying signals are flashing like the Bat Signal in the sky they’re so blatant. You know you could truly help their business.

You might as well print off the contract now, right?

Not so fast, my friend. Any of these ever happen to you?

They already know they want to hire your competitor but need to demonstrate they’ve done due diligence by getting a few bids.
They’re using the "put it out to bid" pressure tactic to get their current provider to snap back into order.
Their RFP is awfully detailed — they’re fishing for free ideas so they can do it themselves.
You’d be their 4th or 5th (fill in the blank with your profession) in the past few years.

So how do you figure out if they’re really a buyer? Here are some signs that you can at least put the champagne in the fridge to cool:

Do you have access/time with the CEO and other top leaders? If not…odds are whatever you sell isn’t a priority for the organization.
Are they used to paying for services like yours? In the same price range? You don’t want to be the one to break in the new kid.
Does your sweet spot match up with one of their biggest pain points? They’re going to want pain relief and look for a partner who can promise them that, via pat experience or great ideas.
Are they the ones driving the process — being flexible about getting together and reaching out for more information, a demo, etc.?
Are they quick to answer e-mail, return phone calls, get you data that you requested?

If you answered yes to all five does it mean you are on Easy Street? You know better. But at least it means the opportunity is probably a good one. Now, it’s up to you.

How do you listen to your customers?

April 15, 2008

Ask any executive or business owner if it’s important to them to listen to their customers and you will get an enthusiastic "of course!" Then, ask them what programs or tools they have in place to listen. Suddenly, for most companies, the silence is deafening.

You might hear suggestion box or a customer service toll free number or even an e-mail address. On a rare occasion, you might hear customer satisfaction survey or personalized follow up phone calls.

But, I suspect it will be a rare company that says "RV."

Yes, RV.

The folks at Freshbooks (a web-based time tracking and invoicing tool) decided to hit the road. For two weeks, they lived and traveled on an RV as they toured 11 cities in the southern U.S. Along the way, they stopped to host BBQs, met customers, and hung hangover kits on the hotel doorknobs during SXSW.

This is a company that gets customer engagement. They didn’t sit back and passively wait for a customer to shoot them an e-mail or take an online survey. They got up and went to their customers. Literally. They didn’t do a hard sell, they let their brand’s personality dictate how they interacted.

No wonder 99% of their customers said they’d recommend them to a peer.

This worked because:

It was fresh and different
The company was making the effort — not asking the customers to do the work
It had talk value — people told this story over and over
It was true to Freshbook’s brand personality

The RV/road tour isn’t the right answer for everyone. But aggressively listening is. So…what’s your best, most talkable listening tactic? If you don’t have one…get any ideas from the Freshbooks gang?

Nuisance or Friend – it’s up to you

April 9, 2008

Every day, I get a call from someone saying, "Hi, I’m just calling you back to see if you want to do business with me." Okay, they don’t quite say it in those words, but that’s what they mean.

I’ve already spoken to them. I know what they do. And if I had needed it, I would have called them. They’re offering no new information. But, I got put on their calendar for a call back or follow up e-mail.

Now they’re just being a pest. I understand they’re just doing their job, trying to make a sale. Here’s the problem. We live in a "what’s in it for me" world and I am as jaded as any other consumer. When they call with "are you doing any printing that we could bid on" they aren’t thinking about me. They are thinking about their own sales goals and needs.

Imagine how I’d welcome their call if they opened with "one of my clients is looking for an agency. I’d like to introduce you to them," or "I saw an article on branding that I think you’d enjoy. Can I e-mail it to you?" Rather than me being frustrated that they keep calling, now I’d welcome their call because I know there’s something in it for me, along with their sales pitch.

We shouldn’t be cold calling. We should be relationship building. And when we care about the relationship, we aren’t in it just for ourselves. Don’t pick up the phone without first thinking about the person you’re calling.

Demonstrate that you know their business and care about it by giving before you get. There’s no quicker way to shift from nuisance to welcome caller.

So come on, let’s create a list together. I’ll add responses/suggestions to the end of this post. What can you offer to strengthen the relationship? Industry news? A new business lead? An article of interest?

Whose job is it?

April 2, 2008

There are few marketing tactics that work better than a referral. Instant credibility. The personal seal of approval. No wonder we all covet them. So, we sit back and wait. After all, our clients love us. Surely they are out there telling everyone they know how good we are. Right?

Wrong.

Let me ask you a couple questions.

1. Do you really expect your clients to remember the full range of services you offer?

2. Is it your client’s job to know how to describe your services to interest new clients?

Remember, it’s not that your clients don’t want to give you a referral, it’s just that it probably doesn’t even occur to them. And even if it does, they need a little help from you to do it well.

So you need to do your part. Ask them. Be sure to frame your question to help your client really hone in on the right kind of prospect. This means you need to do your homework. You need to be able to describe what kind of business is the best fit for you.

Think of the clients that you have the strongest, most mutually beneficial relationship with. What do they have in common? Size? Type of work? Location? Category of business?

You get the idea. It makes sense that other businesses with those same traits would be a natural fit. Create a client profile that really captures your ideal client. Then, see if your clients can help you find a few more.

Once you’ve got your client profile ready, share it with your clients. I’m betting many of them will have someone they’d like to introduce you to.

So, which client are you going to take to lunch this week?

HEY! Give me your attention!

March 20, 2008

We’ve talked about how difficult it is to break through the clutter and actually get someone’s attention. Sometimes it’s easier to understand when you see it. Invest the 30 seconds and watch.

You’ll be thinking about that all day, eh?

Hat tip to Seth for sharing this.

Remind your customers why they chose you

March 17, 2008

I recently received this e-mail from my credit card front man — United. I originally chose this card over the others because of the perks tied to it. But over time, I’d forgotten most of them and certainly wasn’t taking advantage of them.

This e-mail reinforced my buying decision. It reminded me of some benefits that I had not really explored or used on a regular basis. And, it squelched any thoughts I had about making a switch.

When was the last time you gently reminded your clients about all the value you provide for them? Do they really know how good they’ve got it? Are they not using services or products that would make them even more loyal to you? Should you nudge them a little?

Remember, just because you told them once (or twice) doesn’t mean they remember. How could you tastefully check in to see if they need a little reminder?

Need to raise your prices? Here’s how.

March 6, 2008

I know, it’s crazy talk. Or is it?

Raise your prices when we might be facing a recession? But for some organizations, it’s just smart business. Or maybe it is necessary business. Cost of goods may be on the rise, or labor might be costing you more.

Or you might know/believe that consumers respond differently to higher end pricing than they do to lower priced items.

Whatever the reason, there’s a right way and a wrong way to raise your prices. The truth of the matter is in the life cycle of most businesses, prices need to be raised.

Whether you are a law firm that charges by the hour or a manufacturer who sells widgets – your cost of goods is likely to rise. So, your prices need to as well.

Raising prices can also raise the ire of your clients. Depending on the maturity of your business, your customer base, the percentage of increase you’d like to make – there are several ways to accomplish your goal without losing or upsetting clientele.

The most common way to raise prices is to just do it across the board and then send a sincere letter to your customers like "over the past 10 years, ABC Plumbing has worked hard to hold our prices steady. We’re proud of the fact that we’ll be able to contain our price increase to a very modest 2%…" Common, but not without some potential for push back.

Sometimes it is the most common way because it’s the only way. But, how else might you get the increase you want without incurring the wrath of existing customers?

How about charging extra for special privileges? Access to a customer hot-line that skips the on hold queue or upgrades in shipping or turnaround time. Today, one of the most valuable assets for most people is time. If you can save them time, they often will gladly pay extra.

Another way of looking at your pricing is market segments. A business traveler who needs to be in Pittsburgh on Wednesday and back on Thursday will pay more for a plane ticket than a Grandma planning a visit to her family. You probably have similar segments within your customer base.

No matter how you handle a price increase, one element is critical. Be upfront and demonstrate value. Your clients don’t begrudge you making a profit. They just want to get a value for their dollar. Price increases can be a win/win if you think them through and handle them correctly.

Here’s some heartening news. Some research suggests that people like you better if you’re more expensive!

The buying continuum

March 3, 2008

Like all human behaviors, there are stages that lead up to someone actually buying something. We call it the Buying Continuum. This is a critical tool for understanding how to best communicate with your target audience.

The five stages of the Buying Continuum are: Unaware, Aware, Trial, Repeat and Recommend.

Unaware: This is the stage where your potential buyer has no idea that you even exist. They’ve never heard of you. Your goal is to get on their radar screen. Editorial coverage and blogging are great marketing tools to use with these buyers.

Aware: Now your potential buyer has an inkling of your company. You goal is to get them intrigued enough to care. Then, they’ll listen. Ads in targeted publications, your website and contests are effective at this stage.

Trial: Now, they’re on the cusp. They’re willing to give your service or product a try. You just need to give them that nudge. Direct mail, testimonials, and advertising will help get them to cross the line.

Repeat: They’ve tried you. You want them to do it again. At this stage, you want to let them know you won’t forget them and just chase new clients. This is a great stage to launch customer perks/clubs and specialized newsletters.

Referral: This is the Holy Grail for marketers. This is when your customers are out doing your job – selling your product or service. They are creating buzz, word of mouth marketing for you. You want to talk to them regularly. Make them feel like an insider.

Knowing where potential buyers are at in the Buying Continuum can help you decide which marketing tactics to use. Since you probably (hopefully) have potential buyers in all stages of the continuum – be sure you have the right media mix to reach them all.

Download your own, full-sized buying continuum chart, courtesy of MMG!

Perfection Paralysis

February 25, 2008

I would guess we’ve all witnessed it. A business owner or marketing decision maker who can’t pull the trigger when it comes to marketing tactics.

Something about the piece (be it a website, brochure or direct mail piece, etc.) is off for them. Often, they can’t even tell you what’s off, just that something is. "it’s just not quite right," they’ll say with a rueful smile. And so the team tries again — revision after revision.

What was that sound? It was the window of opportunity slamming shut. In many cases, the piece never gets completed and marketing dollars slowly swirl down the drain.

And your prospects and customers wonder why you’re ignoring them.

Pretty darn good trumps perfect every time, if it means you get to market faster (or at all) with your message.

Next time you feel your team (or yourself) begin to stall a project because perfection paralysis is taking hold, ask yourself these questions:

Does it clearly communicate our key message? (no more than 2-3)
Does it offer some response opportunity? (website, e-mail, phone number, etc.)
Does it protect and respect our brand promise and look/feel?
Is it error-free? (typos, grammar etc.)

If you can answer yes to all 4 — give yourself 24 hours to futz with it if you want and then get it out the door.

Perfect or not.

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